Category: Cryptocurrency News

XRP, the cryptocurrency at the center of a high-stakes legal clash between Ripple and the US Securities and Exchange Commission (SEC), has remained under the cloud of uncertainty, with its price trajectory impacted by the twists and turns of the legal battle.  Ripple, the company behind XRP, celebrated a legal win when a court ruled that XRP was not a security, providing a temporary reprieve for the embattled cryptocurrency. Nonetheless, market participants are acutely aware that the final resolution of this case could hold the key to XRP’s future value and trajectory. Recent analysis of the XRP price chart suggests a potential shift in the market sentiment, indicating that XRP might be on the cusp of an upward trend after a prolonged period of decline spanning over three months.  Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? XRP Current Support Level As Short-Term Optimism The examination of the recent price movements has unveiled a critical finding—XRP has gravitated towards a pivotal support level, steadfastly hovering around the $0.473 mark. Market observers are closely monitoring this level, recognizing its significance in determining the short-term trajectory of the cryptocurrency.  Historically, such support levels have proven instrumental in preventing further plunges, acting as a barrier against steep declines. A sustained position above this critical line could signal the presence of a strong buying interest, potentially fueling an optimistic outlook for XRP. XRP market cap currently at $26.3 billion. Chart: TradingView.com However, a concerning element has emerged from the analysis of the price chart—the ominous “death cross” phenomenon, which has been looming on the horizon. In technical analysis, the death cross occurs when a security’s short-term moving average crosses below its long-term moving average, suggesting a potential bearish turn for the asset.  XRP enthusiasts and traders are now closely scrutinizing this development, cautiously considering its implications for the future price movements of the cryptocurrency. XRP’s Resilience Amid Legal Uncertainty Meanwhile, a closer examination of the volume bars presents a more nuanced perspective. These bars represent the volume of XRP traded on specific days, offering insights into the buying and selling patterns associated with the cryptocurrency. Despite the tumultuous legal environment and the price fluctuations, the volume bars do not reflect an overwhelming surge in selling volumes, providing a glimmer of assurance for XRP holders and market participants.  As of the latest market data, the current XRP price, as per CoinGecko, stands at $0.482482, showcasing a 24-hour gain of 1.4% despite a seven-day loss of 4.2%. These fluctuations, though reflective of the ongoing market volatility, underline the resilience of XRP in the face of the regulatory storm, as well as the cautious optimism brewing among traders anticipating a potential upward shift.  XRP price action in the last 24 hours. Source: Coingecko Related Reading: Shiba Inu Price Spiral: 91% Of Investors Brace For Significant Losses While the legal battle continues to cast its shadow over XRP, market participants remain cautiously optimistic, eagerly awaiting further developments that could shape the future trajectory of this resilient cryptocurrency. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

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The assistant governor of the Reserve Bank of Australia noted that pilot projects have highlighted several key areas where CBDCs could be of great use.

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To date, Irish authorities managed to recover approximately 4 million euros of the 20 million euros lost in banking scams since January 2023.

As analysts continue to debate the future of the flagship cryptocurrency, Bitcoin, the network’s hashrate has seen exponential growth, with this key indicator poised to experience an 100% increase (from the beginning of the year) before the year runs out.  How Bitcoin’s Hashrate Has Grown The hashrate, which is used to measure the computational power used to mine and process transactions on the network, currently (at the time of writing) stands at 445 exahashes per second (EH/s). This figure represents a significant increase, considering that the network hashrate stood at 255 EH/s on January 1, 2023.  Related Reading: On-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales Hashrate almost 100% up | Source: CoinWarz These figures mean that the network hashrate has grown by 190 EH/s since the year began, and at this rate, it could well hit 510 EH/s by the end of the year, signaling a 100% increase from when the year began. These figures also suggest that more miners have jumped on the Bitcoin blockchain, with it being faster and more secure as a result of this.  At this rate, the hashrate could also well be on the way to fulfilling some of the predictions made by analysts. In March, A research analyst at River Financial, Sam Wouters, noted the impressive growth rate and predicted that Bitcoin’s hashrate could reach a “Zettahash by the end of 2025.” A Zettahash is equivalent to 1,000 EH/s. Going by this current rate, some have noted that Wouters’ prediction could become a reality by December 23, 2025, or the beginning of 2026. Despite this significant growth rate, it is worth mentioning that Bitcoin’s hash price has remained rather tepid during this same period. Hash Price refers to the revenue generated by miners on a per tera-hash basis.  Related Reading: How Ripple’s Rumored Token Burn Could Affect The XRP Price The hash price currently stands at close to $60, almost the same figure as at the beginning of the beginning of the year. Notably, Miners’ biggest payday came on May 8, 2023, when the hash price was $125.  Where The Bitcoin Hashrate Is Coming From In his tweet back in March, Wouters also tried to analyze where the growth in Bitcoin’s hashrate could be coming from. He shared his belief that it was unlikely that the added hashrate was coming from nation-states, as some people may suggest. According to him, the odds of nation-states providing computing power to the network and remaining a secret is low as “there are far too many people involved in running massive operations.” He concluded by stating that the source of the added hashrate was “nuanced” as it could simply be a result of factors like new models being put on the market, unused inventory going online, more facilities going live, and also entrepreneurs who are finding cheap sources before regulators step in.  BTC recovers as mining interest grows | Source: BTCUSD on Tradingview.com Featured image from Coinmama, chart from Tradingview.com