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71
Сryptocurrency exchanges / XRP Skyrockets 40% As Speculat...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
XRP Skyrockets 40% As Speculation Of Ripple-SEC Settlement Gains Momentum

XRP, at the center of a high-stakes legal battle with significant implications for the industry, has taken the lead in the recent surge in crypto prices amid growing speculation that Ripple, the blockchain payments company behind XRP, may be close to a settlement with US regulators.


Ripple-SEC Legal Dispute Continues


Over the past week, XRP has experienced a substantial rally of over 40%, reaching a current trading price of $0.6161. This marks the highest level XRP has reached since April, while the overall market has seen a more modest increase of around 12% during the same period.


The legal dispute stems from a lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple Labs in 2020. The SEC alleged that Ripple violated its rules by conducting an "unregistered securities offering" through the sale of XRP. 


In a blow to the SEC, a US District Judge ruled in July last year that the sale of XRP to retail investors on exchanges did not constitute investment contracts.



Adding fuel to the speculation is a “closed meeting” on the SEC’s website scheduled for July 18.. Although an SEC spokesperson declined to comment, investors and traders interpret this as a potential development in the status of XRP. 


However, former SEC lawyer Marc Fagel dismissed rumors of an imminent settlement between the SEC and Ripple, stating that closed-door meetings of this nature have been routine since the lawsuit was filed. 


Pro-XRP lawyer Fred Rispoli also weighed in, expressing skepticism about the likelihood of a pre-judgment settlement. While negotiations on outstanding arguments are possible, Rispoli added that a resolution before the court’s ruling seems unlikely. 


Rispoli speculates that Judge Analisa Torres will order a penalty of less than $25 million and no disgorgement against Ripple, contrasting with the SEC’s request for a $102.6 million fine. Ripple, on the other hand, has proposed a penalty of $10 million.


XRP Price Breakout, Analyst Anticipates Tremendous Gains


With the XRP price hitting a 4-month high after a sharp downtrend, crypto analyst Dark Defender has stated that the token could be on its way to explosive gains if one key level is breached during the current rally.


In a social media post, Dark Defender highlighted that XRP has entered the qualification mode by rebounding from the last "frontier" at $0.3917. 


According to Dark Defender, if XRP manages to rise above $0.6649, it could embark on a journey towards the $18 to $36 price range, meaning a 2810% jump to the former and a potential 5740% rise to the latter.



In addition, the token has crossed its 200-day exponential moving average (EMA), marked by the yellow line on the daily XRP/USD chart, which was previously a notable resistance wall. 


If consolidation above its 200-day EMA occurs, further price appreciation could be seen as trading above it has always resulted in notable gains for the XRP price, as seen in the chart below. 


XRP

Featured image from DALL-E, chart from TradingView.com


Source: XRP Skyrockets 40% As Speculation Of Ripple-SEC Settlement Gains Momentum
72
Сryptocurrency exchanges / $174 In Sight: Analyst Project...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
$174 In Sight: Analyst Projects Major Surge For Solana (SOL)

A favorable breakthrough for Solana is happening very soon. At least, this is what the crystal ball of Ali Martinez tells him.


The crypto specialist has come to the conclusion that Solana (SOL) is expected to see significant gains. Based on his latest examination of his chart’s 12-hour pattern, Martinez discovered a typical “W” pattern, which is a well-known sign of a bullish reversal that indicates that the price of SOL is likely to surge in the near future.



Two obvious troughs separated by a peak around the same price level define the “W” pattern, a double bottom. Solana’s most recent movement had an initial bottom on June 23 around $119, topping on June 30 at almost $147. On July 5, the second dip dropped to about $123, thereby verifying the trend before recovering.



Forecast And Investor Emotion


Driven by the strong technical basis set up by the “W” formation and backed by optimistic indications generally, Martinez forecasts Solana may reach $174 in the near term. This mark marks a notable comeback from the lows of mid-June, therefore highlighting SOL’s tenacity and future for more expansion.



Current estimates indicate Solana will climb by about 14%, maybe reaching $185 by August 16, 2024. Standing at 69 (Greed), the Fear & Greed Index shows rising market confidence; SOL records 18 out of 30 (60%) green days within 4.66% price volatility over the last month.



Technical Indices Verify Upward Trajectory


Solana, trading at $157 right now, has showed tenacity in keeping its rising trend with a 14% rise over the previous seven days. With the altcoin swinging between its upper and middle bands, indicating ongoing rising momentum, the Bollinger Bands (BB) indicator highlights SOL’s positive posture.



Early trading hours saw SOL momentarily dip the middle band, suggesting a minor stop before maybe picking back on its ascent towards the $174 resistance level.


This positive view is supported by the Moving Average Convergence Divergence (MACD) indicator, which shows a significant crossover whereby the MACD line stayed regularly above the signal line for a long time.



Green bars on the MACD histogram are also intensifying concurrently, indicating strong purchasing pressure and supporting SOL’s upward trend.


The stochastic RSI indicator, meantime, has often shown overbought conditions--many peaks over 80--reflecting consistent demand and investor optimism in SOL’s future.


With technical signs and market mood supporting more increases, Solana’s explosive ascent towards the $174 goal marks a turning moment for the altcoin.


Featured image from Getty Images, chart from TradingView


Source: $174 In Sight: Analyst Projects Major Surge For Solana (SOL)
73
Сryptocurrency exchanges / Silicon Valley Using Trump For...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Silicon Valley Using Trump For A Bitcoin Pump Play? Mark Cuban Weighs In

As the 2024 presidential race heats up, a new debate has emerged regarding Silicon Valley’s recent support for former President Donald Trump’s comeback bid for the White House. According to billionaire investor Mark Cuban, this support may have less to do with Trump’s pro-crypto regulatory stance and more with a calculated play to "pump" the Bitcoin price. 


Cuban Sparks Debate On Trump, Silicon Valley, And Bitcoin


In a series of social media posts on Wednesday, Cuban highlights that Trump’s pro-crypto stance, while favorable, may not directly impact the price of cryptocurrencies.  


Instead, Cuban argues that the crucial factor lies in the potential changes at the Securities and Exchange Commission (SEC) that could facilitate the easier operation of crypto businesses



But what could drive Bitcoin’s price, Cuban said, are lower tax rates and tariffs, which historically have had an inflationary effect. “It’s a Bitcoin play,” he added, referring to Trump’s tax agenda and Silicon Valley’s appeal to those policies. 


Drawing attention to the global uncertainty surrounding the geopolitical role of the United States and the potential impact on the US Dollar as the prevailing reserve currency, Cuban suggests that these factors align favorably for a significant acceleration in BTC's price


BTC As Global Currency? 


Cuban also emphasized the global nature of the Bitcoin market and the finite supply of 21 million BTC, making it a compelling asset if geopolitical uncertainty and the decline of the US Dollar lead to a global search for a “safe haven” currency. "How high can the price go. Way higher than you think." Cuban added. 


Although Cuban, who is also a long-term crypto investor, admits that such a scenario may seem remote in the US economy, he points out that countries struggling with hyperinflation have already seen a rise in adopting Bitcoin to safeguard savings. Cuban further said:


And if things really go further than we can imagine today (and I'm not saying they will. Just that this has a possibility somewhere above zero) , then BTC becomes exactly what the Maxis envision. A global currency.



Recent reports indicate that Trump’s announcement of Sen. JD Vance as his running mate has bolstered his support among Silicon Valley conservatives. Notably, figures within the crypto industry have also gravitated toward Trump, expressing frustration with the Biden administration’s approach to digital asset regulation. 


Kraken’s co-founder and chairman, Jesse Powell, donated $1 million to Trump’s 2024 election campaign, while the Winklevoss twins, co-founders of Gemini exchange, and Cathie Wood, CEO of Ark Invest, have voiced their support for Trump, citing his progressive stance on crypto as a key factor.


Bitcoin

At the time of writing, Bitcoin was trading at $64,560, marking a 1-month high after a steep decline since June that saw the price of the largest cryptocurrency hit a 6-month low of $53,500. 


Featured image from the LA Times, chart from TradingView.com 


Source: Silicon Valley Using Trump For A Bitcoin Pump Play? Mark Cuban Weighs In
74
Сryptocurrency exchanges / Okx Quits Nigerian Market, Use...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Okx Quits Nigerian Market, Users Urged to Withdraw Funds Before Deadline

Okx Quits Nigerian Market, Users Urged to Withdraw Funds Before DeadlineOkx, a leading cryptocurrency exchange, has announced its decision to discontinue services in Nigeria starting from August 16, 2024. The company cited unfavorable policies by the Nigerian government as the reason for this move. Okx said Nigerian users are advised to withdraw their funds from the platform before the specified date. This decision is similar […]

Source: Okx Quits Nigerian Market, Users Urged to Withdraw Funds Before Deadline
75
Сryptocurrency exchanges / Fake Professors Scam Crypto In...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Fake Professors Scam Crypto Investors on Telegram and Whatsapp, DFI Warns

The Washington State Department of Financial Institutions (DFI) has reported multiple complaints about cryptocurrency scams on Whatsapp and Telegram involving fake “professors.” These scams lure investors through social media ads and false educational institutions, promising high returns and offering dubious loans. Cryptocurrency Scams: Fake Professors Target Investors The Washington State Department of Financial Institutions (DFI) […]

Source: Fake Professors Scam Crypto Investors on Telegram and Whatsapp, DFI Warns
76
Skybridge's Scaramucci Warns Billionaires Supporting Trump: Dangerous Times Ahead

Skybridge's Scaramucci Warns Billionaires Supporting Trump: Dangerous Times AheadSkybridge Capital founder Anthony Scaramucci criticized the support of billionaires for former U.S. President and presidential candidate Donald Trump, reflecting on his own experience. He joined the Trump administration in July 2017. However, his tenure as Communications Director was notably short-lived, lasting only 11 days, due to his controversial remarks and conflicts within the administration. […]

Source: Skybridge's Scaramucci Warns Billionaires Supporting Trump: Dangerous Times Ahead
77
Сryptocurrency exchanges / Trump Reaffirms Support for Cr...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Trump Reaffirms Support for Crypto, Plans to Launch 4th NFT Collection

Trump Reaffirms Support for Crypto, Plans to Launch 4th NFT CollectionFormer U.S. President and presidential candidate Donald Trump has reaffirmed his support for cryptocurrency, emphasizing: “If we don't do it, China is going to pick it up” and dominate the industry. He revealed that he will launch another non-fungible token (NFT) collection. He stressed that almost all of his previous NFTs were paid in crypto, […]

Source: Trump Reaffirms Support for Crypto, Plans to Launch 4th NFT Collection
78
Сryptocurrency exchanges / Vitalik Buterin Warns Against ...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Vitalik Buterin Warns Against Political Support Based on Crypto Stance

Vitalik Buterin Warns Against Political Support Based on Crypto StanceEthereum co-founder Vitalik Buterin advised against basing political support solely on a candidate’s pro-crypto stance. He emphasized the importance of broader values like individual freedoms and technological advancement. “Crypto-friendly now does not mean crypto-friendly five years from now,” he stressed. Buterin Highlights Risks of Narrow Political Focus in Crypto Ethereum co-founder Vitalik Buterin has cautioned […]

Source: Vitalik Buterin Warns Against Political Support Based on Crypto Stance
79
Сryptocurrency exchanges / Ripple CEO Blasts Political Di...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Ripple CEO Blasts Political Divide Over Crypto, Calls for Bipartisan Cooperation

Ripple CEO Blasts Political Divide Over Crypto, Calls for Bipartisan CooperationRipple CEO Brad Garlinghouse has criticized the politicization of cryptocurrency in the U.S., stressing the necessity of a bipartisan approach and clear regulatory guidelines. He condemned the partisan divide in crypto innovation, particularly addressing Senator Elizabeth Warren’s characterization of cryptocurrencies as tools for illicit activities. Garlinghouse called for bipartisan cooperation to fully realize crypto’s benefits. […]

Source: Ripple CEO Blasts Political Divide Over Crypto, Calls for Bipartisan Cooperation
80
Сryptocurrency exchanges / Ethereum ETFs Could Drive Pric...
Last post by Bitcoin - Jul 18, 2024, 06:25 am
Ethereum ETFs Could Drive Prices to New Highs, Says Bitwise CIO

Ethereum ETFs Could Drive Prices to New Highs, Says Bitwise CIOEthereum prices are poised to reach new all-time highs, according to Matt Hougan, chief investment officer at Bitwise. Hougan’s analysis suggests that the introduction of spot ethereum exchange-traded funds (ETFs) will significantly impact ether prices, potentially driving them above $5,000 by year-end. Bitwise’s Hougan: Ethereum ETFs to Push Prices Above $5,000 Bitwise CIO Matt Hougan […]

Source: Ethereum ETFs Could Drive Prices to New Highs, Says Bitwise CIO
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