Crypto News

Ripple (XRP) Plunges To $0.43 With Bears In Full Swing

Ripple (XRP) has plummeted to $0.43, with bears now skyjacking the market following a tremendous drop in the past week. While the price seems to have improved in the past couple of days, the bulls have somewhat shoved bears to their current market movement. The past week did not look suitable for Ripple traders and investors as XRP collapsed to a drop of 42% and closed at $0.4255. The entire week was seen to drift following a bearish movement which dropped to $0.4018 before it regained momentum to $0.4123 for the week. This indicates an oversold token that implores the potential of an uptrend. Suggested Reading | Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In Will Ripple Dash Towards A Bullish Streak? However, the token price is yet to produce a higher low and a higher high to authenticate the created moment, which in effect points out that bulls will have to nudge the price of XRP to $0.65 before it instigates a new bullish trend. XRP is expected to dash to a bullish trend as things go down. However, the bullish streak can be short-lived as a result of the current market situation. The technical oscillator’s value would show you that the token has ticked off the lows in the charts (hourly, daily, and weekly). It falls right under both the 50-day and the 100-day Exponential Moving Average. It is an escalation of the buying pressure that could ram the price to shoot, targeting the 50-day exponential moving average even before it tests at the $0.50 mark. XRP total market cap at $20.5 billion on the daily chart | Source: TradingView.com Ripple Price Descending For Good? In different circumstances, the drop of XRP indicating a bearish shift could trigger the coin to go on with a new downtrend. If XRP breaks under the current low value, it will test the low of $0.40. While every token strives for decentralization, Ripple wholly owns XRP and wants to be the coin that aims for bank adoption. Ripple is also a payment gateway as much as it’s a cryptocurrency. It’s one of the pioneering tokens in the crypto space created by Ripple Labs in 2012. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming Ripple is the brainchild of Chris Larsen and Jed McCaleb. Four years after its launch, the company acquired BitLicense from New York to ensure that XRP remains robust despite the volatility. However, Ripple has dipped to 21% because of crypto turbulence and is still struggling to keep up with the pace. Featured image from YouTube, chart from TradingView.com

Crypto News

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Following the massive dump in the past week, Ripple price regains its stance on a long trend. Moreover, bulls must tower the bears in this current market momentum. Last week wasn’t a good trading week for Ripple buyers, as the XRP token recorded a massive 42% loss. As a result, the week closed below $0.4255. Notably, the entire week had the token’s price steadily following a huge bearish trend, declining to $0.4018 before climbing back to $0.4123 and terminating there for the week. Notably, most indicators have been engrossed in the oversold zone, implying the possibility of a temporary uptrend. However, the token’s price must create a higher low and higher high to validate this momentum reversal. This also means that the bulls must push XRP’s price up to $0.65 before it can create form a bullish trend. What Are The Odds? Due to the massive decline, one can only expect the XRP token to record a bullish momentum, or bullish mean reversal, temporarily. On the other hand, we can expect it to be short-term, given the present market structure. The technical oscillator’s value shows that the token tested the all-time-low (ATL) in the hourly, daily, and weekly charts. Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000 It’s also worthy to note that the token’s price is still trading below the 50-day & 100-day Exponential Moving Average (EMA). Thus, a rejuvenated buying pressure would force the price to reach the 50-day Exponential Moving Average before testing the psychological $0.50 mark. On the other hand, a decline in the bearish momentum would cause the coin to continue in a steady decline or downtrend. Should XRP break below the current session’s low value, it’d test Friday’s low at $0.40. Technical Indicators Moving Average Convergence Divergence: The MACD trades underneath the midline with steadily growing bullish momentum. Relative Strength Index: The RSI hovers close to the average line, having no stated directional bias. A Brief On Ripple? Ripple is an innovative crypto project that functions very interestingly as a cryptocurrency and a payment gateway. Created by the Ripple Labs, the Ripple crypto project enables users to facilitate payments, cryptocurrency lending, and other financial platforms. While Ripple enables worldwide payments, the XRP token allows users to swap between cryptocurrencies. Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover Notably, Ripple was established in 2012 by Chris Larsen together with Jed McCaleb. Four years after then, the company purchased BitLicense from New York State to increase the integrity of its XRP token. However, following the global cryptocurrency crackdown, Ripple dropped by over 21% and struggled within that zone for a long time. Featured image from Pexels, chart from TradingView.com

Bitcoin Crypto News

Terra – A ‘Pyramid Scheme’ – Threatens The Crypto Ecosystem, Billionaire Says

The cryptocurrency industry is currently digesting the rise and fall of Singapore-based Terraform Labs’ network token Terra (LUNA) and stablecoin TerraUSD (UST). Following the unexpected collapse of almost $45 billion in market value over the course of a week, much has been made about the project’s architecture, namely its supposedly defective algorithm, which was led […]

Crypto News Ethereum

Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On

Ripple (XRP) rallied to $0.439217 Friday from $0.377384 on Thursday in the face of an ongoing Securities and Exchange Commission lawsuit following the comments of William Hinman, former SEC Corporate Finance director. Suggested Reading | Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano? Ether are not securities, Hinman said. (Bitrates.com) William Hinman: Ether Not a Security A judge has granted the request of SEC to file a reply concerning the case against Ripple Lab. The case was ignited by the speech of Hinman, stating that Ethereum is not a security. Emails recovered as evidence strengthened claims that Hinman had some conflict of interest connected to those comments. In 2018, Hinman’s speech included this statement: “Based on my understanding of the present state of ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.” Hinman’s speech stated that Ethereum is not a security which insofar is tagged as an opinion based on his own understanding of Ether and the Ethereum Network. More so, the decentralized nature, and Ether transactions and sales are not secure, according to his personal knowledge and understanding. On the other hand, Hinman attested that there are four criteria barring the rationale rendered by SEC, stating that said communications made in 2018 won’t fall under the attorney-client privilege. XRP total market cap at $20.60 billion on the weekend chart | Source: TradingView.com In addition, communications made by Hinman isn’t confidential information. Further, if in case SEC discovers any other information that can be protected, the only person who can claim that is Hinman. Ripple Violated Securities Act of 1933? Ripple’s defense on this case is that XRP’s purpose can’t classify the coin as a security. SEC has no power or authority over Ripple considering that XRP’s function is as a medium of exchange. Further, Ripple states that the currency is utilized as an intermediary intended for remittance and not a security.  Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos Ripple also defended that SEC did not clarify the classification of digital assets which failed to provide Ripple Labs timely guidance or warning as to how the current laws apply to XRP. However, SEC contested that Ripple has in fact obtained advice from them in 2012 identifying its product as an investment which requires SEC regulation. Hinman’s speech, however, further strengthens Ripple’s defense as it implied that if Ether or XRP was bought to participate in a decentralized platform and not for earning from trading activity, then it’s definitely not a security. Featured image from CryptoGlobe, chart from TradingView.com

Bitcoin Crypto News

Bitcoin Whale Breaks 8 Year Long Silence With $30 Million Worth Of BTC Transfer

After an eight-year dormancy, a Bitcoin (BTC) Whale unexpectedly moved $30 million worth of BTC. On November 20th, 2013, the exact address received 1,000 BTC worth $567,600 at the time, Blockchair reported.  The Bitcoin remained dormant in one wallet until it was moved as part of a much larger block that sent nearly 2,100 BTC to two other addresses. One address received 2,000 bitcoins, while the second collected above 99.99 bitcoins. Related Readings | Snoop & Gary Vee Got “Ownership” Of A Basketball Team With Ice Cube’s BIG3 NFTs Bitcoin Movements In Dormant Wallets  1,000 BTC were worth $30,090,000. That’s more than 53 times the original price from 2013, when Bitcoin was only $567. The transaction only cost 0.0016 BTC in fees, which is about $47.15 at the time it was executed. During the last eight years, the inactive whale wallet received trace amounts of Bitcoin 23 times, and it appears that those amounts were for dusting attacks.  What are dusting attacks? These involve hackers and scammers sending minuscule amounts of Bitcoin (or other cryptocurrencies) to break wallets’ privacy. The advanced blockchain tracker, Whale Alert, traced the transaction and reported on Twitter as:  A dormant address containing 1,000 #BTC (30,395,186 USD) has just been activated after 8.5 years (worth 468,643 USD in 2013)! Blockchair also identified another wallet that has remained dormant since 2012 and finally transferred 500 BTC on Thursday. The first deposit of one Bitcoin was made back on 5th April 2012.  The wallet then added another 499 BTC on June 3rd of the same year. The Bitcoin price at that time was only $5.25 per coin. However, throughout that period, the wallet received modest sums of BTC, which appears to be dust transactions used by scammers to carry out dusting attacks. Remarks And Contribution of Satoshi Nakamoto The creator of Bitcoin has been silent for years, but people still think they know who it is. As a result, transactions from long-dormant wallets typically drum up media interest. Because they generate chatter speculating that the BTC could be owned by Bitcoin’s secretive creator, Satoshi Nakamoto. Nakamoto launched the genesis block on January 3, 2009. Since then, it has succeeded in mining almost 1,000,000 BTC, according to the assessment of Blockchain analysts. Related Readings | Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High Satoshi confirmed his appearance on the internet in December 2010 when the Bitcoin network’s client software version was 0.3.19, and now Bitcoin’s version is 22.0.   Bitcoin has been showing high volatile movements during the last few months; it was at the price of $ 36,000 before a week and declined to $25,401 last Thursday.  Bitcoin is currently recovering from a market-wide dip. As of the time of writing, it has increased in value by 13.5% from this year’s low and is trading for $29,353.   Featured image from Pixabay, and the chart from Tradingview.com