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XRP Gets 60% Boost in Last 30 Days

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XRP is in a wait-and-see mode as it prepares to complete a lawsuit filed by the US Securities and Exchange Commission against Ripple Labs.

  • Expected average price of XRP for October 2022 is $0.50995
  • XRP, at one point, nearly 60% up
  • Ripple Labs continues to score procedural victories against SEC

It is worth noting that on December 22, 2020, the regulator announced that it had filed a complaint against the US technology company and two of its executives for selling XRP, which the complainant considers an unregistered security.

Christian Larsen, the former co-founder and CEO of Ripple Labs, and Bradley Garlinghouse, the current CEO, are also included in the lawsuit in which the duo is allegedly involved in making about $600 million through the sale of cryptocurrency.

Since then, the digital asset appears to have been neglected, affecting its performance in the crypto space.

In fact, XRP has now lost 85% of its $3.40 high made on May 22, 2014. However, the cryptocurrency is refusing to be pulled lower, as it is slowly returning to its relevance.

XRP achieves amazing growth for 30 days

At press time, according to data from CoinMarketCapXRP is currently trading at $0.51. It’s down 1.7% over the past hour but at one point rose nearly 60% over the past 30 days.

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The asset’s recent price correction has pared its monthly gain, which now stands at 50.3%.

Source: CoinMarketCap

Still, 6The tenth The largest cryptocurrency by market capitalization is one of the few cryptocurrencies that managed to make a bullish run despite the bearish month in September.

Some analysts believe that one reason for the cryptocurrency’s impressive performance is the fact that Ripple Labs has managed to score procedural victories against the SEC in its legal battle.

Recently, a district judge ordered the release of documents related to a speech given by former division manager William Henman in which he said that Bitcoin and Ethereum are not securities.

XRP Price Predictions

At the beginning of this year, XRP experienced fluctuations in its price that affected the asset’s price predictions.

For this month, crypto experts say the average price of the asset will stand at $0.50995. The lowest possible price for the cryptocurrency in October is $0.45995 while the highest is $0.51995.

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According to the analysis, this coming November will be no different for XRP, as it is expected to trade at an average price of $0.51995. The cryptocurrency is expected to reach a high of $0.53995 and a low of $0.48995.

For the foreseeable future, assuming Ripple Labs finally wins its legal dispute with the Securities and Exchange Commission, XRP is expected to hit and hold the $1 mark solidly.

XRP total market cap at $25.6 billion | Featured image from The Daily Hodl, Chart: TradingView.com

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Cryptocurrency

Ethereum price to regain $1,300, what are the odds?

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This week saw a positive recovery in some crypto assets, including Ethereum. It is gaining momentum and is preparing for a bullish rally in the coming days. Although Ethereum is still below $1,300, some factors point to a possible rally to $1,350 and $1,550.

The cryptocurrency market has been filled with FUD (Fear, Uncertainty and Doubt) in the past weeks following the FTX crisis. Cryptocurrency investors are left speculating whether to buy or sell their holdings as the assets fall deeper. For example, Ethereum is reported to have lost nearly 39% in two weeks.

The cryptocurrency market was anticipating the news of the US Federal Reserve drop his bullish position On the rise in interest rates from December. While there are signs that this prediction is becoming a reality, some assets are starting to show signs of recovery. However, despite the bullish trend, Bitcoin is still lower due to Miners surrenderwhile Ethereum is rising.

Factors that indicate the massive rise in Ethereum prices

Coinglass’ cryptocurrency derivatives data shows that open interest on ether futures on Binance has reached an all-time high of 2.01 million. It represents a 9% increase in open interest over the past 24 hours, indicating a high probability of an Ethereum rally in the coming weeks.

Data on the series from glass It also revealed that the total value of the Ethereum 2.0 deposit contract has reached an all-time high of 15,492,407 ETH. Ethereum validators’ returns also reached a one-month high of 11,310%.

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Ethereum
Image source: CoinGlass.com

These records made players and analysts react. For example, Michael van de Poppe believes that ETH is showing strength as it rose from the $1,150 level to the current price. The analyst expects a break above the $1225 level to lead to a rush towards $1350 and possibly $1550.

Traders are looking to hold Ether if it remains above the $1,200 support. Analysts also believe that the increase in the price of Ethereum will affect other altcoins.

ETH price journey

Many traders were optimistic about the increase in the price of Ethereum after the completion of the merger. However, Ethereum did not surpass or bounce back to the $1,700 level after the consolidation. With the macro situation, the asset continued to decline and dropped below the physiological $1500.

Whale accumulations saw the price of ETH drop from $1,661 to $1,081 in one month. Whales saw the price drop as an opportunity to accumulate ETH holdings. Whale accumulations are often indicators of an asset’s bullish recovery. However, it was not at first for Ethereum, whose price fell to $1,081.

Now the tables are turning, and Ethereum seems to be gaining bullish momentum, as it climbed towards $1,350. Ethereum is trading at $1,283 with a 24-hour trading volume of $6,205,108,773.

Ethereum price to regain the $1,300 throne, what are the odds?
Ethereum price is ready for another bull run l ETHUSDT on Tradingview.com

As ETH price is above the critical support level at $1,225, there might be hope for a further increase. The price is up about 2% in 24 hours and 8% in the last week.

Featured image from Pexels, chart from CoinGlass and TradingView.com

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How to keep your cryptocurrency safe after the FTX crash

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The fall of cryptocurrency exchange FTX has forced many to reconsider their general approach to investments — from self-holding to checking for on-chain funds. This shift in approach was mainly driven by the distrust of crypto investors in the entrepreneurs after they were deceived by the CEO and co-founder of FTX. Sam Bankman-Fried (SBF).

FTX crashed after SBF and its partners were caught secretly reinvesting users’ money, leading to a Loss of at least $1 billion of customer funds. Efforts to restore investor confidence have led to rival cryptocurrency exchanges proactively boasting of proving their reserves to confirm the existence of users’ funds. However, community members have since demanded that exchanges demonstrate their commitment to protect reserves.

With SBF, the self-proclaimed “Most Generous Billionaire,” committing fraud in broad daylight with no apparent legal implications, investors must maintain a defensive stance when it comes to protecting their investments. To protect assets from fraud, hacking, and misappropriation, investors must take certain measures to maintain complete control of their assets—often considered a best crypto investing practice.

Transfer your money from cryptocurrency exchanges

Cryptocurrency exchanges are widely used to buy, sell and trade cryptocurrencies for a small fee. While other methods, including peer-to-peer and outright selling, are always an option, the higher exchange liquidity allows investors to match orders and ensure they don’t lose money during a transaction.

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The problem arises when investors decide to keep their money in wallets owned and offered by the stock exchanges. Unfortunately, this is where most investors learn the “not your keys, not your coins” lesson the hard way. Cryptocurrencies that are stored in wallets provided by the exchange are ultimately in the possession of the owner, which in the case of FTX users, has been abused by the SBF and its partners.

Avoiding these risks is as simple as moving funds from an exchange to a wallet without shared private keys. Private keys are secure cryptocurrencies that allow access to funds stored in crypto wallets, which can be recovered using a backup phrase in case they are misplaced.

Hardware wallet: The safest bet for storing cryptocurrency

Hardware wallets provide complete ownership of the private keys of a crypto wallet, limiting the funds’ access to only the owner of the hardware wallet. After purchasing cryptocurrencies from an exchange, users must voluntarily transfer their assets to a file hardware wallet.

Once the transaction is completed, the owners of the cryptocurrency exchange will not be able to access the fund. As a result, investors who choose a hardware wallet will not risk losing money due to scams or hacks that happen across the exchanges.

Related: What is a bitcoin wallet? A beginner’s guide to storing bitcoin

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However, while hardware wallets add to the overall security of funds, cryptocurrencies remain at risk of non-permanent losses when the value of the token falls beyond recovery. Hardware wallet providers have seen a sharp increase in sales as investors slowly move away from storing their assets on exchanges.

Don’t trust, check

In all crypto crashes this year – incl 3ACAnd the Terraform LabsAnd the CelsiusAnd the Voyager And the FTX Breaking investor confidence was a common and obvious theme. As a result, the slogan “Don’t trust, verify” is finally resonating with both new and seasoned investors.

Popular cryptocurrency exchanges, incl BitfinexAnd the binanceAnd the OKXAnd the ByteAnd the Huobi and Gate.io, have taken proactive methods to display proof of their reserves. Exchanges have introduced portfolio information that allows investors to self-check the presence of their funds on the exchange.

While the Proof of Reserve provides a snapshot of an exchange’s reserves, it fails to provide the full picture of its finances because information on liabilities is often not publicly available. On November 26, Kraken CEO Jesse Powell contacted him Binance Reserve Proof of “Either Ignorance or Willful Misrepresentation” Where the data did not include negative balances.

but, Binance CEO Changpeng Zhao He refuted Powell’s claims by saying that the exchange has no negative balances and that will be verified in an upcoming audit.

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The above three considerations are a good starting point for protecting your crypto assets from the bad guys. Some other popular methods are used to take control away from cryptocurrency entrepreneurs Decentralized Exchanges (DEX)And the self-custodial governors (non-custodial) and conducting extensive research (DYOR) on projects that appear investable.