Payments platform Ripple Labs is collaborating with the central bank of Georgia to create the nation’s first central bank digital currency (CBDC) pilot program. In a new company blog post, Ripple says that The National Bank of Georgia (NGB) has chosen to partner with Ripple for its digital Lari (GEL) pilot project. “The pilot will […]
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Bitcoin price is losing its upward momentum, but data suggests traders are gearing up to buy any significant dips.
Bitcoin (BTC) soared above $35,000 on Nov. 2 and that may have sucked in the aggressive bulls who speculated that the next leg of the up-move was beginning. However, the price quickly turned around and fell back below $35,000 signaling that the breakout may have been a fake move.
A mild correction during an uptrend does not signal a trend change. It is generally a healthy sign as it shakes out weak hands. When markets are trending higher, dips are viewed as a buying opportunity, but it is better to wait for the price to find a bottom before buying. Strong support levels could be watched as potential places where buyers step in to arrest the decline.
MicroStrategy founder and executive chairman Michael Saylor said in an interview with CNBC that if traders hold a 12-month to 48-month time horizon, the current level is “a pretty ideal entry point into the asset.”
Bitcoin’s weakness has pulled several altcoins lower. What are the important support levels where the decline could end?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin surged above $35,280 on Nov. 1 and tried to build upon this rally on Nov. 2 but the bears had other plans. Sellers stalled the up-move at $35,985 and are trying to sustain the price below $35,000.
If they do that, the BTC/USDT pair may skid to $33,390. This is an important level for the bulls to defend because if $33,390 cracks, the pair may fall to the 20-day exponential moving average ($32,611).
Generally, in an uptrend, the bulls fiercely defend the 20-day EMA. If the level holds, it will indicate that the trend remains positive. The bulls will then make one more attempt to kick the price to $40,000.
A break and close below the 20-day EMA will be the first sign that the bulls may be losing their grip. The pair may then tumble to $31,000.
The bulls nudged Ether (ETH) above the immediate resistance at $1,865 on Nov. 2 but the bears pulled the price back below the level, indicating strong selling at higher levels.
The bears will try to sink the price to the strong support at $1,746. This remains the key level to keep an eye on because a break and close below it will signal that the bears are back in the driver’s seat.
Meanwhile, the bulls are likely to have other plans. They will try to buy the dips and again attempt to overcome the obstacle at $1,865. If they can pull it off, the ETH/USDT pair could start a rally to the psychologically critical level of $2,000.
BNB (BNB) bounced off the breakout level of $223 on Nov. 1, indicating that the bulls are fiercely defending this level.
Buyers tried to thrust the price above the $235 resistance on Nov. 2 but the bears held their ground. This suggests that the BNB/USDT pair is stuck between $223 and $235 for some time.
The rising 20-day EMA ($223) and the RSI in the positive territory indicate the path of least resistance is to the upside. If bulls kick the price above $235, the pair may jump to $250 and eventually to $265. Conversely, the trend will shift in favor of the bears if they sink and sustain the price below $223.
XRP (XRP) is facing resistance near $0.61 but a positive sign is that the bulls have not lost ground to the bears.
The buyers will try to drive the price to the overhead resistance at $0.67. This level may again pose a strong challenge to the buyers but if they bulldoze their way through, the rally could extend to $0.75 and subsequently to $0.85. The upsloping 20-day EMA ($0.56) and the RSI in the overbought zone indicate that bulls are in control.
If bears want to make a comeback, they will have to yank the price back below $0.56. The XRP/USDT pair may then collapse to the 50-day SMA ($0.52).
Solana (SOL) climbed above $38.79 on Nov. 1 and reached near the target objective at $48 but the long wick on the day’s candlestick shows that traders aggressively booked profits at this level.
The price rebounded off $38.79 on Nov. 2 but the bulls could not sustain the intraday highs, suggesting that every rally is being sold into. The bears will try to build upon their advantage and sink the SOL/USDT pair below $38.79.
If they succeed, it could start a downward move toward the 20-day EMA ($32.41). Such a deep correction will suggest an end to the up-move in the near term. The pair may then enter a consolidation phase for a few days.
If bulls want to maintain their advantage, they will have to defend the $38.79 support. If the price turns up from this level with strength, the pair may retest the overhead resistance at $48.
Cardano (ADA) snapped back from the 20-day EMA ($0.28) on Nov. 1 and rose above $0.30, indicating that the bulls are viewing the dips as a buying opportunity.
The price turned down from $0.33 on Nov. 2 but the bulls did not cede ground to the bears. This is a positive sign as it shows that the bulls are holding on to their positions as they anticipate the up-move to continue. The target on the upside is $0.38.
Contrary to this assumption, if the price turns lower and breaks below $0.30, it will indicate that the markets have rejected the higher levels. The ADA/USDT pair could then slump to the 20-day EMA ($0.28).
Dogecoin (DOGE) rebounded off the 20-day EMA ($0.06) on Nov. 1 but the bulls could not sustain the higher levels.
The price returned to the 20-day EMA on Nov. 3 but the long tail on the candlestick shows that the bulls are fiercely defending the level. Buyers are again attempting to propel the price above $0.07. If they are successful, the DOGE/USDT pair will attempt a rally to $0.08. This level may again witness strong selling by the bears.
On the contrary, if the price once again turns down from $0.07, it will signal that bears are selling on rallies. A break and close below the 20-day EMA will indicate that the bears are back in the game. The pair may then tumble to $0.06.
Related: Bitcoin disappoints while Markets Pro delivers 88% gains in 29 hours
Toncoin (TON) rose to the overhead resistance of $2.31 on Nov. 2 but the bulls could not overcome the obstacle. This suggests that the bears are defending the level with vigor.
The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. A strong rebound off the moving averages will improve the prospects of a rally above $2.31. If this level is scaled, the TON/USDT pair could start its journey toward $2.59.
Instead, if the price turns down from the overhead resistance and breaks below the moving averages, it will suggest that the pair may swing between $1.89 and $2.31 for a few days.
Chainlink (LINK) has been facing resistance near $11.50, indicating that the bears have not given up and continue to sell on rallies.
The failure to sustain the higher levels may have tempted short-term traders to book profits on Nov. 2. That pulled the price back toward the 20-day EMA ($10.11). This remains the key level to watch out for on the downside.
If the rebound off the 20-day EMA sustains, it will suggest strong demand at lower levels. The bulls will then make one more attempt to rise above $11.50. If they succeed, the LINK/USDT pair may surge to $13.50 and subsequently to $15. Contrarily, a slide below the 20-day EMA may result in a retest of $9.50.
Polygon (MATIC) has been moving up gradually but the rally lacks momentum. This shows hesitation among the bulls to continue buying at higher levels.
The rising moving averages and the RSI near the overbought zone indicate that bulls have the upper hand. If bulls clear the overhead hurdle at $0.70, the MATIC/USDT pair could rally to $0.74 and then to $0.80.
The bears are currently posing a strong challenge near the overhead resistance at $0.70 but they will have to sink the price below the 20-day EMA ($0.61) to weaken the bullish momentum. The pair may then oscillate inside the large range between $0.50 and $0.70 for a while.
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.
The National Bank of Georgia will use the CBDC platform to assess Digital Lari's benefits for the government, businesses, and retail users.
The National Bank of Georgia (NBG) has selected Ripple Labs Inc., a leading blockchain payments platform, as the official technology partner for developing Digital Lari, their central bank digital currency (CBDC) project.
Ripple said in a statement that the partnership will encompass the implementation and deployment of the Digital Lari pilot initiative through the Ripple CBDC Platform. The National Bank of Georgia will utilize this innovative CBDC platform to evaluate potential applications of the Digital Lari, determining its advantages to the government sector, enterprises, and individual retail users.
Before being designated as NBG’s technology partner, Ripple underwent a thorough and meticulous selection procedure. In September, the National Bank of Georgia disclosed its intentions to advance its CBDC project by introducing a Limited Access Live Pilot Environment. Consequently, it opted to select a sole technology collaborator for the initiative.
In the initial process stage, the National Bank of Georgia thoughtfully chose nine firms for their technological prowess, maturity, capability, relevant background, and eagerness to participate in the practical assessment. Among these, Ripple was included alongside notable entities such as AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, and others.
Ultimately, Ripple was the preferred protocol for the Digital Lari initiative. The selection committee considered various factors, including a profound comprehension of the project’s objectives, its potential applications, and a solid dedication to the project’s triumph, as stated in NBG’s announcement.
Related: Swiss wholesale CBDC pilot kicks off in alliance with central, commercial banks
In July, Ripple received recognition from Currency Research for its contributions to Digital Currency Advancement and Best Sustainability Initiative, particularly for its role in fostering innovation in the realm of CBDCs.
Before the partnership with the NBG for the Digital Lari initiative, Ripple had proactively aligned itself with organizations seeking to delve into CBDC implementations. Ripple previously joined forces with Colombia’s Central Bank, Banco de la República, to investigate blockchain technology applications in its Digital Peso pilot, leveraging the Ripple CBDC Platform.
Magazine: Are CBDCs kryptonite for crypto?
Stuart Alderoty expressed concern about the SEC’s repeated arbitrary and capricious actions in court cases, suggesting a troubling pattern under Gensler’s leadership.
Ripple chief legal officer Stuart Alderoty has expressed reservations about the recent string of legal defeats suffered by the United States Securities and Exchange Commission during Gary Gensler’s tenure. These remarks follow another setback for the SEC in the Fifth Circuit Court after Ripple’s victory in the XRP lawsuit in July 2023.
Alderoty characterized this sequence of events as a “deeply concerning trend” in which the SEC, under the leadership of Chair Gary Gensler, appears to be straying from its commitment to upholding the law. Alderoty expressed concern about the SEC’s repeated arbitrary and capricious actions in court cases, suggesting a troubling pattern under Gensler’s leadership.
Another day and another Court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler? https://t.co/5bUgSBUOI8
— Stuart Alderoty (@s_alderoty) November 1, 2023
The Fifth Circuit Court of Appeals in the U.S. deemed the SEC’s stock buyback disclosure rule as arbitrary and lacking reasonable explanation on Oct. 31. The court has provided an opportunity for the SEC to demonstrate a thorough consideration of pertinent matters and provide a good basis for its decision. This development follows the SEC’s recent defeats in the XRP lawsuit and the Grayscale filing, which could hold significance for the crypto industry’s regulatory future.
The legal action, initiated by multiple U.S. business and trade associations, revolves around an SEC regulation mandating issuers to report daily information on share repurchases every quarter and to provide the rationale behind repurchasing their own stock.
Related: Ripple exec and XRP community back SEC commissioner’s LBRY lawsuit dissent
Judge Analisa Torres, on Oct. 25, 2023, issued an order officially dismissing charges against Ripple’s CEO Brad Garlinghouse and executive chairman Chris Larsen in the Ripple v. U.S. SEC lawsuit. Furthermore, there have been developments regarding institutional sales of XRP (XRP). Judge Torres has requested a joint scheduling brief from both parties on this issue. The Summary Judgment on July 13, 2023, was a split verdict, favoring Ripple in the case of retail XRP token sales.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback.
Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?
Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.
While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.
Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The bulls tried to propel Bitcoin above $35,280 on Nov. 1 but the bears did not relent. This suggests profit-booking at higher levels.
The relative strength index (RSI) is still in the overbought zone, indicating that the consolidation may extend for a few more days. The important level to watch on the upside is $35,280 and on the downside is $33,390.
If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between the bulls and the bears.
On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair may then climb to $40,000.
Ether (ETH) has been holding above the breakout level of $1,746 but the bulls are struggling to start the next leg of the uptrend. This suggests that the bears are trying to get back in the game.
The crucial level to watch on the downside is $1,746. If bulls flip this level into support, it will indicate that the sentiment has turned positive. That will enhance the prospects of a break above $1,865. The ETH/USDT pair may then surge to $2,000. The bears are expected to mount a strong defense at this level.
If bears want to gain the upper hand, they will have to tug the price back below the 20-day EMA ($1,723). That may catch the aggressive bulls on the wrong foot, leading to long liquidation. The pair may then slump to the 50-day SMA ($1,648).
The bulls are finding it difficult to maintain BNB (BNB) above $230, indicating that buying dries up at higher levels.
The BNB/USDT pair has turned down and reached the breakout level of $223. Buyers are likely to defend the zone between $223 and the 20-day EMA ($220). If the price rebounds off this zone, the bulls will again attempt to kick the pair toward the overhead resistance of $235.
On the contrary, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bears are back in control. The pair may then tumble to the 50-day SMA ($214).
XRP (XRP) broke and closed above the overhead resistance of $0.56 on Oct. 30. This indicates the start of a new up-move.
The 20-day EMA ($0.54) has turned up and the RSI is in the overbought zone, indicating that the bulls have a slight edge. Buyers will try to build upon the advantage and push the price to $0.67.
Conversely, the bears will try to pull the price back below the breakout level of $0.56 and the 20-day EMA. If they manage to do that, the XRP/USDT pair may fall to the 50-day SMA ($0.52).
Solana (SOL) has been in a strong recovery. After hesitating for a few days near $34, the bulls asserted their supremacy and rose above the resistance on Oct. 30.
The buying continued and the bulls overcame the obstacle at the overhead resistance at $38.79 on Nov. 1. If buyers maintain the price above $38.79, the SOL/USDT pair could next attempt a rally to $48.
While the trend remains up, the overbought levels on the RSI suggest that the rally is overheated in the near term. That may make it difficult for the bulls to continue the up-move. A break and close below $38.79 may tempt short-term traders to book profits. That may sink the pair to $34.
Cardano (ADA) turned down from the minor resistance at $0.30 on Oct. 31, indicating that the short-term traders are booking profits.
The nearby support on the downside is the 20-day EMA ($0.28). Buyers are expected to defend this level with vigor. If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying at lower levels. The ADA/USDT pair may then once again reach $0.30.
This view will be invalidated if the price continues lower and plummets below the 20-day EMA. Such a move will suggest that the pair may oscillate between $0.24 and $0.30 for a while longer.
The bulls have been struggling to sustain Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.
The bulls bought the dip to the 20-day EMA ($0.06) on Oct. 31 as seen from the long tail on the candlestick but they could not build upon this strength. Sellers are again trying to yank the price back below the 20-day EMA. If they succeed, it will suggest that bulls are losing their grip. The DOGE/USDT pair may then slump toward $0.06.
Alternatively, if the price once again rebounds off the 20-day EMA with strength, it will suggest that bulls are buying on dips. The bulls will then again try to clear the overhead hurdle at $0.07 and start the up-move to $0.08.
Related: Bitcoin crash pre-halving? Stablecoin metric that marked 2019 top flashes warning
Toncoin (TON) has formed a range between $1.89 and $2.31 for the past few days. The price turned down from $2.27 on Oct. 31 indicating that the bears continue to sell near the resistance.
The TON/USDT pair has slipped to the immediate support at the moving averages. If the price rebounds off this level with force, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. That will improve the prospects of a rally above the overhead resistance at $2.31. The pair may then surge to $2.59.
Contrarily, if the price continues lower and breaks below the moving averages, it will suggest that the range-bound action may continue for a few more days.
The bulls have been attempting to propel and sustain Chainlink (LINK) above the overhead resistance at $11.50 but the long wick on the candlesticks shows that the bears are active at higher levels.
The drop on Nov. 1, indicates that the bears are trying to pull the price to the 20-day EMA ($9.80), which is an important level to watch out for. If the price rebounds off this level, the bulls will again try to push the LINK/USDT pair above $11.50. If they do that, the pair may rise to $13.50 and then to $15.
On the other hand, sellers will be back in the driver’s seat if they sink and sustain the price below $9.50. That may open the doors for a further fall to the 50-day SMA ($8.06).
Buyers tried to propel Polygon (MATIC) above the overhead resistance of $0.66 on Oct. 31 but the bears held their ground.
This suggests that the MATIC/USDT pair could consolidate in a tight range between $0.60 and $0.66 for some time. The rising moving averages and the RSI in the positive territory indicate advantage to the bulls.
If buyers shove the price above $0.66, the pair could start the next leg of the relief rally toward $0.77. However, the bears are likely to have other plans. They will try to sink the price back below $0.60 and trap the aggressive bulls.
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’s top lawyer is urging U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce to speak out sooner and louder against the regulator’s hostile approach toward the crypto industry. Last week, Peirce released a statement of dissent regarding the SEC’s lawsuit against the blockchain-based file-sharing payment network LBRY, which the regulator filed in 2021 under […]
The post Ripple General Counsel Calls LBRY Lawsuit an Injustice, Urges SEC Commissioner To Speak Out Louder and Sooner appeared first on The Daily Hodl.
Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins.
Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.
However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged.
A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases the risk of a short-term pullback.
What are the important support levels on Bitcoin and altcoins that need to hold for the sentiment to remain bullish? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) remains in a strong downtrend. The price is close to the strong support zone between 4,050 and 4,100.
The sharp fall of the past few days pushed the relative strength index (RSI) into the oversold territory, suggesting that a pullback may be possible. On the upside, the bears are expected to sell near the 20-day exponential moving average (4,255).
If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to sink the price below the support zone. If they succeed, the index could plummet toward 3,800. This negative view will invalidate in the near term if the price rises and sustains above the 20-day EMA.
The U.S. dollar index (DXY) rebounded off the 50-day simple moving average (105) on Oct. 24, indicating that lower levels are attracting buyers.
The rising moving averages indicate advantage to buyers but the negative divergence on the RSI suggests that the bullish momentum may be weakening. That could keep the index range-bound between 105.36 and 107.35 for some time.
If buyers maintain the price above the 20-day EMA (106.23), the bulls will attempt to drive the index above 107.35. If they succeed, the index may surge toward 111. If bears want to prevent the upside, they will have to drag and sustain the price back below 105.36. The index may then fall to 104.50.
After the sharp rally, Bitcoin has entered a consolidation phase between $33,390 and $35,380. This is a positive sign as it suggests that the bulls are in no urgency to book profits aggressively.
Although the overbought levels on the RSI warrant caution, the rising moving averages suggest that bulls remain in charge. If buyers drive the price above $35,280, the BTC/USDT pair could surge toward $40,000. This level is likely to act as a formidable resistance.
On the way down, if bears sink the price below $33,390, the pair risks a drop to $32,400 and then to $31,000. This zone is likely to witness solid buying by the bulls because if it cracks, the selling could intensify and the pair may plummet to $28,143.
Ether (ETH) has been maintaining above the breakout level of $1,746 but the bulls have failed to extend the recovery. This suggests that demand dries up at higher levels.
The ETH/USDT pair may stay range-bound between $1,746 and $1,865 for a few days. The rising moving averages and the RSI in the overbought territory indicate that the bulls have the upper hand.
If buyers kick the price above $1,865, the pair could rally to $2,000. The bears are likely to guard this level with vigor.
The important support on the downside is $1,746 and then the 20-day EMA ($1,705). Sellers will be back in the driver’s seat if they sink and sustain the price below the 20-day EMA.
BNB (BNB) has been stuck inside a large range between $235 and $203 for the past several days. The rising 20-day EMA ($219) and the RSI in the positive territory indicate that bulls have a slight edge.
If the price sustains the rebound off $223, the bulls will again try to shove the price above the overhead resistance at $235. If they can pull it off, it will indicate the start of a sustained recovery to $250 and eventually to $265.
Meanwhile, the bears are likely to have other plans. They will try to yank the price back below the 20-day EMA. Such a move will suggest that the BNB/USDT pair may extend its stay inside the range for a while longer.
After staying in a tight range between $0.56 and the 20-day EMA ($0.53) for the past few days, XRP (XRP) cleared the hurdle on Oct. 30.
The upsloping 20-day EMA and the RSI in the overbought zone indicate that the bulls are at an advantage. There is a minor resistance at $0.59. If bulls overcome this barrier, the XRP/USDT pair is likely to climb to $0.66.
However, the bears are unlikely to give up easily. They will try to pull the price back below the 20-day EMA. If they manage to do that, it may trap several aggressive bulls. The pair may then remain stuck between $0.46 and $0.56 for a few more days.
In an uptrend, the corrections are shallow and short-lived. That is what happened in Solana (SOL). After a minor pullback, the bulls have asserted their supremacy.
The SOL/USDT pair resumed its uptrend on Oct. 30 with a break above $33.90. The bulls will next try to push the price to $38.79. This level is expected to act as a major resistance but if buyers bulldoze their way through, the pair may reach $48.
The important support to watch on the downside is $31. If the pair slips below this level, it will suggest that the bulls may be dumping their positions in a hurry. That could pull the price down to the 20-day EMA ($28,73).
Related: CME becomes second-largest Bitcoin futures exchange as open interest surges
Cardano (ADA) has been sustaining above the breakout level of $0.28 for the past few days but the bulls are finding it difficult to clear the overhead hurdle at $0.30.
Still, a positive sign is that the bulls have not given up much ground from the overhead resistance. This suggests that the buyers have kept up the pressure. If they overcome the roadblock at $0.30, the ADA/USDT pair could start a rally to $0.32 and thereafter to $0.34.
Alternatively, if the price turns down from $0.30, it will suggest that the bears are aggressively defending the level. The pair may then swing between $0.28 and $0.30 for some time. A break and close below the 20-day EMA ($0.27) will tilt the advantage back in favor of the bears.
Dogecoin (DOGE) has been witnessing a tough battle between the bulls and the bears near the $0.07 mark.
A minor positive is that the bulls are buying the dips below $0.07. This suggests that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair could start its northward march to $0.08.
The important support to watch on the downside is the 20-day EMA ($0.06). If this support cracks, the pair could dive to the solid support at $0.06.
Toncoin (TON) broke below the moving averages on Oct. 27 but the bears could not build upon the advantage. This suggests that selling dries up at lower levels.
The 20-day EMA ($2.07) has flattened out and the RSI is near the midpoint, indicating a balance between buyers and sellers. If the price rises above the moving averages, the bulls will try to kick the TON/USDT pair above $2.31. If they do that, the pair may start its journey to $2.59.
Conversely, if the price turns down from the moving averages, it will suggest that bears are trying to gain the upper hand. A break below $2 could clear the path for a decline to $1.89.
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.
Voltage Park will lease access to 24,000 clustered NVIDIA GPUs by the hour or month to help small startups and researchers model machine learning.
Ripple co-founder Jed McCaleb’s nonprofit Navigation Fund is helping to tackle the AI chip shortage by offering leasable capacity large machine learning models. A new cloud was officially launched on Oct. 29 that will be accessible on an hourly, monthly or long-term basis.
An organization called Voltage Park “currently offer[s] bare-metal access for large-scale users that need peak performance” and expects to expand its service by early 2024, according to a statement on its website. It has around 24,000 NVIDIA H100 graphics processing units (GPUs) grouped into interconnected clusters. Voltage Park is a subsidiary of Navigation Fund.
The hardware is worth $500 million. Clusters will be set up in Texas, Virginia and Washington, Voltage Park CEO Eric Park told Reuters. Park joined the organization in July.
Related: Stellar Co-founder Brands 90% of Crypto Projects ‘B.S.’
Voltage Park is currently auctioning off contracts with lengths of one-to-three months on 1,560 GPUs. It said in its announcement:
“The market for cutting-edge ML compute is broken. Startups, researchers and even big AI labs are scrambling to buy or rent access to the latest chips for ML training. […] We’re on a mission to make machine learning infrastructure accessible to all.”
The Navigation Fund was founded in 2023 with plans to provide a small number of grants this year and expand its programs in early 2024. It plans to advance a number of causes in addition to “safe AI.”
Billionaire McCaleb created Mt. Gox to trade Magic: The Gathering cards, then repurposed it as a Bitcoin (BTC) exchange and sold it in 2011, three years before its collapse. He went on to become a co-founder of Ripple Labs and, after leaving Ripple on bad terms with the rest of the management, he co-founded the Stellar blockchain. He also created a space station startup in 2022 that has partnered with Elon Musk’s SpaceX.
Magazine: ‘AI has killed the industry’: EasyTranslate boss on adapting to change
Clayton emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.
Ripple CEO Brad Garlinghouse strongly criticized former United States Securities and Exchange Commission (SEC) Chair Jay Clayton’s remarks regarding the agency’s regulatory approach. Since the first quarter of 2023, the SEC has initiated various regulatory actions against crypto exchanges and companies.
During an interview with CNBC on June 29, 2023, Clayton expressed his view that the SEC should pursue legal action against specific companies only when they have strong legal grounds. He emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.
Watching this clip makes my blood boil.
— Brad Garlinghouse (@bgarlinghouse) October 28, 2023
The hypocrisy is shocking. @CNBC @SquawkCNBC should be calling him out for the bullshit.
(As a reminder, jay clayton brought the case against ripple, me and Chris Larsen. And left the building the next day).
In light of the SEC voting to dismiss the allegations without prejudice, the Ripple CEO reminded that the former SEC chair had filed a lawsuit that had little chance of success in court. In the lawsuit against Ripple, Garlinghouse and Ripple co-founder Christian Larsen in December 2020, the SEC accused the company and the two executives of “unregistered, ongoing digital asset securities offering,” alleging that they had raised more than $1.3 billion from sales of the XRP (XRP) token.
Garlinghouse said:
“As a reminder, Jay Clayton brought the case against Ripple, me and Chris Larsen. And left the building the next day.”
Clayton’s statements made in June 2023 have gained attention in light of the recent lawsuit developments involving Garlinghouse and Ripple founder Chris Larsen. As previously reported, the charges against these executives were dropped by the US SEC. Notably, the charges were brought on shortly before Clayton’s tenure as SEC Chair ended, which was well before the expected expiration date in June 2021.
Related: Ripple exec and XRP community back SEC commissioner’s LBRY lawsuit dissent
The recent exoneration of the two executives follows a decision by Judge Analisa Torres in July 2023, where it was determined that selling XRP on secondary markets to individual buyers does not qualify as an investment contract.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Alderoty showed gratitude toward Commissioner Peirce and suggested that it might be time to submit an amicus brief.
Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple Labs, and the XRP community have expressed their support on the X app (formerly Twitter) for Securities Exchange Commission(SEC) Commissioner Hester Peirce’s stance against the perceived “injustice” in the LBRY lawsuit.
Alderoty showed gratitude toward Commissioner Peirce and suggested that when ongoing injustices occur in non-fraud cases, especially when consumers are still awaiting resolution for actual fraud cases, it might be necessary to disregard standard protocols and raise concerns more vocally and promptly, potentially even by submitting an amicus brief to address the issue.
The SEC Commissioner issued a dissenting statement regarding the LBRY lawsuit on October 27. Peirce emphasized that the commission has recently initiated numerous enforcement actions against cryptocurrency exchanges such as Ripple, LBRY, Kraken, Binance, and Coinbase.
Thank you Commissioner. When you see injustices like this continue in non-fraud cases (while consumers wait for recourse from actual frauds) perhaps it’s time to let ordinary rules of protocol go by the wayside and speak out louder and sooner? Perhaps even with an amicus brief?
— Stuart Alderoty (@s_alderoty) October 27, 2023
Peirce, among the many enforcement actions taken by the SEC, noted that the LBRY lawsuit was particularly disconcerting to her. However, she expressed her inability to publicly discuss it due to the ongoing litigation.
Back in July, LBRY, a platform recognized for its blockchain-based file-sharing and payment network, was determined to have violated Section 5 of the Securities Act of 1933. Consequently, LBRY was permanently barred from engaging, whether directly or indirectly, in any unregistered cryptocurrency securities offerings involving its native token.
The crypto platform initially sought to appeal a judgment by the U.S. SEC but later abandoned the effort due to perceived futility. Notably, the XRP community supported the platform during the legal process, including the appeal. However, with the litigation concluding in the SEC’s favor, LBRY decided to close down, citing financial burdens and regulatory pressure as the reasons for its shutdown.
Related:Community reacts to SEC dropping XRP case and LBRY shutdown
Pro-XRP lawyer, John E. Deaton, in response to the Commissioner’s statement, suggested that it might be time to submit an amicus brief. Deaton believes that just as 75 thousand individual holders expressed their views in court, it’s also important for someone with insider knowledge to speak out in a court of law.
Deaton had expressed his disapproval of the SEC’s actions against the company, which he believed had caused financial distress. This sentiment aligns with Commissioner Peirce’s perspective, as she clearly articulated in her statement.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
