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USTC Price Pumps 9%, Terra Classic Proposal For USTC Repeg To $1 Effective?
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost. Are plans for USTC revival to $1 in effect?
Terra Luna Classic Proposal For USTC Repeg
Proposal 12102 “The Ultimate Repeg Plan – A Community-Driven Repegging Proposal” is under voting stage on Terra Classic Station wallet. The proposal’s aim is to establish a resilient and community-driven mechanism focused on incrementally restoring and preserving the stability of the USTC peg.
The proposal is based on three mechanism. These are — stakers need to lock a specific amount of USTC along their LUNC delegations to fully earn their staking rewards and stakers must lock additional USTC when the price of USTC falls for full staking rewards. Also, after the repeg, stakers are not required to maintain the additional USTC balance to earn rewards and allow them to sell extra USTC at a profit.
The proposal hasn’t received much voting from the community, with 18% “Yes” votes. It saw high number of “No” votes at 78.45%. Validators such as Interstellar Lounge, JESUSisLORD, Community First LUNC and others have voted against the proposal, believing that the proposal holds no value. Whereas, LBUN Project, StakeBin, and other think the narrative can help repeg USTC.
Also Read: Ripple Vs SEC News: Settlement, Appeal, & Judge Torres’ Final Ruling Timeline
LUNC Price Follow Similar Rally?
Analyst Javon Marks reaffirmed a more than 5 times rally possible in LUNC. It could take the price to $0.000593, which is post-Terra Classic high.
LUNC price jumped 1% in a day amid market-wide buying. The price is currently trading at $0.0001091. The 24-hour high and low are $0.0001084 and $0.0001221, respectively. Moreover, trading volume has increased by 370% in the last 24 hours.
The massive increase in trading volume in USTC and LUNC are due to buying by futures traders. Total USTC futures open interest skyrocketed 70% in the last 24 hours.
Also Read: Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
Crypto Market Crash: BTC, ETH, XRP, & DOGE Decline
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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