Market
Toncoin in Bullish Breakout as Pavel Durov Speaks Up
The odds appear to be shifting in favor of Telegram-linked Toncoin (TON), whose value has risen by almost 10% in the past 24 hours.
The altcoin has outperformed other cryptocurrencies during that period, thanks to Pavel Durov’s first public statement since his arrest on August 24.
Pavel Durov’s First Statement
Telegram CEO Pavel Durov expressed gratitude for the support he received following his recent arrest in France, where he was questioned by police for four days. He revealed that authorities suggested he could be held personally responsible for illegal activities on Telegram due to a lack of response from the platform.
Durov highlighted that Telegram has a designated representative in the EU to handle such requests and that French authorities had various means to reach him. He criticized the approach of holding CEOs accountable for third-party actions on their platforms, calling it a misguided application of outdated laws.
“Building technology is hard enough as it is,” Durov stated, adding that the potential for personal liability would deter innovation.
Durov emphasized the challenge of balancing privacy and security, noting that Telegram has always sought to engage with regulators while adhering to its mission of protecting users’ rights, particularly in authoritarian regimes. He mentioned past instances where the platform chose to exit markets like Russia and Iran over privacy concerns.
Addressing Telegram’s recent surge in users, which reached 950 million, Durov acknowledged the growing pains and the increased potential for abuse. He assured users that Telegram is actively working to improve its moderation and safety efforts, promising to share more details soon.
“We are driven by the intention to bring good and defend the basic rights of people,” Durov affirmed while expressing optimism that these events would lead to a stronger and safer platform.
TON Sees Demand Uptick
The positive sentiment around this statement has led to a spike in Toncoin’s value. TON is the top gainer in the market, with a 7% price uptick in the past 24 hours. The price surge is backed by significant demand, as evidenced by its positive price daily active address (DAA) divergence.
When an asset’s price DAA divergence is positive during an uptrend, it is a bullish signal indicating that the price surge is supported by a demand enough to sustain the rally.
Moreover, the market sentiment toward TON has shifted from negative to positive over the past two days, as evidenced by the altcoin’s positive weighted sentiment.
This metric, which tracks the market’s mood regarding an asset, is 0.50 as of this writing. It indicates that positive emotions fuel most social media discussions about TON.
Read more: What Are Telegram Bot Coins?
Additionally, the bullish bias is also present in TON’s derivatives market with an uptick in trading volume and open interest.
Data from Coinglass shows that trading volume has spiked by 8% to $630 million during the review period. Likewise, its open interest, which tracks the total number of unsettled futures or options contracts, has risen by 8.17%. When this climbs, it suggests that more traders are entering the market and opening new positions.
Toncoin Price Prediction: Further Upside
Toncoin’s performance on the 12-hour chart hints at the possibility of an extended rally.
First, readings from its Moving Average Convergence/Divergence (MACD) show its MACD line (blue) poised to cross above its signal line (orange). When this happens, it indicates a potential shift in the market trend from bearish to bullish. It suggests that the asset’s momentum is trending upward, and traders often interpret this as a buy signal.
Also, the Chaikin Money Flow (CMF), which tracks how money flows into and out of the market, attempts to cross above the zero line. When an asset’s CMF crosses above zero, it indicates that buying pressure is starting to outweigh selling pressure. Therefore, it suggests that buyers are gaining control of the market.
If this buying pressure is sustained, TON’s price could rally toward $5.32. Breaking past this critical area of resistance could increase the chances for another upward move to $5.96.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Still, traders must watch out for the recent low at $4.51. Losing this level of support could trigger a 40% price correction for Toncoin.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Dogecoin Hashrate Surges To New All-Time High Amid Rise In Positive Momentum
WisdomTree Europe Launches XRP ETP
BTC Surges to $99K, ETH Shoots, XRP Jumps 25%
Rallies 10% and Targets More Upside
Rallies 10% and Targets More Upside
“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum23 hours agoFundraising platform JustGiving accepts over 60 cryptocurrencies including Bitcoin, Ethereum
-
Market23 hours agoCardano’s Hoskinson Wants Brian Armstrong for US Crypto-Czar
-
Market19 hours agoSouth Korea Unveils North Korea’s Role in Upbit Hack
-
Market14 hours agoETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
-
Altcoin17 hours agoSui Network Back Online After 2-Hour Outage, Price Slips
-
Market22 hours agoLitecoin (LTC) at a Crossroads: Can It Rebound and Rally?
-
Altcoin16 hours agoDogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
-
Altcoin21 hours agoWhy FLOKI Price Hits 6-Month Peak With 5% Surge?
