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XRP Price Stays Range-Bound: Will It Soon Make a Move?

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XRP price is struggling to clear the $0.5550 resistance. It must stay above the $0.5250 support zone to attempt a fresh increase in the near term.

  • XRP price is consolidating above the $0.5320 zone.
  • The price is now trading below $0.5500 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $0.5500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.5550 and $0.5580 resistance levels.

XRP Price Trades In A Range

XRP price remained stable above the $0.5320 support zone. It started a decent increase above the $0.550 level, but the bears were active near the $0.5600 resistance zone.

A high was formed at $0.5600 before the price started to decline like Bitcoin and Ethereum. There was a decline below the $0.5550 and $0.550 levels. Besides, there was a break below a connecting bullish trend line with support at $0.5500 on the hourly chart of the XRP/USD pair.

The price dipped below the 50% Fib retracement level of the upward move from the $0.5375 swing low to the $0.5600 high. The price is now trading below $0.5460 and the 100-hourly Simple Moving Average.

The bulls are now protecting the 76.4% Fib retracement level of the upward move from the $0.5375 swing low to the $0.5600 high. On the upside, the price might face resistance near the $0.5460 level. The first major resistance is near the $0.5500 level.

XRP Price

The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5600 resistance. Any more gains might send the price toward the $0.5800 resistance or even $0.5880 in the near term. The next major hurdle might be $0.6000.

Another Drop?

If XRP fails to clear the $0.5500 resistance zone, it could start another decline. Initial support on the downside is near the $0.5420 level. The next major support is near the $0.5365 level.

If there is a downside break and a close below the $0.5365 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits near the $0.5250 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

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

Major Support Levels – $0.5420 and $0.5365.

Major Resistance Levels – $0.5500 and $0.5550.



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BNB Price Poised for Fresh Increase: Will Momentum Build?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Will Chainlink Solve Privacy and Compliance With CCIP?

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Chainlink, a provider of blockchain connectivity solutions, has launched its latest innovation, CCIP Private Transactions.

This feature is based on the Chainlink Cross-Chain Interoperability Protocol (CCIP). It makes it easier for financial institutions to engage with blockchain technology without compromising regulatory compliance.

The novel solution enhances blockchain interoperability while maintaining data integrity and confidentiality. It operates as the Chainlink blockchain privacy manager, enabling the privacy-preserving feature while addressing the long-standing compliance and confidentiality challenges. Notably, until now, these challenges have hampered institutional blockchain adoption.

The lack of adequate privacy and security protocols for cross-chain transactions is among the primary barriers preventing financial institutions from embracing blockchain. This is because regulations compel financial institutions to maintain strict data privacy standards. Until now, most blockchain platforms have struggled to meet this need.

With Chainlink’s novel CCIP Private Transactions feature, however, institutions will be able to transact across blockchains while maintaining strict data privacy controls. The blockchain privacy manager enables financial institutions to conduct private chain-to-private chain transactions. It ensures that only selected, necessary data is revealed.

Read more:  Real World Asset (RWA) Backed Tokens Explained

This functionality also extends to private chain-to-public chain transactions. It offers a layer of privacy that meets both operational needs and regulatory demands.

“Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general,” Sergey Nazarov, co-founder of Chainlink, said in a press release shared with BeInCrypto.

Chainlink's Sergey Nazarov at Sibos Conference
Chainlink’s Sergey Nazarov at Sibos Conference

It is worth mentioning that the Australia and New Zealand Banking Group (ANZ) is one of the first major financial institutions to pilot this feature. The ANZ will use it for cross-chain settlement of tokenized real-world assets (RWAs) under the Monetary Authority of Singapore’s (MAS) Project Guardian initiative.

This collaboration highlights the growing interest of traditional finance (TradFi) institutions in utilizing blockchain for asset management and settlement. This is particularly true as they seek to tap into the benefits of decentralized finance (DeFi).

As BeInCrypto reported, Chainlink has been making strides in enhancing blockchain interoperability for institutions. Its collaboration with ANZ on Project Guardian is just one example of how the company is enabling financial institutions to harness the power of blockchain without sacrificing compliance or security. The pilot program with ANZ, which involves the use of tokenized RWAs, displays the value of CCIP in facilitating secure, cross-chain settlements.

Beyond ANZ, other organizations have already begun integrating Chainlink CCIP into their operations. For instance, Mountain Protocol and Ronin Validators have recently adopted Chainlink CCIP to enhance their respective blockchain ecosystems, facilitating secure cross-chain communication.

Similarly, IDA Finance has integrated Chainlink CCIP to streamline asset management, while Swiss firm Taurus has collaborated with Chainlink to bolster its tokenization services. These partnerships demonstrate the growing recognition of Chainlink’s capability to address privacy and interoperability challenges across various sectors.

Read more: What is Tokenization on Blockchain?

Moreover, the introduction of Chainlink Proof of Reserve by 21.co and the use of Chainlink in mitigating vulnerabilities, such as in the recent Bedrock exploit case, highlight the broader scope of Chainlink’s solutions in improving security and transparency in blockchain transactions.

Despite the advancement of CCIP, the community is often disappointed with the lackluster performance of the LINK token. BeInCrypto data shows Chainlink’s LINK token is up by a modest 0.53% on this news. It is trading for $11.98 as of this writing.

LINK Price Performance
LINK Price Performance. Source: BeInCrypto

Meanwhile, even as Chainlink CCIP progressively takes the spotlight, its heft as a leading decentralized oracle network is under threat. Specifically, it faces strong opposition in the blockchain oracle space from AP13, Band Protocol, Nest Protocol, Phi Labs, and GOracle.

Like Chainlink, these also provide reliable data feeds to smart contracts on various blockchain platforms. In so doing, they effectively contribute to the Oracle space with their novel solutions. They offer unique strengths, ranging from cross-chain capabilities and dAPIs to decentralized price oracles and interoperable solutions.

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.



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Chirp’s Game Launch & Privasea’s Node Sale

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Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.

Here’s the latest in the DePin sector: Chirp celebrated two full years of operation and announced its game launch next week, MapMetrics released quality-of-life improvements for its navigation app, and Privasea is conducting a node sale with CVPad.

Chirp Celebrates Two Years

Chirp, the DePin network and IoT ecosystem, celebrated its second birthday on October 18. The firm’s announcement described 2022 and 2023 as years of fundamental construction: laying foundations, building partnerships, and beginning to expand its fledgling network. 2024, however, has been a year of launches, like the airdrop anticipating their CHIRP token’s launch:

“As we celebrate Chirp’s anniversary, we look to the medium and long-term, we are returning to our core vision: building the most innovative IoT solutions within an inclusive decentralized ecosystem. Our goal is to continue strengthening the Chirp network, ensuring that the CHIRP token is deeply integrated with our IoT solutions,” the announcement stated.

The announcement went on to ask, “what’s a birthday without presents?”. The present in question is Chirp’s long-awaited P2E DePin mobile game, which has an impending launch date. Specifically, this launch will take place next week, and users will immediately be able to earn CHIRP tokens. The firm also included an in-game screenshot to hint at its gameplay.

Read More: What Is DePIN (Decentralized Physical Infrastructure Networks)?

Chirp Game Teaser Screenshot
Chirp Game Teaser. Source: Chirp

MapMetrics’ Key Improvements

MapMetrics, a “drive-to-earn” navigation app and GameFi token earner, has greatly enhanced several of its services. In an update for both Android and iOS users, MapMetrics rolled out several quality-of-life features and bug fixes for its navigation functions. These include filtering searches by city, new GPS functionality, and visibility for nighttime driving conditions.

Read More: Tap-to-Earn: What to Know About the Crypto GameFi Trend

In other words, MapMetrics’ updates focused on the app’s navigation features, not its token-earning platform. The firm wishes to ensure that MapMetrics remains a “top-tier navigation tool”, which will help attract and retain users of the GameFi aspects. Additionally, it will continue prioritizing “a stable and refined experience” in future updates.

Privasea’s Node Sale

Privasea, an AI and DePin network, also announced another node sale through project launcher CVPad. This is one of several node sales from Privasea this year, and its August sale sold out in 48 hours. This sale will also feature an airdrop component, such that only these nodes will be eligible for an upcoming token airdrop.

Privasea works to combat fraud and ensure privacy in AI computations. With an impressive list of backers and $10 million in investor funding, the company’s ImHuman app employs its “Proof of Human” tech to verify users’ identities. Whitelisting for this node sale began on October 15, and will continue until October 28.

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.



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