Binance US is preparing for a legal battle against the Securities and Exchange Commission (SEC) after the District Court for the District of Columbia determined the SEC’s lawsuit would continue. The exchange remains confident in its case after Judge Amy Berman Jackson dismissed several “key claims” in the lawsuit. Related Reading: Germany Shakes Up Crypto […]
The XRP price continues to remain suppressed under the heat of the Ripple vs. the United States Securities and Exchange Commission (SEC) legal battle. This suppressed price action has continued to discourage investors when its comes to the altcoin. However, not everyone has succumbed to the bearish pressure, as crypto analyst RLinda believes that the XRP price could be attempting a decoupling that could lead to a price breakout from here. XRP Price Decoupling Could Trigger Price Crypto analyst RLinda has forecasted a bullish picture for the XRP price where the altcoin could completely break out of its sluggish movement. The analysis which has now spanned a number of a days flows through XRP’s performance over the last year and how it has suffered crashes even when others in the market were reaching new all-time highs. Related Reading: Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level While the coin continues to be bogged down by the Ripple vs. SEC battle, crypto analyst RLinda believes that the XRP price could be reaching a possible decoupling. She explains that this is happening not just technically but fundamentally as well. A possible decoupling is bullish for the XRP price, given that it would be the start of a major price rally. Using the 1-Week chart, the crypto analyst highlights some technical developments that could be important to this possible decoupling. The first of these is that XRP is still testing the “Wedge resistance with the aim of breaking it.” Also, RLinda points out that volatility is decreasing as the consolidation is continuing at this point. However, this consolidation could be the reason that the price begins another rally. As for where the price could go from here, the crypto analyst points out that it could possibly rally as high as $0.6265 and even reach $0.73 by the time it is done. However, XRP must hold the support level at $0.4637 while breaking the resistances being mounting at $0.4962 and $0.5720. Factors Holding Price Down While XRP price continues to be one of the most popular cryptocurrencies in the market, a number of factors have suppressed. The major one is the lawsuit mentioned above. Even though Ripple has scored multiple victories against the regulator during this time, the fact that the lawsuit is yet to be officially over continues to present a major hurdle. Related Reading: Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level In her analysis, RLinda points to these issues as being behind the price not performing well. However, Ripple CEO Brad Garlinghouse has said that he expects the lawsuit and settlement to be complete by the end of this summer. This puts it sometime before September. If this happens, then it would mark a pivotal point for the turnouts in the XRP price. “The Ripple vs. SEC case is a pivotal moment for cryptocurrency regulation, as a final victory would be a strong green sign for the entire cryptocurrency community amidst the SEC getting a number of restrictions on its activities lately due to overstepping its authority,” the analyst said. Featured image created with Dall.E, chart from Tradingview.com
The post Is Binance planning to quit the Turkey market? appeared first on Coinpedia Fintech News
Five days after the Turkish Parliament adopted a new crypto assets regulation bill, Binance global announced adjustments to its services in Turkey. Binance announcement titled “Updates to Binance’s services in Turkey under the new crypto regulations” stated that Binance.com will remain accessible to Turkey users however, the Turkish language will be turned off over the …
In a recent video shared on Cardanians.io, Cardano founder Charles Hoskinson called on US voters to prioritize crypto in the upcoming elections. Speaking directly to the American public, Hoskinson stressed the pivotal role blockchain technology could play in the country’s economic, political, and social fabric. He warned that re-electing President Joe Biden could spell disaster […]
The Bitcoin and general crypto market crash has sent investors spiraling and sentiment has completed been eroded as a result of this. The Crypto Fear & Greed Index, which measures investor sentiment, has plummeted during this time. But with the fluctuation in the Bitcoin price, investors remain indecisive on their view of the market. Crypto […]
Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution (EMI) in France. This move grants Circle a crucial license to operate as a compliant stablecoin issuer under the European Union’s rigorous crypto laws. Circle Breakthrough According to a CNBC report, the approved license positions Circle as the first global stablecoin issuer to achieve compliance with the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA). This framework, considered a cornerstone in the EU’s approach to governing cryptocurrencies, sets out comprehensive rules and obligations for crypto companies to ensure investor protection and safeguard against market manipulation. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows Circle’s acceptance into the MiCA regulatory framework means that both its USDC and Euro Coin (EURC) tokens can now be issued within the European Union while meeting the stablecoin regulatory obligations outlined by MiCA. Additionally, Circle is opening up its Circle Mint service, enabling businesses to mint and redeem Circle stablecoins, to customers in France. Expressing his satisfaction with the achievement, Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s longstanding commitment to building compliant and well-regulated infrastructure for stablecoins. He stated: Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance. European Stablecoin Adoption The EU’s MiCA law, which officially came into effect in May 2023, introduced the world’s first comprehensive regulatory framework for cryptocurrency operations. Last week, provisions specifically governing stablecoins were approved, imposing stringent measures on trading volume limitations for certain stablecoins, particularly those denominated in US dollars. As a registered EMI in France, Circle can now extend its services, including the minting and redemption of USDC through Circle Mint, not only to customers in France but also to individuals and businesses across the European Union. This is made possible by the concept of “passporting” outlined in MiCA, which allows crypto businesses to offer services in one EU country and expand into other markets within the bloc. Related Reading: Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst While Circle’s achievement is commendable, it should be noted that additional obligations under MiCA about crypto asset service providers will become applicable by December 30, 2024. Crypto companies will then have until July 2026 to ensure full compliance with MiCA’s requirements. Since its launch in September 2018 by Circle and crypto exchange Coinbase, USDC has gained significant traction and now holds the position of the second-largest stablecoin globally. According to CoinGecko data, USDC’s circulation amounts to $32.4 billion, trailing only Tether’s USDT, which holds the title of the world’s largest stablecoin with a circulation of $112.7 billion. Featured image from Shutterstock, chart from TradingView.com
The recent report released by the Polkadot Treasury for the first half of 2024 has raised concerns over an impending funding crisis. The report indicates that the Treasury’s assets, spread across multiple chains, have become increasingly complex and challenging to manage effectively. Decentralized finance (DeFi) researcher DeFi Ignas has analyzed the report, highlighting the Treasury’s limited runway of approximately two years at the current burn rate of $87 million every six months. Funding Concerns Mount For Polkadot Polkadot’s expenditure during the first half of 2024 paints a worrying picture. An extensive outreach program accounted for $37 million, aiming to attract new users, developers, and businesses. Additional expenses included $10 million on ads/sponsorships, $4.4 million on influencers, and $4 million on digital ads. Surprisingly, despite such expenditures, Polkadot’s visibility on social media platforms, including “Platform X,” remained notably low. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows The Treasury spent a total of $86 million in the past six months, managing $245 million (38 million DOT) in assets, with $188 million (29 million DOT) in liquid form. The burn rate indicates that the Treasury may face bankruptcy in less than two years. Polkadot’s token supply experiences a 10% annual growth, primarily fueling staking rewards. With a $10 billion market cap, stakers receive $1 billion per year, which significantly affects network security costs. However, a proposal to reduce inflation was rejected by 57% of the stakeholders, further compounding the Treasury’s financial challenges. New Governance Model The report reveals that direct fee revenue remains marginal for Polkadot. In 2023-H2, Polkadot generated 300,000 DOT through fees during a short-lived inscription campaign. Under regular conditions, fee revenue stabilizes at around 20,000 DOT per quarter. On the expense side, the report highlights a 2.4x increase in DOT spending compared to 2023-H2. Ambitious proposals and larger ask sizes contributed to this significant spending surge. Although the average DOT price rose, resulting in more value per DOT, concerns about the Treasury’s usage are mounting within the ecosystem. Related Reading: Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst To address these challenges, Polkadot is moving towards a more structured approach. Executive bodies, such as bounties and collectives, are emerging to assume departmental roles within the ecosystem. These bodies are responsible for security, data research, core functionality development, network operation, marketing, and business development activities. The key question now is how to establish effective structures quickly to guide Polkadot toward success. The solution, according to the blockchain’s treasury, is to delegate more responsibility to these executive bodies. These bodies are made up of competent individuals who evaluate new proposals and deliver value. Collectives, similar to subDAOs, have OpenGov capabilities and sub-treasuries to facilitate their work. By leveraging these executive bodies, Polkadot can outsource operational issues and mundane tasks, allowing OpenGov stakeholders to focus on making critical decisions. The effectiveness and performance of the executive bodies are evaluated, and budget allocations are negotiated with OpenGov based on the results. At the time of writing, DOT is trading at $6.35, representing a price recovery of nearly 4% in the 24-hour time frame. However, the 17th largest cryptocurrency by market cap is still down 10% over the past month. Featured image from DALL-E, chart from TradingView.com
In a notable shift, June witnessed a significant reduction in cryptocurrency losses due to hacks, down by 54.2% from the previous month, according to the latest data from PeckShield. This downturn in cyber theft indicates an evolving space in the crypto security domain, even as the industry grapples with ongoing challenges. Related Reading: Crypto Catastrophe: […]
Hawaii’s regulator announced the official end of the Digital Currency Innovation Lab (DCIL) on June 30. The DCIL concluded that crypto firms no longer needed a Money Transmitter License (MTL) to operate in the state. Related Reading: Coinbase CLO Accuses SEC Of Continued Stonewalling, As Legal Battle Intensifies Hawaii Crypto Firms No Longer Need MTL […]
A crypto analyst has uncovered a new technical pattern in the Cardano price movements, signaling the potential for a substantial rebound. Echoing this optimism, another analyst has affirmed that Cardano may have hit its bottom and could be on the verge of rebounding to $0.8. Analyst Declares Cardano’s Price Bottom In an X (formerly Twitter) post on June 29, Captain Faibik, a crypto analyst, shared insights on Cardano’s price action and future outlook. According to the analyst, Cardano’s native token, ADA, is forming a falling wedge pattern on the daily time frame chart. Related Reading: XRP Dominance: Pundit Says Missing This Altcoin Could Be A Big Mistake A falling wedge pattern is a unique technical formation that signals the end of a consolidation phase and the beginning of a potential reversal or continuation pattern. This falling wedge formation often indicates that a cryptocurrency has hit its bottom or swing low in a market, and is seen as a bullish indicator. Sharing a price chart of Cardano from September 2023 to August 2024, Faibik predicted that Cardano would be breaking out of its price correction soon. The analyst has foreseen a 72.84% surge from the cryptocurrency’s current price. As a result, Faibik has urged Cardano investors to keep an eye on this crucial area. Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X has also unveiled the unique falling wedge pattern on Cardano’s chart. In his case, he foresees a substantial breakout between 40% to 50% for Cardano. Cardano Rebound Potential Tied To Crucial Level If Cardano breaks out of the falling wedge pattern, it could surge to nearly $0.8. A crypto analyst identified as ‘Crypto Feras has revealed a crucial support level that Cardano must maintain to secure its anticipated bullish rebound. In his price chart, Crypto Feras highlighted Cardano’s latest price actions, marking the critical support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to hold this level, it could experience another sharp decline, potentially pushing its current price to new lows at $0.24. Since the beginning of the year, the price of Cardano has been on a major downward trend, experiencing constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have surged considerably, Cardano underperforms, consistently maintaining a price below $1. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs As of writing, the cryptocurrency is trading at $0.39, experiencing a slight daily uptick of 3.24% as market conditions stabilize. Its 24-hour trading volume has also surged considerably, recording an increase of approximately 24.84%. With the Cardano Chang hard fork approaching, the cryptocurrency could be gearing up for a significant price turnaround.Numerous analysts are optimistic, pointing to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predicts that if Cardano breaks this pattern, its price could surge to between $0.46 to $0.81 before the year ends. Featured image created with Dall.E, chart from Tradingview.com
Sony Group, a global conglomerate known for its substantial presence in electronics, gaming, and entertainment, has taken a bold step into the crypto exchange market through the acquisition of Amber Japan, a subsidiary of the international crypto finance company, Amber Group. This move, initially reported by Wu Blockchain, signifies Sony’s strategic expansion into the rapidly […]
The post Vitalik Buterin Calls for Balanced Crypto Regulation Amidst “Anarcho-Tyranny” Concerns appeared first on Coinpedia Fintech News
Ethereum co-founder Vitalik Buterin has sharply criticized the current state of cryptocurrency regulation in the United States, describing it as “Anarcho-Tyranny.” As per his view, this paradoxical approach stifles genuine innovation while allowing worthless projects to thrive. His statement comes amid increasing crypto regulatory actions by the SEC, sparking a debate on the future of …
The post Identifying The Next Big Altcoin This Market Cycle appeared first on Coinpedia Fintech News
Cryptocurrency analyst Scott Melker recently had a conversation with Dan Tapiero, Founder of 1Roundtable Partners and the duo opened up about the current state of the market. Melker questioned Dan if a drop in the Federal Reserve’s interest rates from 5% to 3% could significantly boost Bitcoin’s price, possibly pushing it above $100,000. Melker said …
The post Roaring Kitty Faces Securities Fraud Claims In A Class Action Suit Which Is Likely To Fail appeared first on Coinpedia Fintech News
Keith Gill, aka Roaring Kitty, is facing securities fraud claims in a class action lawsuit over his recent social media posts. The complaint filed on June 28, intends to sue Gill for orchestrating a ‘pump-and-dump’ scheme with a series of social media posts beginning May 13. The complaint alleges that Gill committed securities fraud by …
The post Bitcoin: Amid Bearish Predictions Price Shoots Above $63000; What’s next? appeared first on Coinpedia Fintech News
Bitcoin is once again rebounding from a critical support area and the price chart may hint at the next short-term price target. Analyst Josh of Crypto World said that as the weekend ends, an increase in volatility is expected with the new week due to higher trading volumes and activity. In his latest analysis video, …
Nigeria’s once frosty relationship with crypto appears to be entering a cautious thaw. Emomotimi Agama, Director-General of the Nigerian Securities and Exchange Commission (SEC), recently made comments suggesting a shift away from the government’s hardline stance against digital assets. Related Reading: More Than A Laugh: What’s Driving The Insane Growth Of Memecoins In 2024? This […]
America’s largest crypto exchange, Coinbase has revealed plans to list popular doggy-themed cryptocurrency, Shiba Inu (SHIB) for its futures contracts. The exchange has submitted an official filing to the Commodity Trading Futures Commission (CFTC) to begin trading as soon as possible. Related Reading: More Than A Laugh: What’s Driving The Insane Growth Of Memecoins In […]
The post Altcoins Almost 100% Away From Previous ATHs; What Does This Indicate? appeared first on Coinpedia Fintech News
Recently, altcoin sentiment has been a hot topic due to their performance, with June being particularly volatile. Bitcoin is currently 25% away from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATHs. Will this change anytime soon? With this in mind, let’s look at the second-largest cryptocurrency, …
The post Bitcoin Price Prediction: No Confirmation Of Bullish Reversal, Major Crash To $56k On Cards appeared first on Coinpedia Fintech News
Analyst Josh of Crypto World took to his latest analysis and revealed that Bitcoin is still showing a short-term bearish signal, repeating its past price movements. He said that over the last day, nothing major has changed. Examining the daily Bitcoin chart, he saw that the DXY (U.S. Dollar Index) is trending upwards, forming higher …
With the current crypto market crash being spearheaded by Bitcoin, the FLOKI price has taken a significant hit. Where others have seen between 5-20% decline, FLOKI has lost more than half of its all-time high value, driving back downward toward April levels. However, this may be short-lived as a crypto pundit has predicted a possible […]
Crypto trader Duncan has explained why he is “extremely long” on Ethereum (ETH) despite the crypto token’s recent drop to around $3,400. He emphasized the Spot Ethereum ETFs, which he believes could spark a significant rally for ETH. A ‘Significant Upside Repricing’ Could Be On The Horizon ForTHEEthereum Duncan mentioned in an X (formerly Twitter) post that he believes that the market is way too bearish at the moment and that there could be a “significant upside repricing” for Ethereum if the Spot Ethereum ETF inflows are “anything but horrible.” He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think. Related Reading: Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery First, he noted that asset managers view the crypto ETF space as a “new frontier” that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its Spot Bitcoin ETF, which he claims is already generating $45 million in fees yearly, just six months after its launch. Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another “massive opportunity” to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are “almost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.” Duncan further alluded to an interview Scott Melker (aka Wolf Of All Streets) had with VanEck’s Head of Digital Asset Research, Matthew Sigel, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a “reflexive rally” in ETH, which Sigel claimed could make them more money. Spot Ethereum ETF Issuers Could Provide A Narrative For ETH Duncan tried to counter the argument made by crypto figures like Andrew Kang, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can “literally start the narratives themselves.” He added that this narrative could be about BlackRock’s Real World Assets (RWA) on-chain, VanEck’s new stablecoin, or the asset managers’ “open app store” thesis. Dunan said the market could witness a “massive ETH rally” when these narratives are mixed with some “good flows and ETH’s extremely reflexive characteristics.” Related Reading: Why Is The Bitcoin Price Down Today? The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won’t deploy significant resources to attract inflows to their Spot Ethereum ETFs. Crypto analyst and trader Tyler Durden shared a similar sentiment when he mentioned that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH. Featured image created with Dall.E, chart from Tradingview.com
The post Top Three Altcoins Set to Skyrocket appeared first on Coinpedia Fintech News
Explosive Gains Ahead: There’s growing concern about a potential further decline in Bitcoin’s price. On June 26, Bitcoin’s price fell back to $61,000, further alerting the investors. Analyst Altcoin Buzz took to his latest analysis and asked ‘Are we on the brink of a bigger dump in Bitcoin’s price?’ Meanwhile, he said that three altcoins …
The post T-Rex Group Files for Potentially Most Volatile ETF in U.S. History appeared first on Coinpedia Fintech News
Financial services firm T-Rex Group has filed for a leveraged MicroStrategy (MSTR) exchange-traded fund in the United States. This ETF could potentially be the most volatile ETF ever seen in the country. Read on to learn what experts think about this development and to do an in-depth comparative analysis! What Experts Think About T-Rex Group’s …
The post Interest Rate Cut Likely In The Fourth Quarter, Says Atlanta Federal Reserve President appeared first on Coinpedia Fintech News
Atlanta Federal Reserve President, Raphael Bostic, stated on Thursday that an interest rate cut in the fourth quarter was likely, with inflation moving in the right direction, as reported by Reuters. He further included that penciled in four quarter-percentage-point rate cuts for 2025, the Fed is on a long-term arc. Fed can achieve a 2% …
In a recent filing with the US Securities and Exchange Commission (SEC), the BlackRock Global Allocation Fund disclosed its ownership of 43,000 shares of the asset manager’s Bitcoin ETF, iShares Bitcoin Trust, as of April 30. This announcement follows two previous filings by BlackRock on May 28, which disclosed the fund’s exposure to Bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. BlackRock Bitcoin ETF Investment Plan The investment giant’s move towards Bitcoin integration became evident in March when it submitted a filing to the SEC, expressing its intention to include Bitcoin ETFs in its Global Allocation Fund. BlackRock’s objective is to invest in Bitcoin ETFs that directly hold BTC, aiming to mirror the performance of the digital currency market. The company’s filing specified that the Global Allocation Fund may acquire shares in exchange-traded products (ETPs) that seek to reflect the price of Bitcoin by directly holding the cryptocurrency. However, it clarified that investments in Bitcoin ETPs will be limited to those listed and traded on recognized national securities exchanges. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% This initiative aligns with BlackRock’s broader investment strategy for its Global Allocation Fund, a mutual fund designed to diversify investors through a wide range of assets, including equities, bonds, and potentially Bitcoin ETPs. With $17.8 billion in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, the fund aims to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital growth and income. This marks the third internal BlackRock fund to invest in Bitcoin through the iShares Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, Strategic Income Opportunities Portfolio, and now the Global Allocation Fund have all recognized the potential of Bitcoin as an investment asset. Bitcoin Price Analysis In the past 24 hours, Bitcoin has shown resilience by reclaiming the $61,780 level after experiencing a dip to as low as $58,000 on Monday. This recovery suggests that the leading cryptocurrency is withstanding the selling pressure it has encountered over the past week, indicating a potential continuation of its halted uptrend. According to technical analyst Ali Martinez, Bitcoin is forming an Adam & Eve bottoming pattern, which could lead to a projected 6% increase towards $66,000 if BTC maintains a candlestick close above the $62,200 level. Furthermore, historical data indicates that July has historically been favorable for Bitcoin’s price growth, particularly in years of Halving. Analyzing the image above, 7 out of the previous 11 July months resulted in positive gains. The green months, in particular, generated an impressive upside of 16.52%, while the red months experienced a downside of 6.99%. Examining the performance of Bitcoin in the third quarter (Q3), the data presents a more balanced picture. Out of the previous 11 Q3 periods, 5 were positive. Green Q3s, on average, produced a significant upside of 33.52%, while red Q3s generated an average downside of 16.023%. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target Whether historical price performance will repeat itself, leading to price gains for BTC, remains to be answered. If history were to repeat in this scenario, it could potentially result in Bitcoin retesting its all-time high, which reached $73,700 in March, potentially even surpassing it. Featured image from DALL-E, chart from TradingView.com
The post Bitcoin Price Reacts to Biden-Trump Debate; Altcoins Drift Into Green Zone appeared first on Coinpedia Fintech News
President Joe Biden and former President Donald Trump had a heated face off at their first 2024 presidential debate today. From deep discussions on abortion policies to tackling inflation and addressing global conflicts in Ukraine and Gaza, the debate took a sharp turn when both sides hurled nasty accusations. However, what disappointed keen crypto enthusiasts …
The post Presidential Debate 2024 Live Updates: Donald Trump Leads The Speaking Time Halfway Through, Joe Biden Stumbles appeared first on Coinpedia Fintech News
President Joe Biden and former President Donald Trump took the stage in Atlanta on the debate floor. At the beginning of the debate, Biden waved at Trump and then launched into a critique of Trump’s presidency in response to a question about inflation. Biden argued that Trump was a terrible president, mentioning in his usual …
The ongoing legal battle between Nigerian authorities and the crypto exchange Binance has significantly affected the country’s blockchain industry. The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) recently expressed its concerns about the negative impact of the current dispute and urged for a “balanced resolution.” Related Reading: DeFi Protocol Alex Lab $4 Million Hack Linked […]
Crypto analyst Alessio Rastani has warned that XRP is in “trouble” following his recent analysis of the chart. He outlined certain “strong warnings” on the chart, which showed that the crypto token could experience further price declines. Why XRP Is In Trouble Rastani mentioned in a video on his YouTube channel that XRP could drop to $0.13 or even lower as part of Wave C of his analysis using the Elliot Wave Theory. He noted that a drop to that price level represents about a 100% decline for XRP from Wave B and a similar corrective move to Wave A that occurred in 2020. Related Reading: Bitwise CIO Expects $15 Billion To Flow Into Spot Ethereum ETFs, How Will ETH React? The crypto analyst also alluded to the the altcoin’s bounce in 2020, around the time the crypto token was declared a non-security. He claimed that the rally then overlapped, which suggested it was a corrective bounce. He noted that these corrective rallies are bearish in nature as they usually resolve to the downside. Rastani claimed that an impulsive rally is required for XRP to continue its uptrend. That is why he believes that XRP can still drop lower since the corrective rally from 2022 is still in play. The analyst also highlighted the support levels at $0.41 and $0.35 as crucial, stating that a break below those levels will serve as confirmation for the downward move to $0.2 and $0.17. He added that XRP could even drop lower to $0.13. Meanwhile, Rastani predicts that this move could take several months, stating that the crypto token could drop to these levels by year-end or sometime in 2025. He also said that the altcoin needs to stay below the resistance levels at $0.64 and $0.74, as a break above those levels will invalidate his projections. Rastani also highlighted the momentum indicator on XRP’s chart, noting that there has been a lot of “downward negative momentum” for XRP recently, suggesting that a downward move will likely occur. He claimed that the downward momentum hasn’t been triggered yet, but he believes that it will soon happen, especially if the altcoin breaks below $0.35. An Alternative Move For Price Rastani also outlined an alternative move that XRP could make if his projections are invalidated, although he doubts that will happen. He claimed that if XRP manages to break above $0.64 and $0.74, that would mean that the rally in 2022 was Wave A, and the recent drop to around $0.40 was Wave B, thereby setting up XRP for a move to around $1.40 for Wave C. Related Reading: Dogecoin Sees Rapid Accumulation Amid Price Crash, Whale Transactions Soar The crypto analyst added that XRP could also retest the 2021 highs at around $2. However, he claimed that would mean that the next move is still downward, suggesting that the alternative move isn’t still bullish for XRP. He once again reaffirmed that the first scenario of XRP dropping to as low as $0.13 was likely to happen. Featured image created with Dall.E, chart from Tradingview.com
In a recent development, Coinbase, the largest cryptocurrency exchange in the United States, has initiated a legal offensive against the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). The lawsuits, filed in a Washington, D.C., district court, aim to secure access to internal records that would shed light on what Coinbase […]