XRP Remittance Tech Expanded to Three Countries by $138,000,000,000 Financial Giant’s Subsidiary

September 6, 2023 The Daily Hodl

Price analysis 9/4: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON

September 4, 2023 Coin Telegraph

Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown.

The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.

One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts.

In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.

*Daily cryptocurrency market performance. Source:* *Coin360*

The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.

Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index broke above the moving averages on Aug. 29, indicating that bulls have started a strong relief rally.

*SPX daily chart. Source:* *TradingView*

If buyers sustain the price above the moving averages, it will suggest that the sentiment remains positive and traders are buying on minor dips. That will enhance the prospects of a rally above the overhead resistance at 4,607. If this level is conquered, the index will try to rise to 4,650 and subsequently to 4,800.

Resuming the uptrend is likely to be a difficult task as the bears will try to yank the price below the moving averages. If they do that, the pair may slump to the strong support at 4,325. The bears will have to break this level to start a new downtrend.

U.S. dollar index price analysis

The U.S. dollar index (DXY) bounced off the downtrend line on Aug. 30 and 31, indicating that the bulls have flipped the level into support.

*DXY daily chart. Source:* *TradingView*

The bulls will next try to propel the price above 104.45 and start a rally to the overhead resistance at 106. This level is likely to witness aggressive selling by the bears because a break above it will indicate that the downtrend may be over. The index could then ri to 108.

The important support to watch for on the downside is the downtrend line. If this support crumbles, the index ma descend to the 50-day SMA (102.41) and eventually to the critical support at 100.82.

Bitcoin price analysis

Bitcoin is trading near the support of the large range between $24,800 and $31,000. When the price trades inside a range, bulls generally purchase the drop near the support and sell close to the resistance.

*BTC/USDT daily chart. Source:* *TradingView*

The $24,800 level will witness an intense battle between the bulls and the bears. If this level gives way, the selling is likely to accelerate and the BTC/USDT pair could nosedive to the crucial support at $20,000. There is a minor support at $24,000, but it may not hold for long.

Another possibility is that the price turns up from the current level. If bulls surmount the barrier at $26,833, the pair could accelerate to the 50-day SMA ($28,221). Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 range for even longer.

Ether price analysis

Ether (ETH) dipped below the strong support at $1,626 on Sep. 1 but the long tail on the candlestick shows solid buying at lower levels.

*ETH/USDT daily chart. Source:* *TradingView*

The bulls are trying to salvage the situation but are struggling to start a rebound. This suggests a lack of demand at higher levels. Both moving averages are sloping down and the RSI is in the negative territory, indicating that the bears remain in command.

If sellers drag the price below $1,600, the ETH/USDT pair could dive to the Aug. 17 intraday low of $1,550. This is the pivot level in the near term because a fall below it may open the gates for a decline to $1,368.

The first sign of strength will be a break above the 20-day EMA ($1,684). The pair could then rise to the overhead resistance at $1,750.

BNB price analysis

BNB (BNB) has been trading below the breakdown level of $220 for the past few days but the bears have not been able to build upon their advantage.

*BNB/USDT daily chart. Source:* *TradingView*

The failure to sink the price below the psychological level of $200 could embolden the bulls who will try to start a recovery. The first hurdle on the upside is at $220 and then at the resistance line. Buyers will have to thrust the price above the resistance line to indicate that the downtrend may be ending.

Contrarily, if the price turns down and breaks below $200, it will suggest the start of the next leg of the downtrend. The BNB/USDT pair then risks sliding to the next major support at $183.

XRP price analysis

The bears yanked XRP (XRP) price below $0.50 on Sep. 1 but they could not sustain the lower levels as seen from the long tail on the day’s candlestick.

*XRP/USDT daily chart. Source:* *TradingView*

The bears kept up the pressure and have not allowed the bulls to start a strong rebound off the $0.50 level. This increases the possibility of a downside break. If that happens, the XRP/USDT pair is in danger of plunging to $0.41.

Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA ($0.53), it will signal that the bulls are attempting a comeback. The pair may then shoot up to $0.56. Buyers will have to overcome this barrier to indicate the start of a new up-move to $0.65.

Cardano price analysis

Cardano (ADA) has been consolidating between $0.24 and $0.28 for the past few days, indicating indecision between the bulls and the bears.

*ADA/USDT daily chart. Source:* *TradingView*

The downsloping 20-day EMA ($0.26) and the RSI below 38 suggest a slight advantage to the bears. If the price turns down from the 20-day EMA, the likelihood of a drop to $0.24 increases. A break below this level may start the next leg of the downtrend to $0.22 and subsequently to $0.20.

Contrarily, if bulls push the price above the 20-day EMA, the ADA/USDT pair could challenge the resistance at the 50-day SMA ($0.28). If this level is scaled, the pair is likely to rise to $0.32.

Dogecoin price analysis

Buyers tried to push Dogecoin (DOGE) above the 20-day EMA ($0.07) on Sep. 2 but the bears held their ground.

*DOGE/USDT daily chart. Source:* *TradingView*

That keeps the DOGE/USDT pair stuck between the 20-day EMA and the important support at $0.06. The downsloping 20-day EMA and the RSI in the negative zone indicate advantage to sellers. If the price breaks below $0.06, the selling could intensify and the pair may plummet to the next support at $0.055.

If bulls want to prevent the decline, they will have to quickly drive the price above the 20-day EMA. If they succeed, the pair can jump to the 50-day SMA ($0.07) and later surge to $0.08.

Solana price analysis

Solana (SOL) is in a strong corrective phase. Buyers are trying to start a relief rally but it is likely to face selling at the downtrend line.

*SOL/USDT daily chart. Source:* *TradingView*

If the price turns down sharply from the current level or the downtrend line, it will suggest that the sentiment remains negative and traders are selling on rallies. That may pull the price to $18.32 and thereafter to $16.

This negative view could invalidate in the near term if bulls kick the price above the downtrend line. The SOL/USDT pair can then attempt a rally to $22.30 where the bears will likely mount a strong defense.

Toncoin price analysis

Toncoin’s (TON) rally has stalled near the overhead resistance at $2.07 but a minor positive is that the bulls have not ceded much ground to the bears. This suggests that the bulls are holding on to their positions.

*TON/USDT daily chart. Source:* *TradingView*

The overbought levels on the RSI suggest a possible correction or consolidation in the near term. The important support to watch on the downside is the 20-day EMA ($1.61) because a break below it could drag the price to $1.53 and later to the 50-day SMA ($1.40).

On the upside, the bulls will have to clear the hurdle at $2.07. If they manage to do that, the TON/USDT pair could indicate the resumption of the uptrend. The pair may then attempt a rally to the $2.40-2.60 overhead zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

September 3, 2023 The Daily Hodl

XRP Sees Massive Spike in On-Chain Volume Amid Rise of Development Activity: Santiment

September 3, 2023 The Daily Hodl

Ripple legal team opposes SEC appeal over XRP decision

September 1, 2023 Coin Telegraph

Coin Telegraph

Lawyers argued the SEC’s grounds for an appeal was based on “dissatisfaction” with a July court decision that the XRP token did not largely qualify as a security.

Lawyers representing Ripple in its lawsuit with the United States Securities and Exchange Commission (SEC) have suggested the regulator hasn’t met the requirements to request an appeal.

In a Sept. 1 filing with U.S. District Court for the Southern District of New York, Ripple’s legal team said the SEC’s grounds for an appeal largely rested on “dissatisfaction” with a judge’s decision that the XRP token did not qualify as a security for sales to retail investors. The lawyers said “exceptional circumstances required for interlocutory appeal” were absent in the case, and called on the judge to both deny any request for an appeal or stay.

“The SEC has not even attempted to meet the standard for a stay, even after the Individual Defendants identified that omission in their pre-motion letter,” said Ripple. “The Individual Defendants write separately to oppose the SEC’s request. Ripple joins that opposition.”

*Memo filed Sept. 1 in U.S. District Court for the Southern District of New York. Source: Courtlistener*

In August, the commission moved to appeal and stay a July court decision in which Judge Analisa Torres ruled XRP largely was not a security under SEC guidelines. At the time, the SEC argued there was “substantial ground for differences of opinion” on the laws at issue.

The SEC filed its lawsuit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen in December 2020, prompting many exchanges to delist the XRP token to avoid possible legal entanglement. Following the Torres’ ruling, many of the same firms said they would relist the token or explore doing so in the future.

“It’s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently wrong on the facts and the law,” said Garlinghouse in an Aug. 29 X post.

The SEC has targeted a number of crypto firms in 2023 over allegations of securities violations, including Binance and Coinbase. On Aug. 29, asset manager Grayscale achieved a court victory against the SEC following an appeal ordering a review of its application for a spot Bitcoin (BTC) exchange-traded fund.

The civil lawsuit between the SEC and Ripple is ongoing. Torres proposed a jury trial for the case starting in the second quarter of 2024.

Magazine: Get your money back: The weird world of crypto litigation

Price analysis 9/1: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

September 1, 2023 Coin Telegraph

Binance Coin

Bitcoin and most altcoins gave back the entirety of their gains shortly after the SEC decided to delay issuing a decision on all of the recently filed spot Bitcoin ETF applications.

Bitcoin’s (BTC) volatility has increased over the past few days. The price soared on Aug. 29 after Grayscale scored a victory over the United States Securities and Exchange Commission (SEC). However, the euphoria was short-lived as the price gave back all the recent gains on the news that the SEC delayed the decision on all seven spot Bitcoin exchange-traded fund applications.

News related to Bitcoin ETFs has been the major trigger for the markets in the past few days. Bloomberg ETF analysts remain upbeat over the possibility of the ETFs being approved by the regulator in 2023. In an Aug. 30 post of X (formerly Twitter), Bloomberg senior ETF analyst Eric Balchunas bumped up the approval possibility of a spot Bitcoin ETF from 65% to 75%.

In the near term, the bulls face an uphill battle as September has traditionally favored the bears. According to CoinGlass data, Bitcoin has seen negative returns in September for the past six consecutive years. Will the trend continue in 2023?

The weakness in Bitcoin is affecting several major altcoins, which have dropped close to their strong support levels. Will the decline extend further or is it time for a bounce to happen? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls failed to defend the 20-day exponential moving average ($26,947) on Aug. 31. That started a sell-off which pulled Bitcoin below the breakout level of $26,833.

The price action of the past few days shows that the BTC/USDT pair has been oscillating inside the large range between $24,800 and $31,000. Typically, traders buy the dips to the support of the range and sell near the resistance. The same is expected from the bulls at $24,800.

If bears want to seize control, they will have to sink and sustain the price below $24,800. If that happens, the pair may extend the fall to $19,500. There is a minor support at $24,000 but that may not hold for long.

Ether price analysis

Ether’s (ETH) rebound off the strong support at $1,626 fizzled out at $1,745 on Aug. 29. This indicates that bears remain active at higher levels.

The bears will try to build upon their advantage by pulling the price below the $1,626 to $1,550 support zone. If they are successful, it will signal the start of a new downtrend. The ETH/USDT pair could then nosedive to the next formidable support at $1,368.

Alternatively, if the price sharply rebounds off the current level, it will indicate that the bulls are fiercely defending the support. That could drive the price to the 20-day EMA ($1,702) and subsequently to $1,745 which may act as a resistance.

BNB price analysis

BNB’s (BNB) recovery halted at the 50-day SMA ($234) on Aug. 29 and the bears yanked the price below the important support at $220 on Aug. 31.

The moving averages are sloping down and the RSI is in the negative territory, indicating that bears have the upper hand. The bears will try to sink the price to the psychological support at $200. If this level collapses, the BNB/USDT pair could reach the next major support at $183.

If bulls want to start a relief rally, they will have to push the price back above the 20-day EMA ($222). The pair could then climb to the 50-day SMA and later to the resistance line.

XRP price analysis

The long tail on XRP’s (XRP) Aug. 31 candlestick shows that the bulls are trying to protect the support at $0.50. However, the price action on Sep. 1 shows that the bears are keeping up the pressure.

If the price plunges below $0.50, it will suggest that bears are back in control. That could start a downward move to the formidable support at $0.41. The bulls are likely to defend this level with vigor. A bounce off the support could keep the XRP/USDT pair range-bound between $0.41 and $0.56 for some more time.

If the price rebounds off $0.50, it will suggest that the pair may attempt a rally to $0.56. The bulls will have to overcome this roadblock to start a new up-move to $0.63 and thereafter to $0.73.

Cardano price analysis

Cardano (ADA) has been range-bound between $0.28 and $0.24 for the past several days. The bulls kicked the price above the range on Aug. 29 but could not sustain the higher levels.

That may have tempted the short-term bulls to bail out of their positions. The selling picked up further and the price slipped below the uptrend line on Aug. 31. The bears will next try to sink the ADA/USDT pair below the vital support at $0.24.

If the price rebounds off $0.24, the pair may continue to consolidate inside the range for a while longer. On the contrary, if the price dips below $0.24, it will signal the start of a down move to $0.22 and eventually to $0.20.

Dogecoin price analysis

The bulls are struggling to start a recovery in Dogecoin (DOGE), indicating that demand dries up at higher levels.

The DOGE/USDT pair could dip to the solid support at $0.06. Buyers are expected to defend this level with all their might because a break below it may resume the downtrend. The pair could first skid to $0.055 and then to the final support near $0.05.

On the contrary, if the price rebounds off $0.06, it will signal that the bulls are buying the dips to this level. The bulls will then again try to overcome the obstacle at the 20-day EMA. If they succeed, the pair may surge to $0.08.

Solana price analysis

Solana (SOL) returned from the 20-day EMA ($21.37) on Aug. 30, which shows that bears remain in command. The price has reached the vital support at $19.35.

The 20-day EMA is sloping down and the RSI is in the negative zone indicating that the path of least resistance is to the downside. If the $19.35 support gives way, the selling could intensify and the SOL/USDT pair may slide to $18.

Time is running out for the bulls. If they want to start a recovery, they will have to quickly shove the price above the overhead resistance at $22.30. If they do that, the pair may soar toward $26. The 50-day SMA ($23.42) may act as a hurdle but it is likely to be crossed.

Toncoin price analysis

Toncoin (TON) is in a strong uptrend. The bears tried to stall the rally near $1.77 but the bulls did not give up much ground. That shows that the bulls are in no hurry to book profits.

Buying resumed on Sep. 1 and the TON/USDT pair has reached the pattern target of $1.91. If buyers scale this level, the up-move may continue and the pair may skyrocket to $2.38. This level may witness profit-booking by the traders.

This bullish view will be invalidated if the price turns down and breaks below $1.66. Such a move will suggest aggressive selling at higher levels. That could then sink the pair to the breakout level of $1.53.

Polkadot price analysis

Polkadot (DOT) turned down from the 20-day EMA ($4.56) on Aug. 30, indicating that the sentiment remains negative and traders are selling on rallies.

*DOT/USDT daily chart. Source:* *TradingView*

The selling picked up further on Aug. 31 and the DOT/USDT pair dropped to the vital support at $4.22. This level is likely to witness a battle between the bulls and the bears. If the price plummets below $4.22, the pair could start the next leg of the downtrend to $4.

Buyers have their tasks cut out. If they want to make a comeback, they will have to quickly drive and sustain the price above the 20-day EMA. If they manage to do that, the pair could surge to the overhead resistance at $5.

Polygon price analysis

Polygon’s (MATIC) failure to maintain above the 20-day EMA ($0.58) on Aug. 29 may have attracted profit-booking from short-term traders. The bulls tried to push the price back above the 20-day EMA on Aug. 30 and 31 but the bears held their ground.

*MATIC/USDT daily chart. Source:* *TradingView*

The bears will try to strengthen their position by pulling the price below the immediate support at $0.53. If they can pull it off, the MATIC/USDT pair may slump to the crucial support at $0.51.

If the price turns up from the current level, it is likely to face selling at the 20-day EMA and again at the 50-day SMA ($0.66). On the other hand, a break below $0.51 could resume the downtrend. The next support is at $0.45.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 8/30: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC

August 30, 2023 Coin Telegraph

Binance Coin

Bitcoin and altcoins are struggling to hold the gains accrued earlier this week, a potential sign that the price breakout was just a response to Grayscale’s victory over the SEC.

Bitcoin led the cryptocurrency markets higher on Aug. 29 following Grayscale’s victory in the lawsuit against the United States Securities and Exchange Commission. However, the rally could not be sustained, as analysts cautioned that the victory did not guarantee the approval of a spot Bitcoin (BTC) exchange-traded fund.

Still, the victory may prove to be bullish for Grayscale. Glassnode analysts said in an X (formerly Twitter) post on Aug. 30 that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.

In the short term, even though the S&P 500 Index is on a path of recovery and the U.S. Dollar Index has turned down in the near term, the crypto markets are not able to sustain the higher levels. This shows that traders have maintained their focus on crypto-specific news.

Could bulls defend the support levels in Bitcoin and altcoins? Will that lead to a stronger recovery soon? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s range resolved to the upside with a sharp breakout on Aug. 29. This move indicates that the price is likely to oscillate inside the large range between $24,800 and $31,000 for a few days.

The 20-day exponential moving average (EMA) of $27,168 is flattening out and the relative strength index (RSI) is just below the midpoint, indicating that the selling pressure is reducing.

Buyers will try to defend the breakout level of $26,833. If they succeed, it will signal that the bulls have flipped the level into support. The BTC/USDT pair may first rise to the 50-day simple moving average (SMA) of $28,689 and thereafter attempt a rally to $31,000.

If bears want to trap the aggressive bulls, they will have to pull the price below $26,833. If they do that, it will indicate that the bears are selling on every recovery attempt. The pair could then retest the strong support at $24,800.

Ether price analysis

Ether (ETH) once again rebounded off the crucial support at $1,626 on Aug. 28, indicating that the bulls are buying the dips.

The momentum picked up on Aug. 29, and the bulls propelled the price above the 20-day EMA ($1,716). This suggests that the ETH/USDT pair could swing between $1,626 and $1,816 for some more time.

The price turned back below the 20-day EMA on Aug. 30, signaling that bears have not yet given up. If the price maintains below the 20-day EMA, the pair could tumble to $1,626. Contrarily, if the price turns up and climbs back above the 20-day EMA, the pair may reach the overhead resistance at $1,816.

BNB price analysis

After tight range trading near $220 for a few days, BNB (BNB) surged higher on Aug. 29. The relief rally is facing resistance at the 50-day SMA ($235) as seen from the long wick on the day’s candlestick.

The 20-day EMA ($224) is flattening out and the RSI is just below the midpoint, indicating that the downward selling pressure is reducing. If the price turns up from the current level, the BNB/USDT pair could rally to the resistance line. This level may again attract aggressive selling by the bears.

On the downside, if the price slides below $220, it will indicate that the bears remain in control. The pair could then slump to the Aug. 22 intraday low of $203.

XRP price analysis

XRP (XRP) has been trading between $0.50 and $0.56 for the past few days. This suggests that the bulls are buying near the support and the bears are selling close to the resistance.

The downsloping 20-day EMA ($0.55) and the RSI in the negative territory indicate that the bears have the upper hand. Sellers will try to sink the price below the strong support at $0.50. If they manage to do that, the XRP/USDT pair may plummet to $0.41.

Alternatively, if the price rebounds off $0.50, the pair may extend its stay inside the tight range for some more time. Buyers will have to shove and sustain the price above $0.56 to signal the start of a sustained recovery. The pair may then rise to the 50-day SMA ($0.64).

Cardano price analysis

The bulls pushed Cardano (ADA) above $0.28 on Aug. 29, but they could not sustain the higher levels. That kept the price below the resistance at $0.28.

This shows that the price remains stuck inside the range between $0.24 and $0.28. The next support is at the uptrend line. If the price rebounds off this level with strength, it will suggest that every minor dip is being purchased. That will enhance the prospects of a rally above $0.28. Above this level, the ADA/USDT pair could soar to $0.32.

Instead, if the price dives below the uptrend line, it will signal that the bears are trying to make a comeback. The pair could then skid to the vital support at $0.24.

Dogecoin price analysis

Dogecoin (DOGE) reached the 20-day EMA ($0.07) on Aug. 29, but the bulls are struggling to sustain the price above it.

If the price turns down sharply from the current level, it will suggest that bears are selling on rallies. The DOGE/USDT pair may then consolidate between the 20-day EMA and the support at $0.06.

Alternatively, if the pair does not give up much ground from the current level, it will suggest that the bulls are maintaining their buying pressure. That could open the gates for a potential rally to $0.08.

Solana price analysis

Solana’s (SOL) recovery hit a roadblock at the 20-day EMA ($21.77) on Aug. 29, indicating that the sentiment remains negative and traders are selling on rallies.

The bears will once again try to tug the price to $19.35. If this level cracks, the SOL/USDT pair could start a downward move to $18 and then to $16.

The bulls are likely to have other plans. They will try to build upon the recovery by pushing the price above the overhead resistance at $22.30. If they can pull it off, the pair may rise to the 50-day SMA ($23.59). If the price turns down from this level, the pair may remain range-bound between the 50-day SMA and $19.35 for some time.

Toncoin price analysis

Toncoin (TON) soared above the neckline of the inverse head-and-shoulders pattern at $1.53 on Aug. 29. This signals a potential trend change.

Typically, after a breakout, the price turns down and retests the breakout level. If the price bounces off $1.53, it will suggest that the bulls have flipped the level into support. That could start an up move toward the pattern target of $1.91. If this resistance is scaled, the TON/USDT pair could reach $2.07.

If the bears want to prevent the rally, they will have to quickly sink the price back below $1.53. Such a move could trap the aggressive bulls, resulting in a long liquidation. The pair may then slump to $1.25.

Polkadot price analysis

Polkadot (DOT) broke and closed above the 20-day EMA ($4.64) on Aug. 29, but the long wick on the candlestick shows selling at higher levels.

The bears pulled the price back below the 20-day EMA on Aug. 30. This indicates that the bears have not given up and are viewing the recoveries as a selling opportunity. The flattening 20-day EMA and the RSI in the negative territory signal possible range-bound action in the near term.

If the price breaks below $4.50, the DOT/USDT pair may swing between the 20-day EMA and $4.22 for some time. On the other hand, a break and close above the 20-day EMA could propel the pair to the overhead resistance at $5.

Polygon price analysis

Polygon (MATIC) is facing stiff resistance in the zone between $0.60 and $0.65 as seen from the long wick on the Aug. 29 candlestick.

The price turned down on Aug. 30, suggesting that the MATIC/USDT pair could consolidate in a large range between $0.51 and $0.65 for a while. The price action inside the range is likely to remain random and volatile.

If bears want to seize control, they will have to drag the price below $0.51. That could resume the downtrend with the next support at $0.45. On the upside, a break and close above the 50-day SMA ($0.67) could signal that the bulls are in the driver’s seat.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple Secures Spot in People Magazine’s List of 100 Companies ‘Putting Their Communities First’

August 29, 2023 The Daily Hodl

Price analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

August 28, 2023 Coin Telegraph

Binance Coin

The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels.

Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.

Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000.

Although analysts have been giving both bullish and bearish targets, it is better to wait for the price to break out of the range before taking large bets. Typically, after a low volatile period, the volatility picks up but it is difficult to predict the direction of the breakout with certainty.

Do Bitcoin and the major altcoins show signs of a potential breakout? What are the important levels to watch out for? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) turned down from the moving averages on Aug. 24 but the bears could not sustain the lower levels.

After the recovery on Aug. 25, the bulls maintained their buying pressure and pushed the index back to the moving averages. If buyers overcome this roadblock, the index could rally to the overhead resistance zone between 4,607 and 4,650. This zone is likely to witness a tough battle between the bulls and the bears.

If the price once again turns down from the moving averages, it will suggest that bears are fiercely defending the level. The pair may then slide to the pivotal support at 4,325. If this level breaks down, the index will complete a bearish head and shoulders pattern. That could start a correction toward the pattern target of 4,043.

U.S. dollar index price analysis

The bulls propelled the U.S. dollar index (DXY) above the downtrend line on Aug. 22, signaling that the correction may be over in the near term.

The bears tried to pull the price back below the level on Aug. 23 but the bulls held their ground. This suggests that the bulls successfully flipped the downtrend line into support.

The bulls will next attempt to push the price to 106. The rising 20-day exponential moving average (103) and the relative strength index (RSI) near the overbought territory indicate advantage to buyers.

If bears want to make a comeback, they will have to quickly pull the price back below the downtrend line. If they do that, the index may slide to the 50-day simple moving average (102).

Bitcoin price analysis

The bulls and the bears are not taking large bets as Bitcoin continues to trade inside the range between $24,800 and $26,833.

The downsloping moving averages and the RSI in the oversold zone indicate that bears are in command. However, sellers may find it difficult to resume the downward move because the bulls are likely to defend the $24,800 level with vigor.

If the price rebounds off the support, it will suggest that the BTC/USDT pair may continue its consolidation for some more time. On the upside, a rally above $26,833 will be the first sign of strength. That could push the price to the 50-day SMA ($28,806) and later to $30,000.

Contrarily, a break and close below the $24,800 support could start the next leg of the downtrend to $20,000.

Ether price analysis

Ether (ETH) has been trading near the crucial support at $1,626, indicating that the bears have kept up the selling pressure.

The failure of the bulls to start a strong rebound increases the risk of a break below $1,626. If that happens, the ETH/USDT pair could plummet to $1,550. This level may attract solid buying by the bulls.

If the price turns up from this level but turns down from $1,626, it will signal that bears have flipped the level into resistance. That may start a downtrend toward $1,368. The bulls will have to kick the price above the 20-day EMA ($1,716) to signal a comeback.

BNB price analysis

BNB’s (BNB) pullback is facing selling at the breakdown level of $220, indicating that the bears are trying to flip the level into resistance.

A minor positive in favor of the bulls is that they have not given up much ground from $220. This suggests that buyers are keeping up the pressure. The bulls will have to overcome the barrier at the 20-day EMA ($223) to start a relief rally to the resistance line. This level may again witness strong selling by the bears.

The first support on the downside is $213. If this level breaks down, the BNB/USDT pair could plunge to psychological support at $200. A break below this level may extend the decline to the next major support at $183.

XRP price analysis

The failure of the bulls to push XRP (XRP) to the overhead resistance at $0.56 suggests a lack of demand at higher levels.

The weak bounce off $0.50 may attract aggressive selling by the bears. If the $0.50 support gives way, the XRP/USDT pair could drop to the crucial support at $0.41. This level could witness strong buying by the bulls. If the price rebounds off this support, it will suggest that the pair may oscillate between $0.41 and $0.56 for a few more days.

Conversely, if the price turns up and breaks above $0.56, it will suggest the start of a sustained recovery. The pair may then climb to the 50-day SMA ($0.64).

Cardano price analysis

Cardano (ADA) has been swinging inside the narrow range between $0.24 and $0.28 for the past few days. This suggests that the bulls are buying near the support and bears are selling at the resistance level.

If buyers propel the price above the overhead resistance at $0.28, the ADA/USDT pair could start a rally to the 50-day SMA ($0.29). This level may act as an obstacle, but if overcome, the pair could shoot to $0.34.

The bears are likely to have other plans. They will try to defend the overhead resistance and tug the price to the support of the range at $0.24. If this level breaks down, the pair may slump to $0.22 and eventually to $0.20.

Dogecoin price analysis

Dogecoin (DOGE) has been trading between the strong support at $0.06 and the 20-day EMA ($0.07) for the past few days.

The 20-day EMA is sloping down and the RSI is in the negative territory, indicating that the bears have the edge. Sellers will try to sink the price below $0.06 and further strengthen their position.

Time is running out for the bulls. If they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. If they do that, the DOGE/USDT pair could rally to the 50-day SMA ($0.07) and thereafter jump to $0.08.

Solana price analysis

Solana (SOL) has been gradually drifting lower, indicating that the bears are pouncing on every minor relief rally.

The SOL/USDT pair could drop to the Aug. 22 intraday low of $19.35. If this level caves in, the selling could intensify and the pair may dive to $18 and eventually to the next major support at $15.60.

Contrary to this assumption, if the price turns up and breaks above $22.30, it will indicate solid buying at lower levels. The pair may first rise to the 50-day SMA ($23.61) and thereafter to the strong resistance at $26.

Polkadot price analysis

The bulls are trying to shove Polkadot (DOT) above the overhead resistance at the 20-day EMA ($4.64) but they are likely to encounter stiff resistance from the bears.

If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a retest of the crucial support at $4.22. If this support crumbles, the DOT/USDT pair may collapse to $4 and later to $3.88.

On the other hand, if buyers kick the price above the 20-day EMA, it will suggest the start of a stronger relief rally to the breakdown level of $5. This level could attract selling by the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SEC v Ripple: attorneys leave SEC side, both groups add new lawyers

August 24, 2023 Coin Telegraph

Coin Telegraph

Attorneys Pascale Guerrier, Richard Best and Robert MacDonald Moye representing the U.S. SEC in its ongoing lawsuit against Ripple have withdrawn from the case.

Multiple attorneys have moved in and out of the lawsuit between Ripple Labs, executives and the United States Securities and Exchange Commission (SEC), as signified by court filings on Aug.23.

The latest motions filed were requesting permission to withdraw attorneys Richard Best and Robert MacDonald Moye from the trial, with the former having the motion immediately granted due to extended medical leave. Moye’s withdrawal is still pending a decision from Judge Analisa Torres.

Earlier the same day, a motion was filed for attorney Pascale Guerrier to be dismissed from the case. This request was also promptly granted by the judge.

*Court filing for the withdrawal of SEC attorney Pascale Guerrier. Source: Official court documents*

In a game of legal musical chairs, also on Aug. 23, Judge Torres approved attorney Michael A. Schulman for Brad Garlinghouse, the CEO of Ripple, along with attorneys Marc J. Jones and Peter Bryan Moores to represent the SEC.

This is a developing story, and further information will be added as it becomes available.

Ripple

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