Aug 11, 2023 at 07:53Opportunity 🔔 1: What scenario to choose on XRP?
The situation on Ripple is constantly changing. The recent euphoria from the legal victory in the U.S. court is again replaced by anxious anticipation and uncertainty. Recall that according to Kaiko data, XRP is the leader in the ranking of altcoins in terms of trading volumes this year. So let’s try to update the state of affairs for this large and important crypto asset.
The very good news is that BIS (Bank for International Settlements, the global regulator of banks) has appointed Ripple as an official member of the Cross-Border Payments Expansion and Interoperability Task Force. This recognizes Ripple’s important role in trying to create a universal CBDC.
Meanwhile, there is some negative news that calls into question the recent XRP rally. After deliberation, the US SEC has decided to appeal Judge Torres’ ruling that Ripple (XRP) is not a security. The regulator is confident that the sale of XRP on public exchanges complies with federal securities laws. The situation is quite dangerous for Ripple because, previously, another federal judge also overruled the precedent ruling of fellow judge Torres due to the controversial nature of the original ruling.
It is important to realize that this attempt to overturn the original favorable ruling on Ripple will hit very hard not only XRP itself but all altcoins that the SEC previously charged in absentia with illegal trading. In that respect, this is a crucial event for the crypto market that should be closely watched.
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It is very telling how Ripple itself reacted to this situation. Today it became known that the company has unlocked for sale another billion XRP tokens (for the amount of $225 million). Ripple reassured everyone that this time the tokens will not get on the exchanges immediately but will be sold “more quietly”. After the first transaction, several batches of coins totaling 40 million XRP went to unknown addresses. Over the past week, the value of XRP has dropped by 4% and is now at $0.63 per token.
Obviously, Ripple itself is actively preparing for a bad scenario by organizing sales of huge amounts of tokens to create a safety cushion. It seems to be the safest line of behavior for all active participants in this market.
Opportunity 🔔 2: After the bottom, RUNE will prepare to pop up
RUNE is forming a prolonged downtrend. After testing the bottom, the realization of the bullish potential may begin, the RLinda analyst believes.
A rebound from $0.777 will form a bullish reaction against the background of bitcoin growth. The token is between local resistance at $1.110 and support at $1.003. It is possible that the formation of local consolidation will occur with the subsequent retest of the upper boundary of the flat and the realization of the breakout. MA-50 acts as support, and MA-200 acts as resistance. These fluctuations can be used in the medium term.
- Support levels: $1.003, $0.777, MA-50
- Resistance levels: $1.110
- A possible retest of $1.110, a breakout, and further growth to $1.433-$1.722.
*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.
Opportunity 🔔 3: Waiting for Base’s perks
Recently, there was news of the official bridge launch and the soon-to-be-launched Base network itself, and a slew of integrations and campaigns flew in the wake. Orbiter on Galxe has launched a quest, Orbiter Bridge Odyssey: The Base Flight. Deadline: August 18.
Base is the latest Ethereum Layer 2 network developed by Coinbase using OP Stack software from the popular Optimism Layer 2 network.
What steps to take:
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