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Analyzing XRP’s Bullish Momentum & Projected Surge to $0.75

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Ripple (XRP) is making waves with its recent price fluctuations and promising projections. According to the latest insights from Changelly, crypto experts anticipate the average XRP rate will settle at $0.735 by the end of December 2023. The projected range suggests that the minimum and maximum prices could hover around $0.635 and $0.836, respectively.

Ripple Bullish Scenario Targets to $0.75

Changelly’s most recent Ripple price forecast indicates an expected 19.06% increase, projecting a specific value of $0.749131 by December 08, 2023. The technical indicators from Changelly highlight a robust 93% Bullish market sentiment on Ripple, as revealed by the Bullish signal. Additionally, the Fear & Greed Index stands at 72, indicating a prevailing sentiment of Greed in the market.

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Analyzing XRP's Bullish Momentum & Projected Surge to $0.75 4

Over the past 30 days, Ripple has experienced a notable pattern, with 15 out of 30 days marked as green, signaling positive movements. The price volatility during this period is reported at 4.45%, showcasing a certain level of stability in the market.

Adding to the analysis, renowned crypto analyst Ali Martinez shared insights via an X post, presenting a short-term analysis of XRP in a 4-hour time frame. Martinez observed a resemblance between XRP’s current price action and its previous movements within a Descending Channel (DC).

The analyst suggests that breaking out of Descending Channel B is the next challenge for XRP, with a Fib 0.5 level at a price target of $0.7529. Success in surpassing this level could open the gateway to a potential move towards $1.3-$1.5.

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Analyzing XRP's Bullish Momentum & Projected Surge to $0.75 5

However, Martinez emphasizes the importance of considering this development within the broader market context. Monitoring trading volume and overall market sentiment becomes crucial in assessing the sustainability of the potential uptrend.

XRP Price Analysis

As of the latest data, the current price of XRP stands at $0.63, solidifying its position as the fifth-ranked cryptocurrency in the market. With a circulating supply of $33,674,702,535.87 and a market cap of 53,888,571,585 XRP, the coin has witnessed a 2% increase in the past 24 hours.

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Source: CoinMarketcap

Over the last 7 days, XRP has displayed a commendable upward trend, experiencing a 4.01% increase. The coin’s remarkable potential is further highlighted by a 14.29% growth over the last month, contributing an impressive average of $0.09 to its current value.

However, this surge indicates that XRP could potentially solidify its position as a robust asset if the growth trajectory persists. Investors and enthusiasts are keeping a close eye on Ripple as it continues to progress in the crypto market.

Note: The details on this page about markets and instruments are like a sneak peek – just info, not a nudge to buy or sell. Before diving into investments, dive into your own research pool.

Related Reading |  Shiba Inu Soars: $0.00001 Resistance Broken 

Robinhood’s European Impact: Free Crypto Trading App Revolutionizes Markets

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Robinhood Markets Inc., the major fintech player based in Silicon Valley, is expanding its global footprint with the introduction of a cryptocurrency trading application. Notably, this app will not impose any commission fees within the European Union. This expansion comes on the heels of Robinhood’s recent launch of stock-broking services in the United Kingdom.

Set to go live on December 7, the forthcoming app will empower European investors to participate in the trading of more than 25 cryptocurrencies, encompassing well-known options such as Bitcoin (BTC), Ether (ETH), and Solana (SOL).

Robinhood’s entry into the European cryptocurrency market underscores its commitment to delivering commission-free trading services across a diverse range of digital assets. The platform seeks to empower European investors by facilitating simplified access to the crypto market, eliminating the conventional burden of trading fees. This aligns seamlessly with the company’s overarching mission to democratize finance and broaden access to investment opportunities for a wider audience.

To further incentivize users, Robinhood is poised to introduce a loyalty program for its European clientele, reminiscent of cashback rewards. This program will grant users a percentage of their monthly trading volume in Bitcoin, aiming to stimulate regular trading activity and familiarize users with the benefits of cryptocurrency ownership.

The European launch coincides with a broader resurgence in cryptocurrency prices, driven by factors such as speculation surrounding potential interest-rate hikes in the United States and anticipation of the industry’s first Bitcoin-backed exchange-traded fund (ETF). In November, Robinhood reported a significant 75% surge in crypto notional trading volumes, signaling a growing demand for digital assets among its user base.

Revenue for Robinhood’s European crypto brokerage will be generated through rebates provided by market makers and trading venues executing trades on its behalf. In the European market, the rebate is set at approximately 65 basis points per trade, nearly double the rate earned from crypto orders executed in the United States. This revenue model is anticipated to play a substantial role in fortifying the platform’s financial success in the region.

Robinhood’s Regulatory Chessboard

While expanding its cryptocurrency services across Europe, Robinhood has clarified that it currently has no immediate plans to extend these offerings to investors in the United Kingdom. This hesitation is attributed to the lack of regulatory clarity surrounding digital assets in the UK. Nonetheless, the company is actively seeking approvals in additional European Union countries and has been officially registered as a virtual currency exchange operator in Lithuania since September.

Looking ahead, Robinhood envisions introducing additional features for its European customers. This includes enabling users to transfer their cryptocurrency holdings outside of the app, with implementation expected in the coming year. The company also has plans to diversify its token offerings and introduce staking services, enhancing the overall user experience.

Robinhood’s foray into the European cryptocurrency market signifies a strategic move for the company, capitalizing on the growing interest in digital assets within the region. The combination of a commission-free trading model and innovative loyalty programs positions Robinhood as a significant player in the evolving landscape of cryptocurrency investment platforms. As the platform navigates regulatory landscapes and continues to enhance its offerings, the European launch holds the promise of expanding access to cryptocurrencies and fostering a new era of retail participation in the global financial markets.

Cathie Wood’s Ark Invest Continues Selling Spree: Offloads $27.8 Million

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In a move that continues its recent trend, Cathie Wood’s Ark Invest reportedly sold additional shares of both Coinbase and Grayscale Bitcoin Trust (GBTC) on Wednesday. According to the company’s latest trade filing, Ark offloaded 180,422 Coinbase shares, equivalent to $24.3 million, and 99,595 GBTC shares, amounting to $3.5 million.

ARK Invest Unloads $27.8 Million in Coinbase & GBTC Shares

Breaking down the Coinbase sales, Ark sold 12,474 shares worth $1.7 million from its Fintech Innovation ETF, 5,369 shares valued at $723,000 from its Next Generation Internet ETF, and a substantial 162,579 shares amounting to $21.9 million from its Innovation ETF.

This follows the trend set earlier in the week, with Ark selling $33.3 million worth of COIN on Tuesday and $1.4 million on Monday. In total, the investment management firm has divested $59 million in Coinbase shares from its funds this week, with an additional $15 million sold the previous week.

As of the latest market close, Coinbase stock was priced at $134.63, marking a 7% increase over the past week, a 55% surge over the past month, and an impressive 269% year-to-date gain. This ascent has propelled Coinbase to its highest level in 18 months, according to data from TradingView.

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Source: Tradingview.com

Simultaneously, Ark Invest’s selling spree extended to GBTC shares, with 99,595 shares, equivalent to $3.5 million, offloaded from its Next Generation Internet fund. This follows the sale of 168,127 GBTC shares totaling $5.9 million on Tuesday. GBTC shares closed at $34.92, reflecting a 14% increase in the last week, a 28% gain over the past month, and an astounding 325% year-to-date surge, according to TradingView.

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Source: TradingView

The price appreciation of GBTC shares correlates with the recent surge in the underlying value of bitcoin, which has witnessed a 16% increase over the last seven days, a 25% uptick over the past month, and a remarkable 166% surge year-to-date, currently trading at approximately $43,309.

Ark’s decision to sell GBTC shares aligns with the recent narrowing of GBTC’s discount to net asset value (NAV). The discount, which measures the difference between the market price of each share and the value of the bitcoin it represents, has decreased from over 40% in June to approximately 11%, as reported by YCharts.

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Source: YCharts

Related Reading |  Solana (SOL) Primed To Surpass $100: Arthur Hayes Forecasts Weekend Altcoin Surge

Bitcoin’s Firm Ground: 642K Wallets Secure 347K BTC At $42,700 Support

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Bitcoin is currently finding solid ground at the crucial support level of $42,700, according to a recent analysis by cryptocurrency expert Ali. The stability at this level gains significance as a staggering 642,000 wallets have accumulated a total of 347,000 BTC, signaling a robust defense line for the world’s leading digital currency.

Analyst Ali took to the X platform to share the insights, stating that if the bullish momentum persists, there is a potential for a significant upward push toward the next major supply zone at $47,300. As per Ali’s analysis, this level is home to 614,000 wallets collectively holding 427,000 BTC.

However, the crypto community remains on edge, with all eyes on the $42,700 support. In the event of a breakdown, the next critical level to monitor is $38,000, which could mark a crucial turning point for Bitcoin’s short-term trajectory.

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Glassnode Report: Bitcoin Dominance in 2023

In a recent report by Glassnode, Bitcoin has continued to assert its dominance as one of the best-performing assets globally in 2023. The leading cryptocurrency has outpaced traditional assets, boasting a year-to-date appreciation of over 140%. Notably, Bitcoin’s value has more than doubled relative to gold, maintaining its dominance in the broader digital asset landscape.

Glassnode’s report reveals that Bitcoin’s current market position is well above the True Market Mean Price of $31,000. This suggests a substantial recovery for most Bitcoin holders who weathered the storm of the 2022 bear market. Historically, such recoveries have signaled a shift towards a more optimistic bull market sentiment.

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Delving into the specifics, the report highlights the positive developments for both Long-Term Holders and Short-Term Holders. Long-term holders, witnessing a YTD rally, have seen the proportion of their holdings in profit surge from 56% to an impressive 84%. This surpasses the all-time average value of 81.6%, indicating a potentially sustained bullish trend.

On the other hand, Short-Term Holders are reveling in their positions, with over 95% of their holdings currently in profit. According to historical metrics, this level suggests an enthusiastic uptrend, aligning with previous strong market upswings. However, the broader market sentiment remains cautiously optimistic for the leading cryptocurrency, with indications pointing towards a potential bullish continuation in the coming weeks.

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Related Reading | Shiba Inu Soars: $0.00001 Resistance Broken

Terraform Labs Gambles on Jury Trial in Landmark Crypto Case

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Terraform Labs, the embattled company behind the failed Terra (UST) stablecoin and LUNA cryptocurrency, has requested a jury trial to decide the regulatory status of its tokens. This comes in response to a lawsuit filed by the Securities and Exchange Commission (SEC) in February, alleging Terraform Labs and its co-founder Do Kwon of orchestrating a multi-billion dollar securities fraud.

The SEC claims that Terraform Labs offered and sold UST, LUNA, Wrapped LUNA (wLUNA), and Mirror Protocol tokens (MIR) as unregistered securities, violating securities laws. Terraform Labs, on the other hand, argues that these tokens are not securities and that the case should be decided by a jury.

Terraform Cites Jury Precedent

The company’s lawyer, David Kornblau, cited the 2021 case Audet vs. Fraiser, where a jury determined that four cryptoassets were not securities, as precedent for their request. However, the SEC argues that the Audet case is the only instance where a jury was involved in such a decision and that the facts clearly show Terraform Labs sold securities.

This legal battle revolves around the broader issue of whether and how cryptocurrencies should be classified and regulated. The Howey test, a legal framework used to determine whether an investment contract exists, is often used in such cases. If a cryptocurrency is deemed a security, it falls under the SEC’s jurisdiction and its issuers need to comply with stringent regulations.

Previously, Terraform Labs requested a summary judgment in their favor, hoping to avoid a full trial. However, if the judge chooses not to grant their request, they are now pushing for a jury trial.

Meanwhile, Do Kwon, who was arrested in Montenegro in March for using a fake passport, faces potential extradition to the United States to face the SEC’s charges. The Montenegrin court approved his extradition in late November, adding another layer of complexity to this ongoing saga.

The outcome of this case could have significant implications for the entire cryptocurrency industry, as it will set precedents for how regulators approach the classification and regulation of digital assets.

Ethereum Poised For $2,340 Surge Amidst Resilient Uptrend

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According to insights from Cryptonary, Ethereum (ETH) seems to be gearing up for a substantial surge, with a target set at an impressive $2,340. The technical analysis reveals a noteworthy pattern, as ETH consistently encounters resistance along the underside of the primary uptrend line. 

However, the optimism persists, especially if the digital asset manages to break through the $2,120 mark, signaling a potential climb to the coveted $2,340 level. The mechanics of Ethereum are reported to be in a robust state, portraying a healthy foundation for further growth.

Delving deeper into the analysis, the 12-hour chart of ETH presents a comprehensive view. The resistance at the uptrend line is a notable challenge, but the optimistic target of $2,340 is well within reach. On the downside, $2,120 is expected to act as a strong support level, having previously served as a resistance point.

The Relative Strength Index (RSI) indicates that ETH is currently overbought across major timeframes. While this might raise cautionary flags, analysts suggest that the RSI is not alarming at its current levels, although it merits monitoring if the uptrend persists.

Ethereum Open Interest & Funding Rate Dynamics

Examining market mechanics, ETH’s Open Interest stands at an impressive $8.28 billion, lingering close to its yearly high of $8.47 billion. The OI-Weighted Funding Rate, slightly higher than usual at 0.015%, suggests a prevailing bias towards Long positions rather than Short. Despite this, analysts emphasize that this isn’t yet a cause for concern unless funding becomes significantly positive.

Cryptonary’s take on the situation provides additional perspective. Despite Ethereum’s recent underperformance relative to Bitcoin (BTC), analysts express a favorable outlook for ETH. The suggestion is that Ethereum may still have considerable room for upward momentum. Furthermore, the mechanics of ETH are deemed healthier, with Open Interest not reaching overheated levels and Funding maintaining stability in the mid-0.01% range.

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As part of their strategy, Cryptonary indicates that if ETH were to retest the $2,100 level, they would consider becoming Dollar-Cost Averaging (DCA) buyers of ETH. Additionally, they express an intention to augment their Spot bags for the long term, highlighting a belief in Ethereum’s potential for sustained growth in the unpredictable world of digital assets.

Related Reading | XRP Wealth Blueprint: Returns Analysis for 1K, 5K, or 10K Tokens in Diverse Price Landscapes

Dogecoin to the Moon: DOGE-1 Mission Soars

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The space sector has witnessed a surge in interest surrounding the “meme coin” Dogecoin (DOGE), thanks to the upcoming launch of DOGE-1, a Dogecoin-themed satellite set to orbit the moon. This mission, scheduled for January 12th aboard a SpaceX Falcon 9 rocket, has triggered a significant jump in the value of two tokens associated with the project: GEC and XI.

GEC, the token issued by Geometric Energy Corporation (GEC), the company behind DOGE-1, has seen a staggering four-fold increase in value over the past week. Meanwhile, XI, touted as the “space advertising token” for displaying ads on the satellite, has witnessed a 36% rise. Together, these tokens boast a market capitalization exceeding $30 million and a community of over 6,000 individual holders.

History of Dogecoin Mission

The DOGE-1 mission, first announced in May 2021, is a testament to the influence of Dogecoin and the broader meme coin phenomenon. The satellite’s payload was entirely funded through DOGE, fueled by the vocal support of SpaceX founder Elon Musk, a prominent advocate for the cryptocurrency.

With the recent regulatory approvals granted to SpaceX, DOGE-1 is finally poised for its historic launch from the Kennedy Space Center in Florida. GEC founder Samuel Reid expressed his excitement, stating, “This is a monumental moment for everyone involved in the DOGE-1 mission.”

DOGE-1 is not the only Dogecoin-related space mission on the horizon. Another mission is also planned for the coming months, further solidifying the meme coin’s presence in the burgeoning space industry.

This confluence of factors – the upcoming launch, the backing of influential figures like Elon Musk, and the broader interest in meme coins – has created a perfect storm for the GEC and XI tokens, propelling them to new heights. As the excitement surrounding DOGE-1’s lunar journey continues to build, it is likely that these tokens will experience further growth in the lead-up to the launch and beyond.

Shiba Inu’s Blazing Burn: First Hard Fork Ignites Multiple Token Model

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Shibarium, the layer-2 network at the heart of the Shiba Inu ecosystem, has undergone its first hard fork. This upgrade brings significant changes, including an enhanced burning mechanism and support for a multiple-token burn model.

DaVinci, a key figure in the Shiba Inu development team, shared resources and details for a smooth transition after the fork via Discord. They encouraged relevant parties to align their Bor genesis with updated configurations from other instances. The development team also shared an updated genesis file and the necessary post-update command to ensure a seamless process.

The primary focus of the fork was a significant enhancement to Shibarium’s burning mechanism. This move aims to include a burn mechanism for BONE, the governance token of the Doggy DAO. This has been met with mixed reactions within the community, with some welcoming the development and others questioning the necessity of burning BONE.

NOWNodes, a leading provider of blockchain infrastructure solutions, sheds more light on the fork in a separate disclosure. They touted Shibarium as a solution that offers a more streamlined environment for DeFi and NFTs. Notable changes include the migration of layer-1 of Shibarium’s Puppynet, the testnet, from the Goerli Network to the Sepolia Network.

Shiba Inu’s Promise of Enhanced Burns

Shibarium has promised to enhance SHIB burns, helping to reduce the Shiba Inu supply. The network recently made its first burn. With the latest upgrade, the burn mechanism initially managed manually, is set to transition to an automated system, enhancing efficiency and transparency.

The Shibarium network will witness continuous upgrades, focusing on both manual and automated burning processes and ensuring adaptability. Version upgrades will target enhanced transaction speeds and improved user experiences.

The NOWNodes team believes that the Shibarium fork could facilitate mass adoption. They point to the network’s increased scalability, allowing developers to deploy more transactions within a condensed timeframe. This, coupled with instant real-time on-chain data sources, further fuels the platform’s appeal.

The Shibarium hard fork marks a significant milestone for the Shiba Inu ecosystem. With enhanced burning mechanisms, support for multiple token burn models, and ongoing upgrades, Shibarium is poised to play a key role in the future of Shiba Inu. The success of this upgrade will depend on continued community support and developer adoption.

Grayscale CEO Defends Crypto Against JPMorgan Chief’s Call For Ban

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Grayscale Investments CEO Michael Sonnenshein has responded to JPMorgan (NYSE: JPM) CEO Jamie Dimon’s recent remarks against Bitcoin (BTC) and other cryptocurrencies, saying that the digital asset class is here to stay and that traditional financial institutions need to adapt to the changing landscape.

Dimon, who has been a vocal critic of Bitcoin and crypto for a long time, reiterated his stance during a Senate appearance, where he suggested that the US government should outlaw these digital assets. He claimed that the only true use case for crypto is for criminals, drug traffickers, money launderers, and tax evaders.

“I’ve always been deeply opposed to crypto, bitcoin, etc. […] The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance. […] If I was the government, I’d close it down,” Dimon said.

Sonnenshein Says Crypto Is A Technology Investment

Sonnenshein, on the other hand, expressed a different view during an interview with Yahoo Finance on November 7, arguing that Bitcoin is considered a technology investment or a risk asset and that investor interest in this asset class is only growing. He emphasized that financial institutions must incorporate new technologies, such as crypto, into their offerings.

“I think every executive, particularly in the financial services space, is going to have their own opinions on new technologies and whether that’s crypto or bitcoin specifically. But if you take a big step back, there is no question that this asset class is here to stay, that investor interest in this asset class is only growing,” Sonnenshein said.

Bitcoin Surges Past $40,000 Amid ETF Hopes

Meanwhile, Bitcoin has been on a bullish run, breaking above the $40,000 mark for the first time since April 2022. The rally has been partly driven by speculation surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).

Grayscale Investments is among the entities that have applied for a Bitcoin ETF and are awaiting feedback from the SEC. Sonnenshein has expressed optimism that the product will gain regulatory approval, citing the increased understanding of cryptocurrencies among regulators as a positive sign.

As of December 7, 2023, Bitcoin was trading at $$43,800, down by 0.20% in the last 24 hours. The flagship cryptocurrency briefly touched the $44,000 level, a new high since April 2022.

Related Reading | Solana Thrives Despite Challenges: Co-founder Addresses FTX Collapse

Cardano (ADA) Poised For 70% Rally By Late December, Analysts Optimistic

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Cardano (ADA) is currently experiencing a notable upswing amidst the ongoing crypto resurgence driven by Bitcoin. Bullish momentum is aiming to revisit this year’s high, which is around 45 cents.

This surge is not a stroke of luck; rather, it is the outcome of dedicated development initiatives and the maturation of the Cardano network into a thriving ecosystem for emerging web3 projects.

Cardano’s Staked Assets Soar: 22.98 Billion ADA, 695 Million Locked In DeFi Projects

The total staked ADA has surged impressively to 22.98 billion, with 695 million securely locked in decentralized finance (DeFi) projects. This surge in staked and locked assets has led to a reduction in the circulating supply, potentially fueling a bullish trend in the market.

In a recent analysis, Ali, a renowned crypto expert, compared Cardano’s ongoing consolidation phase to its trajectory from 2018 to 2020, excluding the Black Thursday event. 

Despite ADA’s struggles to surpass the 38-cent mark, Ali projects a potential year-end high of 75 cents, contingent on breaking the crucial 45-cent barrier in early December. With ADA currently hovering around this pivotal level, the analyst stands by the ambitious 75-cent target.

Cardano’s price has recently broken out of a macro descending triangle, signaling a bullish trend. The confirmation of a daily golden cross between the 50 and 200 Moving Averages further underscores the potential for an upward trajectory. Moreover, a notable spike in daily traded volume, reaching approximately $788 million, reinforces the optimistic outlook for Cardano’s price.