Dogecoin extended losses and traded below $0.1120 against the US Dollar. DOGE is now stable above $0.100 and attempting a rebound.

• DOGE price started another decline below the $0.1150 and $0.1120 levels.
• The price is trading below the $0.1120 level and the 100-hourly simple moving average.
• There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels.

Dogecoin Price Trims Gains

Dogecoin price failed to continue to higher above the $0.1320 resistance zone. DOGE formed a high at $0.1320 and started a downward move like Bitcoin and Ethereum.

There was a move below the $0.1200 and $0.1150 levels. The price even dipped below the $0.1120 support. A low was formed at $0.1025 and the price is now consolidating losses. There was a minor increase above the $0.1060 level.

Dogecoin price is now trading below the $0.1150 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1095 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low.

The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1175 resistance. There is also a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1060 level. The next major support is near the $0.1050 level.

The main support sits at $0.100. If there is a downside break below the $0.100 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0880 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1060 and $0.1000.

Major Resistance Levels – $0.1095 and $0.1120.

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The Dubai Financial Services Authority (DFSA) granted Ripple an in-principle approval to expand its services from the Dubai International Financial Centre (DIFC), effectively unlocking the firm’s end-to-end payment services in the UAE.

Ripple will roll out its enterprise-grade digital asset infrastructure to a broader customer base in the United Arab Emirates. 

Ripple Receives In-Principle Approval from the DFSA

The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, lauded the UAE in a post on X (formerly Twitter). He highlighted the region’s crypto-friendliness as a magnate for digital assets-related firms.

“Regulatory clarity is what businesses want, and what consumers need. The UAE understands that,” Garlinghouse commented.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

This decision will significantly enhance Ripple’s operations in the Middle East, following the establishment of its regional headquarters in Dubai in 2020. With this expansion, Ripple is poised to advance its mission of delivering faster, more cost-effective, and efficient cross-border payment solutions to businesses.

Additionally, it strengthens Ripple’s global presence as a regulated entity, introducing seamless cross-border payment services to Dubai. By combining regulatory compliance with continued investments in key infrastructure, Ripple becomes the first DFSA-licensed blockchain-enabled payment services provider.

The Middle East offers a favorable regulatory environment for cryptocurrency ventures, providing a promising base for Ripple’s growth. Other major players, like Animoca Brands, are also looking toward the region, with Animoca considering going public there by early 2025.

UAE as Global Hub for Innovation

The United Arab Emirates’ regulatory clarity positions it strategically as a global financial services and trade hub. Crypto-related firms eye the region as it offers access to fast-growing markets across the Middle East, Africa, and South Asia. This likely explains Ripple’s inclination to continue investing in the region.

Its comprehensive regulatory framework, as established by the DFSA, among other regulators in the country, creates an environment where innovative crypto firms can thrive.

“With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology,” Garlinghouse noted in the press release.

Meanwhile, even as Ripple eyes global expansion, it remains at odds with the US Securities and Exchange Commission (SEC). As BeInCrypto reported, the securities regulator could appeal Ripple’s partial victory, challenging the XRP token’s non-security status. There remains a lot of uncertainty in the matter, as the victory stood unchallenged barely a month ago.

Read more: Everything You Need To Know About Ripple vs. SEC.

Amid the ongoing legal battle, the XRP token continues to struggle below the crucial $1.00 psychological level. According to BeInCrypto data, XRP is currently trading at $0.59, marking a nearly 4% decline in the past 24 hours.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.

• Ethereum started a downside correction below the $2,550 zone.
• The price is trading below $2,520 and the 100-hourly Simple Moving Average.
• There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,420 support to start a fresh increase in the near term.

Ethereum Price Dives 5%

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin. There was also a move below the $2,500 level.

A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD.

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,550

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