Category: Cryptocurrency News

Central bank digital currencies gain traction as countries worldwide engage in their development despite skepticism from the crypto community.

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Despite the prevailing bearish sentiment in the market last week, Ripple (XRP) bulls showcased their resilience by securing gains. XRP stood out among the top 20 cryptocurrency assets, recording impressive weekly gains of over 8%. Although the daily chart displayed a relatively modest increase of more than 1%, it was enough to maintain the bullish momentum. The technical outlook for XRP revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart. Related Reading: How Does Current Bitcoin Rally Compare With Historical Ones? However, the price movement of major altcoins remained uncertain as Bitcoin slipped back into the $26,000 price level. The future trajectory of XRP will depend on the performance of BTC in the upcoming trading sessions. Buyers will gain further strength if BTC exhibits improvement, leading to increased demand for XRP. Conversely, if demand fails to rise significantly, it could impede the growth of the XRP price. Another positive sign was the recovery of market capitalization, indicating increased demand and buying strength. XRP Price Analysis: One-Day Chart As of the time of writing, Ripple (XRP) was trading at $0.46. The altcoin demonstrated a significant breakthrough by surpassing the crucial resistance level of $0.44, increasing demand for the asset. Moving forward, the next obstacle for XRP lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. However, if the altcoin manages to overcome this resistance level, it could potentially target the $0.50 mark. Conversely, a decline from the current price level would bring XRP down to $0.44, potentially even below the $0.42 price mark. The recent session witnessed a positive momentum for XRP, as indicated by the green volume bar of the altcoin traded. Technical Analysis Upon the price breakthrough above the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which currently positions itself above the half-line, just below the 60-mark. This indicates that buying strength outweighs selling strength at the present moment, underlining the positive sentiment surrounding the altcoin. Furthermore, the asset’s price has risen above the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market. The increase in demand for the altcoin is reflected in the buy signals observed on the one-day chart for XRP. The Awesome Oscillator determines price direction and momentum. It generated small green signals closely tied to buy signals for the altcoin. Related Reading: Shiba Inu Struggles To Initiate A Breakout: Will It Defy Resistance And Rebound? This suggests a positive price action for the coin, highlighting the potential for further upward movement. Additionally, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. However, the parallel alignment of the bands indicates that the altcoin may trade within a relatively narrow range in the upcoming trading sessions. Featured Image From iStock, Charts From TradingView.com

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Over the course of 2023, the movement of Cardano (ADA) has been more on the bullish side. Despite the reversal over the last few weeks, the bullish momentum has not completely died out. However, what is most interesting about this trend is the fact that the smaller investors seem to be the major driver behind it, not the large whales. Cardano Small Investors Continue To Accumulate Through the course of 2023, the smaller Cardano investors have been at the forefront of the ADA accumulation. This is seen from January through to May where their collective holdings have continued to rise. These investors holding between 1,000-10,000 coins and 10,000-100,000 coins have steadily grown their holdings over the last six months. Related Reading: Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline Where the whales were skewed toward selling than buying, these retail investors were heavily on the buy side. As a result, their collective holdings have grown from around 17% of the total supply to over 18.1%. As a result, these smaller wallets holding between 1,000-100,000 coins now account for 6.29 billion out of the 34.79 billion total supply. Their accumulation trend also coincides with the rise in the price of ADA over this time which is illustrated in the chart below. There were dips in their holdings where there was presumably some profit-taking. However, the general trend continued toward the upside, bringing their holdings to new highs. Small ADA holders increase holdings in six months | Source: Santiment During this time, the holdings of larger investors holding between 10,000,000-100,000,000 coins dropped drastically. This suggests that while the smaller holders were responsible for the price increase, larger holders were the culprits behind the price crash as their total holdings went from 12.1% of the total supply to 11.11% in April. What Will Trigger The Next ADA Rally? Currently, the price of ADA is still down, suggesting that investors are very wary about buying the token. However, if the accumulation trend among smaller wallets continues, there could be more upside to come. An added advantage of small wallets leading the accumulation trend is that it enables a broader distribution of the token, which helps to sustain bull rallies. Related Reading: Shiba Inu Falls Below Critical Support, Is It Time For You To Buy? ADA is still seeing significant resistance at the $0.38 level, but given that bears are still weak at this point, its inability to beat this resistance can be explained by the general low momentum in the market. When the price of Bitcoin picks up once more, $0.38 will be quickly surpassed with the next important level sitting at $0.4. At the time of writing, ADA is changing hands at a price of $0.37. It’s down 0.21% on the 24-hour chart but seeing gains of 1.73% on the weekly chart. ADA price trending at $0.37 | Source: ADAUSD on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Guarda Wallet, chart from TradingView.com

Crypto exchanges must take the initiative in addressing regulators’ and investors’ concerns about liquidity.

Quantum computers cannot mine Bitcoin faster than classical computers, but they have the potential to do so in the future.

The mixed martial arts organization, Professional Fighters League, will use NFT tickets, becoming the latest sports body to explore the Web3 ticketing functionality.