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Charted: Ripple (XRP) Technicals Suggest a Crucial Breakdown Below $0.24

Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375. Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar. The price is now trading below the $0.2450 support and the […]

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Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375.

  • Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar.
  • The price is now trading below the $0.2450 support and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower towards the $0.2350 support or even $0.2320.

Ripple Price Turns Red

This past week, we saw a sharp rejection in ripple near the $0.2600 area. XRP price topped near the $0.2595-$0.2600 resistance zone and started a fresh decline. It broke many important supports near $0.2500 to move into a bearish zone.

The decline was such that the price settled below the $0.2450 level and the 100 hourly simple moving average. It spiked below the $0.2400 support and traded as low as $0.2379. Recently, there was a short-term upside correction above the $0.2420 level.

Ripple recovered above the 23.6% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. However, the bulls failed to clear the $0.2450 resistance and the 100 hourly simple moving average.

Source: XRPUSD on TradingView.com

It was also rejected near the 50% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. As a result, there was a fresh decline below the $0.2420 level. There was also a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair.

The pair is now showing bearish signs and approaching the $0.2400 level. The next support is near the $0.2380 and $0.2375 levels. A clear break below the recent low could lead the price towards $0.2350 or even $0.2320 in the near term.

Chances of an Upside Break in XRP?

An initial resistance for ripple is near the $0.2420 level. The first key resistance is near the $0.2425 level and the 100 hourly simple moving average.

A successful break above the 100 hourly SMA and then a follow up move above the $0.2450 resistance might open the doors for a fresh increase in the near term. The next major resistance is near the $0.2500 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.2400, $0.2380 and $0.2350.

Major Resistance Levels – $0.2420, $0.2450 and $0.2500.

Source: https://www.newsbtc.com/analysis/xrp/ripple-xrp-crucial-breakdown-below-024/

Blockchain

NYDIG raises $100 million from a single investor for its new crypto fund

Crypto asset manager NYDIG has raised $100 million from a single investor for its new fund — Digital Assets Fund II.

The post NYDIG raises $100 million from a single investor for its new crypto fund appeared first on The Block.

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NYDIG raises $100 million from a single investor for its new crypto fund



















Source: https://www.theblockcrypto.com/linked/86373/nydig-fund-ii-crypto-100-million-btc?utm_source=rss&utm_medium=rss

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Blockchain

Coinbase to Support Ethereum 2.0 Trading and Staking Rewards in 2021, ETH Recovers From Bull Run

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Coinbase digital currency exchange voiced its support for Ethereum 2.0, the blockchain upgrade that launched at 12 pm UTC yesterday.

Ethereum illustrated on smartphone for trading and investing

While Ethereum (ETH) developers were previously worried that the required amount of staked Ether would not be locked in in time for ETH 2.0 genesis, the deposit contract more than exceeded all expectations, by topping the 524,288 ETH. According to on-chain analytics, at least 870,689 ETH were staked in anticipation of the new blockchain upgrade, which runs in parallel with Ethereum’s current mainnet.

Coinbase exchange expressed its support for ETH 2.0 and said:

“Coinbase intends to fully support ETH2 through staking and trading.”

Through an official blog post, the US-based digital exchange announced that it was planning to make its platform interoperable with Ethereum 2.0, by supporting staking rewards and trading. Even if Ethereum 2.0 tokens will remain locked on the network’s beacon chain, trading between ETH2 and Ethereum’s current blockchain will be supported on Coinbase. Per the announcement:

“While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”

Coinbase intends to roll out this functionality by early 2021, and this will enable its customers to convert Ether in their accounts to ETH 2.0 blockchain directly to earn staking rewards.

What is so great about Ethereum 2.0?

On Ethereum 2.0 mainnet, which will be merged with the current blockchain during a transitionary period of two years, energy efficiency, low gas prices, and high scalability are to be expected.

The launch of Ethereum 2.0 will happen in phases, with the current one being Phase 0. This is to enable developers to perfect every part of the blockchain, which is a transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) protocol. Previously, crypto miner Dwain Pereira explained the difference between the two types of consensus:

“The Proof of Work Blockchain model uses more electricity than some countries […] So the Proof of Stake model will be both energy efficient and more lucrative for stakers.”

According to the miner, the energy costs of PoW blockchains are paid with fiat, resulting in a “downward pressure” on cryptocurrencies’ value.

It may take two years before Ethereum 2.0 is fully completed, but the main target is to create a “stable and dependable system in the long run,” according to Ethereum co-founder Vitalik Buterin.

Ether bulls currently recouping

Following Ethereum’s new mainnet launch, Ether was expected by traders to surge, but it has been down 2.74% in the last 24 hours on CoinMarketCap, trading at $591.25 after having pushed past the resistance level of $600 earlier this week.

The retracement may be partially due to Bitcoin (BTC)’s pullback in price, after the mainstream cryptocurrency recorded a ground-breaking all-time high nearing $20K. Altcoins and BTC alike seem to be recovering at the moment, trading lower after a massive bull run. This is expected to be a temporary retracement before they continue their upward trajectory. 

Image source: Shutterstock Source: https://Blockchain.News/news/coinbase-support-ethereum-2.0-trading-staking-rewards-2021-eth-recovers-bull-run

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Blockchain

Libra rebrands to ‘Diem’ in bid to shake off the negative first impression of regulators

The Facebook-backed Libra Association is shaking up its mission — and it’s got a new name to go along with it. 

The post Libra rebrands to ‘Diem’ in bid to shake off the negative first impression of regulators appeared first on The Block.

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Libra rebrands to ‘Diem’ in bid to shake off the negative first impression of regulators


















Source: https://www.theblockcrypto.com/linked/86342/libra-diem-stablecoin-rebrand?utm_source=rss&utm_medium=rss

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Crypto exchange volume soared in November, reaching $289.25 billion for the month

Trade volume across legitimate crypto exchanges rose by 134% in November compared to the previous month, according to data collected by The Block Research.

The post Crypto exchange volume soared in November, reaching $289.25 billion for the month appeared first on The Block.

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Crypto exchange volume soared in November, reaching $289.25 billion for the month



















Source: https://www.theblockcrypto.com/linked/86344/crypto-exchange-volume-november?utm_source=rss&utm_medium=rss

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