Ethereum
Ripple begins testing RLUSD stablecoin on Ethereum and XRP
Published
1 month agoon
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adminXRP issuer Ripple is advancing on stablecoin plans after CEO Brad Garlinghouse teased the idea during Consensus 2024.
Ripple (XRP) has begun work on a fiat-pegged token called the Ripple USD, or RLUSD, as the company eyes a $160 billion stablecoin market currently dominated by Tether (USDT). The digital payment titan said private beta testing started on XRP’s ledger and the Ethereum mainnet, crypto’s second-largest blockchain by market cap.
At Consensus 2024, Garlinghouse told attendees that the stablecoin market had a high ceiling and could become a $3 trillion industry before 2030. Ripple president Monica Long also indicated that XRP would likely launch its stablecoin token this year.
An Aug. 9 announcement said RLUSD will operate as a U.S. dollar-backed token in a 1:1 ratio. The firm plans to use cash deposits, treasuries, and cash equivalents as reserves. Ripple also pledged to release monthly attestations and use a third-party accounting firm for audits. The official statement suggests a move toward regulatory compliance and approval.
Ripple to enter stablecoin industry
Entering the stablecoin market means competing directly with incumbents like Tether and Circle’s USD Coin (USDC), even if Ripple’s CEO stressed that there is ample room for all players to grow.
Specifically, Circle has demonstrated the ability to comply with comprehensive stablecoin regulations in Europe. Circle is also poised for an initial public offering in America and could become the first stablecoin company to list shares.
U.S. policymakers are mulling stablecoin regulations that could greenlight bank participation in the space. Legislators like Patrick McHenry and Maxine Waters have reportedly made progress toward such a bill.
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Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
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During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
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This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin
‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin
Published
1 day agoon
September 18, 2024By
adminPopular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).
Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.
“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…
More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”
Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.
“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”
Cowen has been on target with ETH/BTC this year.
ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.
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Ether-Bitcoin Ratio Drops to Lowest Since April 2021. Here’s Why It Matters
Published
4 days agoon
September 16, 2024By
adminAnalysts suggest the ETH/BTC ratio might drop further, potentially to the 0.02-0.03 range, unless there’s a significant change in investor sentiment or regulatory clarity that might favor riskier assets.
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