The firm's stablecoin clearing system aims to facilitate adoption by solving the stablecoin sector's fragmentation problem.
Also joining the federation running nodes are blockchain developers Alchemy, bitcoin mining pool Antpool and hedge fund manager UTXO Management
Galaxy’s latest report shows crypto leverage fell overall, but structural shifts in DeFi, CeFi and treasury financing signal rising interdependence and hidden risk.
Crypto analyst Galaxy has drawn similarities between the current XRP price action and the 2017 bull run, when the altcoin recorded significant gains. He predicts the altcoin could soon rally to double digits, mirroring the 2017 rally. XRP Price To Rally To Double Digits As It Mirrors 2017 Rally In an X post, Galaxy indicated that the XRP price could rally to double digits as it mirrors the 2017 rally. He stated that XRP is almost perfectly following the breakout pattern of 2017 after 6 years of consolidation. The analyst added that the longer the consolidation, the bigger the price move. Related Reading: XRP Reaching Oversold Levels As Net Flows Turn Negative, What’s Next? His accompanying chart showed that the XRP price could rally to almost $40 on this breakout. The analyst seems convinced that the altcoin could witness such a parabolic move, considering that XRP surged by 61,000% in 280 days in 2017. The chart also showed that the altcoin will likely reach this target sometime next year. Crypto analyst Egrag Crypto has also stated that he expects the XRP price to reach between $27 and $33 in this market cycle. He believes that a repeat of the 2017 historical performance makes these price targets achievable for the altcoin. The analyst has also alluded to factors such as the XRP ETFs and Ripple’s expansion as factors that could drive this price surge. Meanwhile, crypto veteran Raoul Pal also affirmed that the XRP price has enough room to rally to the upside from its current level. He highlighted a bull flag that had formed for the altcoin, following its consolidation phase after last year’s rally. The veteran expects XRP to witness a bullish continuation after this consolidation phase, possibly rallying to as high as $5. This would mark a new all-time high (ATH) for the token. The Altcoin In A Bullish Phase Crypto analyst CobraVanguard asserted that the XRP price is in a bullish phase, while highlighting a falling wedge pattern that was forming for the altcoin. He remarked that this pattern indicates the altcoin’s potential to reach $3. However, the analyst warned that this setup could be invalidated if the wedge pattern is broken downwards with the strength of bearish candles. Related Reading: XRP Price Explosion To $5.9: Current Consolidation Won’t Stop XRP From Growing Meanwhile, crypto analyst Dark Defender noted that the XRP price is currently in Wave B of its Wave 2 corrective move. He predicts that the altcoin could rally to its current all-time high once the B and C waves are completed in this corrective wave. The analyst is also confident that the altcoin can rally to double digits in the long term. He once predicted that the altcoin could reach $18 based on his Elliott Wave Theory analysis. At the time of writing, the XRP price is trading at around $2.38, up in the last 24 hours, according to data from CoinMarketCap. Featured image from iStock, chart from Tradingview.com
Asset prices across markets largely shrugged off surging Inflation expectations, with crypto prices consolidating sideways.
Galaxy shares surged 8% and are now 60% higher than their April lows.
Total crypto lending is still down 43% from its 2021 peak, but decentralized platforms have seen a significant growth, Galaxy reported.
The company is on the Financial Conduct Authority's investment firms register which is for firms that are authorized to perform MiFID investment services.
Agora's AUSD is the latest entrant into the burgeoning stablecoin market.
The move higher will be driven by institutional, corporate and nation-state adoption, the report said.
Leading marketplaces such as OpenSea, Blur and Magic Eden have seen increased activity since November, the report said.
Since the second quarter, Goldman Sachs has added $300 million to its portfolio in Bitcoin ETF holdings, increasing exposure by 71%.
The firm signed a non-binding deal with a hyperscaler firm to potentially allocate all of its 800 megawatts power to hosting high-performance computers.
This week’s Crypto Biz explores the launch of new crypto ETFs, CleanSpark’s acquisition of new mining sites, another round of conflict between Bitfarms and Riot, and more.
Galaxy launched a $113 million crypto fund on the week of the debut of the first spot Ether ETFs in the US. Nansen has also launched the industry’s first Ether ETF analytics dashboard.
Galaxy is one of several investors who have accused Richard Kim of misappropriating at least $3.67 million of company funds belonging to Zero Edge, his crypto casino.