Monat: August 2022

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XRP posts sluggish gains as the case with SEC drags on – What next?

  • Ripple’s case with SEC continues to drag on, affecting the XRP price

  • The native token has gained by 0.97% in a week despite escaping a consolidation zone

  • XRP was dislodged from the sixth position by Cardano’s ADA

Ripple XRP/USD is now the 7th largest cryptocurrency after posting negligible gains. Cardano, which has been surging lately, has claimed the 6th spot, previously held by XRP. A spot check of XRP on CoinMarketCap shows the token has just 0.97% gains in a week.

XRP’s failure to inspire a rally after a breakout underlines caution around its case with the SEC. A positive case outcome is expected to be a major boost for XRP. However, with investor sentiment shifting to alternative tokens, XRP could remain subdued.

Nothing confirms the likely winner in the tussle expected to shape the direction of crypto regulation. However, Ripple has been winning small milestones ahead of the expected ruling. On August 3, a US judge Sarah Netburn allowed Ripple access to videos of SEC officials. The case outcome is expected before the end of the year, although delays are still possible.

XRP fails to rally after a breakout from a consolidation channel

Source – TradingView

Technically, XRP has kept the $0.375 support intact. It is the breakout zone from the consolidation channel. However, momentum is weakening, with the MACD line crossing below the moving average. The token is also sliding below the 21-day moving average.

Concluding thoughts

XRP remains bullish, but momentum is waning. That could be due to investor concerns regarding the outcome of the case with the SEC. Should the case outcome be positive, XRP would explode to new levels. 

A positive projection of the case could also trigger XRP jump above the current level. Investors should be aware that XRP could slide further at the current level as momentum wanes.

The post XRP posts sluggish gains as the case with SEC drags on – What next? appeared first on CoinJournal.

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Is the Ethereum Classic’s bull run over, or do buyers have a chance?

  • Ethereum Classic gains are cooling but maintain double-digit surges in the week.

  • Ethereum Classic has been benefiting from the expected Ethereum shift to PoS.

  • ETC may correct further, but momentum is still strong for buyers.

Ethereum Classic ETC/USD is up 12.70% in the past week. However, the token has been weakening. ETC was trading at $41.27 as of press time, below its previous top above $45. The decline elicits questions on whether the recently bullish momentum is now over.

Reflecting, Ethereum Classic gains have largely been attributed to the expected Ethereum merge. Ethereum Classic is a Proof-of-Work blockchain. Investors project that Ethereum’s move to PoS will allow miners to move to Ethereum Classic. The speculation has attracted some disagreements. Some analysts have warned Ethereum Classic carries limited applications. The migration of miners is also faulted and seen to cause negligible impacts.

It remains unclear how much Ethereum’s PoS shift will benefit Ethereum Classic. Nonetheless, the latter continues to enjoy positive publicity. 

Overbought Ethereum Classic slides after meeting resistance.

Source – TradingView

From the technical outlook, the Ethereum Classic token entered the overbought level at $45. There is no bear trigger for the cryptocurrency, which also remains supported by the moving averages. ETC has formed a double top at the $45 resistance and is sliding.

We consider the current slide as an action by traders to take profits after the latest gains. Further gains are possible after a correction. The next level to watch for the cryptocurrency is $34 and further down to $26. 

Summary

Ethereum Classic has been benefiting from the expected move of Ethereum to PoS. The cryptocurrency is sliding from an overbought region. Further retracements are possible if the cryptocurrency fails to break past $45. Watch for price action at $34 next.

The post Is the Ethereum Classic’s bull run over, or do buyers have a chance? appeared first on CoinJournal.

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Brazil giants XP and BTG Pactual launch crypto trading platforms

  • Brazil’s largest brokerage firm XP has announced its crypto trading platform called XTAGE.
  • The company has partnered Nasdaq to offer Bitcoin and Ethereum trading.
  • Latin America conglomerate BTG Pactual also launched a crypto exchange dubbed Mynt to offer its clients direct exposure to Bitcoin.

Brazil is seeing a major shift in gears when it comes to crypto adoption, with key developments currently being a move by two of the country’s behemoths warming up to the crypto revolution.

Brazilian giants announce crypto trading services

XP, Brazil’s largest brokerage firm, on Monday announced the launch of its crypto trading platform XTAGE, targeting to bring Bitcoin (BTC) and Ethereum (ETH) trading to millions of customers.

The firm, currently counting more than 3.6 million customers, plans to add to BTC and ETH within the next several months and sees over 200,000 users jumping onto the new offering.

The Brazilian giant’s new crypto product is a collaboration with Nasdaq, and will also include forex and stock trading.

Meanwhile, with the XP project coming into the market amid expected recovery for the crypto industry following the bear market crash, another Brazilian conglomerate signals growing institutional interest.

BTG Pactual, Latin America’s largest investment bank with over $200 billion in assets, has also launched a cryptocurrency trading platform. Dubbed the Mynt, the Brazil-based Bitcoin exchange offers the bank’s customers access to Bitcoin, Ethereum, Solana, Polkadot and Cardano trading.

Customers will be able to trade these crypto assets with a minimum of 100 Brazilian reals (roughly $19.44).

According to the bank, their crypto offerings will also include educational content via video or papers to help customers understand the investment.

Commenting on the double move, GlobalBlock analyst Marcus Sotiriou said it points to the “efficient exchange of value which blockchain technology provides.”

In a note shared on Tuesday, the analyst said the continued adoption across traditional firms shows how “incredibly more advanced” the crypto technology is compared to current financial systems.

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