The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended. Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain. Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data. Featured image from Pixabay and chart from TradingView.com
Domain purchases under AnonymousSpeech around similar timelines revealed the creation of Netcoin.org on Aug. 17, 2008 — just a day prior to the creation of Bitcoin.org.
If this user experience can be replicated on mainnet, it is easy to see how federated Chaumian Mints can quickly become popular for widespread use.
The Bitcoin price is now trading below the $19,000 level after the bulls failed to defend the coin at the aforementioned level. Over the last 24 hours, BTC fell by 1.2%, indicating that the coin was laterally trading. In the past week, the Bitcoin price has depreciated 6%. Buying strength continued to remain low on the one-day chart. Sellers have taken over, and it has been the same for almost a week. If the price of Bitcoin continues in this direction, the coin may fall to its immediate support zone. If the bulls have to defend BTC at the current price level, then buyers have to come through. The current support zone for the coin is $18,500-$18,000. A fall from that level would cause Bitcoin to travel below $17,000. The asset can drop to $16,000 and then, subsequently, to the $14,000 level. The recent dip in buying strength will cause BTC to dip further on its 24-hour chart. Bitcoin Price Analysis: One Day Chart BTC was trading at $18,600 at the time of writing. The immediate resistance for the coin was at $19,000, and the bulls have failed to defend the coin at that price level for weeks now. If Bitcoin price manages to surpass the $20,000 level, the bulls might be able to take charge. The nearest support line for the coin was $18,000. A fall beneath that means BTC touching $16,000 and then $14,000. The amount of Bitcoin traded in the last session decreased, and that meant a fall in buying strength. Technical Analysis On the one-day chart, BTC showed that there was demand at lower levels. The technical indicators also suggested that sellers outnumbered buyers. The Relative Strength Index was below the half-line, which indicated increased selling strength. The Bitcoin price was below the 20-SMA line, and that meant sellers were driving the price momentum in the market as there was decreased demand for Bitcoin on the one-day chart. Related Reading: TA: Bitcoin Price Remains Range bound, Why There’s Hope of a Fresh Rally BTC depicted increased selling pressure, which has been dragging the coin to its closest support line. The technical outlook points towards further selling pressure for the coin. The Moving Average Convergence Divergence indicates the price momentum and the overall price action of the coin. The MACD underwent a bearish crossover and formed red histograms, which was sell signal for the coin. The Directional Movement Index was negative as the -DI line was above the +DI line and that showed that the bears were in control of the coiin. The Average Directional Index (Red) was moving above the 20-mark, and that’s a sign of bearish momentum for Bitcoin. Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance Featured image from UnSplash, Chart: TradingView.com
ETHPoW Price Chart ETHWUSD Rates by TradingView ETHPoW Overview Ethereum Proof Of Work (ETHPoW) Table Prediction ETHPoW Technical Analysis Technical Analysis for ETHWUSD…
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Calling bitcoin miners bitcoin validators will improve the public’s perception on Proof of Work (PoW) and prevent the framing effect from occurring.
The Ethereum hard fork token (ETHW) has been popular after playing off the popularity of the Ethereum Merge. The fork was carried out in a bid to keep Ethereum in its original proof of work mechanism, and the ETHW token resulted from it. Chandler Guo is now known as the self-appointed organizer of the hard […]
A widely followed crypto analyst is predicting a massive surge for Ethereum (ETH) competitor XRP while updating his outlook on Bitcoin (BTC) and two other altcoins. Pseudonymous trader Altcoin Sherpa tells his 183,000 Twitter followers that XRP should rise to $0.60 before ultimately shooting up to $0.87. “XRP: Go to $0.60 and then $0.87 if […]
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The fall of Terra was an eye-opener for many. The “algorithmic” generation of crypto assets has been equated to creating money out of magic, and […]
XRP is rallying to the point that it is outperforming the major-league crypto players like Bitcoin and Ethereum. The recent 27.55% rally has led the […]
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A recent column by the Financial Times’ Jemima Kelly demonstrated some misunderstandings about Bitcoin’s decentralization and singularity.
A widely followed crypto analyst is predicting a massive surge for one little-known altcoin and updating his outlook on Binance Coin (BNB) and Ethereum (ETH). The pseudonymous trader known as Crypto Capo tells his 536,000 Twitter followers that he expects ETH-based Reserve Rights (RSR), which facilitates the stability of stablecoin Reserve Token (RSV), to spark […]