The venture capital firm assured partners it ran a rigorous due diligence assessment when it invested in FTX, finding the exchange to generate $1 billion in revenue and $250 million in operating income.
XRP price started a major decline from the $0.50 resistance against the US Dollar. The recent collapse of FTX and FTT sparked a sharp move towards the $0.32 support. Ripple is down over 15% and there was a drop below the $0.40 support against the US dollar. The price is trading well below $0.4000 and the 100-day simple moving average. There was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair (data source from Kraken). The pair could start a recovery wave if the bulls remain active near the $0.32 support. Ripple’s XRP Price Tests Key Support In the past 3-4 days, the crypto market saw a major decline. Bitcoin, ethereum, ftt, bnb, and sol saw a substantial decline. Ripple’s XRP price also faced the heat and declined heavily from the $0.50 resistance zone. There was a clear move below the $0.450 and $0.40 support levels. Besides, there was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair. The pair dropped below the $0.350 support and tested a crucial support at $0.320. A low is formed near the $0.320 level and the price is now consolidating losses. XRP is now trading well below $0.4000 and the 100-day simple moving average. An immediate resistance is near the $0.3650 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low. The first major resistance is seen near the $0.380 level, above which the price might recover towards the $0.415 level and the 100-day simple moving average. Source: XRPUSD on TradingView.com The 50% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low is also near $0.415. A clear break above the $0.415 resistance could open the doors for a sharp increase towards the $0.5000 resistance. The next major resistance above the $0.5000 level could be near the $0.5200 level. Dips Supported? If ripple fails to clear the $0.380 resistance, it could start a fresh decline. An initial support on the downside is near the $0.3400 level. The main support could be near the $0.3200 level or the $0.3000 zone. If the price fails to stay above $0.3000, it could start another major decline. Technical Indicators Daily MACD – The MACD for XRP/USD is now losing momentum in the bearish zone. Daily RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.3400, $0.3200 and $0.3000. Major Resistance Levels – $0.3650, $0.3800 and $0.4150.
Twitter’s new owner says they’ll be throwing a heap of new ideas at the platform over the coming months.
There’s 2 main narratives going on in the crypto verse right now. The first is hopeful… “The fundamentals haven’t changed, and now is a great time to buy with the price this low. Stick to the blue chip cryptos and you’ll be good next bull run. Buy!” The second is fearful “This is just the…
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Ethereum extended losses below the $1,200 support against the US Dollar. ETH is consolidating and might even test the $1,000 support zone in the near term. Ethereum started a major decline below the $1,320 and $1,250 levels. The price is now trading below $1,250 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair is recovering, but upsides might be limited above the $1,200 resistance zone. Ethereum Price Dives Over 15% Ethereum remained in a bearish zone after it settled below the $1,500 level. ETH broke many important support zones near $1,300 to move further into a negative zone. The price gained pace below the $1,300 and $1,250 support levels. It even settled below the $1,200 level and the 100 hourly simple moving average. Ether price traded as low as $1,070 and recently started an upside correction, similar to bitcoin. There was a minor increase above the $1,120 resistance level. The price is now trading above $1,150 and facing many hurdles. An immediate resistance on the upside is near the $1,190 level. There is also a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD. The trend line resistance is near the 23.6% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. The next major resistance is near the $1,240 level. A clear break above the $1,240 resistance could set the pace for a decent increase. Source: ETHUSD on TradingView.com In the stated case, the price could rise to the $1,320 level. It is near the 50% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. Any more gains might send the price toward the $1,400 resistance zone. More Losses in ETH? If ethereum fails to climb above the $1,240 resistance, it could continue to move down. An initial support on the downside is near the $1,120 level. The next major support is near the $1,070 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,000 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,120 Major Resistance Level – $1,240
Moneyfellows, an Egyptian fintech startup specializing in digitizing money circles, recently announced the close of its Series B funding round that raised $31 million. The funds will be used to finance Moneyfellows’ expansion into other markets as well as accelerate the fintech’s growth. Diversifying Moneyfellows’ Portfolio Egyptian fintech startup Moneyfellows recently revealed it had raised […]
“We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves,” the Crypto.com CEO said.
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The story between cryptocurrency exchanges Binance and FTX has quickly unfolded and caused havoc in the crypto market, here’s a breakdown of where it began and where it is now.
