Schlagwort: crypto business

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Stellar (XLM) price analysis: Why bulls must hold $0.18 support

Stellar (XLM) has seen a period of recovery after going off the cliff at the start of April. However, after hitting a high of around $0.24, XLM has gone through a serious correction. As a result, the coin is facing a lot of downward pressure. Here are some takeaways:

  • Despite the recent sell-off, XLM is still holding the crucial $0.18 support.

  • Any fall below $0.18 could precipitate a decisive downtrend in the near term.

  • The coin is however looking strong and could push further upwards.

Data Source: Tradingview 

Stellar (XLM) – The downside risks

The current downtrend that we have seen with XLM is slowing. Even though the coin has lost around 5% over the last 24 hours, there is enough to suggest that any further decline is not on the horizon. But the key for XLM bulls would be to make sure that the price action stays well above $0.18. 

In the past few weeks, this price has proved to be a strong support zone. If bulls are however not able to hold it, we could see XLM spiral into a much-prolonged downtrend. In the end, the coin may hit its March lows of $0.16 before it tries to find any upward momentum. 

But even with these downside risks, it is important to note that the upward potential for XLM still remains very uncertain. As of now, $0.24 remains the upward cap. Even if the coin rallies in the days ahead, it is unlikely to cross $0.24 anytime soon.

Is Stellar a decent buy today?

From a short-term point of view, it would be best to monitor XLM till Monday and see if it manages to maintain $0.18. If this happens, then you can enter and exit right before $0.24. But if the coin falls below $0.18, you must give it a week or so for the price to bottom before you buy.

The post Stellar (XLM) price analysis: Why bulls must hold $0.18 support appeared first on Coin Journal.

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Ripple vs. SEC case will likely be decided in early 2023, says lawyer

Ripple’s battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged since December 2020 is set to go into early 2023, according to an update shared by Stuart Alderoty, General Counsel at Ripple.

The case revolves around XRP, a cryptocurrency launched by Ripple Labs.

On December 22, the SEC announced it had charged Ripple Labs Inc. and two top executives over the sale of $1.3 billion worth of unregistered securities. The regulator said the securities offering was “ongoing,” allegedly referring to Ripple’s sales of XRP.

Essentially, the SEC was saying that XRP was a security. Ripple and its top executives have maintained that the securities watchdog’s accusations are outright false. So much more has come to the fore, including comments from former SEC officials.

It’s hurting XRP holders

Saturday’s update from Alderoty, and defense lawyer James K. Filan, means it’s going to be a whole two years of waiting for the case’s resolution.  

“It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said in a Twitter thread.

Filan pointed to this same likelihood, stating in a tweet that both the SEC and Ripple had filed a joint scheduling letter seeking a resolution to the case. According to him, the parties have proposed that opening briefs for summary judgment start in August.

The timeline also caters to any expert challenges, with closing briefs then expected “a few days before Christmas.”

SEC’s delay tactics

SEC’s apparent delay tactics over the course of the case ostensibly played a role in Ripple’s decision to agree to a joint filing. It’s the reason why XRP holders will have to endure the long wait for a potential resolution. 

Alderoty said:

“To those asking if this is a joint filing – yes it is. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”

So the XRP community goes on waiting. As noted earlier, it’s the investors who are ‘hurting.’

XRP price today

XRP was trading around $0.71, nearly 2% down in the past 24 hours and close to 40% off the highs reached in April 2021. That run to highs near $2.00 on 14 April was the altcoin’s best since the surge to the all-time high of $3.40 in January 2018.

The cryptocurrencies market cap has also shrunk, pushing XRP from third behind Bitcoin and Ethereum down to sixth at the time of writing with $34.3 billion.

The post Ripple vs. SEC case will likely be decided in early 2023, says lawyer appeared first on Coin Journal.

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ApeCoin hits new all-time high, APE 45% up this past week

ApeCoin (APE), the native governance token in the Bored Ape Yacht Club (BAYC) ecosystem, has soared to a new all-time high above $18 after another huge rally on Saturday.

The price of APE rose more than 24% in intraday trades as bulls pushed higher, buoyed by positivity around further ecosystem growth. 

In early afternoon deals Saturday, APE/USD hit $18.44 on Binance to record its highest ever price. The aggregate price across major exchanges was $18.05, according to data from CoinGecko.

APE/USD currently trades around $17.36, about 17% up in the past 24 hours.

Chart showing APE-USD price movement on the 4-hour chart. Source: TradingView

According to data from CoinGecko, APE/USD has surged nearly 50% in the past seven days. It’s up more than 64% in the past two weeks.

The upside, most of it coming in the last four days, has propelled ApeCoin to a market cap of $5.06 billion, pushing it to 31st among the largest cryptocurrencies by market capitalisation.

ApeCoin surpasses Decentraland (MANA)

The broader crypto market has struggled with bearish pressure over the past several days, with Bitcoin (BTC) dipping below $40,000 as most other digital assets mirrored the performance.

ApeCoin’s rally has thus seen it overtake Decentraland (MANA) in terms of market cap.

 Decentraland, which has been the top metaverse-linked token by market value, is down by 5.3% in the past week and by more than 10% in the red over the past two weeks.

MANA/USD currently trades around $2.04, down over 1% in the past 24 hours. Data on CoinGecko shows MANA’s market cap is $3.1 billion and ranks 45th in terms of market capitalisation.

Why is ApeCoin surging?

Buying pressure around ApeCoin is likely centered on the upcoming land sale in BAYC creator Yuga Labs’ “Otherside” metaverse project.

While the project is yet to officially go live, the developer has over the past several weeks teased its rollout. The excitement amongst investors is down to a potential announcement of the use of APE in the land sale.

The sale of 100,000 land plots out of 200,000 is expected to see 30% go to BAYC and MAYC (Mutant Ape Yacht Club) holders. The rest, 70%, will be a public sale.

Whale activity has soared as a result, with data from analytics site CoinCarp showing that the top 100 APE holders account for 52.39% of the token’s circulating supply. The data shows there are currently 49, 057 ApeCoin (APE) wallets.

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Tron to launch a decentralized algorithmic stablecoin called USDD

Tron’s USDD will be more like Terra’s UST, and targets $10 billion in reserves, founder Justin Sun said.

Tron will launch its decentralized algorithmic stablecoin called USDD (Decentralized USD) on May 5, 2022. Tron founder Justin Sun announced the development in an open letter.

The new stablecoin will also be available on Ethereum and the BNB Chain, with this possible via Tron’s BTTC cross-chain solution.

USDD as an algorithmic stablecoin is unlike the traditional stablecoin such as Tether (USDT) or USD Coin (USDC). As such, it’s not backed by cash or other financial assets, but by cryptocurrencies.

The USDD stablecoin will be pegged to TRX as the underlying asset and will feature the “mint-and-burn” mechanism similar to that used by Terra’s UST. The mechanism should see TRX burned to allow for the minting of USDD.

Terra CEO Do Kwon has commented on the ‘mint-and-burn’ functionality and Tron’s move to launch USDD as a signal of what’s ahead in terms of the future of decentralised economies. And it’s a scenario critics fail to understand, he added.

“Decentralized economies deserve decentralized money – every blockchain will run on dect stables soon”

 “As the most decentralized stablecoin in human history, USDD will make finance accessible to all by applying mathematics and algorithms. It will exist permanently without relying on any centralized entity,” TRON DAO tweeted.

$10 billion worth of reserves

Support for USDD falls initially on TRON DAO Reserve, a decentralised autonomous organisation that is set to handle custody service of a massive $10 billion worth of reserve. The reserve, according to Sun, will comprise “highly liquid assets raised from initiators of the blockchain industry.”

The stablecoin’s early management will also involve major blockchain institutions, which together with TRON DAO, will manage the collateral and ensure full convertibility.

Terra’s UST reserves include a Bitcoin (BTC)-denominated holding set to grow to $10 billion. Currently, the reserves amount to about $1.63 billion worth of BTC. Terra also recently bought $100 million worth of Avalanche (AVAX).

TRX price

Sun’s announcement stirred interest among investors, with the price of the native TRX jumping more than 7% on Friday as the news hit the market.

The TRX/USD pair, which hit its all-time high of $0.23 on 5 January 2018, rose to an intraday high of $0.074. However, with widespread weakness across the market, it has since pared some of the gains to currently trade around $0.067.

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These coins could still deliver superb gains despite a slow start in 2022

The crypto market started in 2022 badly. Most coins have since recovered from this slump, but they are nowhere near their highs. While there are still several risks in the broader market, 2022 could still turn out to be a great year for crypto. Here is why:

  • Traditional asset classes have severely underperformed, and this could push investors into crypto.

  • Some of the concerns investors had at the start of the year are slowly abating

  • Crypto still remains a high growth asset despite its rocky volatility

Well, for investors who are looking for crypto gems that still have the potential to do well in 2022, here is the full list:

Decentraland (MANA)

Although the crypto market was hit hard at the start of 2022, metaverse coins like Decenterland (MANA) faced steeper falls. The coins have recovered somehow, but they are still very low compared to previous expectations.

Data Source: Tradingview 

The good news is that interest in the metaverse will keep growing. As a result, it is likely that MANA and other metaverse coins will turn things around before the end of the year.

Fantom (FTM)

Fantom (FTM) has had several hurdles to cross this year. After a poor start to the year, Fantom also reported that one of the main founders had left the project. This dented investor confidence, and the coin tanked. But we have seen a bit of recovery. Fantom still remains a very reliable DeFi project. It is worth watching it in 2022.

Loopring (LRC)

Loopring (LRC) is an Ethereum scaling solution that has been experimenting with a number of new technologies, including ZK Rollups. While the price has consolidated over the past few weeks, LRC still has so much potential. It is one of the few coins that can actually be 5x your money this year if conditions in the market improve. LRC however faces massive competition from other Ethereum scaling solutions.

The post These coins could still deliver superb gains despite a slow start in 2022 appeared first on Coin Journal.