Bitcoin continued to slip on Thursday, with the coin remaining close to its lowest level since the end of November. Momentum in cryptocurrency markets has shifted in recent days, with sentiment currently bearish. Ethereum was also lower, with the token dropping towards $1,200. Bitcoin Bitcoin (BTC) remained near a one-week low on Thursday, as cryptocurrencies […]
Industry experts and one skeptical economist tackle the world of crypto, blockchain and Web3 in a new series from online learning platform Masterclass.
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The XRP price is currently bucking the general market trend and is recording a small gain of around 2% over the last 24 hours. What is noticeable are massive movements by whales over the past few hours. The cryptocurrency market is on shaky ground given the macroeconomic headwinds and the still not fully digested shock from the FTX collapse. However, XRP investors don’t seem to care at the moment. On the other hand, data suggests that possibly whales have played their part in this development. XRP Whales Surface As the popular cryptocurrency tracker Whale Alert reports, a total amount of 160.6 million XRP was transferred over the past 24 hours. One transaction in particular is causing quite a stir. According to WhaleAlert, Ripple transferred 50 million XRP from one of its wallets to an unknown wallet. The transaction is currently the subject of a heated debate, with some believing that Ripple may sell some of the XRP they hold. 🚨 50,000,000 #XRP (19,289,010 USD) transferred from Ripple to unknown wallethttps://t.co/72jMidOgOL — Whale Alert (@whale_alert) December 7, 2022 An analysis using Bithomp shows that the cryptocurrency was moved to another wallet of the company (RL18-VN), which is normally used to move or sell the token outside the company. Related Reading: Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside In addition, whales transferred 35.6 million tokens from Bitstamp to an unknown wallet, as well as 40 million XRP worth about $15.3 million to the European exchange Bitstamp. The Bitso exchange is one of Ripple’s oldest On-Demand Liquidity (ODL) partners, covering one of the most important payment corridors in Latin America: U.S.-Mexico. The Bitstamp whale is linked to the U.S. exchange Bitrex, from where the transfer was made. Remarkably, these whale transactions follow an even much larger series of transactions totaling 4.1 billion XRP yesterday, Wednesday. According to WhaleAlert and Bithomp, these tokens were transferred from Bittrex to Uphold, divided into 10 transactions with a maximum size of 500 million units. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (188,355,483 USD) transferred from #Bittrex to unknown wallethttps://t.co/IkmoFxoP3Y — Whale Alert (@whale_alert) December 7, 2022 The reason behind the transfer is unclear, though it does not look like the transaction was made by an individual. XRP/USD Shows Strength At press time, the XRP price was sitting at $0.3859. The 24-hour trading volume currently hovers around $712 million. With a market cap of $19.4 billion, XRP remains the seventh largest cryptocurrency. Related Reading: ‘Wolf Of Wall Street’ Advises Crypto Investors To Hang On To Bitcoin And Ethereum In the 4-hour chart, the price of the token has managed to continue its uptrend after the FTX crash. Yesterday, the price marked a new higher low, confirming the uptrend. For the moment, the most important resistance zone remains the area between $0.41 and $0.42. However, at the current price, XRP is still below the 50, 100 and 200 simple moving averages (SMAs). For the bulls, it will be important to defend the uptrend line in the coming days.
Almost all the subs members share all the same beliefs and repeat all the same standard lines and phrases like parrots. They are hostile towards anyone who doesn't buy in to their belief system. They have an ingroup and an outgroup who they might label as nocoiners/shitcoiners/Fiat-lovers etc. They are actually proud of their toxicity…
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The rise of blockchain-based games such as Alien Worlds, Splinterlands, and Axie Infinity shows no signs of abating. However, when it comes to supporting play-and-earn crypto mechanics and NFTs, the larger video gaming industry is divided. It's interesting to note that almost all major game publishers now have blockchain development teams, but they're having difficulty…
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Microsoft-backed video game developer Wemade plans to further continue the legal battle against South Korea’s largest crypto exchanges.
In the previous month, Solana (SOL) has failed to make progress as the token fell victim to the market contagion brought about by the collapse of crypto exchange FTX. As of this writing, all time horizon indicators for Solana’s native token SOL are red. Since succumbing to market contagion, Solana has continued to bleed Using bearish metrics and technical indicators, we may anticipate a more negative outlook. The token and ecosystem of SOL are not looking good according to other indicators. As per LunarCrush’s data, both social media mentions and engagements are declining. Messari adds that the asset’s unappealing volatility and low returns make it less attractive to investors and traders. What will happen to SOL now that its price has dropped below $14? Will it pull out of the dark or sink much lower? Related Reading: Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022 Solana Price Trajectory: Below Its Target The coin has been trading around $13.5314, well below the bullish aim of $14 and $15. Recent weeks have seen SOL bulls aiming for this level. It all starts on November 15 when bulls attempt to reach $15 but fail. After these attempts, the price fell below $14, where it has remained ever since. Due to bearish technical indicators, it is unlikely that SOL will surpass the $14 or $15 barrier level. On a timescale of four hours, the token’s RSI values are neutral and declining. The bearishness of SOL is further corroborated by its MFI, which is likewise declining. Although the token’s Bollinger band is rather wide, the moving average of is acting as resistance at $13.8150. In spite of this, a positive price pullback may still be warranted, as the prior price movements were in sync with the bullish XABCD harmonic pattern. If momentum permits, the price pullback objective will be $14 with a probable aim of $15. With negative technicals, however, bulls can rely on the $13.3081 support to help maintain sideways momentum and as a potential rally launching point. SOL Bears Are Everywhere Although the support has been resilient against the bears’ previous assaults, a breach of the $13.3081 support might send the price below $13.0951. Overall, SOL will not rebound in the near future. There is a greater probability of a negative breakout in SOL, so investors and traders should tread carefully. Related Reading: Quant Shows Potential For Surge Beyond $150 – Can QNT Hit Its Target? SOL total market cap at $4.6 billion on the daily chart | Featured image: Freerange Stock, Chart: TradingView.com
While the Ethereum network and its users continue to suffer from the high fees of the layer-1 blockchain, various layer-2 (L2) solutions are stepping into the spotlight to solve the problem. As analyst Miles Deutscher explained, citing data from Dune Analytics, layer-2 scaling solutions saw monumental growth in 2022. “I expect this trend to continue in 2023 and beyond,” Deutscher commented. Blockchain analytics firm Nansen also released data today showing the growth of layer-2 solutions. Specifically, Nansen referred to Abritrum. “Arbitrum season is in full swing,” wrote a researcher at Nansen. According to their data, transactions on L2s are increasing significantly, while transactions on Ethereum are decreasing. A clear divergence can be seen. Regarding Arbitrum, the Nansen researcher writes that the number of daily active addresses averaged 50,000 to 70,000 in November and December. A few months ago, from July to September, the average was 15,000 to 20,000. With the recent Nitro upgrade, Arbitrum has once again massively lowered its average gas price for a transaction. While the average fee was $0.35 before Nitro, it has dropped to $0.08 afterwards. This represents a reduction of almost 75%. Related Reading: Ethereum Price Nears Breakdown Support, Can Bulls Save The Day? However, although Arbitrum’s network usage is skyrocketing, there is no token yet. So far, there is also a lack of an official announcement regarding an Arbitrum token. Rumors have it that Arbitrum will launch its token by the first quarter of 2023 at the latest. The ticker is supposed to be either ARBI or ARB. The Leading Ethereum L2 Solution As NewsBTC reported yesterday, Polygon (MATIC) currently holds the leading position when it comes to successful Ethereum L2 tokens. The project has entered partnerships with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, and Adobe, among others. Sandeep Nailwal, co-founder of Polygon, revealed yesterday that the zkEVM mainnet “is coming soon”. With the implementation, Polygon will reach a massive milestone. Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. Zero-knowledge cryptography will enable privacy and minimize data volumes to make transactions for smart contracts even more efficient. Related Reading: Bullish News For Polygon! zkEVM Mainnet Is Coming Soon, Says Co-Founder BitDAO And Optimism Another emerging L2 project is BitDAO, which is backed by the exchange Bybit. About a week ago, the project had announced the soft launch of Mantle, a modular Ethereum Layer-2 solution with separate execution, finality and data availability layers. A public test network is scheduled to go live in 2023. It will serve as the core of BitDAO and use BIT as a token. Optimism also has a token. The L2 Ethereum scaling solution was first introduced in June 2019, and the public mainnet was launched in December 2021. The OP token’s airdrop took place in June 2022, with nearly 249,000 registered Optimism users receiving the newly launched token. Remarkably, the project’s mainnet is currently hosting the largest decentralized exchange, Uniswap V3. At press time, the ETH price was sitting just above crucial support in the 4-hour chart.
