Category: Cryptocurrency News

XRP is in the red today, losing grip of its recent gains as the bears act on its price. The bulls had sustained the price momentum driving XRP to $0.4688 on May 19. The asset traded within this range till May 24, when the bears dropped it to a closing price of $0.454. But today, XRP’s price has gradually declined to the $0.451 level as the bears continue to exert pressure on its price. More Bearish Trend For XRP XRP is in a downtrend today, forming a second consecutive red candle on the daily price chart with lower lows. The asset trades below its 50-day Simple Moving Average (SMA), a short-term-bearish sentiment. The 50-day SMA indicates XRP’s average price over a specific period. Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow? Also, the Relative Strength Index (RSI) is 46.71 in the neutral zone and descending, further confirming a bearish sentiment for XRP. The RSI has two critical regions the overbought region and the oversold region. RSI values between 70 and 30 are neutral.  Given the descending line of XRP’s RSI, the asset is entering the oversold region from which a trend reversal is imminent.  XRP’s Moving Average Convergence/Divergence (MACD) is above its signal line, suggesting a bullish sentiment. However, the MACD displays negative values, and its histogram bars hint at a bearish reversal. The MACD identifies the trend direction of an asset and is often used to place trades. Currently, it displays a tentative sell signal in the market today. But XRP is trading above the 200-day SMA, suggesting a bullish trend in the long run.  The altcoin is trading at the $0.4504 support level as the bears seek to push it down. Bearish pressure at the $0.46591 resistance level pushed XRP into a downtrend.  A further decline will see XRP return to the $0.44446 support level and push it to the oversold region. XRP will likely record more price drops in the short term.  However, since it is still trading above its 200-day SMA, a long-term bullish sentiment, the bulls will rally again once they regain control of its price. XRP Updates Might Influence Price Action In Long term Ripple Labs’ ongoing legal case with the US Securities and Exchange Commission is likely one of the reasons behind XRP’s price downturn. However, as the Ripple CEO said, the case may likely conclude soon. Related Reading: AiDoge Coin Goes Viral, Rakes In $13 Million In Funding Amid Meme Coin Craze Ripple Labs Attorney Kylie Chiseul Kim filed a letter to withdraw as legal counsel for their ongoing case. The Attorney is leaving her former employers, Kellogg, Hansen, Todd, Figel & Fredrick P.L.L.C, and Devbevoise & Plimpton LLP. Nevertheless, the court filings stated that the law firm would remain counsel for Ripple Labs. Featured image from Pixabay and chart from TradingView.com

BTC price action gives analysts reasons to be bearish, while Bitcoin shuns volatility from the day’s macro triggers.

Funds will be used to support the decentralized World ID and the recently released crypto wallet World App. VC firms A16z Crypto, Bain Capital Crypto, and Distributed Global are investors in the round.

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Renowned financial guru, entrepreneur, and bestselling author of “Rich Dad Poor Dad,” Robert Kiyosaki, has once again made headlines with his latest Twitter remarks on the importance of Bitcoin in the face of growing US debt. As the US economy continues to deteriorate and the country’s debt ceiling discussions take center stage, Kiyosaki emphasizes the urgency of securing one’s financial future by investing in alternative assets, including the top cryptocurrency Bitcoin. The State Of The US Economy  Robert Kiyosaki begins by shedding light on the deteriorating state of the US economy, expressing concern over the growing national debt. With Congress currently discussing raising the US debt ceiling to $31.4 trillion to avoid blemish, Kiyosaki dismisses it as nothing more than “kabuki theater.” Drawing attention to the dire financial situation, he asserts that the US is already bankrupt, citing unfunded liabilities, such as Social Security, which surpass $250 trillion. Related Reading: Why This Top Financial Expert Is Saying ‘Buy Bitcoin’ Amid Looming Bank Failures Furthermore, Kiyosaki highlights the size of the financial market’s “derivative assets,” amounting to thousands of trillions of dollars. Against this backdrop, he presents his solution: investing in tangible assets like gold, silver, and digital gold – Bitcoin. The Bestselling author of “Rich Dad Poor Dad” noted: Politicians debating raising $30 trillion US debt limit bad comedy, “kabuki theater.” Facts are: US [is] bankrupt. Unfunded liabilities [such] as Social Security are over $250 trillion. Financial market “derivative assets” [are] measured in quadrillions…thousands of trillions. WTF. Buy G,S, BC. Robert Kiyosaki has since been a vocal advocate for Bitcoin, emphasizing the top crypto value for several years. During the onset of the pandemic in 2020, as the US government printed trillions of dollars to stimulate the economy, Kiyosaki voiced his concerns regarding the lack of backing and the inflationary risks associated with fiat currency. He famously referred to these newly printed dollars as “fake money,” warning of the consequences of such actions. With over $6 trillion already printed in 2020 alone, Kiyosaki anticipates that the ongoing printing spree will cause Bitcoin’s price to surge to approximately $500,000 by 2025. Bitcoin Downtrend Amid Buy Signal Meanwhile, despite the buy signal from Kiyosaki, Bitcoin has shown no uptick but instead a continuous decline. Over the past 24 hours, Bitcoin has experienced a 1% decline, while the past seven days have seen a dip of 3.1%. At the time of writing, the top crypto currently trades at $26,412. Bitcoin’s trading volume has, however, surged in the past 7 days indicating a possible short-term downward pressure. The asset’s trading volume has spiked from a low of $15.3 billion last Thursday to a high of $17.6 billion in the past 24 hours. Related Reading: Bitcoin Bears Aim Big After Recent Breakdown Below $26,500 Furthermore, over the past week, Bitcoin has recorded a loss of over $10 billion from its market capitalization down by nearly 4%. The asset’s market cap has plunged from a high of $528 billion last Thursday to a cap low of $511 billion as of today. Featured image from Shutterstock, chart from TradingView.com

The CEO of OpenAI, Sam Altman, spoke with European officials in Brussels warning over the ramifications of over-regulation of the AI industry.

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Litecoin halving is on countdown. As many of you know, Litecoin is one of the earliest cryptocurrencies to enter the market. It was lanunched in 2011, and since then Litecoin network was never offline, not even the upgrades/updates. After more then a decade on a market, Litecoin is on position #13 based on market capital…
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