Connect with us

Price analysis

Will XRP Price Lose $0.5 Support as Ripple Faces Centralization Criticism?

Published

1 month ago

on


The XRP price surged 2.5% to $0.56 during the U.S. trading session on Monday. The bullish uptick followed the broader market relief rally as Bitcoin price avoided a major correction below $60000. While the market sentiment hints at a prolonged correction, a recent tweet from XRP holders has sparked a critical discussion about Ripple’s influence over the XRP Ledger (XRPL) and the challenges of achieving true decentralization within the network.

Ripple Faces Backlash from XRP Holder Over Alleged Centralization

On September 1, an XRP Holder took out to the X (formerly known as Twitter) platform to share deep-seated frustrations and criticisms directed towards Ripple’s governance of the XRP Ledger (XRPL) and its broader project initiatives.

The tweet from @DarkhorseDNME4 tagged CEO Brad Garlinghouse, CTO David Schwartz, President Monica Long, and other prominent members to highlight that

your bot use, your XRP-0, Prisma, Your Net neutral ODL transactions, your reliance on Centralised Exchanges, and every project you claim will help XRP that doesn’t do anything for XRP holder but allows you to distribute your 300million XRP every month.

He mentioned projects like the Root Network and OpenEden T-bills benefited the company or selected groups rather than the broader XRP holder base. The tweet also pointed out Stuart Alderoty, Ripple’s Chief Legal Officer, for allegedly misrepresenting that “XRP has the same legal clarity as Bitcoin (BTC).” 

Furthermore, the post details how XRP holders were led to believe that Hooks was coming to the XRPL, but instead, a separate project, Xahau, was created. The XRP holder argues that key figures within the XRPL community were aware of the plans for Xahau as early as January 2023 but kept this information private from the broader community.

The criticism stems from how the company projects itself as a decentralized organization, but in reality, the major decisions are made by prominent members of the company. He highlighted that

unless anyone can get a seat at the table Of Ripple, you can’t amend the XRPL it is not decentralized if Ripple doesn’t want it, or doesn’t like it, then the XRPL will not get it, add it, or even acknowledge it.

Darkhorse concluded,

It’s time, Ripple, It’s time for you to put this control of the XRPL back in the hands of the community. Remove your hold over the validators, add more democracy at the top of the amendments chain, and start using that so-called XRP that was supposed to be used for the benefit of the XRPL in places where it doesn’t just benefit you and your Ripple shareholders.

XRP Price Hints Major Reversal

Amid the current market uncertainty, the XRP price plunged from $0.63 to $0.56, registering a loss of 11%. This bearish shift has led to another reversal within the long-standing triangle pattern that has been in place since September 2021

If the selling pressure persists, the coin price could plunge 30% to retest the lower support trendline at $0.4. As long as this chart pattern remains intact, the current consolidation phase could persist, with price action fluctuating between the two converging trendlines.

Ripple - XRP priceRipple - XRP price
XRP/USDT -1d Chart

For buyers to regain trend control, a bullish breakout from the overhead trend is necessary.

Frequently Asked Questions (FAQs)

Ripple is facing backlash from the XRP community due to accusations of centralizing control over the XRP Ledger (XRPL) and prioritizing company interests over the needs of XRP holders

XRP faces a potential 30% downside risk as it continues to trade within a symmetrical triangle pattern.

For XRP to regain bullish momentum and break out of its prolonged consolidation phase, buyers need to push the price above the overhead resistance trendline,

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

Bitcoin price analysis

Will Bitcoin Price Benefit from UAE’s New VAT Exemptions for Virtual Assets?

Published

2 hours ago

on

October 6, 2024

By


The Bitcoin price surged 0.55% during the low-volatility weekend, currently trading at $62400. Following the broader market relief rally, the BTC price showcased its sustainability at $60,000 support, bolstering buyers to recuperate the bullish momentum. This recovery could witness another boost as the UAE Federal Tax Authority (FTA) recently announced VAT exemptions for virtual asset transfers and conversions.

Will Bitcoin Price Rally Amid UAE’s New VAT Exemptions on Virtual Assets?

The UAE FTA recently announced a significant revision to its Value Added Tax (VAT) regulations, which includes exemptions for virtual asset transfers and conversions, effective retroactively from January 1, 2018.

This move positions the UAE as a favorable hub for virtual asset investments, as easing the tax burden could notably uplift the country’s appeal for crypto-related businesses. 

The auditing firm clarified that in the UAE, the term ‘virtual assets’ is classified as a “Digital representation of value that can be digitally traded or converted and can be used for investment purposes.”

Businesses engaged in virtual asset services should analyze how the VAT exemption affects their retrospective VAT position, especially concerning their input tax recovery. In some cases, voluntary disclosures may be necessary to amend historic returns and ensure compliance.

Moreover, the UAE’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA) have decided to streamline the licensing and oversight of Virtual Asset Service Providers (VASPs), accentuating the country’s effort for a crypto-friend environment.

This development could boost broader cryptocurrency adoption, accelerating the investment in leading assets like Bitcoin to bolster price rallies.

BTC Price Needs Another Dip Before Next Rally

In the last four days, the Bitcoin price prediction showed a modest rebound from $59,840 to $62,344, registering a 4% growth. The bullish trajectory can be attributed to combined support for $60,000 and 200-day EMA and market easing from geopolitical tension in the Middle East.

However, this reversal lacks confirmation, and the price could revert to $60,000 seeking support. If the level holds, the BTC price could surge 7.7% and challenge the resistance trendline of the flag pattern. Since March 2024, this chart setup has carried a steady correction between two downsloping trendlines, providing dynamic resistance and support.

A successful breach of this resistance is crucial to trigger a prevailing rally and target a $80000 high.

Bitcoin (BTC) Price - UAE VAT ExemptionsBitcoin (BTC) Price - UAE VAT Exemptions
BTC/USD -1d Chart

On the contrary, if Bitcoin price breaks below $60 support or reverts from flag resistance, the sellers could accelerate the bearish momentum. The potential downfall could retest the $52,000 or $50,000 support.

Frequently Asked Questions (FAQs)

The UAE Federal Tax Authority’s (FTA) recent announcement of VAT exemptions for virtual asset transfers and conversions has made the country more attractive for crypto-related businesses. This move could boost demand for Bitcoin and other cryptocurrencies

The Bitcoin price is forming a flag pattern, which indicates a potential continuation of its bullish trend if it can break through the resistance

Bitcoin’s price has held strong at the $60,000 support level, backed by the 200-day exponential moving average (EMA)

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Price analysis

Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?

Published

5 hours ago

on

October 6, 2024

By


Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?

Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8

Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.

These stars can be used to support creators and purchasing services in mini apps.

Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.

In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.

These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.

According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.

EMA Death Crossover Puts TON for 11% Downside Risk

Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact. 

With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6. 

Toncoin (TON) PriceToncoin (TON) Price
TON/USDT -1d Chart

On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.

Frequently Asked Questions (FAQs)

Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.

Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.

Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Dogwifhat (WIF)

Dogwifhat Price 8% Away From Ending Six-Month Bearish Phase

Published

8 hours ago

on

October 6, 2024

By


During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.

Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak

The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.

Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.

Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.

A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.

Dogwifhat Price Dogwifhat Price
WIF/USDT -1d Chart

Check out the article on top meme coins to buy for a detailed analysis.

WIF Open Interest Soars 88% Amid Bullish Market Activity

Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.

WIF Futures Open Interest (USD)WIF Futures Open Interest (USD)
WIF Futures Open Interest | Coinglass

Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.

WIF OI-Weighted Funding RateWIF OI-Weighted Funding Rate
WIF Weighted Funding Rate | Coinglass

On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.

Frequently Asked Questions (FAQs)

Dogwifhat’s price is approaching a key resistance point, just 8% away from breaking out of a falling wedge pattern since march

A potential breakout from the wedge resistance and a bullish crossover between the 50-and-100-day exponential moving averages (EMA) could signal a trend reversal

Dogwifhat’s price faces strong resistance at the $2.5 psychological level, compounded by the falling wedge pattern that has been in place since March 2024

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon