XRP Flat Despite Settlement with SEC: Time to Buy the Dip?

Posted on August 22, 2024 by Dalmas Ngetich

XRP is flat at press time. Though bulls might be in the lead, prices are moving sideways and choppy. Technically, aggressive, risk-on traders can buy the dips, expecting prices to break July 2024 highs. Some, however, are closely monitoring price action amid this lull. Overall, the uptrend remains as long as XRP stays above the local support at $0.55. Meanwhile, it could be a turn for the worst should there be a downturn, forcing prices below this crucial buying zone.

The sideways, uneventful price action means XRP is moving within a tight range. Of note is that the coin is flat on the last day and week. Meanwhile, trading volume remains within this week’s mean at around $1.1 billion. Conservative traders can stay on the sidelines for now unless there is a breakout in either direction, leading to price volatility.

Amid this state of affairs, traders can watch the following trending Ripple and XRP news:

Brad Garlinghouse, the CEO of Ripple, has revealed that some of the creators of the XRP Ledger are early software engineers who worked on Bitcoin. The ledger now supports smart contracts, and developers are working on dApps.
As part of the settlement with the United States SEC, the blockchain firm will pay the $125 million penalty in roughly three weeks. The deal is a huge relief for XRP and goes a long way in offering regulatory clarity.

XRP Price Analysis

[[XRP/USD]] is steady at press time.

From the daily chart, the local support is at $0.55, while resistance is a$0.66.

Aggressive traders can, considering the current state of price action, consider loading the dips above $0.55. The immediate resistance will be $0.66.

Even so, there might be clearer entries above $0.66, especially if the breakout is with surging trading volume.

On the other hand, losses below the current bull flag, reversing August 19 gains, could fast-track the dump toward August lows.

Binance has no plans to go public soon

Posted on August 22, 2024August 22, 2024 by Olumide Adesina

Richard Teng, the CEO of Binance, who took over from founder Changpeng “CZ” Zhao, stated in an interview that the world’s biggest cryptocurrency exchange is not going public because its finances are sound.

In an extensive interview with reporters in New York on Wednesday, however, Teng stated that the seven-year-old business isn’t thinking of it. Teng declared, “We don’t need to consider any fundraising or an IPO at this time because we are in strong financial shape.”. “Since the fifth month of launch, Binance turned a profit and has been extremely frugal with its expenditures. Therefore, the topic of [an IPO] has not come up. “.

Teng claims that the exchange’s efforts to become more transparent—which include investing 36% more in compliance efforts in 2022 compared to the previous year and continuing to look for a permanent location—are motivated by a desire to improve relations with international regulators and, as a result, steer the business in a more future-proof direction. Teng stated, “It’s really about creating a sustainable business that will flourish for the next 50 to 100 years, not just the next few years.”. That is undoubtedly our goal. “.

Under less ideal circumstances Richard Teng rose to the top of cryptocurrency behemoth Binance last year, as his predecessor Changpeng “CZ” Zhao was forced to leave the exchange as part of a multibillion-dollar settlement with the U.S. authority. On the bright side, though, he inherited a lucrative CEO position at a crypto industry mainstay, he hopes to develop and expand.

Teng didn’t respond when asked if Binance planned to raise capital to reduce CZ’s stake in the business, stating that the exchange’s board of directors and shareholders should make such decisions.
We collaborate closely with international regulators. It’s not an issue in many parts of the world. There might be some places where it presents a problem, but we have already handled some of those,” Teng said, citing the licenses the business recently obtained and the agreements it has made in nations like Brazil, Dubai, India, and Thailand.

Teng emphasized how crucial it is for Binance to make amends for its previous transgressions, clear the air with international regulators, and proceed with its operations more transparently.

Kamala Harris will support crypto industry

Posted on August 22, 2024 by Olumide Adesina

A top campaign official for Democratic presidential candidate Kamala Harris announced on Wednesday that the nominee will back legislative initiatives promoting the cryptocurrency industry

Speaking on Wednesday at a Bloomberg roundtable at the Democratic National Convention in Chicago, Brian Nelson, senior advisor for policy for the Harris campaign, stated, “She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.”.

Among the narratives of the 2024 presidential contest is the crypto industry’s increasing political influence, with first-time independent candidate Robert F. Kennedy Jr., and then, should they win office in 2025, Donald Trump of the GOP will make similar, extremely amiable promises regarding regulations.

The Biden administration’s perceived extremely unfriendly regulatory approach has generally been met with dissatisfaction by the industry. Nelson said, “Obviously, they’ve expressed that one of the things that they need is stable rules, rules of the road,” implying that a Harris administration would still be open to establishing protections for a sector of the economy that has seen several significant collapses in recent years.

Harris’ encouraging remarks, which allude to cutting red tape and advancing cutting-edge technology, are nevertheless clung to by supporters. Focus on reducing pointless red tape and bureaucracy, as well as on innovative technologies that safeguard consumers and establish a stable business environment with clear and uniform regulations.

This is in response to criticism over the DNC’s contentious tax plan and decision to exclude crypto from its platform, in contrast to its main rival, Donald Trump.
Candidates have adopted a pro-market stance in the run-up to the elections, courting cryptocurrency supporters with a range of pledges.

Kamala Harris’s strategy remained restrained, but Donald Trump supported the industry by pledging pro-regulation to encourage creativity. Because of this, most business leaders in that space have supported the former president, despite efforts by Harris’s supporters to stir up the market.

Congress has also seen notable progress with cryptocurrency this year, as bills on digital assets have received varying degrees of bipartisan support. Leaders in the industry have also made large donations to Super PACs in support of candidates who support cryptocurrencies in the next elections.

Binance will launch DOGS on August 26

Posted on August 21, 2024 by Olumide Adesina

Binance, the world’s most popular crypto exchange, launched DOGS, the 57th project in its Launchpool amid an increased appetite for the meme coin. Investors can start trading this coin on August 26 at noon UTC.

The meme coin DOGS (DOGS), was developed exclusively for the Telegram community and is based on the Open Network (TON) blockchain. The idea creates a lively and engaging environment, utilizing Telegram’s vast user base. In just its first day of operation, DOGS has grown significantly, attracting a substantial user base attracted by the idea of community-focused rewards.

However, far ahead of trading on DOGS, Binance disclosed that a farming phase for the token will begin on August 23 and last for three days. Site users have the opportunity earning DOGS tokens by staking their FDUSD or BNB tokens. Ton meme coins are available for staking from August 23 to August 25 before its August 26 listing.

Binance gives out 85% to users who stake BNB and 15% to users who stake FDUSD . The BNB pool allows users to earn up to 25,972,222.22 DOGS per hour, while the FDUSD pool allows users to earn up to 4,583,333.33 DOGS per hour. Rewards totaling 22 billion DOGS tokens, or 4% of the token supply, will be distributed over three days.

With no intention to create more tokens in the future, DOGS has a fixed supply of 550 billion tokens. The community will get airdrops totaling more than 72% of these tokens. An airdrop of the token to wallets has been requested by 8 million verified users, according to DOGS Community confirmation.

Users can claim their tokens to exchanges or Telegram Wallet till Friday since the trading launch has been rescheduled. The community posted on its Telegram channel, saying, “Though we understand it could be frustrating for some of you, we want to ensure that everyone receives a fair share of time to pick the option of their choice.”. The deadline for redeeming tokens from non-custodial wallets is August 26. According to Binance, 516.75 billion tokens will be traded when DOGS begins active trading on its platform. There will be a circulation of approximately 93%–99% of the total supply.

Forex Signals Brief August 21: FOMC Minutes Unlikely to Spark Action

Posted on August 21, 2024August 20, 2024 by Skerdian Meta

The markets experienced significant movement today, despite a lack of major news. The euro climbed to its highest levels of the year as the dollar continued its steady decline. Treasury yields also fell, accompanied by consistent dollar selling across the board. The market is factoring in a potential drop in Fed funds and inflation, fueled by strong global growth and a robust US economy.

Continue reading “Forex Signals Brief August 21: FOMC Minutes Unlikely to Spark Action” →

Solana Bulls on a rough path

Posted on August 21, 2024August 21, 2024 by Olumide Adesina

Solana exchange-traded funds (ETFs) based in the United States in 2024 are still not bright. Based on recent regulatory actions, these ETFs appear to have little chance of being approved under the current administration.

This conclusion is based on the required filings rejected by the US Securities and Exchange Commission (SEC). The financial watchdog rejected the Chicago Board Options Exchange’s (CBOE) 19b-4 filings for two potential spot Solana ETFs.

As a result, the CBOE website no longer contained these documents. This determination was reached following lengthy deliberations concerning Solana’s classification as a security, between the SEC and the issuers.

Price action indicated that the assets’ moving average analysis validates resistance at $150 and $154. These moving average values are significant indicators for anyone waiting for a possible market reversal because they show how difficult an upward move can be.
The Relative Strength Index (RSI), is now at 41.43, suggesting that the bearish trend may continue because of its weak momentum and closeness to the oversold zone.

The downward trend is further confirmed by the MACD indicator values, which stay negative. The state of the market indicates that critical support and resistance levels need to be closely watched.

The first significant support level, the 23.6% Fibonacci level at $129, is reached if the price declines further. The next significant obstacle to a future decline, the asset falling below this level, would be $117 (50 percent Fibonacci).

The vital 19b-4 filings required to start the SEC’s review procedure were never published in the Federal Register. As a result, the SEC stopped moving forward with approval or rejection. According to a flowchart provided by Bloomberg ETF analyst Eric Balchunas, the Solana ETFs didn’t proceed past the second stage of the process, which entails the SEC publishing the 19b-4 filing on their website.

Solana, frequently tagged the “Ethereum killer,” is at the center of an expanding controversy. The network is under fire for allegedly manipulating decentralization and allegedly running a covert Ponzi scheme. A significant portion of transactions on Solana—roughly 85% of all transactions—are voting transactions, which give the most powerful validators an advantage over newcomers and so foster an environment in which the rich get richer. Allegations of a pyramid scheme have arisen as a result of this dynamic, in which newly appointed validators are required to constantly contribute money to keep the system running, primarily helping more seasoned validators

XRP Outperforms Top Altcoins: When Will Bulls Break July Highs?

Posted on August 21, 2024 by Dalmas Ngetich

XRP is firm, but the follow-through of August 18 hasn’t been decisive. For now, buyers have the upper hand and might shape the immediate-term trend. As long as prices trend above $0.55, traders can consider longs, expecting a close above July highs. This preview will especially hold valid should the leg up be with rising trading volume. Overall, the crypto environment is favorable, considering the endorsement of politicians and regulators.

Unlike most altcoins, XRP is in steady, rejecting attempts lower lows. Though there was a whipsaw yesterday, the failure of sellers to reverse gains of August 18 is supportive. At press time, the coin is flat in the past day, adding nearly 4% in the previous week. The average trading volume is also low, at just $1.3 billion.

The following Ripple and XRP news are worth tracking today:

Though XRP and crypto prices are volatile and mostly stable, the inflow of USDC and USDT to exchanges is on the rise. Overall, the total market cap of all stablecoins stands at over $165 billion.
Amid this consolidation, there has been a gradual pickup in engagement, as seen in the trading volume in the past few trading days. If prices break out from the current range, the leg up, some analysts claim, will be explosive.

XRP Price Analysis

[[XRP/USD]] is firm at spot rates, looking at the formation in the daily chart.

Even though there are hints of strength, conservative, risk-averse traders can wait for a clean breakout.

For now, this resistance stands at $0.66.

However, the bull bar of August 19 guides.

The local support is at $0.55.

Every attempt lower above this level may offer entries for aggressive traders targeting $0.66 and later $0.74.

Conversely, if sellers take over and there is a sudden dump below $0.55, the coin could drop fast to $0.55, questioning bulls’ convictions.

Ethereum Bulls Fading: Will NFT Activity Revive Demand?

Posted on August 21, 2024 by Dalmas Ngetich

Ethereum is still stuck in a sideways consolidation in a possible accumulation. That prices are still below $2,700 but above August lows mean there is general indecision. Technically, the August 8 bar defines the current short-term trend. Though it is bullish, things will rapidly change should prices tank since the bar is also engulfed by the bears of August 4 and 5. Therefore, though traders are confident of what lies ahead, the failure of bulls to breach $2,800 points to weakness, at least for now.

Traders are closely monitoring price action. With the coin inside the bear bar of August 5 and the bulls of August 8 failing to break higher, there is a state of balance. Ethereum is down 3% in the past day, pushing weekly losses to 5%. At the same time, engagement is below average, at just $12 billion.

The following trending Ethereum news could shape the short-term trend:

There is a recovery in NFTs after the “decimation” in 2022. As trading volume fell by over 90%, yesterday, investors moved to buy $825,000 worth of CryptoPunks. These NFTs are some of the most sought-after.
Bulls are struggling amid dropping DeFi activity, outflows from spot Ethereum ETFs, and an unexpected rising supply. Since Dencun, ETH has been inflationary, with more coins hitting the circulating supply that it is being burned.

Ethereum Price Analysis

[[ETH/USD]] edged lower yesterday, closing in the red territory.

At this pace, sellers appear to have the upper hand, and price action aligns with the August 5 bar.

Technically, the August 5 bar is crucial, defining the current trend unless there is a breakout above $2,800. In that case, buyers may take over, confirming the August 8 gains. This formation might set the base for another leg up to $3,500.

Before then, aggressive sellers can considering shorts on every attempt below $2,800.

Their immediate target would be August 2024 lows of around $2,100.

Bitcoin Traders Indecisive: After This Doji Bar, What’s Next for BTC?

Posted on August 21, 2024 by Dalmas Ngetich

Bitcoin was mildly volatile yesterday, closing as a Doji candlestick. While prices swung lower at first, the rebound meant bulls closed strongly. Even so, the long upper wick points to weakness and the likelihood of prices trickling lower in future sessions. At the time of press, buyers are upbeat, expecting bulls to pull through the chop and close higher. Conversely, if there are no supportive fundamental factors and prices plunge below immediate support levels, the trend will likely shift, backing aggressive sellers.

The state of affairs in the daily chart means Bitcoin is still in a sideways consolidation. The drop yesterday means the coin is stable in the daily and weekly time frames. Meanwhile, the average trading volume is low, at just $26 billion.

The following trending Bitcoin news are worth watching:

Rumors of Gary Gensler being nominated to lead the Treasury Department are seen as bearish. Gensler, the current head of the United States SEC, is seen as anti-crypto. During his tenure, exchanges and multiple crypto firms have been sued for millions of dollars.
Yesterday, Metaplanet bought $3.4 million worth of BTC, increasing their holdings. Increasingly, public companies are considering the world’s most valuable coin as they diversify their portfolio.

Bitcoin Price Analysis

[[BTC/USD]] is flat at press time.

Despite the volatility of yesterday, the coin remains within a familiar range.

Unless there is a close in either direction, conservative traders can wait on the sidelines.

A refreshing push above $63,000 at the back of rising volume could rejuvenate restive buyers angling for $72,000.

Meanwhile, any drop below $56,500, reversing gains of August 8, will weaken demand, fanning a sell-off to possible fresh Q3 2024 lows.

Forex Signals Brief August 20: Canada Inflation to Continue Falling

Posted on August 20, 2024August 19, 2024 by Skerdian Meta

Even though it was one of the quietest news days of the year regarding the economic calendar, the market remained active, with the recent trend of USD selling persisting, particularly against the Yen. During the Asian session, USD/JPY dropped by roughly 3 cents as it tumbled to 145 lows, but retraced most of the losses during the day.

The euro took full advantage of this dollar weakness, climbing to levels not seen since November and closing near the day’s highs. Most markets are continuing to recover from the early-August decline, with US stocks nearly back to their target levels. Following this trend, the British pound (Cable) also rebounded, returning to mid-July levels after gaining another 40 pips today.

This Week’s Market Expectations

The People’s Bank of China (PBoC) is expected to keep the 1-year and 5-year Loan Prime Rates (LPR) steady at 3.35% and 3.85%, respectively. This expectation stems from the fact that the central bank made significant interest rate cuts last month and is unlikely to adjust them again soon.

In Canada, the upcoming CPI data is also under close watch. The month-over-month CPI is expected to rise by 0.4%, compared to a previous decline of -0.1%, while the year-over-year CPI is forecasted to drop slightly to 2.5% from 2.7%. The Trimmed Mean CPI, the main inflation measure tracked by the Bank of Canada (BoC), is anticipated to decrease to 2.8% year-over-year, down from 2.9%. The market is currently pricing in a 98% probability of a 25 basis point rate cut in September, with expectations of a total 75 basis point easing by the end of the year. If inflation data this week comes in lower than expected and economic activity continues to show signs of weakening, the BoC is likely to implement another 25 basis point rate cut at its September meeting.

Forex Signals Update

Yesterday markets were quiet in the first two trading sessions, with the USD on the retreat again, but it picked up further pace during the US session. Although, there weren’t many trading opportunities, so we only opened two trading signals, both of which against the USD and both closed in profit, so we ended up with two winning forex signals for the day,

Gold Holds Above $2,500

Every dip in gold prices has been met with strong buyer interest, signaling a robust upward trend and suggesting that the recent breakout might continue. Global demand remains a key driver behind gold’s price increase. In India, physical gold purchases have seen a slight uptick due to price adjustments, while in China, rising premiums reflect a growing demand for gold as a safe-haven asset. On Friday, gold (XAU/USD) surged to a new all-time high of $2,500, surpassing the previous peak of $2,483.74 set in July. This rise was largely driven by the weakening US dollar and a decline in building permits and housing starts in the United States.

XAU/USD – Daily chart

EUR/USD Heads for the 200 Weekly SMA

The EUR/USD pair has shown resilience this week, holding onto the gains from last week’s move above 1.10. The pair is now approaching the December 2023 high of 1.1150, where the 200-weekly SMA is acting as resistance. The Euro has benefited from a wave of risk appetite, capitalizing on a weakening USD and softer US economic data while largely ignoring the ongoing economic challenges in Europe.

EUR/USD – Weekly Chart

Cryptocurrency Update

Bitcoin Sticks to $60k for the Moment

In the cryptocurrency market, Bitcoin experienced a sharp drop by midweek, falling about 3% to the $57,700 range, which led to significant losses across the broader market. Earlier in the week, Bitcoin briefly surged to $61,830, driven by excitement over Bitcoin exchange-traded funds (ETFs) and major investments from large financial institutions like MicroStrategy. However, despite these gains, Bitcoin’s price remains volatile, hovering around $60,000.

BTC/USD – Daily chart

Ethereum Climbs Above the 20 Daily SMA

Ethereum has also been on a downward trend since March, with lower highs indicating potential further declines in August. In June, Ethereum’s price fell from $3,830 to below $3,000. Although buyer pressure briefly pushed the price above the 50-day SMA, persistent selling pressure led to another bearish reversal. The price dropped below the 200-day SMA but then rebounded from a low of $2,000, rising above $2,600 and breaking through the 20-day SMA.

ETH/USD – Daily chart