Cryptocurrency

The crypto trader and analyst EGRAG CRYPTO tweeted an update for his RSI analysis on XRP yesterday. In the post, he mentioned that the RSI had dipped below 50, which he had predicted in a tweet made on 5 May 2023. As a result, the trader is now waiting for the RSI to dip into the 42 range.EGRAG CRYPTO did, however, warn that the RSI may not form a straight line with its dip into the 42 range. Nevertheless, he added that XRP’s price movement will be bigger and better the closer this indicator gets to the 42 range.At press time, CoinMarketCap indicated that the remittance token’s price stood at $0.4262 following a 0.37% drop over the past 24 hours. This recent price movement also pushed the altcoin’s weekly performance further into the red at -6.99%.The crypto was also outperformed by the market leaders Bitcoin (BTC) and Ethereum (ETH) during this period. At press time, XRP was down 0.58% against BTC and 0.34% against ETH.Daily chart for XRP/USDT (Source: TradingView)XRP’s price was hovering above the key support level at $0.4128 after it lost the support of the previous level at $0.45 on 7 May 2023. In addition, the 9-day and 20-day EMA lines were acting as resistance – adding some bearish pressure on the altcoin’s price.Should XRP lose the support of the $0.4128 level, it will continue to drop to the next support at around $0.3849 in the following days. On the other hand, a close above the 9-day EMA line in the next 48 hours will most likely lead to XRP’s price attempting to reclaim a position back above $0.45.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Trader Predicts XRP’s Price Will Drop Further in the Short-Term appeared first on Coin Edition.See original on CoinEdition More

Several on-chain milestones for Ethereum (ETH) were recorded in the past 24 hours according to glassnode alerts. In a series of tweets, the blockchain analytics firm shared 3 key on-chain milestones for the Ethereum network which were recently reached.In its first tweet, glassnode alerts shared that ETH’s amount of supply last active 1w-1m (1d MA) just reached a 3-month low. According to the post, the total stood at $6,286,324.517 ETH. This is a notable decrease from the previous 3-month low of 6,287,315.302 ETH, which was observed on 13 May 2023.Shortly after its first tweet, glassnode alerts published a second which showed that the number of ETH addresses in loss (7d MA) recently reached a 1-month high of 33,949,357.214. This post added that the previous 1-month high of 33,921,082.321 was observed on 13 May 2023.Lastly, glassnode alerts tweeted that the exchange inflow (7d MA) for ETH dropped to a 1-month low of $17,212,337.35. Furthermore, the previous 1-month low of $17,237,870.52 was observed on 14 April 2023. This decrease may be a bullish sign that investors and traders have slowly stopped selling their ETH holdings over the past 2 months.At press time, CoinMarketCap indicated that ETH’s price stood at $1,809.94. This is after it printed a 0.57% gain over the previous 24 hours. Despite the recent positive price movement, ETH’s weekly performance remains in the red at -5.08%. ETH was also able to strengthen by 0.08% against the market leader Bitcoin (BTC) during this period. Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post 3 On-Chain Metrics for ETH Recently Reached New Milestones appeared first on Coin Edition.See original on CoinEdition More

Tether used some of its profits to buy about 52,670 Bitcoins in Q1, 2023. Samson Mow, CEO of JAN3, believes the stablecoin issuer could achieve a baseline of nearly 200,000 coins per year and outpace MicroStrategy if it sustains this accumulation strategy and pace.The financial analyst that goes by ‘girevik’ on Twitter highlighted Tether’s recent report of earning almost $1.5 billion as a profit in Q1, 2023. The analyst explained Tether accrues interest on US treasuries while paying their depositors 0%. Hence, rising interest rates profit the stablecoin issuer.In essence, girevik deduced that the Fed and US Treasury are the ones subsidizing Tether’s Bitcoin purchases. He also noted that investors still prefer putting their money in digital dollars outside the banking system, despite the opportunity to earn 5% risk-free in a bank or money market fund.Using a screenshot from the crypto aggregation platform CoinmarketCap, girevik showed that Tether’s stablecoin issuance continues to grow, unaffected by rising interest rates.Renowned investor and entrepreneur Lyle Pratt responded to Mow’s tweet by noting how powerful Tether has become as a Bitcoin whale. According to him, the stablecoin issuer can set the Bitcoin price floor over the coming months if they wish to. Pratt quoted an earlier tweet suggesting that Tether should convert a portion of its treasury to Bitcoin and make it public.Pratt suggested Tether do so using up to 10% of their treasury, equivalent to $7.5 billion. That will serve as insurance against what he described as “banking shenanigans”, which are likely to increase. So far, Tether has invested $1.5 billion in Bitcoins, and Pratt believes they will go ahead and invest the remaining $6 billion he proposed.The post Tether Buys 52,670 Bitcoins in Q1, Set To Outpace MicroStrategy appeared first on Coin Edition.See original on CoinEdition More

The Solana data analytics platform, Step Data Insights, shared a post on Twitter yesterday which showed that Solana was on the verge of reaching a very important milestone. According to the post, Solana was nearing 1 million daily active addresses. This comes after 600 thousand new addresses were added in just the last 2 days.To put this milestone into perspective, Solana was averaging 600 thousand daily active addresses during the November 2021 bull market peak. Looking at a crypto project’s daily active addresses offers more insights into network engagement, adoption, and overall activity.The fact that Solana experienced such a spike in daily active addresses suggests that more people are joining the network. Despite this increase in network activity, Solana (SOL) still experienced a slight price drop over the past 24 hours of trading, according to CoinMarketCap.SOL price (CoinMarketCap)At press time, SOL was trading hands at $21.09 after a 0.29% price drop over the past day. The altcoin was also able to set a daily high of $21.24 and a daily low of $10.67 over the same time period.SOL’s price drop led to it weakening against both Bitcoin (BTC) and Ethereum (ETH) by about 0.67% and 0.45% respectively. Furthermore, SOL’s 24-hour trading volume dropped by more than 40% throughout the past day, and stood at $221,210,848.Meanwhile, when looking at SOL’s weekly performance, the price decrease that the altcoin recently experienced dragged its weekly performance even deeper into the red at -4.69%. The crypto also experienced a loss of 0.27% in the hour prior to press time.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Solana’s Daily Active Addresses Are Nearing The 1M Milestone appeared first on Coin Edition.See original on CoinEdition More

The on-chain analysis platform, Lookonchain, shared a tweet yesterday regarding the recent buying habits of a particular Pepe (PEPE) whale over the past few days. According to the post, the whale previously made 1,219 ETH, which was estimated to be worth more than $2 million, on PEPE.Shortly thereafter, this same whale decided to make another move, and purchased 1.33 trillion PEPE at a buying price of 0.000001586. In addition to this, the whale also bought 2.24 trillion PEPE using 26 ETH, worth $48k, at a trading price of 0.00000002166. The whale then sold its PEPE for 1,245 ETH worth about $2.24 million – achieving a 48x profit in the process.PEPE price (Source: CoinMarketCap)According to CoinMarketCap, PEPE earned itself the top spot on the platform’s trending list after the meme coin experienced a price increase of more than 15% over the past 24 hours. As a result, PEPE was trading hands at $0.0000019 at press time. Meanwhile, PEPE was also trading close to its daily high of $0.000002055.Furthermore, PEPE’s price increase throughout the past day allowed it to strengthen against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 17.14% and 17.18% respectively. Despite this, PEPE’s weekly performance was still in the red at -25.65%.PEPE’s 24-hour trading volume experienced a 14.52% increase as well, and stood at $1,005,242,161. The crypto’s recent price movement took its market cap to $754,591,424. This ranked it as the 57th biggest project in terms of market capitalization.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post PEPE One Of The Trending Tokens After A 15+% 24 Hour Gain appeared first on Coin Edition.See original on CoinEdition More

One of the key issues is that the value of memecoins is frequently determined solely by excitement and conjecture rather than by any inherent worth or utility. Because consumers and investors depend on stable currencies for financial security, memecoins could cause instability, which could have a detrimental effect on them.Continue Reading on Coin Telegraph More

Riot Platforms (RIOT), the Bitcoin mining company formerly known as Riot Blockchain (NASDAQ:RIOT), filed a lawsuit against the Texas-based digital asset technology company Rhodium Enterprises, alleging that the latter “deliberately miscalculated” the amount it owes to RIOT.In the Q1 2023 financial report of Riot Platforms released on May 10, the company pointed out that Rhodium Enterprises has failed to pay an amount of $26 million regarding the hosting and service fees of Bitcoin mining facilities. The report stated that though Rhodium Enterprises has been utilizing the mining facilities of the Riot subsidiary, Whinstone, from 2021 to the first quarter of 2023, it hasn’t paid any amount.According to the petition filed by the company on May 2, in the District Court of Milam County in Texas, Rhodium Enterprises owes “more than $26 million”. In addition, RIOT has also asked for reimbursement for legal fees in order to proceed with the legal actions.The quarterly report gave a short description of the petition filed, asserting that “certain hosting agreements” with Rhodium have been terminated. The report stated:Further, Whinstone claimed that though the platform tried to get the amount submitted by Rhodium in May 2022, and later in April 2023, Rhodium refused to make the payment, finally forcing Riot to file the lawsuit.The post Rhodium Owes $26 Million to Riot Enterprises; Riot Files Lawsuit appeared first on Coin Edition.See original on CoinEdition More

The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a new turn as Ripple’s lawyers have accused the SEC of trying to stretch the Howey test beyond its original intent by focusing on the adjective “common” in the phrase “common enterprise.”Recently, Stuart Alderoty, the Chief Legal Officer at Ripple, took to Twitter to criticize the SEC’s stance on the “common enterprise,” citing the regulator’s unsuccessful argument in the Supreme Court’s “Howey” case of 1946 that investment in a “common enterprise” was not needed if there was a “community of interest.”Alderoty noted that the SEC was wrong then and is still wrong now, asserting that common interest is not the same as a common enterprise. Notably, the SEC’s argument is that all XRP holders around the globe for the past eight years have been involved in a common enterprise. Additionally, the SEC had pointed to the fungibility of XRP as evidence of a common enterprise. The regulator argued that all units of XRP are fungible and rise and fall together, which is part of the common enterprise. According to crypto lawyer Bill Morgan, Ripple’s attorneys have attacked the above argument, pointing out that the same could be said about an ounce of gold. Morgan claimed the SEC is trying to pull a sleight of hand by surreptitiously arguing an old point that the Supreme Court had rejected in the Howey case.Notably, the Howey test is a legal framework used to determine whether an investment is a security, and “common enterprise” is one of the prongs.The post Ripple CLO to SEC: Common Interest Is Not Same as Common Enterprise appeared first on Coin Edition.See original on CoinEdition More