Connect with us

Market

Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally

Published

on


The XRP price has struggled despite scoring multiple partial victories against the United States Securities and Exchange Commission (SEC) over the last year. The initial surge was not enough to push it into the coveted $1 level. However, this has not deterred bulls, especially with bullish formations on the chart and multiple predictions that the XRP price is set to hit a new all-time high.

XRP Price Flashes Golden Cross

A pseudonymous crypto analyst who goes by @Nico369K on the X (formerly Twitter) platform has pointed out an interesting formation on the XRP price chart. This formation is known as a “Golden Cross” and is an exceptionally bullish formation on the chart of any digital asset.

Related Reading: Crypto Analyst Says XRP Is Still On Course To Rise To $150

Golden crosses usually emerged when the short-term moving average of an asset crosses over a major long-term moving average of that asset. The moving average could be from any timeframe, ranging from daily to weekly, and according to the crypto analyst, the Golden Cross has appeared on the weekly chart.

The Golden Cross, on its own, signifies long-term bullish momentum for an asset, suggesting that the XRP price could be moving toward a rally. However, it is not the only bullish thing that has appeared on the chart as the Relative Strength Index (RSI) is also bullish.

According to the crypto analyst, the RSI is currently sitting at around 44.31, which is a significant drop over the last few months. The RSI signifies if an asset is overbought or oversold, with higher values indicating overbought territory, which is bearish, and lower values indicating oversold territory, which is bullish.

Usually, RSIs of around 30 mark oversold territory, and the XRP price is still higher than this level. However, the decline in the RSI suggests that the altcoin’s price has already descended toward oversold territory and a rally could erupt due to this.

Other Factors That Could Drive A Rally

The Ripple Vs. SEC lawsuit has been the obvious culprit when it comes to why the XRP price has failed to perform like the rest of its peers over the last four years. The lawsuit, which began in 2020, has raged on for almost four years now, and in that time, the XRP price has fallen below $1 and stayed there.

Related Reading

However, the lawsuit is expected to come to an end this year after Judge Analisa Torres ruled that programmatic XRP sales on secondary exchanges did not qualify as securities. As a result, Ripple is now locked in settlement talks with the regulator to determine a comfortable outcome for the parties involved.

Ripple CEO Brad Garlinghouse recently said he is confident that the case will be over soon. Once the lawsuit is over, expectations are that the XRP price will finally have the freedom to move. In this case, the XRP price could surge past $1, with some analysts predicting that the price could cross $10 by the time the rally is done.

XRP price chart from Tradingview.com Ripple
Token price holding $0.62 | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Market

Winklevoss Urges Scrutiny of FTX and SBF Political Donations

Published

on



Gemini co-founder Cameron Winklevoss has called for a renewed investigation into the dropped campaign finance charges against Sam Bankman-Fried, the convicted founder of the now-defunct FTX exchange.

Winklevoss emphasized the need for the incoming US Attorney General to address unresolved concerns about how these charges, tied to election interference involving stolen customer funds, were handled.

Winklevoss Demands Probe Into FTX-Linked Election Interference Accusations

In a November 23 post on X, Winklevoss expressed the belief that the campaign finance allegations remain a critical issue. He pointed to the Department of Justice under Merrick Garland, which declined to pursue these charges due to extradition technicalities with the Bahamian government.

According to Winklevoss, the DOJ chose not to work through the required legal processes to include the campaign finance violations in the indictment, leaving the matter unaddressed.

“Merrick Garland’s DOJ refused to pursue campaign finance charges against SBF because they were not included in his extradition…Since when has paperwork stood in between a prosecutor and adding more charges? Especially when it involves election interference with $100m of stolen customer funds,” Winklevoss stated.

Federal prosecutors initially dropped the campaign finance charge last year, attributing their decision to objections from Bahamian authorities. This charge involved over $100 million allegedly funneled from Alameda Research to fund more than 300 political contributions.

According to the indictment, these contributions, often made through straw donors or corporate funds, aimed to enhance Bankman-Fried’s influence in Washington, D.C.

The indictment also noted that Bankman-Fried became a top political donor in the 2022 midterm elections. He allegedly used the funds to gain favor with candidates across party lines, potentially shaping legislation favorable to FTX and the broader crypto industry.

Winklevoss’ remarks come as other key figures in the FTX collapse face their consequences. While Caroline Ellison and Ryan Salame received sentences of two years and 7.5 years, respectively, Gary Wang and Nishad Singh avoided prison by cooperating with prosecutors. Bankman-Fried is currently serving a 25-year prison sentence for fraud and other crimes.

Meanwhile, FTX has announced plans to implement its approved reorganization strategy starting in January. The exchange’s bankruptcy managers have recovered billions of dollars for creditors and are intensifying efforts to reclaim assets held by other entities.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Why a New Solana All-Time High May Be Near

Published

on


Solana’s (SOL) price clinched a new all-time high of  $264.39 during the trading session on November 23. Its price has since witnessed a 3% correction, causing the popular altcoin to exchange hands at $255.12 as of this writing.

Despite this pullback, the bullish bias toward the altcoin strengthens. An assessment of its daily chart highlights two reasons why a new Solana all-time high may be on the horizon.

Solana Bulls Relegates Its Bears

On the SOL/USD one-day chart, its price is positioned above the green line of its Super Trend indicator. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend. 

When the Super Trend line is above an asset’s price, it signals a downtrend, suggesting continued bearish momentum. In Solana’s case, when the Super Trend line turns green and moves below the price, buyers are in control.

This green line often acts as a support level, where increased buying pressure can drive a rebound following price dips. For Solana, this support is currently set at $213.53.

Solana Super Trend.
Solana Super Trend. Source: TradingView

Further, the coin’s price rests significantly above its Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.  

When an asset’s price rests above the Ichimoku Cloud, it signals a bullish trend. It indicates that the asset is on an upward trend with the potential for further gains. In this case, the Cloud is a dynamic support zone below the price, reinforcing bullish sentiment.

Solana Ichimoku Cloud.
Solana Ichimoku Cloud. Source: TradingView

SOL Price Prediction: New High on the Horizon

At press time, SOL trades at $255.12, below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the coin’s price will flip this level into a support floor and attempt to touch a new peak.

Solana Price Analysis
Solana Price Analysis. Source: TradingView

On the other hand, if profit-taking activity resurges, SOL’s price will shed some of its current gains to trade at $231.35. Should this level fail to hand, SOL’s price will fall toward the support formed by its Super Trend indicator at $213.53. This will invalidate the possibility of a new Solana all-time high in the near term.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains

Published

on


My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io