Forex Signals Brief May 8: Gearing Up for the BOE Tomorrow

Posted on May 8, 2024May 8, 2024 by Skerdian Meta

Yesterday started with the Reserve Bank of Australia meeting, which left interest rates unchanged as expected, but the Aussie ended up lower at the end of the day, as one of the weakest currencies. That came after the RBA rejected any rate hike comments and pointed at economic weakness instead.

The USD emerged as the strongest currency after two days of decline since Friday, while the JPY was the weakest. Neel Kashkari, a Federal Reserve official, remarked on the housing market’s resilience to tight monetary policy, suggesting that this resilience might signal a temporary elevation in the neutral rate, which he has marginally elevated to 2.5% from 2%. Continue reading “Forex Signals Brief May 8: Gearing Up for the BOE Tomorrow” →

XRP Price Analysis: Ripple Firm above $0.50, Are Bulls Here To Stay?

Posted on May 8, 2024May 8, 2024 by Dalmas Ngetich

XRP is firm but within a very narrow range following a day of inactivity on May 7. Impressively, prices are still within the May 6 range; a bullish signal. As XRP trends above $0.52, aggressive traders expect a possible extension today. Even so, before then, a close above $0.55, reversing recent weakness, would cement the bulls’ position, setting the coin for $0.60 in the weeks ahead.

Amid upbeat holders, XRP is down 3% in the last 24 hours but up 6% in the previous week. The failure of immediate gains yesterday has impacted sentiment, which is reflected in the narrow trade range. Overall, the average trading volume in the past day is down 37% to slightly more than $1.1 billion.

Meanwhile, traders are keeping track of the following Ripple and XRP news:

A redacted public version of the remedies brief submitted by the United States SEC will be available today. This reply is crucial and highlights, among others, the justification presented by the regulator on why they want Ripple to pay a $2 billion fine.
Brad Garlinghouse, the CEO of Ripple, has once again reiterated that XRP and ETH are not securities. Speaking on a fireside chat, the executive said the regulator is “grossly wrong” on its position. The conclusion of the three-year case versus the United States SEC will provide clarity on the state of XRP.

XRP Price Analysis

[[XRP/USD]] is within a bullish formation despite yesterday’s lull.

In the days ahead, how bulls react will shape XRP prices in the medium term.

Since the expansion from $0.50 is marked with decent trading volumes, bulls have a chance.

From the candlestick arrangement, bulls might load on dips above $0.50, targeting $0.60.

However, there will be clearer entries above $0.50, reversing losses of April 13. If bulls follow through, the coin might easily expand to as high as $0.74.

Ethereum Price Analysis: ETH Rejected At $3,300, but Institutions Are Back

Posted on May 8, 2024 by Dalmas Ngetich

Ethereum is posting discouraging lower lows at spot rates. As the upside momentum fizzles and sellers of mid-April press on, the path of least resistance increasingly appears southward. Nonetheless, confidence among traders is high. The immediate support—a region closely monitored by traders—is $2,800. If bulls give up at this line, caving in to the deluge of selling pressure, it could usher in a new regime for ETH, possibly pushing the coin deeper into red.

At press time, Ethereum is stable on the last day and up 4% in the previous week. With ETH prices dropping, trading volume over the last 24 hours is also low, shrinking to $11 billion, sliding 14%. As mentioned earlier, the reaction at the $2,800 and $3,800 reaction levels will determine whether participation will shrink or rapidly expand.

The following Ethereum news developments are worth considering:

Yesterday, the United States SEC pushed their ruling on the Invesco Galaxy spot Ethereum ETF to July. The decision was expected since the regulator has put off similar applications. It is widely believed that the strict Commission will delay their application of this product until there is regulatory clarity on the status of ETH.
Institutional investors appear to be turning “green” on Ethereum for the first time in roughly two months. After weeks of outflows, CoinShares reported that the coin broke its 7-week spell of outflows, recording $30 million in inflows.

Ethereum Price Analysis

[[ETH/USD]] is, like Bitcoin, struggling when writing.

Yesterday, Ethereum prices edged closer to the $3,000 level. Even so, what’s clear is that prices are within a tight trading range.

Overall, ETH is within a bear breakout formation.

As prices stay in a range, the levels at $2,800 and $3,300 are key in determining the short to medium term trajectory.

Risk-averse traders can wait for a clean break above or below this range before committing. Before then, aggressive traders might look for shorting opportunities on every attempt below $3,300, targeting $2,800.

Bitcoin Price Analysis: $66,000 Proving To Be A Strong Level To Break

Posted on May 8, 2024 by Dalmas Ngetich

Bitcoin prices are trending lower at press time, contracting below the middle BB as per the candlestick arrangement in the daily chart. Even with the community being optimistic about what lies ahead, the failure of bulls to flow back is putting a damper on trader confidence. For now, traders can watch prices evolve, paying close attention to the local resistance at around $66,000.

At press time, Bitcoin is stable on the last day but up 5% in the previous week. Though the coin is in green, prices are trending lower and unable to overcome the intense liquidation. Nonetheless, the uptick in trading volume might help revive demand. The average trading volume stands at over $25 billion in the past day, down 17%.

The following Bitcoin news events are worth paying close attention to:

After nearly three months of steady outflows, the inflow into GBTC has been net positive. For two consecutive days, Grayscale bought BTC for their clients. Even so, this should continue this week for a solid sentiment shift now that inflow has been slowing down across the board.
Reports suggest that the new South Korean leadership will likely press for the country’s regulator to approve a spot Bitcoin ETF. To do this, the FSC must change its position on the legal status of BTC. Currently, local firms are barred from listing foreign spot Bitcoin ETFs.

Bitcoin Price Analysis

[[BTC/USD]] is printing lower lows, looking at the formation in the daily chart.

For this to change and bulls to take over, there must be a sharp reversal of May 6 losses.

Accordingly, a close above $66,000 will be crucial for Bitcoin.

If not, and sellers press on, BTC will likely continue dropping.

A key level to watch in the days to come is the zone around $60,000.

If sellers take over, BTC will likely retest April 2024 lows of around $56,500.

Binance demands the release of executive in Nigerian custody

Posted on May 7, 2024May 7, 2024 by Olumide Adesina

Binance cautioned Nigerian authorities against setting a bad precedent after its executives were invited to the country and then detained as part of a crackdown on P2P trading in Africa’s largest crypto market

CEO Richard Teng declared in a statement that it was time to voice opposition to the imprisonment of a U.S. citizen and head of financial crime compliance at Binance, Tigran Gambaryan.

Binance, the world’s largest crypto exchange with over 190 million users, and two of its executives are being tried separately for money laundering and tax evasion, a move the crypto exchange is contesting.

Gambaryan and Binance regional manager for Africa, Nadeem Anjarwalla, was arrested in February after arriving for a meeting with the national security adviser, the deputy governor of the central bank, and the CEO of the SEC.

In a press statement, Mr. Teng outlined Binance’s experience with Nigeria, which has grown to be a hub for the cryptocurrency sector. Chainalysis data showed Nigeria had the second-highest rate of crypto usage globally, right after India.

Bribery allegations

According to Mr. Teng, when the Binance staff were leaving the meeting, “unknown persons” approached them and proposed payments to resolve the claims. Later, Mr. Teng stated, a local attorney for Binance had a conversation with someone posing as a representative of the House committee.

According to Mr. Teng’s writing, the alleged agent requested “a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away.”

Nigeria’s Securities Exchange Commission ordered the exchange to cease offering its services in a statement released in 2023. According to Mr. Teng, Binance stated it stopped running ads in Nigeria and made efforts to meet with the FG.

Since his transfer from a government facility on April 8, Mr. Gambaryan has spent the last four weeks in custody at Kuje jail in Abuja, Nigeria’s capital city.

Binance executive’s lawsuit in Nigeria represents the company’s most recent legal woes. Last year, Binance settled with the US authorities for a $4.3 billion punishment after it was accused of facilitating illegal activity on its platform. Changpeng Zhao, Binance’s core founder received a four-month prison sentence in April.

Open to Settlement with Nigeria’s tax regulator

Binance stated it was open to following the guidelines established by the FG and recognized that it held the unprecedented authority to decide Binance’s and the larger crypto industry’s destiny in Nigeria,

“When we made this extraordinary move, we hoped that our coworkers would be freed and that Binance could collaborate with the Nigerian authorities to address any other issues. Sadly, it did not occur,” Ten remarked.

Forex Signals Brief May 7: RBA and AUD Highlight the Day

Posted on May 7, 2024May 6, 2024 by Skerdian Meta

Yesterday markets were pretty quiet with little on the economic calendar. The primary economic highlight on yesterday’s calendar was the US employment trends for April. Despite the index dropping to its lowest level since May 2021, the market largely overlooked this data.

Continue reading “Forex Signals Brief May 7: RBA and AUD Highlight the Day” →

XRP Turns Green, Ripple Trading Volume Shoots By 235%

Posted on May 7, 2024 by Dalmas Ngetich

XRP prices spiked yesterday. Though the upside momentum waned as the day closed with a long upper wick, the break higher was crucial. Therefore, even as bulls expect the uptrend to continue today, whether prices will crack above $0.55 and stay above this line is important. Following the surge on May 6, bulls appear to be in control as XRP outperforms Bitcoin and Ethereum.

At press time, XRP is firm on the last day and 4% in the previous week. The overall momentum is bullish despite losses over the past several weeks. Should bulls press on, trading volume will swell, feeding the uptrend. Currently, the average trading volume over the past day stands at over $1.8 billion, up over 235%.

The following XRP and Ripple news will influence price action going forward:

Reports show that the case pitting the United States SEC and Ripple—the blockchain company—is close to coming to an end. Ripple, which uses XRP in its ODL solution, rejected the $2 billion fine proposed by the regulator and instead suggested paying $10 million. Analysts now say Ripple will end up paying around $100 million on top of legal fees as a settlement when the case concludes by the end of the year.
As DeFi matures and sentiment improves, the XRP Ledger is also gaining momentum. The latest on-chain data shows holders have locked over 4.3 million XRP to various AMM liquidity pools. The upsurge is a massive vote of confidence for the network, showing holders are ready to engage and support native protocol deployment.

XRP Price Analysis

[[XRP/USD]] is in green when writing, breaking above the recent consolidation.

Since the coin is trading above $0.52 and likely to breach $0.55, traders should look to align with the emerging trend.

As it is, every low above $0.50 might offer entries for bulls targeting $0.60 in the short term.

Further gains above April 22 could anchor optimistic bulls’ projections for $0.74 or better.

However, if there is a turnaround and the zone between $0.46 and $0.50 is broken, XRP could slip below April lows of $0.40.

Ethereum Creates Over 267,000 New Wallets: ETH Ready To Break $3,300?

Posted on May 7, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is cooling off. The upside momentum is quickly fizzling out, and sellers appear to be reasserting themselves. Even with the general confidence among holders that prices will recover, there must be signs. So far, ETH has strong resistance at the $3,300 level. For this level to be reclaimed, yesterday’s losses must be completely reversed.

So far, Ethereum is steady, even flat. The contraction on May 6 means ETH is down roughly 4% in the past 24 hours and 3% in the previous day. Even so, ETH is in green because of gains from late last week, adding roughly 10% from the May low. At spot rates, participation is decent. The average trading volume is at around $13 billion, up 51% in the last day.

The following Ethereum news events are worth watching:

Ethereum Foundation and ETH are reportedly under the United States SEC’s microscope. Now, with the regulator said to be convinced that the second most valuable coin is a security, ConsenSys is fighting back. In a recent interview, Joe Lubin of the Ethereum-focused company thinks the agency is “gaslighting” crypto users into thinking ETH is a security.
The Ethereum network is active even with prices under pressure, slipping from all-time highs. According to records, over 267,000 new wallets have been created. This means that users are keen on interacting with the platform’s protocols, including DeFi dapps deployed on the mainnet or layer-2 solutions like Base or Arbitrum.

Ethereum Price Analysis

[[ETH/USD]] is steady but generally bearish, going by recent price action.

If anything, the turn from yesterday marked another lower high, hinting at weakness.

Technically, resistance is at the $3,300 level. Bulls must convincingly break this, such as with expanding volumes, to define the uptrend. In such a case, ETH will easily float to $3,700, another key liquidation line.

Conversely, should sellers press on, Ethereum has support at the $2,800 level. It is a crucial support level that, if broken, might see ETH drop to $2,600 in continuation of sellers from mid-April 2024.

Bitcoin Processes Over 1 Billion Transactions: Why Is BTC Still Below $66,000?

Posted on May 7, 2024 by Dalmas Ngetich

Bitcoin rose over the weekend, trading above an important resistance level in the daily chart. Even though there are signs of strength, there must be a conclusive close above the recent chop. Of note, prices must firmly close above the middle BB or the 20-day moving average. As such, yesterday’s bears must be reversed, volumes must be high, and the resulting bar must be ideally wide-ranging and green.

At press time, Bitcoin is down roughly 2% on the last day but stable in the previous trading week. For the uptrend to resume and bulls to build on recent higher highs, there must be a sharp surge in trading volume. As it is, participation is decent, at around $30 billion. However, it remains tapered and lower than average.

The following Bitcoin news events will influence price action:

Since its launch, the Bitcoin network has processed over 1 billion transactions. The 1-billionth transaction was posted on May 5.
Despite waning momentum and shifting sentiment, the surge over the weekend lifted Bitcoin to a two-week high. Analysts are confident that the downside momentum and the retracement from all-time high could be ending.

Bitcoin Price Analysis

[[BTC/USD]] remains weak at press time.

Even though Bitcoin marched higher over the weekend, the rejection at the middle BB should be a concern.

Nonetheless, analysts are bullish, expecting further gains.

Going forward, a close above $66,000 and, preferably, $68,000 is necessary for this to happen.

The break should also have higher participation. If these conditions are met, BTC will quickly fly to $70,000 and even $73,800 in a buy trend continuation formation.

Conversely, if bears follow through and confirm yesterday’s losses, BTC risks retesting May lows at around $56,500.

Forex Signals Brief May 6: RBA and BOE Meetings This Week

Posted on May 6, 2024May 3, 2024 by Skerdian Meta

Last week was all about the FOMC meeting and the Non-Farm Payrolls from the US. The USD was retreating ahead of the FED meeting, and it crashed more than 1 cent lower across the board. The FED kept the higher-for-longer stance regarding interest rates, but FED chairman Jerome Powell rejected the idea of further rate hikes, which was what markets were fearing.

The BOE will Keep its Monetary Policy Steady This Week

Continue reading “Forex Signals Brief May 6: RBA and BOE Meetings This Week” →