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
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
Asia Broadband, Inc. (OTC:AABB) is a resource company centered around the production, supply, and sale of metals, focusing primarily on Asian markets. They acquire highly prospective gold projects in Latin America and then distribute production throughout their extensive global sales network. Asia Broadband currently holds over $100 million in assets, a 500% increase from last year. The company is trading in consolidation mode and reached new highs in February, leading to the year-to-date stock being up over 1,500%. Recently, the company announced it had received $2.8 million. The source of their new capital came from four directors of Asia Broadband for the purchase of preferred shares. The 28 million non-convertible, preferred shares were issued at $0.10 per share with each share, with 100 voting rights and equal participation with common shares for all future dividends. Asia Broadband President and CEO Chris Torres purchased $2.4 million of the total preferred share issuance, stating: “Our entire management team is committed to the company’s growth and profitability and we have emphatically demonstrated this with a substantial long-term investment to fuel the expansion of our gold production and digital asset divisions. Our focus and determination to succeed in every area of the company’s business has intensified now with our capital contribution.” All capital received will be distributed among Asia Broadband’s capital expansion programs. On top of their dealing with metals, Asia Broadband also has multiple digital asset sectors, including a digital asset wallet and a gold pegged digital asset. AABB Wallet Last year, Asia Broadband launched its own digital asset wallet called the AABB Wallet. The wallet was designed to keep your digital assets secure and your data private. The AABB Wallet collects no data, and every transaction made through them is entirely invisible to third parties. The AABB Wallet is open to trades and purchases for those looking to transfer AABB Gold tokens (AABBG) to other AABB Wallet users. This is done to increase AABB Gold token circulation and generate revenue to support and stabilize the token price once AABBG is openly tradable. The wallet has many stand-out features that make it a unique option amongst other digital asset wallets. This includes instantly sending and receiving digital assets with no deposit fees and low transaction fees. The iTransfer feature allows users to securely send AABB Gold and other digital assets via email, text, social media, and more. The wallet will also be releasing a Merchant API feature which will allow B2B and B2C transactions to be made using the AABB Wallet. This feature will allow merchants to establish loyalty programs while also letting customers earn cashback. Finally, Asia Broadband is developing an online digital asset payment processing solution allowing businesses to accept global digital assets from their site. AABB Gold The previously mentioned AABB Gold is Asia Broadband’s digital asset and is backed by physical gold. Being pegged with gold allows the asset to benefit from both gold and digital asset features, ensuring it will maintain the potential for price appreciation from both markets. While AABB Gold is a traditional digital asset, it has the qualities of a stablecoin. The token’s price is supported at a minimum of 0.1 grams spot price of gold and is backed by $30 million in physical gold. AABB Gold’s most unique aspect that sets it apart from other digital assets is its vertical integration of Mine-to-Token gold-backing. Asia Broadband holds physical gold assets to entirely back the token from the mining production segment of the company. As the company progresses, it will continue to optimize its capital utilization by implementing its mining production and acquisition strategy in regions of Mexico. Also, the company’s digital asset divisions like the AABB Gold token, AABB Wallet, AABB Exchange and NFTs will continue expanding and developing at an accelerated rate as time progresses.
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The price of Bitcoin (BTC) has failed to break through the $40,000 barrier, indicating that confidence in the cryptocurrency market remains sluggish. BTC has been declining for more than a month. If it falls below $38K, it could fall all the way to $32K. While the crypto market is now bearish, another crash is improbable, at least until the FOMC meeting concludes. Traders’ enthusiasm in the cryptocurrency market continues to erode as a result of the market’s prolonged fall and geopolitical uncertainty. Veteran trader Peter Brandt anticipates a test of the Bitcoin (BTC) price below $32,000. Suggested Reading | Will Bitcoin Shoot Over $40,000 — Or Drop To $35,000? Brandt stated in a tweet that Bitcoin has completed a bearish course, plunging below the $38K level in the last 24 hours. He anticipates a $32,000 test in the near future. However, his estimate of $28,000 is more concerning for Bitcoin. Additionally, on-chain data does not bode well for bitcoin, as profit transactions have surged. This indicates that profit booking may be occurring at higher levels. Analysts Remain Upbeat On Bitcoin, Despite Jitters Despite persistent concerns about the cryptocurrency market’s significant correlation with equities, analysts remain bullish on crypto. According to market expert and Placeholder VC partner Chris Burniske, Bitcoin and Ethereum have dominated the stock market for years and will continue to do so. Burniske said in a tweet that the cryptocurrency market had “held up quite well” in comparison to high-growth stocks. While BTC and ETH have lost roughly 40% from their all-time highs, several high-growth stocks have fallen between 60% and 80%. BTC total market cap at $731.78 billion on the daily chart | Source: TradingView.com According to on-chain data from analytics platform Santiment, traders’ confidence in BTC reclaiming its $40k level appears to be ebbing. The BTC and ETH Ratio of Profit/Loss Transactions data suggests a staggering 12.5 to 1 ratio of profit transactions to loss transactions. Thus, the likelihood of BTC sliding below $32K appears to be high as trust continues to dwindle and whale purchases stay low. Suggested Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto BTC At $48K This May Meanwhile, while no asset’s future performance can be predicted, Alex Kuptsikevich, senior market analyst at FxPro, forecasts Bitcoin will trade between $32,000 and $48,000 by the end of this month. “May is regarded a relative success for BTC in terms of seasonality. Bitcoin has concluded the month up seven times and down four times during the last 11 years,” Kuptsikevich . Kuptsikevich stated that he made this projection based on the cryptocurrency’s average gain of 27% and average loss of 16% in May, for a total gain of roughly 11%. As of Tuesday evening, Bitcoin was trading at approximately $38,528 per coin, CoinGecko data show. Featured image from Pixabay, chart from TradingView.com
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