Monat: Januar 2022

Veröffentlicht am

Should you buy XRP amidst the ongoing lawsuit with the SEC?

Key point

  • Ripple labs battle with SEC lawsuit.

  • The company just buyback $200 million worth of Series C shares.

  • The company remain optimistic about what 2022 will bring to the table.

It’s no longer a doubt that Ripple labs Inc has long been combatting with a yet to be resolved financial matters with the US Securities and Exchange Commission (SEC).

According to a report from giant crypto research networks, in late December 2020, Ripple was brought to charge with the US Securities and Exchange Commission (SEC). Following the alleged financial case that Ripple raised more than $1.3billion in unregistered earnings as a result of selling XRP securities to institutional investors.

The charge was brought to the limelight when the Securities and Exchange Commission (SEC) declared that the Ripple token should be labelled as a financial security asset and not as a payment system.

Fast forward to the imbalance that was felt in the Ripple market value, several financial institutions back out from accepting the XRP token on their trading platforms. The likes of giant tech companies such as Coinbase and Bitstamp are among the list of US-based industries that delisted the XRP digital currency from their trading assets.

However, with an optimistic look at 2022, it seems the Ripple coin will present a positive effect on its market value. As the recent announcement by the CEO Brad Garlinghouse stated on Wednesday, the San Francisco-based company had just buyback $200 million worth of series C shares, despite the headwinds inflicted by the SEC lawsuit.

Technical levels to watch before buying Ripple

Source – TradingView

XRP Price trade above $0.55 support after plummeting below the $0.805 resistance. The market was found extending sideways price action along with the horizontal Support, while $0.805 and $0.55 represent market near-term resistance and immediate support.

However, if the value of XRP should expand bullish price action above the $0.805 resistance, the overall market sentiment for the asset will resume bullish price movement to the North.

In addition, with the indicator analysis, it seems the Average True Range (ATR) value tends to approach multi-year low while Relative Strength Index (RSI) stays neutral.

 In essence, both the volatility ratio alongside the profit and loss ratio express that the current situation of XRP resides in a neutral bias. Hence a surge in volatility could hasten the price action of the asset to gain bullish momentum from the buyers.

The post Should you buy XRP amidst the ongoing lawsuit with the SEC? appeared first on Coin Journal.

Veröffentlicht am

Ankr (ANKR) continues bullish surge – Will this spectacular recovery last?

For the past few days, Ankr (ANKR) has been rebounding in spectacular fashion. The token is buoyed by improving sentiment in the crypto market and increased network news that has got investors buzzing. But can this bullish momentum actually hold for long? Here are some highlights:

  • At the time of writing, Ankr (ANKR) was trading at around $0.07585, up nearly 16% in 24-hour intraday trading.

  • ANKR is also up 20% from the lowest levels recorded during the January crypto crash.

  • The ANKR network processes over 1 billion transactions per month, making it one of the most notable blockchain projects today.

Data Source: Tradingview.com 

Ankr (ANKR) – Can bullish momentum hold?

The recent bounce in price came as a big surprise. Although most cryptos are rebounding after falling sharply for most of 2022, surging by nearly 15% in a day is a big deal for ANKR. Besides, looking at the technical indicators, it seems like ANKR is also starting to break out. 

The price is right now hovering between the 25- and 50-day EMAs. We expect it to surge past this threshold in a bullish run that could send the token way up. Also, the Relative Strength Index or RSI offers an oversold reading. 

This simply suggests that even if there was some selling pressure on ANKR, it will not be as big as we have seen in 2022. We are also seeing general sentiment in the market improve even further. All these factors suggest that we may see more gains in the near term.

Should you buy Ankr (ANKR)

Yes, this is a good buy and for several reasons. First, the Ankr network is by far one of the most promising blockchain projects in the world. It has managed to hit 1 billion transactions every month, with more expected in the near term. Based on that growth potential, it is a token you should have in your portfolio.

The post Ankr (ANKR) continues bullish surge – Will this spectacular recovery last? appeared first on Coin Journal.

Veröffentlicht am

IoTeX (IOTX) loses steam after two-day bull run – Token could plunge to new lows

After making some decent gains over the last 2 days, it seems like IoTeX (IOTX) is losing momentum. The token reversed some of the gains made during this short-lived bull run. Looking at indicators, it could even plunge further, hitting new lows in the process. Here are some highlights:

  • At the time of writing, IoTeX (IOTX) was trading at $0.07453, down about 2% for the day.

  • The token is also trading 30% lower compared to the prices over the last 7 days.

  • The recent two-day bull run appears to be a false start with IoTeX (IOTX) now expected to plunge even further.

Data Source: Tradingview.com 

IoTeX (IOTX) – Price prediction and analysis

IoTeX (IOTX) has largely been in a bear market. Even with the rally at the start of the week, we have always known that the downtrend was well and truly in force. Nonetheless, the project announced that there were launching the MachineFi Portal, a new technology that helps to integrate the Internet of Things into th blockchain ecosystem. 

But it seems the news was not exciting enough for investors. As we speak, IoTeX (IOTX) has tried to retest its upper trendline but has failed to hold gains in any sustained way. As the crypto market sees some improvement in sentiment, there could still be some upward momentum. But we expect IoTeX (IOTX) to first of all plunge further before it finds enough support for any decent bull run.

Should you buy IoTeX (IOTX)

IoTeX (IOTX) is a very interesting project. Its been doing a lot to add more features into its ecosystem and as such, for investors who are looking into the future, this is a great project to add to your portfolio. The fact that right now, it’s trading at new lows gives you a perfect chance to get in and ride the upward wave in the near term.

The post IoTeX (IOTX) loses steam after two-day bull run – Token could plunge to new lows appeared first on Coin Journal.

Veröffentlicht am

More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds

There were some hopes that Gala (GALA) had started to show signs of recovery. However, this seems like it was more of a false start. At the moment, Gala (GALA) has stagnated and is starting to decline even as sentiment in the broader crypto market improves. More weakness is also expected for the token. Here are some highlights.

  • Gala (GALA), just like most metaverse tokens, has fallen sharply, losing nearly 30% in value in the last one week alone.

  • There was a slight bullish run after the FOMC meeting yesterday but those gains have quickly reversed.

  • At the time of writing, Gala (GALA) was trading at $0.2072, down nearly 5% in 24-hour intraday trading.

Data Source: Tradingview.com 

Gala (GALA) – Price prediction

When GALA started to surge yesterday, most analysts were looking to see if the coin will rise above its overhead resistance of $0.22. But it was a firm rejection. Even though GALA did manage to test the threshold a few times, it has since fallen. 

The pullback suggests that there is more weakness on the metaverse token and a further decline is possible. With January lows of around $0.1, it won’t be a surprise if the coin drops even further. In fact, most analysts see the $0.1 mark as the next probable support level should there be a serious sell-off in the coming days.

Should you buy Gala (GALA)

Metaverse tokens have become quite bearish in the last few weeks. We are seeing sharp declines even though most of these tokens were showing a lot of promise last year. 

At the moment, we believe that the price pressure is more of a correction that will last a few weeks. I would wait if I were you for more pullbacks before getting into GALA. At least that way, you get to buy on the cheap.

The post More weakness awaits Gala (GALA) as price pressure on metaverse and blockchain gaming tokens holds appeared first on Coin Journal.