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XRP maintains its gains while the cryptocurrency market is falling badly

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XRP, the native token of the Ripple ecosystem, continues to maintain gains despite the market downturn. The token saw an intra-week rise of up to 14.2% from $0.345 to $0.394. And while it has fallen from that high, it is still holding at 2.08%. However, it is trading dangerously close to this week’s low price and may lose all of its gains soon.

The daily chart is already heading in the red. As of this writing, XRP is down over 5% but appears to be on a rebound path. The entire crypto market has had a tough time this week. Every token in the market’s top 10 list has been trading in the red. XRP has only managed to hold onto its gains from the past week. However, its trading volume has increased over the past 24 hours, which means that the traders have been active.

XRP is looking to expand outside the US

Ripple appears [XRP] He was more interested in making progress than in continuing the legal dispute with the SEC. Ripple’s General Counsel, Stuart Aldrotti, revealed that most of the company’s income no longer comes from the United States. Alderoty made the statement at Interview with CNBC On November 18th.

According to Alderotti, the majority of the blockchain payments company’s profits have come from operations outside the United States. He also acknowledged that Ripple was actively seeking an Irish Virtual Asset Service Provider (VASP) license. Regardless of the status of the SEC case, Aldrotti said,

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Effectively, Ripple operates out of the US and is seeking a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland so that it can “passport” its services across the European Union via an entity located there.

However, XRP was unable to maintain a positive dominance after the disclosure. At the time of publication, CoinMarketCap stats show that it has lost 0.76% of its previous value over the 24-hour period. A review of network performance also revealed a sharp decline. data from Santiment Analytics website It shows that the growth of the XRP network has fallen to 4264. This is far from the peak of 9827 on November 13th. At this point, he noted that XRP was having trouble attracting new addresses to the network.

The price of XRP is currently hovering around $0.35. | Source: XRPUSD price chart from TradingView.com

XRP price analysis

XRP is now priced at $0.353, with a trading volume of $2 billion over the course of 24 hours. XRP has fallen by more than 6% over the past 24 hours. with a direct market value of less than $18 billion, CoinMarketCap XRP is now in seventh place.

Over the past several days, there has been a lot of pressure on the price of XRP. The coin faced stiff opposition around $0.3951, where it created a triple top pattern, adding to this pressure. In addition, it has deviated from the 25-day and 50-day moving averages, and the relative strength index (RSI) has moved almost into the oversold territory.

Therefore, the price of ripple is likely to continue lower as sellers aim for a crucial support level around $0.3100. The negative outlook will be refuted by a move above the $0.3700 resistance.

Featured image from Pixabay and chart from TradingView.com

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Cryptocurrency

Cake does not look delicious to investors despite the progress of the network

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Recently, PancakeSwap worked with Hashflow to offer HFT payouts on their staking platform. The tweet notes that this will make it possible for someone to “farm” HFT tokens to make a profit using PancakeSwap.

For a decision to be voted on by PancakeSwap users, it must be supported by the votes of 60% of HFT token holders, as is the norm in the DeFi community.

Let’s take a quick look at Cake’s recent performance:

  • Overall, DEX is making great strides
  • When compared to its risks, CAKE’s volatile price and low yield make it unattractive
  • If a bearish breach occurs, the price could drop below $3.575

PancakeSwap’s positive developments don’t end here. DEX made headlines in October when it offered its community to switch from BNB chain to Aptos mainnet. The vast majority of the local population responded positively to this plan.

In contrast, CAKE, the native currency of PancakeSwap, is Struggle. From what we can tell, CAKE is on an upward trend, but a monthly pessimistic commentary overshadows the positive picture.

Not attracting potential funders enough?

CAKE might be a nice asset, but it’s currently performing poorly. After dropping sharply due to the demise of FTX, the price is now only fluctuating sideways.

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The coin has since recovered, with the latest support at $3,943. Its price fluctuates between $4,433 and $3,575 per share.

Chart - TradingView

As a symbol, my path scales Likewise, it does not look particularly attractive. The Sharpe ratio is -1.96, which indicates a discrepancy between the risk inherent in the asset and the return on investment. Asset volatility is at its highest level since June.

Technical indicators are a mixed group of neutral and bullish indicators. With an R-value of 0.22, the regression analysis indicates that the sideways trend will continue.

The RSI is rising, which may indicate a price increase in the near term.

Can cake ever be delicious again?

The unexpected stability of the Bollinger Band increases the sideways price movement.

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Since most moving averages, including the EMA bar, show strong sell signals, moving averages pose a problem.

The support at $3.93 is undoubtedly strong, as the red candle currently has a longer bottom wick as a sign of strength. However, the ascending triangle formation will provide some support for the bears.

If the bears gain momentum and break through $3.93, investors and traders can take consolation at $3.847, and a drop to $3.575 is possible.

CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com

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Russia’s Sber Bank integrates Metamask into its blockchain platform

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Russia’s largest bank – formerly Sberbank – continues to develop its blockchain platform by integrating it with the Ethereum blockchain.

on November 30 officially announce New opportunities for its blockchain platform, including compatibility with smart contracts and applications on the Ethereum network. This will allow developers to move smart contracts and entire projects between the Sber blockchain and public blockchain networks, the bank said.

Sber’s latest addition also brings integration with the MetaMask cryptocurrency wallet into the main software, which is used to interact with the Ethereum blockchain. The integration allows users to perform transactions using tokens and smart contracts placed on Sber’s blockchain platform, the announcement notes.

“The Sber Blockchain Lab works closely with third-party developers and partner companies, and I am excited that our community will be able to run DeFi applications on Sber’s infrastructure,” said Alexander Nam, Head of Blockchain Lab. He noted that the newly integrated features will help Sber unite developers, businesses, and financial institutions to explore practical business applications from blockchain, Web3, and decentralized finance.

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As mentioned earlier, Sberbank has been actively developing blockchain products in recent years, Submit an application with the Bank of Russia To launch its own stablecoin “Sbercoin” blockchain platform in early 2021. After obtaining central bank approval in the spring of 2022, Sber finally It announced its first cryptocurrency transaction in June. The majority shareholder of Sber is the Government of Russia, owning 50% + 1 of the shares.

Speer’s announcement came shortly after Russian President Vladimir Putin He called for an open settlement network based on the blockchain. He criticized monopoly in global financial payment systems, expressing confidence that technology based on digital currencies will lead to independence from banks. At the same time, Putin’s government does not allow its citizens to use cryptocurrencies as a means of payment Comprehensive ban on payments using Bitcoin (BTC) in early 2020.

Related: Telegram’s founder wants to build new decentralized tools to combat abuse of power

In late November, Russian lawmakers also discussed possible legal amendments so the government could do so Launching a national crypto exchange. The effort is said to be backed by both the Finance Ministry and the Bank of Russia, which are known to have a lot of contention when it comes to regulating the local crypto market.