XRP Price Outlook: Experts Predict Potential Rise to $5.5

Leonardo Perez
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XRP Price Outlook: Experts Predict Potential Rise to $5.5

XRP is currently trading well below its yearly high, in contrast to its peers that reached and surpassed new highs in 2023 during the recent bullish surge.

In the evolving cryptocurrency market, XRP, currently ranked as the fifth largest digital asset, has recently shown a modest price increase compared to its major counterparts. However, when examining XRP’s performance over various time periods, the token has reported significant gains.

Ripple’s XRP has seen huge gains in the market, rising 11% thanks to recent developments keen to boost institutional investors.

The blockchain payment platform’s native token soared by double digits this week, leading the altcoin pack amid a broader cryptocurrency market rally.

Data from CoinGecko shows that the altcoin’s trading volume skyrocketed to $2 billion and, with a price of $0.69, temporarily unseated Binance’s native token BNB as the fourth most valued cryptocurrency by capitalization. market.

Amid the broader market rally, which saw Bitcoin surpass $36,000 and Ethereum hit $2,000, XRP has recorded a 22% rise in the last 7 days, while other indicators are also showing positive momentum.

As for market indicators, experts say gains were driven in cash, with liquidations exceeding $5 million and trading data showing a massive boost in retail activities that acted on the heels of perceived institutional demand.

XRP Price Breakout Imminent?

A prominent industry expert who goes by the pseudonym “Crypto Insight” on platform X (formerly known as Twitter) shared an intriguing update with its 20,000+ followers, signaling an imminent takeoff for XRP.

According to Crypto Insight, it is evident that XRP tends to lag behind the price action of Bitcoin (BTC), the leading cryptocurrency. However, there are signs that XRP breakouts are gradually converging with BTC movements.

Analyzing historical data, Crypto Insight highlights that the time it takes for XRP to experience significant breakouts has been decreasing over time. The first major breakout took approximately 22 days, while the most recent pump occurred in a shorter period of time, 13 days. If this trend of closing the gap between XRP and BTC continues, it suggests a possible breakout date around November 15. Furthermore, XRP has gone through a cooling-off period in the 4-hour timeframe, implying that there could be more room for a downward correction before an upward reversal occurs.

Crypto Analyst Targets $5.5

Crypto analyst Egrag Crypto has recently revealed a notable forecast for XRP, centered on the Multi-Year Ascending Triangle (MYAT) pattern, which has significant implications for XRP price movements.

According to Egrag analysis, the MYAT pattern indicates that XRP experienced a breakout above the Symmetric Triangle after reaching the 70% completion mark, which aligns with the July timeline on the chart. The price rise to $0.93 and subsequent retest at the breakout point is considered part of a standard retest process, indicating potential strength in the bullish momentum.

Looking ahead, Egrag Crypto highlights several key projections for XRP: XRP appears poised to hit a target of $1.3, as indicated by the Blue Ascending Triangle on the chart. This level represents a major milestone that XRP could reach in the near future. The next notable move for XRP could push it to $5.5.

However, according to Egrag, a considerable sell-off by retail investors is expected at this price level. Based on the larger symmetrical triangle pattern, Egrag Crypto suggests that XRP could see a notable 500% price increase in the future, indicating the potential for a substantial rise.

By Leonardo Perez

Illiquid Bitcoin Supply Hits All-Time High as Holders Withdraw 1.7 million BTC Since May 2021 – Here’s the Next Resistance

Audy Castañeda
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Illiquid Bitcoin Supply Hits All-Time High as Holders Withdraw 1.7 million BTC Since May 2021 – Here’s the Next Resistance

Bitcoin spiked above the ascending channel pattern on November 9, but higher levels saw profit-taking.

Bitcoin price is about to reach the dream of $40,000 this weekend, accompanied by a significant change in on-chain data. There is notable hesitation among investors to part with their Bitcoin holdings, leading to an increase in illiquid supply.

Consequently, as holders continue to accumulate Bitcoin, purchasing confidence strengthens in anticipation of potential price increases.

Investors Buy BTC as NVT Shows Cheap Zone

Bitcoin is currently witnessing an accumulation phase as it tests the patience of buyers in the $37,000 to $38,000 zone. Data from Glassnode reveals that the illiquid supply of Bitcoin continues to rise and has recently reached an all-time high. This metric, which tracks the amount of Bitcoin held in wallets that rarely make sales, has reached a new high of 15.4 million BTC.

Rising this metric often correlates with higher withdrawals from exchanges, indicating the tendency of investors to transfer their Bitcoin into personal custody. Since May 2021, there has been a notable increase of over 1.7 million BTC being withdrawn from exchanges, thus strengthening buying confidence as investors accumulate BTC in anticipation of a rise.

Furthermore, on-chain data indicates that Bitcoin’s $37,000 zone remains cheap. the NVT ratio continues to decline. IntoTheBlock reveals a sharp decline in the NVT (network value to transaction) ratio as it fell from a high of 123 to 44.

This decline is due to Bitcoin transaction volume growing faster than the price increase. Typically, increased activity on the Bitcoin network suggests a positive market outlook. The fact that this network activity exceeds the rate of Bitcoin price increase suggests that Bitcoin may be undervalued.

The NVT index is an indicator that compares the market value of Bitcoin with its trading volume. It is calculated by dividing Bitcoin’s market capitalization (its price multiplied by the number in circulation) by the sum of Bitcoin moved between wallets.

What’s Next for the BTC Price?

Bitcoin’s current trading pattern, a slightly ascending channel, suggests a bullish attitude among investors. Currently, buyers are trying to validate a clear move above $38,000 as BTC faces minor selling practices.

Currently, BTC price is trading at $37,344, rising over 2.4% in the last 24 hours. Bitcoin’s 4-hour price chart reveals that the slowly rising 20-day exponential moving average (EMA) and an overbought Relative Strength Index (RSI) hint that a new uptrend could be the path of least resistance.

A push above the $38,000 level could indicate a bullish rally towards the $40,000 level. Conversely, a drop below the 20-day EMA may indicate profit-taking by current holders, which could see the price fall to support levels of $34,000 and possibly lower to $32,700. However, buyers are likely to defend these levels as further accumulation is anticipated.

The Relative Strength Index (RSI) has been trading in the overbought zone for the past few days, indicating that the bulls have maintained buying pressure. If the current bounce holds, buyers will try to push the BTC/USDT pair to $40,000 again.

On the contrary, if the price falls back within the channel, it will indicate that the market has rejected the higher levels. That could take the price to the 20-day exponential moving average ($34,240), an important level to watch. A break below this level will tilt the short-term advantage in favor of the bears.

By Audy Castaneda

LABITCONF 2023: Cryptocurrencies Will Be Legal in Argentina if Milei Wins

Leonardo Perez
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LABITCONF 2023: Cryptocurrencies Will Be Legal in Argentina if Milei Wins

During LABITCONF, La Libertad Avanza representative Diana Mondido said that they will legalize cryptocurrencies if they are victorious.

During the first day of the 2023 edition of LABITCONF, the potential of cryptocurrencies in the near future of Argentina was highlighted. In the Argentine Monetary Scenarios forum, possible economic policies of the Latin American country were analyzed in the event of a victory for the La Libertad Avanza party.

It was a high-level debate in which economic experts Diana Mondido, Agustín Etchebarni, Alfredo Roisenzvit and Fausto Spotorno were present. As it could not be otherwise, the debate was exciting, considering that Milei’s party is strongly committed to digital currencies.

It is important to consider that the crypto event is taking place in the midst of a high-temperature electoral environment. The second round will take place on November 19 between the two main rivals, Javier Milei and Sergio Massa. These will be measured to decide who will be the future occupant of La Casa Rosada.

On October 22, the first round was held with a surprise victory for the ruling party Massa. Both candidates represent radically different economic visions, but both have something to say about digital currencies. In any case, a scenario like LABITCONF could not go unnoticed by these parties, especially by LLA, the most enthusiastic of the crypto postulates.

Cryptocurrencies and LABITCONF: Promises of Legalization

One of the big obstacles in Argentina is the lack of clear regulation for the crypto sector. However, the LLA representative at LABITCONF 2023 made it clear that a victory for her party would have a positive outcome for cryptocurrencies. The other experts on this forum also gave their impressions on the inflationary outlook and possible solutions.

For Etchebarni, the big problem is the political system. He assures that Argentina is going through the third hyperinflationary wave and everyone knows what the problem is and how it is solved. However, the very structure of the State leads them to fall into the same hole again and again. In that sense, he comments that it is not surprising that the current government did not find solutions.

The specialists took advantage of the stage to talk about the issue of dollarization, one of the most controversial of this electoral campaign. “The proposal is and has always been: freedom of currency,” Mondido stressed. “Whoever believes they can make a contract in Bitcoin, let them do it,” she added. Mondido comments that the big problem is that the government makes access to dollars difficult.

She warns that currently a judge can interfere in a Bitcoin contract and force it to be converted to the official exchange rate. Under these circumstances, the LLA representative at LABITCONF 2023 says that financial freedom for cryptocurrencies and other assets is essential.

“If you think of the judicial system as the inverse of a Smart Contract then you will understand the Argentine economy,” she lamented.

Bitcoin Is an Ideal Asset

Roisenzvit, another of the forum members, stated that there is no reason to force people to use pesos when there are much superior assets. In this last sense, he mentions Bitcoin and says that it is one of the best options that people can have before them.

Participants in this LABITCONF 2023 forum believe that cryptocurrencies have the potential to remove problems that have been going on for decades. They do not depend on a central authority, and people can trade with them and generate trust without a third party.

By Leonardo Perez

LABITCONF 2023: Crypto World Debates Future of Technology

Audy Castañeda
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LABITCONF 2023: Crypto World Debates Future of Technology

Technology, regulation, transparency, security, are some of the topics that were discussed in the multiple exhibitions and stands that brought together the most important brands of this ecosystem.

At the Costa Salguero center, through seven scenarios, crypto experts, economists, entrepreneurs, businessmen, and developers converged in the same space with a single purpose, to discuss blockchain and cryptocurrencies and how this technology will continue to impact the economy, work, money and society in general. Four experts behind different projects that make up the crypto ecosystem shared their viewpoints.

Creators 3.0: Series and Independent Content

The CEO and co-founder of Flixxo, Adrián Garelik, took a few minutes to chat with Ámbito and explain what Flixxo is about, the streaming platform that uses blockchain to offer audiovisual productions without charging a subscription.

In this regard, he added that the service is free but the creator is invited to return part of his profits so that he can maintain the project. “It is a community platform and we try to be as horizontal as possible,” he said and expanded on the origins of this project: “First we started because we believe in the idea, and second because we were financed through a community of contributors, almost 2,000 people. distributed throughout the world contributed capital for this to exist.”

After highlighting that the learning curve was not easy at all, especially because the entertainment industry is very vertical, he explained what a 3.0 creator is: “He is a totally independent creator who wants to tell the story now and does not want to enter into a process of platform with editorial lines, with teams of scriptwriters, and is a collective creator who knows that his brilliance is much greater when a constellation shines.”

Traditional Finance and Crypto World

Guido Messi, Head of Ripio Select, after participating in a panel, chatted with Ámbito about various topics and, above all, what the new challenges that the ecosystem presents will be. “I think it is very interesting what is happening where the traditional world is beginning to incorporate cryptocurrencies, so it is no longer a universe where if you want a cryptocurrency, you have to operate with Ripio and you cannot use a bank like BBVA or the HBC, now there are many partners that provide services to each other,” he said.

Dollarization and Cryptocurrencies

Elisandro Santos, Marketing Manager in Latam for BingX, also spoke with Ámbito about the current economic context of Argentina and what trends he sees in local clients. “We are seeing in the Argentine public the transformation from the comment ‘you have to buy dollars and keep them under the mattress’ to ‘today our generation carried that same thing but in cryptocurrencies’. This is how they buy stable cryptocurrencies and keep them in wallets.”

The Crypto World behind Business Developments

Álvaro Echazu, Head of Product Design, said that they “accompany clients between phases. The first phase is to help them in design and experimentation; the second is to help them design and build their digital product that will support that business idea, and the third is to begin to scale them.”

Later, Echazu told what he believes was the paradigm shift: “In the last two years there was a fairly strong economic recession and investments in a lot of projects fell, which first made many startups go bankrupt and second, it became increasingly difficult. starting from raising capital, before there was much more financing available, which meant that we had to think about products with added value.”

By Audy Castaneda

WelcomeTRX: Absurd Task Platform Scam or Opportunity?

Leonardo Perez
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WelcomeTRX: Absurd Task Platform Scam or Opportunity?

Untrustworthy fraudulent platform: Threat to new cryptocurrency investors

Typically, fraudulent projects mainly target crypto illiterate or market newbies. Although, the trend has also expanded for those users who seek to make profits quickly and effortlessly. WelcomeTRX raises red flags everywhere.

Therefore, it is worth paying attention to these alerts to recognize the risks before investing, warn the crypto communities, and avoid unfortunate victims.

WelcomeTRX Details

It is a typical investment platform with scam features, without an informative landing page, and only a dashboard as access. WelcomeTRX is structured as a generic “task”, obviously false, because users just need to click a button to activate said task, of which any objective or usefulness is unknown.

The only thing that is known is that the platform was officially launched on November 6 this year, and that its website, or rather, its dashboard, has been active since October 28, 2023. It is being shared in Telegram groups, especially in MLM groups to activate users who have calling power.

Operation Process

True to its name, WelcomeTRX only supports deposits and top-ups in USDT and TRX. It is attractive because its minimum recharge is 1 USDT, to start with the VIP1 plan.

However, it has 11 “VIP” plans in total, where the higher the investment, the higher the returns, and the faster the benefits are achieved, going from a daily income (or by tasks) of 0.38 USDT, to an idyllic income of 3,000 USDT.

As expected, it has an interesting referral plan, with a depth of three levels, with 12% for the first, 3% for the second and 2% for the third, with the “plus” that when users manage to get four new users to invest in a certain VIP plan, WelcomeTRX gives them free activation of said plan. “You can participate in shared invitation tasks at the same time as the recommendation commission,” they point out.

Legality and Transparency at WelcomeTRX

At this point, the biggest red flag of this platform is the total opacity of its information, because WelcomeTRX do not have the slightest intention of saying anything about the company. It is completely unknown what the company is supposed to do to generate profits. They do not indicate where they are from, what countries they work in, or if they are at least registered.

Likewise, they do not mention its founders, who are behind it. There is no character that represents them. This opacity is clearly due to the fact that they are focused on cryptographic carriers looking to “try their luck.”

The thing about crypto opportunists is that they always think they can get ahead of scam projects. Moreover, on many occasions, in their eagerness to obtain bonuses and bring referrals to earn the rewards, they attract novice crypto enthusiasts or even introduce new users to the crypto world in the worst way.

It is considered a very high-risk platform, especially for those who venture to invest in their highest plans looking for juicier profits. This not only worsens the reputation of the blockchain world, but also steals space for the creation of legitimate projects with a truly positive impact.

Opinions about WelcomeTRX

Online opinions about WelcomeTRX are negative and mostly warn about the lack of transparency and the possible scam that this company represents. It is a very high-risk platform due to the lack of information about its legality and transparency, as well as the absence of data about its founders and their location, which generates a blanket of suspicion about its practices.

By Leonardo Perez

European Parliament Approved Data Law with Clause that Challenges the Legality of Smart Contracts, And Other News

Audy Castañeda
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European Parliament Approved Data Law with Clause that Challenges the Legality of Smart Contracts, And Other News

Previously, blockchain-linked organizations such as Stellar, Polygon, NEAR, and Cardano expressed concerns in an open letter when the revised version of the bill was revealed in July.

The European Parliament approved a Data Law that has made noise due to a clause that raises questions about the legality of most smart contracts. This legislation, aimed at establishing regulations on data exchange, managed to obtain the support of 481 votes in favor and 31 against, according to an official press release.

Despite the approval in Parliament, the bill’s final destination is pending formal approval by the European Council, a body consisting on the 27 member countries members. The bill’s final version, revised in July, included a provision raising the possibility of safely terminating automated data-sharing agreements.

Specifically, the text of July 7 referred to “Smart contracts” in a generic way, without explicit mention of authorized and privately owned data records. This generic approach to smart contracts has generated legal uncertainty around their validity under the new legislation.

BBVA Switzerland CEO Sees Golden Opportunities in Cryptocurrencies with New European Law

Alfonso Gómez, CEO of BBVA Switzerland, has shared his enthusiasm about the promising opportunities opening up for banks in Europe with the approval of the Cryptoasset Markets Act (MiCA).

During his participation in the “Blockchain and Digital Assets” forum, Gómez pointed out that this new legislation gives conventional banks the opportunity to consolidate themselves in the growing cryptocurrency market.

Gómez emphasized his view that cryptoassets simply represent the natural evolution of financial assets. Likewise, he highlighted the resurgence of conventional banks, which have strengthened their solidity and security. This strength, according to Gómez, allows them to become service providers for the custody of cryptocurrencies. He recalled that BBVA Switzerland has led this trend by allowing its clients to manage Bitcoin and Ethereum directly from the banking application for the last two years.

Gemini Tightens Restrictions in the UK

Cryptocurrency exchange Gemini has announced additional measures to comply with the controversial cryptocurrency travel rule in the United Kingdom. These changes, scheduled to be implemented from November 17, involve restrictions on cryptocurrency transfers towards a specific list of 58 virtual asset service providers (VASPs) registered under the Travel Rule Universal Technology Solution (TRUST).

The news has sparked criticism, especially from Josef Teteka, a Bitcoin analyst at Trezor, who describes this move as a “worrying step” towards over-regulation. Teteka argues that these new restrictions will limit users’ ability to custody their own cryptocurrencies, thus making the process of transferring assets to one’s own custody difficult.

JPEX Arrests: Key Partners Arrested for Alleged Financial Fraud and Money Laundering

The Taipei District Prosecutor’s Office has taken decisive action by arresting two individuals linked to JPEX operations. A cryptocurrency exchange embroiled in controversy, under suspicion of financial fraud.

Chang Tung-Ying, the senior partner at the exchange’s Taiwan office, and Shi Yu, a professor associated with JPEX, were detained for alleged violations of banking and anti-money laundering laws, according to a report by the Central Banking Agency. Taiwan News.

The prosecution, in a telephone confirmation to The Block, detailed that the investigation extended to nine locations, resulting in the summons of four suspects in total. One of the suspects, surnamed Liu, was released on bail, while another surnamed Niu was released after being questioned.

By Audy Castaneda

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