Bybit CEO Ben Zhou shared a 2023 warning from China’s law enforcement officials, calling Pi Network a scam. Pi made the largest airdrop in crypto history today, but despite the hype, it still has bitter opponents.

The warning described Pi using very harsh language, calling it a “pyramid scheme” that uses the elderly as “hunting targets.” If the project collapses in the future, it could have repercussions for China’s crypto policy.

Bybit Remains Firm Against Listing Pi

Pi Network, one of the most ambitious blockchain projects, had its long-awaited mainnet launch today. It quickly became the most valuable airdrop in crypto history, with a staggering $12.6 billion in airdropped tokens.

However, the project still has significant critics, as Bybit CEO Ben Zhou shared a 2023 warning against Pi from law enforcement in China:

“Many criminals use Pi to claim that they can mine for free by simply downloading an app on their mobile phones. They also give lectures to the elderly, expand the victim group by claiming that they can ‘recommend rebates’ by developing downlines, resell user personal information, and defraud the elderly of their pensions,” the statement claimed.

Zhou relayed this warning to show that China has long-held suspicions regarding Pi Network. Bybit is one of the world’s major crypto exchanges, and Zhou wished to justify why his company has zero interest in listing Pi.

He also shared it in response to Pi enthusiasts mocking him, strongly stating his personal belief that Pi is a scam.

Bybit is not the only exchange involved in this controversy. When OKX claimed it might list Pi, users strenuously reminded it that China might take offense.

These criticisms also surfaced when Binance launched a community vote to decide on the token’s listing. Currently, the Binance community is largely in favor of listing the token, but many are against it.

despite the overwhelming vote in favor. In short, Pi Network may have strong momentum, but it also has dedicated antagonists.

One of the key criticisms against Pi Network is how it might impact China’s stance on the crypto industry. The 2023 warning characterized the project as a pyramid scheme that targets the elderly, repeatedly using very harsh language to describe the token’s promoters.

China has shown a few signs of warming to crypto, but a major scandal could seriously harm progress.

Despite intense criticism from China, Pi Network still has fervent defenders. Bybit may have zero interest in listing it, but there are plenty of opportunities to buy it elsewhere.

Pi launched earlier today at a price of around $1.24, and it’s currently down nearly 50%.

XRP has been steadily recovering from recent price setbacks, showing strong bullish potential. The altcoin has been moving in an upward trajectory, backed by large wallet holders known as whales. 

These whales are significantly influencing XRP’s price action by accumulating massive amounts of the token.

XRP Whales Seem Ready For Rally

Whale addresses holding between 10 million and 100 million XRP have been actively accumulating. These investors have bought approximately 270 million XRP worth around $730 million over the past week. This accumulation indicates a strong conviction in the future of cryptocurrency; especially as large wallet holders tend to have considerable influence on price movements.

These whale investors appear confident that XRP is on the verge of further gains. Their buying activity suggests that they believe the price will continue its recovery and push past resistance levels. As these whales continue to accumulate XRP, it solidifies the bullish sentiment, helping to fuel potential price rallies in the days ahead.

The overall momentum of XRP is shifting positively, with its weighted sentiment showing a notable uptick for the first time in a month. For the past few weeks, sentiment has been predominantly bearish as investors showed caution. However, this shift to positive sentiment reflects growing confidence in XRP’s price recovery and suggests an increase in buying activity. 

As investor sentiment improves, the price of XRP could see significant upside movement. This shift in sentiment might encourage more participants to enter the market, adding fuel to the recovery and pushing XRP to new heights.

XRP Price Aims At $3

XRP is currently trading at $2.70 and is looking to secure this level as a support floor. A successful establishment of support at $2.70 is crucial for XRP to continue its upward momentum. Breaking past the resistance of $2.95 and flipping it into support would further confirm a rally, pushing XRP toward higher targets.

In the short-term, XRP’s price could be influenced by its ongoing formation of an ascending wedge pattern. While this pattern is typically bearish in the long term, it is suggesting a short-term bullish breakout. If XRP manages to break through its all-time high (ATH) of $3.40 and higher, it could extend its rally.

However, if XRP fails to breach and maintain $2.70 as support, it could see a sharp decline toward the next support level at $2.33. This would invalidate the current bullish pattern and outlook, potentially delaying or reversing the recovery.

BERA has experienced a remarkable 30% price surge in the past 24 hours, recovering a significant portion of early February losses. Investors welcomed the rally, hoping for sustained gains. 

However, market indicators suggest potential headwinds that could challenge the altcoin’s uptrend.

Berachain Bears Make Their Moves

Despite the recent rally, BERA’s funding rate remains deeply negative. This indicates that a majority of traders are placing short contracts against the cryptocurrency. Such positioning suggests that market participants anticipate a pullback in the coming days, aiming to capitalize on a potential decline.

The negative sentiment underscores a cautious outlook among investors. Many are hedging against the possibility of a reversal, signaling a lack of confidence in the sustainability of BERA’s price increase. As short interest builds, downward pressure on the altcoin could intensify.

From a technical standpoint, BERA’s macro momentum presents warning signs. The Relative Strength Index (RSI) has entered the overbought zone, crossing the 70.0 threshold. Historically, such levels have preceded price corrections, as traders take profits and momentum slows.

If the RSI sustains its position in this territory, selling pressure could emerge, leading to a potential price reversal. While bullish sentiment remains intact for now, technical signals suggest a possible downturn if buying volume does not support further gains.

BERA Price May Not Make A New High

Currently, BERA trades at $8.13, attempting to overcome resistance at $8.72. The altcoin is also working to solidify $7.71 as a crucial support level. Holding above this price would strengthen bullish sentiment, potentially paving the way for further gains.

However, prevailing market conditions indicate a bearish outlook. The combination of negative funding rates and overbought RSI levels suggests that BERA may struggle to sustain its uptrend. A failure to maintain support at $7.71 could see the altcoin testing lower levels, with $7.07 acting as the next significant support. If selling pressure increases, a further decline toward $6.24 is possible.

On the other hand, if broader market momentum remains bullish, BERA could defy expectations. A successful breach of the $8.72 resistance would set the stage for a retest of its all-time high at $9.23.

In such a scenario, the bearish thesis would be invalidated, and continued buying pressure could push BERA into price discovery mode.