Kategorie: Crypto News

• XRP has been trading at or slightly below the $0.4 resistance

• Gene Hoffman expects SEC to win the case against Ripple

• XRP awaits further triggers for a breakout or drop

Ripple (XRP/USD) is still in waiting mode. The cryptocurrency clings to the $0.4 resistance as if buyers are not sure if to break above. They are, however, relentless in letting bears take the price below this level. Who wins?

Of course, Ripple’s case with the SEC is a dilemma yet to be solved. Despite Ripple making small wins and many believing it will triumph against the regulator, a crypto pundit thinks otherwise. Gene Hoffman, the COO of Chia network blockchain company, expects SEC’s assertion that XRP is a security to hold.

Hoffman says that an excerpt from the summary judgement filing of the SEC supports the view. He says Bill Hinman, its ex-director of corporate finance, informed Ripple in 2019 that XRP was a security. Hoffman says apart from the Hinman statement; the court knows that people bought XRP expecting its value to surge. Consequently, the judge is likely to argue that Ripple’s sales of XRP made the token a security.

In further emphasis, Hoffman says there are no notable differences between the Ripple and LBRY Credits cases. In the latter, the regulator won. He asserts that SEC has never lost a case involving section 5 for a long time.

XRP holds to the $0.4 resistance 

XRP/USD Chart by TradingView

From the technical outlook, XRP’s trading depicts a wait-and-see approach. Bulls are holding to the $0.4 resistance hoping that Ripple’s case will go in their favour. That would see a breakout at the crucial level.

On the flip side, bears are also waiting for an opportune moment to crash XRP. That is shown by a shift of the RSI to below the midpoint, implying that bears are increasing at the resistance. It could also signify the exit of bulls at the crucial level.

Which way, XRP?

The next price action for XRP will depend on developments or speculations around the case with SEC. Investors should keep watch of the developments before buying XRP.

Where to buy XRP

eToro

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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The post Crypto pundit thinks Ripple will lose against the SEC. Here is how XRP is behaving appeared first on CoinJournal.

• Binance has been on a slow decline since touching $315

• The cryptocurrency has lacked positive catalysts to take the price higher

• BNB faces a decline to the $266 support zone 

Binance (BNB/USD) continues to consolidate but is on a short-term descent after tapping a minor resistance. As of press time, BNB was trading at $289 and looking increasingly bearish. Investors now stare at a possible price bottom at $266.

The decline in BNB comes amid limited fundamentals to support the cryptocurrency. Across the general sector, the market is mixed, with most cryptocurrencies consolidating. That underlines that BNB’s price action mirrors that of the sector, with investors still reeling from the FTX impacts. While Binance’s reassurances of stability have at least supported BNB, the recent slow gains mean investors are cautious.

The trading comes even as a bitter exchange ensues between Binance CEO Changpeng ‘CZ’ Zhao and former FTX head Sam Bankman-Fried. The exchange on Twitter related to an exit by Binance on investment in FTX back in 2021. Bankman-Fried accused CZ of demanding an extra $75 million kickback. Instead, CZ called SBF a “fraudster,” looking for someone to blame for the FTX implosion. Of course, the exchange harms an already depleted market confidence as investors are unsure which exchange is next. 

BNB trends lower, with weakening momentum

BNB/USD Chart by TradingView

Technically, BNB is slightly bearish. The RSI is at the midpoint meaning that bulls are muscling equally with the bears. However, the MACD indicator shows that momentum has weakened. Similarly, the MACD and signal line lies in the neutral zone. 

Will BNB stay bearish?

With the limited fundamentals to support BNB price and the non-ensuing confidence crisis, the token may fall further. The price action supports a decline to the next support at $266. 

Buyers are, however, relentless, as shown by the reading on the RSI and MACD. For BNB to maintain the uptrend, the price must recover above $315. However, as it looks, we may have to shelve the ambitions until a further date.

Where to buy BNB 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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The post BNB to $266? Will a bitter exchange between Binance CEO and SBF hurt token further? appeared first on CoinJournal.

Key Takeaways

• Coinbase has encouraged customers to dump Tether for USD Coin by waiving fees
• Binance had delisted USDC pairs last September to push its own stablecoin, BUSD
• The war between the centralised stablecoins deepens
• DAI holds the torch for decentralisation but faces uphill battle for relevancy as model seems unscalable

The stablecoin war is heating up.

Coinbase, who co-founded the USDC stablecoin, are the latest to go on the offensive. It posted a blog post encouraging its users to swap their USDT over to USDC.

“The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

I have wondered for a while why Coinbase has not gone on the offensive more and used its exchange to push holders into USDC. Of course, the cynic will say that this decision by Coinbase is to jack up the USDC holdings to reap extra revenue, as these have become a massive earner for the company given the interest rate on T-bills is now 4%.

That makes sense, and that is exactly what it is. But even still, such is the constant anxiety around Tether, it may also be a good thing for the ecosystem at large. The best scenario – as far-fetched as it may seem – is for Tether’s market cap to benevolently trickle down to zero.

Whether Tether is good for it or not, the constant conversation on the topic is negative for the entire industry.

Binance kicked the stablecoin war up a notch

Of the five big stablecoins, there has been some serious movement this year.

Obviously, TerraUSD is the big one, its shocking crash rocking the market. Since then, the decentralised torch has been passed to DAI. But that is beset by its own problems, coming under criticism for being centralised in nature, given its large holdings of USDC.

This led to it voting to move into T-bills, while the latest plan is for it to “free float”, as there is no other alternative if they want to pursue decentralisation. I’ve been vocal in the past of my thoughts on DAI, and they haven’t changed: I believe it has no future, as the model simply is not scalable.

Oh, and a stablecoin that free floats is also not a stablecoin, by the way.

Regarding the centralised stables, it was Binance that kicked up this stablecoin war a notch when it announced in September that it was delisting USDC pairs and auto-converting customer holdings into BUSD.

If we plot the market share of the stables since August, we can see that USDT and USDC have pared back significantly, while BUSD has come up.

What happens next?

The above chart shows quite how dominant the top three providers are, with DAI now having a market cap of $5.2 billion, a mere drop in the ocean.

While this presents as a concerning amount of centralisation, the reality is that nobody has cracked the code on how to create a decentralised stablecoin. So like it or loathe it, it’s centralisation going forward.

The question now is who wins out between the titans up top. This move by Coinbase is a notable one, as Binance had been making serious gains in the wake of their auto-convert announcement. But Binance still list USDT, as the most controversial stablecoin remains the most entrenched, absolutely vital to the entire ecosystem and the biggest liquidity pair by far.

I don’t believe that is a good thing, so in the eyes of the market, it’s nice seeing USDC make a move here.

The market share will be interesting to track again in a few months time. Hey, maybe we will all be using CBDCs before long, anyway.

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