XRP Trades On The Verge Of A Bearish Rally! XRP Price To Witness A Sharp Collapse Near This Level
The recent turmoil due to SEC’s tightening scrutiny on crypto and bearish CPI data release has sent shockwaves to the altcoin market. XRP is no exception to this ongoing trend, as it faces sharp rejections near resistance levels.
Moreover, the pending decision on the lawsuit has allowed sellers to pave a profitable way amid the downward rally. As a result, according to market analysts and technical perspectives, XRP is preparing for a short-term downtrend as the token witnesses extreme selling pressure from bears.
XRP Bulls To Lose Grip!
As the market witnesses uncertainty regarding unregistered securities, Ripple’s lawsuit against the SEC is weakening. Moreover, SEC’s back-to-back attack on the crypto space has significantly impacted investors’ sentiments, forcing them to eliminate bullish hopes.
According to an on-chain tracker, Whale Alert, Ripple has consecutively executed three massive XRP transactions in the last 24 years. It is reported that Ripple has transferred a total of 450 million ($166.3 million) XRP for selling purposes. The amount was sent to the US-based crypto exchange Bittrex. Though this massive transfer creates a slight FUD sentiment among traders, market traders see this as an operational expense.
Amid all these, the XRP community is still optimistic toward bullish goals as recently, the Japanese crypto platform FuelHash adopted XRP, which intensified bulls’ trust in the platform.
What Is Waiting For XRP?
As the crypto market is facing a downturn, XRP is feeling the heat alongside its peers. In addition, the market is struggling with the recent regulatory crackdown by the SEC on BUSD stablecoin issuer Paxos, casting a shadow on the future of XRP and capping its potential for growth.
As of writing, XRP price trades at $0.3756, with an uptick of over 2% in the last 24 hours. Analyzing the daily price chart, the XRP token is trading on the boundary of igniting a steep fall as it witnesses massive volatility near the immediate support level. If the XRP token falls below $0.365, it will experience intense selling pressure near the 61.8% Fib level and trade below $0.32.
Moreover, the RSI-14 consolidates in a selling region, pushing the Stoch RSI to hit the extreme bearish region. If the SMA-14 drops below the 35 level, it can ignite fresh selling positions and slump the XRP token to trade below $0.28.
Since September, XRP has been on a downward trend and has hit rock bottom twice at $0.30. Hence, a repetition in its historical movement may be brewing on the horizon, and there might be another exciting twist for XRP in the next few days.
However, the final judgment on Ripple’s lawsuit may become a catalyst in eliminating all bearish analysis as Ripple’s victory will begin a new era for the XRP token.
Bitcoin To Enter A New Bull Market If BTC Trades Above This Level
The crypto market seemed unaffected even after the Federal Reserve raised the interest rate by 25 bps on Feb 1, 2023. However, today the overall crypto market experienced a slight sell off where the lead cryptocurrency, Bitcoin price, has dropped more than 1.5% over the last 24hrs. This impacted Ethereum, Solana, Cardano, XRP among other large cap altcoins.
Currently, Bitcoin is trying to hold on to its $23,000 trade level as the currency has dropped 1.86% in the past day and is now selling at $23,424.
Bitcoin Bulls On The Move
However, one a broader note, Bitcoin bulls are still holding their control and this began in January 2023. Similar is the thought process of Charles Edwards, a Bitcoin trader and Capriole Fund founder. The trader believes that amidst the volatility, Bitcoin has begun its new cyclical bull market. He displays a chart and claims that Bitcoin addresses profit making has spiked from 50% to 70% indicating a turning point ahead.
Meanwhile, when looking at Bitcoin’s Fear and Greed index, the indicator is pointing towards Greed. This suggests that the current Bitcoin price is too high and it’s a good time to sell. If that happens Bitcoin might further face a pull back.
However, another well-known crypto trader and analyst, Scott Melker also known as Wolf of All Streets believes that $25,212 is a key level for Bitcoin. As per the analyst, if Bitcoin moves beyond the said level, this would be the first of its high trade since $69,000.
Hence, it’s very much important for Bitcoin price to hold its trade above the $23,000 area and pass its next crucial resistance of $24,000 mark.
FTX Token (FTT) Trades On Recovery Path; Chronoly.io’s Dream Run Nearing 5000% Growth
Since the effect of the recent market crash is subsiding, crypto investors across the world have once again started to prepare a list of projects that can fetch them a good return on their investments. But this time, their filtering is going to be difficult. Investors are now wary of projects that have minimal usability, no backing from real-world assets, no uniqueness, or limited growth prospects.
Currently, there are very few cryptocurrencies in the market that have posted growth and won the trust and support of investors. FTX Token (FTT) and Chronoly.io (CRNO) are two such projects. While FTX Token (FTT) is on the path of quickly recovering from its losses, suffered during the market downfall, Chronoly.io (CRNO) has emerged as the market sensation. Chronoly.io’s CRNO token’s pre-sale was nearly oversubscribed and sold out before the deadline, with a price appreciation of 690%. Therefore, Chronoly.io’s name is on the tongue of every crypto investor.
FTX Token (FTT) Goes Green Again At Fast Pace
FTX Token (FTT) has finally started to trade in an upward direction after months of bearish performance. The FTX Token (FTT) has witnessed an increase in trade volume, thereby resulting in a surge in its price. Although the token is facing a few challenges from some short-sellers, the overall performance of the FTX Token (FTT) network is bullish. The price of FTT increased by 1.16% in the last week and reached the trading price of $26.18. The current trading price of FTT is just 50% below its all-time high, a strong indicator of its resiliency to the market crash and recovery.
FTX Token (FTT) is a blockchain-based crypto derivatives exchange. It is a centralized crypto exchange developed to offer futures, leveraged tokens, and over-the-counter trading.
Launched in 2019, FTX Token (FTT) aims to solve the futures exchanges’ shortcomings. FTX Token (FTT) aims to become one of the best crypto derivatives exchanges, including futures and OTC trading. Futures are derivatives that make the holders obligated to transact an asset at the given future date and price. Over-the-counter (OTC) securities are traded directly without being listed on the exchange. FTT is the native crypto of the FTX Token (FTT) ecosystem.
Chronoly.io Continues to Build Its Success Legacy
Chronoly.io’s pre-sale performance has been in the headlines recently. Chronoly.io’s pre-sale has recorded an unprecedented success, resulting in all the CRNO tokens nearly being sold out in just a few weeks.
Chronoly.io (CRNO) is a digital investment platform that allows users to invest fractionally in luxury watches from high-end brands like Rolex, Philip Patek, and others. On Chronoly.io (CRNO), people can make investments in luxury watches’ NFTs. The platform mints these NFTs after procuring the watches directly from multinational brands.
Investors trust Chronoly.io’s business because its native token, Chronoly.io (CRNO), is backed by the physical luxury watches that the company has directly procured from authenticated sellers. Since all NFTs of Chronoly.io (CRNO) are backed by physical watches in the real world, CRNO’s price and investors’ money remain immune from market fluctuations.
Chronoly.io (CRNO) users can also avail of loans against their watch NFTs. Chronoly.io (CRNO) holders can stake their tokens to secure a passive income, and are eligible to participate in a monthly lucky draw.
Chronoly.io’s golden pre-sale phase has surpassed several milestones of success. The price of Chronoly.io (CRNO) has traveled from $0.01 to $0.079 in just a couple of months. Chronoly.io’s CRNO has grown by nearly 690% so far. Experts predict that Chronoly.io (CRNO) will go up further by 2,500%-5,000%, and secure the price tag of $1.00 soon.
Website: https://chronoly.io/
Telegram: https://t.me/Chronolyio
Presale: https://presale.chronoly.io/register
Twitter: https://twitter.com/Chronolyio
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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FTX Will Pause Ethereum Trades for the ETH Merge – Coinpedia – Fintech & Cryptocurreny News Media
The first confirmation of zero downtime elicited mixed reactions from Ethereum developers, with many calling it a “disaster” and arguing that it was the FTX’s responsibility to maintain Ether (ETH) on all blockchains until the September upgrade was complete.
However, the FTX action of suspending Ether deposits and withdraws was to safeguard users from losing their assets during the high-risk fork until the completion of the September upgrade. Arbitrum One, Solana, and Binance Smart Chain will also be temporarily disabled in order to ensure that settlement is clean
‘’As the ETH merger approaches, FTX will temporarily suspend blockchain transactions of secondary chains for ETH to ensure that settlement is clean; the main chain ETH transfers will be available for long.’”
Details: https://t.co/iVUjo4ZqyO
— FTX (@FTX_Official) September 5, 2022
Ethereum developers designed the Merge for a smooth Proof-of-Stake (PoS) transition with zero downtime by considering the total terminal difficulty (TTD). This will ensure that the transition is based on the total mining power used to build up the blockchain. Even though there was an explanation, FTX still chose to suspend “deposits and withdrawals until the merge is over, and the networks are stable.”
The merge set to convert the Ethereum blockchain to proof-of-stake
The Merge upgrade will convert the Ethereum blockchain from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, to lower energy usage and provide sharding capabilities.
The deposit and withdrawal suspension on FTX comes as a result of the many potential issues that could have occurred during the merge, any of which could have left users stranded with unusable assets. While some have criticized the decision, others have praised it as a responsible way to protect users during such a high-risk event.
The FTX went on to say that any issues that could have come up because of the merge are not the exchange’s responsibility.”It is your personal responsibility to understand the meaning of this announcement,”
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MEXC Firstly Announces ZERO Maker Fee Promotion for All Spot Trades
The leading digital asset and cryptocurrency trading platform MEXC firstly introduces 0 maker fee rate offering for all spot trading users from since August 31st. The 0 maker fee policy applies to all spot trading pairs on MEXC. This marks a ground-breaking level of user experience that has been brought to the crypto space for all traders.
For now, reports show that MEXC reaches a spot daily trading volume of $1.6B, and more than 1,500 trading pairs are listed on MEXC, according to CoinMarketCap. While the zero maker fee policy is introduced, more than 7 million users worldwide will benefit from the promotion in every single spot trading activity.
With the value of “Users first, Service foremost”, MEXC keeps making efforts and remains competitive regarding the user experience in the ever-changing cryptocurrency market, since founded in 2018. Especially over the past months, MEXC team has successfully pushed the boundaries forward. In April, MEXC firstly introduced the NFT Index product to help people around the world take part in NFTs more affordably. In August, MEXC introduced MX/USDT perpetual trading, and then launched trade mining feature on the platform, and more to come.
MEXC’s VP Andrew Weiner commented, “As the first exchange in the industry to announce zero maker fee for all spot trading pairs, MEXC continues to win supports and trust from our user community in every timing the market changes. We are dedicated to make the user experience more effortless and seamless.”
The promotion opens from August 31st 15:00 (UTC) until further notice. For more details, please stay tuned to MEXC website for official announcements.
About MEXC
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc.,and serving more than 7 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,500 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and MEXC Research.
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Bitcoin Long Trades Pile Up While Surging DXY Index Haunts the BTC Price Rally – Coinpedia – Fintech & Cryptocurreny News Media
The dominant crypto, Bitcoin has been trading within bearish captivity for nearly 15 to 20 days and hence was expected to break the trend very soon. In the past couple of days, the price has been trying to surge above the immediate resistance. However, the current trade set-up denotes that the bulls have stepped out as the bears mark their strong presence.
Investors Bullish on Bitcoin
While the upcoming trend of the BTC price has become pretty unpredictable, more traders are confident of the asset pulling a significant leg up. Hence the volume of long trades has recently outperformed the short trades on Binance futures.
The data above displays the volume of the long trades & short trades in the past week. Despite the shaky price trend, the investors placed their bets on Bitcoin long more than shorts. As of September 01, nearly 67.59% of trades on Futures are long while 32.41% are short. Therefore, the possibility of the BTC price surging above $21,000 emerges, which may be followed by a notable drop.
Strengthening of DXY Index – A Bearish Case for Bitcoin
Conversely, the DXY Index, which determines the strength of the US Dollar is coiling up. After a minor rejection from 20-year high levels at 109.99, the asset failed to continue to remain within bearish captivity. Hence the Index, since the early trading hours has been extremely bullish, flashing the signals of marking new highs very soon.
The DXY Index is expected to surge slowly yet steadily and may retest the upper resistance in the coming weekend. Further, it may again experience a rejection, which could be reversed in a very short time ahead. In such a case, the Bitcoin price may experience tougher times as the possibility of a significant dump may be imminent.
Considering both cases, it is quite prominent that the descending consolidation of the asset is expected to prevail for some more time. As September month is largely believed to be bearish, the Bitcoin(BTC) price may maintain a low-key trend for a long.