Category: Cryptocurrency News

Renowned crypto analyst Egrag delivered a fresh and in-depth XRP price analysis across multiple timeframes today. As of press time, the cryptocurrency stands at $0.4825, marking a decrease of about 12% since October 3, when it reached a high of $0.5478. Despite the bearish momentum fueled by the broader crypto market trend, Egrag projects bullishness on higher time frames. Monthly Chart XRP/USD On the monthly XRP/USD chart, Egrag took to Twitter to share his insights, stating: “XRP Monthly Bullish Pennant – Super Bullish Sign: Do you spot the pattern like I do? It’s incredibly bullish!” According to Egrag, trading on a monthly time frame reduces the chance of false signals. He believes that a strong flagpole hints at a rapid price increase, and the ongoing consolidation phase forms the pennant. The current pause in the uptrend could potentially lead to further upward movement, especially if there’s a surge in volume after a breakout. For this scenario to occur, XRP shouldn’t break out to the downside, but stay within the two approximating lines until the breakout north. Related Reading: XRP Price Gearing Up For Rebound As Whales Make Their Move By measuring the flagpole’s height, Egrag anticipates that XRP could potentially surge above $24 (on a longer time scale) if it manages to break out of the bullish pennant pattern. Weekly Chart For the weekly chart, Egrag commented, “It’s evident that XRP is currently undergoing a retest phase following its recent breakout.” This sentiment is anchored in the aftermath of the Ripple Labs case against the US Securities and Exchange Commission, where the price broke out of a longstanding trend channel. However, the continued bearish sentiment in the broader crypto market, along with macro-economic pressures halted XRP’s momentum. Egrag points out the importance of the price range between $0.48 to $0.43, suggesting that maintaining above this line is critical. A breach could lead the cryptocurrency to retest the foundational zone between $0.25939 and $0.32630, which has shown robust support since 2017. Related Reading: XRP Is A Better Buy Now Than H1 2023: What’s Keeping Prices Low? Nevertheless, if the altcoin successfully retests and stays above the trendline, Egrag envisions a potential retest of the key resistance at $0.58304. Surpassing this would pave the way for an impressive rally, potentially reaching $2. According to him, XRP would thus penetrate the next higher “steel foundation”, the area between $1.6188 and $2. 1-Day Chart For the daily XRP/USD chart, Egrag’s message was concise: “XRP Army: Don’t miss the forest for the trees.” His analysis for this timeframe focuses on the “wicking” range of $0.3875 to $0.4719, which he sees as the possible dip range if the broader market pressure persists. Only a drop below $0.3875 would negate the bullish pattern. If the cryptocurrency maintains between $0.4719 and $0.5119, Egrag sees no cause for alarm. But for a bullish narrative to play out, the token needs to push beyond $0.5119, aiming for the $0.5738 mark, which corresponds to the 50% Fibonacci retracement level. Egrag emphasizes that breaching this level is crucial for a broader rally, targeting the 1,618 Fibonacci extension at $1.4694. At press time, the XRP price fell below the 61.8% Fibonacci retracement level and was trading at $0.4856, representing a loss of 3.3% in the last 24 hours. Featured image from Top1 Markets, chart from TradingView.com

Bitstamp’s decision to discontinue operations in Canada is “primarily a timing issue” related to the firm’s expansion priorities, Bitstamp U.S. CEO said.

Sam Bankman-Fried’s lawyers asked Judge Kaplan in a letter to allow the defense to use evidence of its venture investment into Anthropic from April 2022.

Introduced in January 2023, Binance’s STP functionality is designed to block the execution of an order if it would result in a self-trade.

The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), resumed on October 10. As expected, the prosecution called Alameda Research’s ex-CEO and SBF’s ex-girlfriend, Caroline Ellison, to testify against the defendant.    Ellison Does More Damage To Sam Bankman-Fried Defense According to a thread on the X (formerly Twitter) platform by Inner City Press, which was present at the trial, Ellison confirmed what was already known as she stated that she and the defendant dated for a couple of years with their on-and-off relationship, beginning in the summer of 2020.  Related Reading: Crypto Analyst Identifies 6 Overlooked Altcoins That Could Be Due For A Price Surge However, any affection or feelings that she may have had for the defendant didn’t seem to hinder her as she lived up to the hype as the prosecution’s star witness, providing key insights into how Sam Bankman-Fried allegedly misappropriated FTX’s customers’ funds through Alameda which she headed before its collapse.  During her testimony, she admitted that she had committed fraud alongside the defendant. Specifically, she stated that Sam Bankman-Fried directed her to commit these crimes. As to her involvement, she collaborated Wang’s testimony while stating Alameda (and her, by extension) took “several billions of dollars” from FTX customers and used these monies for investments.  Meanwhile, Ellison confirmed that Sam Bankman-Fried was the one who set up the systems and directed the trading firm to take the money. Besides using FTX’s customers’ funds for investments, Alameda also took around $14 million to repay its lenders. She also manipulated Alameda’s balance sheets, making the firm look risky to potential lenders.  FTT Token continues downtrend following Ellison’s testimony | Source: FTTUSDT on Tradingview.com Prosecution Uses Ellison To Drive Home Major Allegations In its opening statement, the Prosecution alleged that Sam Bankman-Fried diverted customers’ fiat deposits to a bank account linked to Alameda, which Ellison confirmed on the stand. She stated that FTX received money into Alameda’s bank accounts between 2021 and 2022. The total sum deposited was between 10-20 billion dollars.  Alameda used some of these deposits to repay loans, investments, and stablecoin conversions like USDC. According to her, this summed up to about $2 billion. It didn’t stop there, though, as the trading firm used the other money for other Alameda-related purposes. Sam Bankman-Fried and his lawyers have, at different times, tried to lay a foundation that SBF wasn’t in charge of Alameda and didn’t know what was going on at the trading firm after he stepped down as the CEO. Related Reading: XRP Price Gearing Up For Rebound As Whales Make Their Move However, Ellison rebutted this on the stand as she stated that things didn’t change much, even when she became the co-CEO alongside Sam Trabucco, as she checked everything with Sam Bankman-Fried and directly reported to him. He also had the power to fire her.  Wire fraud on lenders to Alameda Research and conspiracy to commit wire fraud on lenders to Alameda Research is part of the seven charges brought against SBF. As such, Ellison’s testimony is deemed critical (as someone with first-hand knowledge) in the prosecution’s bid to prove these crimes beyond reasonable doubt.  Featured image from Shutterstock, chart from Tradingview.com

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BTC price erases all its month-to-date gains with Bitcoin traders predicting that $27,000 will not stay around long.

Nigeria’s central bank issued a press release in response to “news items on some media platforms,” suggesting that the eNaira threatens Nigeria’s financial stability.