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

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2 months ago

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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,

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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.





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ETH

No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost

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15 hours ago

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November 6, 2024

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During Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.

By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.

Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum

On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.

According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M). 

Breakdown of the Whale’s ETH Sales: 

  • July 2019: Sold 5,000 ETH at $218 ($1.09M).
  • June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
  • September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
  • November 2024: Sold 25,000 ETH at $2,625 ($65.63M).

Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.

ETH Chart Analysis Shows Porlong Consolidation Within Triangle

Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.

With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.

Ethereum PriceEthereum Price
ETH/USD- 1d Chart

Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.

Frequently Asked Questions (FAQs)

Ethereum’s price recovery has been limited due to persistent selling by crypto whales

Following Trump’s election as the 47th U.S. President, the crypto market saw a rally, with Bitcoin hitting $75,400 and Ethereum gaining 9.89%, trading at $2,647

The symmetrical triangle pattern indicates consolidation, with ETH price oscillating between two converging trendlines. An upside breakout from this pattern is essential for buyers to regain control and push ETH towards the $3,500 mark or higher.

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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.





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LUNC price

Will the Terra Classic Price Crash As The Shuttle Bridge Shuts?

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2 days ago

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November 5, 2024

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The Terra Classic price crawled back on Tuesday, November 5, reaching an intraday high of $0.000086. This LUNC recovery happened after Terra announced that it had permanently closed the Shuttle Bridge and burned the remaining tokens.

Terra Classic Price Reacts to Shuttle Bridge Closure

In an X post, Terra announced that it had permanently closed the Shuttle Bridge interface. This closure led to the burning of the remaining LUNC and USTC tokens in the bridge. A token burn happens when tokens are moved to a discrete address that cannot be accessed. 

The closure happened a few months after the developers opened the bridge to facilitate the redemption of the existing wrapped tokens. Precisely, the bridge helped users to send their LUNC and USTC bridged to Ethereum, BNB Chain, and Harmony back to Terra Classic. 

Terra Bridge X PostTerra Bridge X Post
Terra Bridge X Post

The opening of the Shuttle Bridge was part of the Terraform’s Chapter 11 bankruptcy proceedings, a few years after its collapse. As part of the settlement with the Securities and Exchange Commission, Terraform Labs had to burn the remaining tokens.

Terra Luna Classic Price Is At Risk

The LUNC price formed a double-top pattern around $0.00025 earlier this year, which explains why it has dropped by 65% from its highest level in March. The neckline of this pattern was at $0.000087, where it was trading on November 5. 

Terra Luna Classic price has remained below the 78.6% Fibonacci Retracement level. Most importantly, it has remained below the 50-day Weighted Moving Average indicator and the Ichimoku cloud.

The LUNC token has formed two bearish chart patterns. It has created a rising wedge, which is made up of converging higher lows and higher highs. In most periods, this pattern leads to a breakdown, especially when the two lines are nearing their confluence.

Terra Luna Classic has formed a bearish pennant chart pattern consisting of a long vertical line and a triangle-like pattern. 

Therefore, the combination of a double-top pattern, rising wedge, and bearish pennant means that the token will have a bearish breakdown in the near term. If this happens, the next reference level to watch will be $0.000054, its August lows, and 38% below the current level.

Terra Luna Classic PriceTerra Luna Classic Price
LUNC price chart | Source: TradingView

On the flip side, a move above the crucial resistance level at $0.00011, its highest swing in September, will invalidate the bearish view. If this happens, it will rise to the next key resistance level at $0.00013, its highest level in May.

Frequently Asked Questions (FAQs)

Odds are that the end of the Shuttle Bridge will lead to a bearish breakdown since it has formed a bearish pennant and a rising wedge pattern.

Technicals point to more Terra Luna Classic sell-off in the next few weeks. If they are accurate, the coin may drop by 38%.

Based on our technical analysis, the initial support and resistance levels to watch will be at $0.0000054 and $0.00011

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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.





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Price analysis

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x

Published

2 days ago

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November 5, 2024

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The cryptocurrency landscape is pivotal as Ripple’s case with the SEC ends. This development places XRP Rivals in the spotlight, especially as the U.S. presidential election approaches. Some alternative coins show notable growth, signaling potential for substantial returns.

Ripple-SEC Case Closed: 3 XRP Rivals Poised for 500x Gains.

The SEC has ended its appeal in the Ripple case, marking a pivotal shift for XRP, now trading at $0.50. With regulatory pressures easing, attention is turning to promising XRP rivals that could surge by 500x. As the market watches, these altcoins emerge as strong contenders for significant gains.

Solana (SOL)

Solana (SOL), a layer-one open-source blockchain, is rapidly gaining traction in decentralized finance (DeFi) markets. Known for its support of decentralized applications (DApps), the latest SOL price surged by 12%, reaching $163 over the past month. 

Over the last year, Solana’s market value skyrocketed by over 293%, positioning it as significant to XRP Rivals. Investors are increasingly drawn to Solana, seeking high-growth opportunities.

If the bulls make a comeback, the Solana price prediction could successfully rally past the $180 resistance level and soon target the $200 after the U.S. elections.

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500xRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Source: TradingView

Dogecoin (DOGE)

Dogecoin (DOGE), the popular meme-based crypto featuring the Shiba Inu dog, has seen a remarkable price rally, climbing 55% over the past month to reach $0.17. Its value has soared by 139% in the past year, reflecting growing interest and investment in the coin. Dogecoin’s recent surge puts it in closer competition with established cryptocurrencies like XRP, signaling increased demand in the evolving crypto market.

The crypto expert on X predicts a potential surge for Dogecoin, citing Elon Musk’s influence and anticipated U.S. government support. A new department focused on digital efficiency might provide ongoing backing, boosting Dogecoin’s growth for the next four years. 

The expert believes Dogecoin could reach the $1 mark with favorable political developments. An included chart shows an upward trend, suggesting sustained support from influential figures could turn this meme cryptocurrency into a valuable digital asset.

Cardano (ADA)

Cardano (ADA), a prominent third-generation blockchain, has drawn interest for its eco-friendly proof-of-stake (PoS) protocol, setting it apart from traditional proof-of-work (PoW) systems. 

Currently, the ADA price is $0.3322, up 1%, sparking investor anticipation of potential gains. 

If ADA breaks the $0.4 resistance, analysts suggest it could initiate a bullish trend, potentially targeting $0.5 as its next major resistance. Amid a competitive environment with XRP rivals emerging, Cardano’s energy-efficient model may position it for significant growth.

The whale transaction count for Cardano has seen significant fluctuations, closely mirroring ADA’s price movements. Spikes in large transactions often coincide with price volatility. Analysts suggest whale activity could indicate future trends in ADA’s market behavior.

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500xRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Source- Santiment

With the Ripple-SEC case over, XRP faces increased competition from rising cryptocurrencies ready for significant growth. These tokens attract investors with their resilience and growth potential, sparking optimism for strong returns. As the U.S. election unfolds, the crypto market watches closely for new trends and investment opportunities.

Frequently Asked Questions (FAQs)

Solana’s fast transaction speeds and DeFi focus make it a strong competitor to XRP.

With support from influential figures and favorable politics, experts believe $1 is possible.

Election results may shape crypto regulations, affecting XRP and altcoin growth.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





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