Category: Cryptocurrency News

Artist Nelson Saiers’ “Rug Pull” highlighted the victims of crypto rug pulls and perceived SEC inaction in safeguarding investors. Street vendors abound in downtown Manhattan’s Financial District. But weeks ago, on Sept. 14, an especially unconventional seller set up shop in front of the United States Securities and Exchange Commission (SEC), transforming a patch of…
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The former CEO testified that she had provided SBF seven options for spreadsheets with misleading information on Alameda’s financials to present to Genesis lenders.

Issued by TangibleDAO, Real USD (USDR) is the world's first stablecoin collateralized by tokenized, yield-producing real estate. USDR has its own value accrual system built into its design, differentiating it from other currencies. It lives on the Polygon blockchain. Just 30 minutes ago, there was a massive depeg of USDR, dropping ~40% in minutes down…
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Amidst the debate on the XRP price future trajectory, the CEO of Evai Crypto Ratings, Matthew Dixon, has provided insights into the token’s direction using the Elliot Wave Theory. However, his analysis doesn’t provide any relief to XRP holders as he projects a further decline for the token and its ecosystem. How XRP Price Is Looking On The Charts In a tweet shared on his X (formerly Twitter) platform, Dixon shared a price chart of XRP dating back to July, when Judge Analisa Torres ruled in favor of Ripple against the US Securities and Exchange Commission (SEC). As part of his analysis, he noted that XRP aligned with the BTC outlook.  Related Reading: Crypto Analyst Identifies 6 Overlooked Altcoins That Could Be Due For A Price Surge Source: X (formerly Twitter) Looking at the chart, he highlighted the bearish divergence, which indicated that the 5th wave was expected to cause a decline in the XRP price. However, before then, he projected that there is a likelihood of the token experiencing an upward trend to complete wave 4.  While Dixon’s analysis suggests a bearish outlook, he quickly noted that nothing was certain in technical analysis, although there is a high probability of this happening.  The Elliot Wave Theory, which he used to come to this conclusion, is a popular technical analysis indicator used to predict future price trends. The theory propounds that markets like XRP follow predictable sequences of optimism and pessimism driven by investor sentiment and psychology. Simply put, it agrees with the trend that there will always be a correction or retracement after a particular trend (upward or downward). XRP sitting at $0.48 | Source: XRPUSD on Tradingview.com Time To Lower Expectations Many crypto analysts have made far-fetched predictions of the XRP price, with one, in particular, stating that the token could rise as high as $10,000. However, a crypto influencer (Crypto Assets Guy) advised those in the XRP community to lower their expectations as the token won’t hit “$10,000, $1,000, $50” or even $10 any time soon. Related Reading: XRP Price Gearing Up For Rebound As Whales Make Their Move He took a more conservative stance by stating that the token could hit a new all-time high late this year or in 2024, suggesting it could add around $3.70 to its current all-time high of $3.84. He believes the XRP community should be more than satisfied if that happens.  Meanwhile, many in the XRP community seem tired of these price predictions. This was evident when some expressed frustration after XRP influencer Jack The Rippler posted the headline of an article (dated July 31, 2023), which stated that a Wells Fargo staff had predicted the XRP price to hit $100 to $500 in the next 2 to 7 months.  One particular X user stated, “Bla bla bla evey [every] goddamn day the same shit.” Bla bla bla evey goddamn day the same shit — rovadi 𓄿 (@RoVaDi2001) October 10, 2023 Featured image from Shutterstock, chart from Tradingview.com

Asian stocks surged across the board on Wednesday led by South Korean market while European markets had a mixed day.

On-chain data suggests an Ethereum close under the $1,530 level could lead to a significant drawdown for the cryptocurrency. Ethereum Support Levels Below $1,530 Are Very Thin Currently In a new post on X, analyst Ali has discussed what the support and resistance levels of Ethereum are looking like right now. These support and resistance levels aren’t the technical ones, however, but rather ones based on on-chain analysis. The support and resistance levels here are defined based on the density of investors’ cost bases. The “cost basis” here refers to the average price at which an investor acquires their coins on the blockchain. Whenever the spot price interacts with a holder’s cost basis, they may be more prone to make a move. How the investor may react depends on the surrounding price trend. Related Reading: Is Ethereum Doomed? Whales Have Sold 12M ETH In Past Year If the Bitcoin price was earlier under the cost basis of the holder (meaning that they were in a state of loss), the asset recovering back to it could tempt the investor into selling, as they may fear that their coins would go into losses again, so exiting at break-even would seem like the better option. On the other hand, if the price retests the cost basis from above, the investor may decide to accumulate more, thinking that if they were able to go into profits with an earlier buy at the same level, they might be able to do so once more. Naturally, not all investors think like this, but if there are price ranges where a large amount of coins were purchased, behaviors like this might become visible on non-negligible scales. The below chart shows how the various Ethereum price ranges look like right now based on the density of cost bases that they host: The various ETH resistance and support levels according to on-chain data | Source: @ali_charts on X In the above graph, the larger the circle for a price range, the more Ethereum addresses’ cost bases lie inside it. As mentioned before, levels that are particularly dense are more likely to show reactions to retests from the spot price. This means that large circles above the price can act as resistance, while those below can provide support. From the chart, it’s visible that the current Ethereum price range has only modest on-chain support, while the higher levels are pretty dense with cost bases, so a move up would face a potentially large amount of resistance. Related Reading: Tether Continues To Flow Into Exchanges: Why This Is Bullish For Bitcoin What’s worse, however, is the fact that the levels below the current range are quite thin, implying that there isn’t much support down there. “Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH,” warns the analyst. ETH Price Ethereum is currently trading around the $1,575 mark, meaning that it isn’t that far from the $1,530 level where support would end. ETH has seen some decline in the last few days | Source: ETHUSD on TradingView Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, IntoTheBlock.com

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An emerging cryptographic technology may provide help with two gaping 21st-century needs: Privacy and truth.

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