XRP Price Rises to $0.53 Amid Legal Battle and Broader Market Rally

Audy Castañeda
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XRP Price Rises to $0.53 Amid Legal Battle and Broader Market Rally

XRP has recently drawn attention due to the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC).

As overall market conditions turned significantly bullish today, XRP broke out of the descending channel pattern, with Bitcoin surpassing $50,000. Altcoins including XRP are following the trend.

Crypto lawyer James Murphy predicts that a possible settlement in the SEC vs Ripple lawsuit could be on the horizon, especially since 2024 is an election year and the possibility of a new SEC administration. This anticipation has contributed to the price of XRP rising to $0.53, marking a weekly gain of nearly 5% for holders.

XRP has been facing a bearish trend for the past few days, starting from the $0.535 price level and dragging it down towards the $0.515 support level.

However, as overall market conditions turned significantly bullish today, XRP broke out of the descending channel pattern. The current price action suggests that XRP is looking to form support around $0.527.

In addition to XRP’s bullish movement, Ripple, the company behind the cryptocurrency, made a major transaction yesterday.

According to a tweet by WhaleAlert, $52.6 million worth of XRP tokens were transferred from an unknown wallet to Ripple. Just before this flood, Ripple made another big transfer, sending 80 million XRP, valued at just over $42 million, to an unknown wallet.

XRP Price Points to New Rally, or Another Decline?

In the past few days, XRP price recovered from the $0.4980 zone. There was a move above the $0.505 and $0.5120 resistance levels. However, the bears remained active near the $0.5380 resistance and protected more upside, unlike Bitcoin and Ethereum.

If the bulls remain in action above the $0.5850 resistance level, there could be a rally towards the $0.600 resistance. Any further gains could send the price towards the $0.620 resistance.

If XRP fails to break above the $0.5380 resistance zone, it could start another decline. Initial support on the downside is near the $0.518 zone and the trend line. The next major support is at $0.5120. If there is a break down and a close below the $0.5120 level, the price could accelerate lower. In the given case, the price could retest the $0.480 support zone.

Shiba Inu Rally Stops

Shiba Inu (SHIB) saw its bullish trend halted despite overall market conditions turning significantly bullish. Positioned between the 100 and 50 exponential moving averages (EMA) on the daily chart, SHIB’s price action suggests a possible consolidation phase before determining its next direction.

If SHIB can overcome the resistance at the 50-day EMA and sustain above this level, it could signal renewed investor confidence, which could lead to a push towards the next resistance at $0.000010.

Bitcoin Bullish Rise

Bitcoin is making headlines by surpassing the crucial psychological mark of $50,000, suggesting strong bullish sentiment in the market.

However, this gap also introduces the possibility of an upcoming correction or consolidation before further gains.

The next significant resistance level for BTC is around the $51,000 mark. A move above this threshold could solidify Bitcoin’s bullish position and invite a new wave of momentum.

On the contrary, a price correction momentum would be expected to face support around $49,500 in a shorter time frame.

The cryptocurrency market remains vibrant, with XRP legal developments and the broader market rally. Some analysts even predict further upside for XRP, which may last between one or four weeks.

By Audy Castaneda

Launch of the First Carbon Credit Based on NEAR Protocol in Colombia

Leonardo Perez
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Launch of the First Carbon Credit Based on NEAR Protocol in Colombia

Open Forest Protocol (OFP), based on NEAR Protocol, announced its first carbon credit verified with blockchain technology. Open Forest Protocol works as an “on-chain carbon” game of real-world assets (RWA), and its first project “Celsia” is in Colombia. OFP detailed that all credits created are automatically distributed to the project wallet after verification and issuance.

The NEAR Protocol-based carbon credit verification and issuance platform, Open Forest Protocol (OFP) announced its issuance of the first carbon credit verified with blockchain technology. The launch was carried out through the Celsia Carbon Development Project, a program established in Colombia.

OFP explained that the launch of the first carbon credit in Near Protocol will be the “first of many planned for 2024,” since it would have a portfolio of more than 70 projects for up to 6,000 hectares on-chain. Carbon credits will be launched on its OFP platform.

NEAR Protocol behind Open Forest Protocol Carbon Credits

OFP is built on the NEAR Protocol ecosystem and works as an “on-chain carbon” game of real-world assets (RWA). That is, Open Forest seeks to issue carbon credits natively from the NEAR blockchain.

The first project to come out of OFP’s first carbon credit is called “Celsia”, an ecological restoration program in Colombia, led by Grupo Argos, which will increase the forest coverage of hydrographic basins that supply the municipal aqueducts of Valle del Cauca, Antioquia, Atlántico and Tolima.

The “Celsia” project will seek to increase the diversity of species and flora, minimize risks of landslides and erosion, and propagate native forest species, as well as to train for greater knowledge of restoration and exchange of knowledge in the community.

In this regard, NEAR Protocol explained the following:

“For the first time, a fully ‘data-backed’ carbon credit has been issued, to the extent that an off-taker or third-party trader can easily verify on-chain the following details about their carbon credit:

Where it came from.

When the project started.

What data was collected to create the carbon credit.

When the data was uploaded.

Who verified the data.

How many counterparties verified the data.

What methodology was used to create and issue the credit.

Where the credit was issued.

When the credit was offset.”

Carbon Credit Market Backed by Blockchain Technology Grows

OFP explained that all credits created are automatically distributed to the project wallet after verification and issuance, and a portion of the credit goes to a buffer pool, as well as to OPN protocol holders.

Meanwhile, the credits will be documented in multiple tokens, according to the NEP-245 standard, which will allow any member of the project to see the amount and project ID of the carbon credit in question.

“Open Forest is a unique protocol built on NEAR that holds the promise of bringing On-Chain carbon to the Voluntary Carbon Market (VCM) at scale. This means that both institutions, carbon traders, and crypto-protocols, can easily access some of the highest quality carbon credits in the world, with confidence towards its integrity and longevity.”

According to NEAR Protocol, OFP has more than 80 projects representing more than 5,000 hectares. In addition, it will incorporate 65 projects in 2024, while one of its most relevant projects is in the Ivory Coast for 3,500 hectares.

At the beginning of the year, Santiment revealed that Artificial Intelligence (AI) and real-world assets (RWA) will be the main drivers of the cryptocurrency ecosystem in the coming months, and that AI and Real World Assets have generated the greatest interest in the last six months.

By Leonardo Perez

Russian Central Bank Identifies Crypto Link in “Almost All” Financial Scams Detected in 2023

Audy Castañeda
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Russian Central Bank Identifies Crypto Link in “Almost All” Financial Scams Detected in 2023

A report highlights a growing trend of illegal financial market participants using cryptocurrencies.

The Bank of Russia, in its latest report, revealed a worrying increase in financial scams with cryptocurrency-related elements in 2023.

The number of entities involved in illegal activities, including financial pyramids, reportedly increased by 15.5% as compared to the previous year, reaching 5,735 identified cases.

Online Scams Soar as Cryptocurrencies Are in The Spotlight

The report highlights a growing trend of illegal financial market participants using cryptocurrencies. In 2022, one in two pseudo-investment projects involved cryptocurrencies, and by 2023, the bank claims that almost all financial pyramids and illegal brokers offered investments in domestic tokens or accepted cryptocurrency contributions.

According to the report, these scams operate primarily as “small pseudo-investment projects” created and conducted online. Its reach is amplified through social media and the messaging app Telegram, with organizers actively engaging “popular lifestyle bloggers” for advertising purposes.

Furthermore, foreign payment services and cryptocurrencies emerged as the most popular methods of transferring funds to these alleged pyramids. The report notes that more than 45% of identified scams encouraged investors to use foreign payment service systems.

At the same time, nearly 1,500 fraudulent projects accepted cryptocurrency contributions, allowing organizers and beneficiaries to maintain anonymity.

According to the Central Bank of Russia, scammers often create duplicate resources after blocking the main sites. In 2023, more than 1,500 financial pyramids had their domains and subdomains blocked through this mechanism.

Furthermore, almost 44% of illegal lenders advertised their services exclusively online, without physical offices, relying on social media pages, groups and popular advertising platforms.

To address the continued existence of these illegal activities, the Bank of Russia has taken measures to restrict access to domains and subdomains used by entities involved in illegal financial activities.

Crackdown on Illegal Financial Activities

The Bank of Russia also noted a decrease in the number of organizations providing loans against real estate, which indicates a downward trend in this sector.

Additionally, the regulator identified 820 illegal forex traders and 42 illegal brokers and managers. Many of these companies are alleged to attract customers by offering the illusion of bidding on foreign currency sites. Fabricated classifications, which mix legal participants with illegal entities, further mislead consumers. In 2023, the Bank of Russia identified 48 such sites.

To counter the activities of illegal organizations and financial pyramids, the Bank of Russia recommended that credit institutions apply anti-money laundering (AML) legislation to entities listed as involved in illegal activities in the financial market. These measures aim to reduce the lifespan of financial pyramids, prevent fundraising by illegal financial service providers, and minimize the harm caused to citizens by such schemes.

To enforce its efforts, the Russian Central Bank shares information on identified illegal participants and financial pyramids with law enforcement agencies, the Federal Antimonopoly Service of Russia (FAS Russia) and the Federal Service for Supervision of Communications, Information Technology and Media (Roskomnadzor).

As of 2023, the Bank of Russia’s actions have opened more than 125 criminal cases and more than 620 administrative cases and implemented more than 1,300 other response measures.

In addition, access to more than 11,200 online resources belonging to illegal participants and financial pyramids has been restricted.

By Audy Castaneda

Philippines Will Launch a CBDC as “Answer to Cryptocurrencies”

Leonardo Perez
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Philippines Will Launch a CBDC as “Answer to Cryptocurrencies”

The Philippine central bank plans to launch a digital currency within two years, offering a safer alternative to cryptocurrencies. The CBDC would use the Peso Real-Time Gross Settlement System, governed by the National Payment Systems Law, instead of blockchain. The bank’s Governor, Eli Remolona Jr, claims that the CBDC is an answer to private cryptocurrencies, citing the successful test of the Chinese e-CNY.

The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), plans to launch a central bank digital currency (CBDC) within two years. The bank wants to complement physical cash and offer a less risky alternative to cryptocurrencies. The BSP Governor said he will launch a central bank digital currency that will not rely on blockchain.

CBDCs are digital tokens issued by central banks. Retail CBDCs can be used by the general public, while wholesale CBDCs are exclusively for institutional use. The central bank of the Philippines began an exploratory study on CBDCs in 2020. The Bank for International Settlements, which coordinates among central banks around the world, said in November that institutions are not sufficiently prepared for the risks posed by CBDCs.

Philippines Will Launch a CBDC but without Blockchain

The BSP will initially offer the tokenized currency to commercial banks, with the goal of improving the efficiency, security and robustness of domestic and overseas payments.

According to the BSP Governor, Eli Remolona Jr, the bank will not implement the CBDC using blockchain infrastructure. Instead, it will use the Real-Time Gross Settlement System in Pesos, already regulated by the National Payment Systems Law. The Law establishes the regulatory framework for the exchange of funds by institutions:

“Other central banks have tried blockchain, but it hasn’t gone well,” Remolona said.

He added that, similar to Sveriges Riksbank’s approach, the Philippine CBDC would complement cash, not replace it. The Swedish central bank clarified this in a bulletin published in December 2023.

How Countries Are Implementing Cryptocurrencies with CBDC

Remolona also explained that the new CBDCs would be his bank’s answer to private cryptocurrencies. He cited that China has demonstrated the viability of a wholesale CBDC with its e-CNY tests.

China and several other countries have implicitly made crypto transactions unviable by promoting CBDCs or suppressing cryptocurrencies through harsh regulations.

India’s system taxes private crypto holders with a 30% tax burden. Recently, the government has launched a heavily supervised CBDC.

In January 2023, crypto advocate Nic Carter highlighted the covert efforts of White House financial regulators to stifle crypto. In the midst of the 2023 US banking crisis, a former US congressman accused regulators of closing one of the affected banks for political reasons.

The New York State Department of Financial Services denied targeting Signature for its crypto business line. Even in Hong Kong, where cryptocurrency regulations were launched with much fanfare in June, cryptocurrency companies must comply with rules that some have considered unworkable.

In February 2023, the Bank of England and HM Treasury released a consultation paper outlining the case for a digital pound. The paper concluded that it is too early to decide whether to introduce the digital pound but that preparation towards that decision is ongoing.

The Monetary Authority of Singapore has also pushed its own tokenized payments mechanisms while discouraging, although not explicitly prohibiting, retail trading.

In short, the Philippines is taking steps to address the changing digital finance landscape and provide a reliable and secure alternative to cryptocurrencies.

By Leonardo Perez

Traders Fear Drop in XRP, While Rebel Satoshi Teases Big Lead Ahead of Recusant Round 5 Pre-Sale

Audy Castañeda
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Traders Fear Drop in XRP, While Rebel Satoshi Teases Big Lead Ahead of Recusant Round 5 Pre-Sale

After a brief drop, market experts predict that XRP will cross the $0.8 price mark by the end of 2024. Rebel Satoshi (RBLZ) has sparked investor interest ahead of its entry into Round 5 of Recusants.

Satoshi Rebel has proven its growing adoption and popularity after grossing nearly $1.9 million in its pre-sale.

Traders fear a drop in XRP price as Ripple fights a legal battle with the SEC. Meanwhile, Ripple plans to resume Ripple payments in the US.

On the other hand, excitement has increased around the pre-sale of Rebel Satoshi (RBLZ) with its 150% growth prospects after its launch. Below the recent developments around XRP and $RBLZ are analyzed.

Ripple to Expand US Payments Business as XRP Falls

On February 1, 2024, W. Oliver Segovia, Ripple’s director of product marketing, made a major announcement on LinkedIn about Ripple’s plans to expand its payments business in the US.

Segovia revealed that Ripple is preparing to introduce a series of product updates. boosted by its extensive money transmission licenses (MTL), targeting most US states.

Even though most of Ripple’s business thrives internationally, this bold move signals a significant return to the market American for Ripple Payments. This initiative comes amidst legal scrutiny from the SEC and the recent XRP hack, highlighting the importance of the announcement.

The price of XRP has seen a 7.8% decline. XRP price has fallen from $0.5755 to $0.5260. While traders fear a further decline in XRP, expert predictions position XRP among one of the altcoins to watch.

Experts offer different predictions for XRP’s price trajectory in 2024. With anticipation surrounding the next bull run and the promise of further upgrades, some predict $0.8039 at the end of the year.

However, more cautious forecasts suggest that XRP price may remain below $0.6831 if bearish sentiments dominate the market.

Rebel Satoshi Promises 150% Returns to Establish Itself as the Best ICO

As traders navigate the volatility surrounding XRP, a new contender, Rebel Satoshi, is capturing the attention of the crypto community as the top ICO with its promising prospects. With the pre-sale of Recusants Round 5 on the horizon, Rebel Satoshi isn’t just riding the wave of hype; is making a strong case to be the next big thing among new ICOs.

Born from the spirit of decentralization that underpins the crypto movement, Rebel Satoshi aims to challenge the status quo and offer an inclusive financial ecosystem. Rebel Satoshi’s mission is to democratize access to financial services, leveraging blockchain technology to ensure transparency, security and the empowerment of its users.

Rebel Satoshi’s pre-sale journey has been nothing short of remarkable, with a 140% price increase indicating strong investor confidence. Starting at just $0.01 per $RBLZ in the Early Bird Round, Rebel Satoshi’s value has risen to $0.024 per $RBLZ in Recusants Round 5, and the project successfully raised nearly $1.9 million in funding.

After Round 5 of Recusants, $RBLZ’s DEX launch may rise in value to $0.025. Rebel Satoshi is preparing for a major milestone with its DEX launch in early March, following the completion of Round 5 of Recusants.

Priced at $0.025 per $RBLZ for its DEX debut, early investors are set for a 150% return on their investment. Additionally, Rebel Satoshi allows interested investors to purchase $RBLZ tokens using top 50 cryptocurrencies, including Bitcoin.

In any case, interested parties are advised to do more research before investing their capital, as this decision carries significant risks.

By Audy Castaneda

Marathon Seeks to Expand in Africa, and other Bitcoin Mining News

Leonardo Perez
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Marathon Seeks to Expand in Africa, and other Bitcoin Mining News

A new week has ended for the Bitcoin mining industry, in which the halving stands out as the main focus of attention for companies in the sector. Faced with the imminent cut date on April 18, mining firms are rushing to have as many devices as possible connected, in order to withstand the impact of the 50% cut in rewards. It is in this context that the mining sector currently develops its main activities.

The Bitcoin mining giant, Marathon Digital, becomes the protagonist of this weekly news summary. This is due to the company’s new strategy, which focuses on seeking expansion in Africa. With this, the company would join its Chinese peers that take advantage of the low energy prices on that continent.

According to a recent work by Bloomberg, the company’s management would have specific plans in Ethiopia. The curious thing about this is that a large part of the population of that country lacks access to energy. In simple words, the company seems to be betting on a new controversy.

Regarding this project, the company’s president of corporate communications, Charllie Schumacher, commented that “We believe that bitcoin mining is, among other things, a technological solution for the energy sector, and Africa can be a great place to demonstrate this thesis.”

Oil and Digital Mining in Argentina: What Do They Have in Common?

In the South American country, the company Tecpetrol carries out an ambitious project with digital mining, which allowed it to increase oil activity.

The latter is confirmed by the Argentine company itself. The CEO of the firm, Ricardo Markous, stressed that vented gas to generate energy that sustains mining activities is a success. With this, the oil company’s exploration and exploitation capacity has increased, he assured.

This project is located in the Vaca Muerta region, specifically in Los Toldos II. Thus, the combination with digital mining makes it possible to make the most of the surpluses from hydrocarbon activity.

Iris Energy’s New Agreement

The board of directors of Iris Energy signed an agreement with its counterpart at Poolside AI. The agreement consists of the provision of cloud services.

The company listed on the New York Stock Exchange focuses on the diversification of its business. Therefore, collaboration between mining companies and artificial intelligence startups seems to be gaining traction. This would be one of the keys for the mining sector during periods of low profitability with Bitcoin.

Hut 8’s New CEO Comes with All the Power

Bitcoin mining company Hut 8 has hired Asher Genoot as its new CEO. The businessman assured that he comes with everything to improve the company’s prospects.

As a result of this merger, Genoot now replaces Jaime Leverton, who has been in charge since the end of 2020. Two months after the unification of the firms, the board is committed to undertaking strong cost savings to boost revenues.

Bitmain Mining Company Plans to Go Public in the United States

The BitFuFu firm, belonging to the Bitcoin mining equipment manufacturer, Bitmain, is seeking to go public in the United States. According to specialized media, the start of operations would be carried out through a SPAC.

The company’s desire to go public is longstanding and attempts can be found during the year 2022. However, some pending issues with the merger prevented the agreement from being implemented. Now it seems that all obstacles are behind us.

By Leonardo Perez

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