The US’ largest crypto exchange, Coinbase, has weighed in on the high-profile lawsuit brought against Ripple by the US Securities and Exchange Commission (SEC) by filing legal documents in support of Ripple.
The amicus curiae brief submitted to the court by Coinbase argues that de-listing XRP from crypto exchanges in the wake of SEC’s legal action caused its market value to decline by US$15 billion, “resulting in significant losses to Coinbase’s customers.”
Coinbase’s brief pointed out it had previously urged the SEC to provide direction for the digital asset industry to provide certainty, and defended Ripple’s legal position:
“In the absence of a regulatory framework governing digital assets, Coinbase believes that parties like Ripple must be permitted to pursue fair notice defenses in matters where they are facing surprise enforcement actions like this one.”
Coinbase amicus brief in support of Ripple
Coinbase Support Strengthens XRP Position
Crypto payments network, Ripple, which has its own token called XRP, has been battling the SEC lawsuit since 2020 — disputing the regulator’s findings that Ripple conducted an illegal securities offering by selling XRP, which is the sixth largest crypto by market share.
Amicus briefs offer information or insights relevant to a case from an organisation not involved in the legal proceedings and are accepted at the discretion of the court.
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
In a Twitter thread about filing the brief, Coinbase Chief Legal Officer Paul Grewal said:
“One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal. By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle.”
Coinbase Chief Legal Officer Paul Grewal
The lengthy legal battle has been closely watched due to its ramifications for the crypto industry. Ripple’s CEO has denounced the SEC for its “shameful” behaviour and at one point, Ripple accused the SEC of deleting material relevant to the case.
Support for Ripple by Coinbase and others including the Blockchain Association further strengthens the crypto firm’s position, and a number of legal experts have also speculated that the SEC is likely to lose.
1/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC’s two-year legal battle against @Ripple.
A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets.
Blockchain payments company Ripple has expressed interest in acquiring the assets of insolvent crypto lender Celsius as a means to grow, according to a report from Reuters.
A spokesperson told Reuters that Ripple wanted to learn more about Celsius’ assets and was “actively looking for [merger and acquisition] opportunities to strategically scale the company”.
We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.
Ripple spokesperson
Can Ripple’s Interest Help Check Celsius’ Collapse?
After pausing withdrawals from its platform in June due to liquidity issues, last month Celsius filed for bankruptcy in order to “stabilise its business”. Then, in an astounding twist, the lender laid claim to customers’ deposits in court, casting doubt on the likelihood of customers getting their money back.
Ripple’s comments to Reuters were in response to a query about the company submitting filings to the bankruptcy court seeking to be represented in Celsius’ proceedings, although Ripple is not one of Celsius’ major creditors.
Celsius’ bankruptcy filings show it holds digital assets in custody accounts, loans, a bitcoin mining business, and CEL tokens, bank cash and crypto.
It’s unclear how Ripple’s involvement might help users affected by the platform’s troubles. Following the news, the price of Celsius’ token CEL rose – it’s up over 30 percent in the past 24 hours.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform known as RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.3754. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 73% retracement, near $0.3610. If this level breaks, a move into possible support – just below the lows near $0.3245 – seems likely.
If the price does rally through the swing high at $0.3955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4250.
Overlapping swing highs and lows near $0.4526 may provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets to up near the midpoint of Q1’s consolidation, around $0.5132, where higher timeframes show an inefficiently traded zone.
2. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company states its vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 60th cryptocurrency globally and the current price is US$0.1423. Let’s take a look at the chart below for price analysis:
CHZ‘s stunning rally to $0.1650 plummeted over 23% last week to sweep consolidation lows at $0.1055. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1420 could set the stage for a move into the daily gap beginning near $0.1705, potentially reaching resistance near $0.1837.
A sweep of the highs near $0.1958, followed by a sharp sell-off, hints that bulls are preparing to run the swing high near $0.2147. This run could find the next resistance around $0.2346 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2528.
3. Omg Network (OMG)
Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.
OMG Price Analysis
At the time of writing, OMG is ranked the 110th cryptocurrency globally and the current price is US$2.21. Let’s take a look at the chart below for price analysis:
OMG‘s 37% drop has filled the June monthly gap twice as the price consolidated between $1.82 and $2.40.
The price’s current region, between $2.20 and $2.35 and just under the monthly open, could continue to give support. If this area holds, the cluster of relatively equal range highs up to $2.60 is a likely target.
An animated move through these highs could reach up to the daily gap beginning at $2.85. The area between $2.96 and $3.10 provides a likely cap for a move into this zone.
A drop lower could be a run-on stop under $2.00 and find support near $1.94. If this level is lost, the swing low at $1.85 is a likely target, with $1.79 possibly giving support.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 7th cryptocurrency globally and the current price is US$0.3249. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 80% retracement, near $0.3210. If this level breaks, a move into possible support – just below the lows near $0.2932 – seems likely.
If the price does rally through the swing high at $0.3755 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4050.
Overlapping swing highs and lows near $0.4426 may provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5032, where higher timeframes show an inefficiently traded zone.
2. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 34th cryptocurrency globally and the current price is US$1.19. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during Q1 halted at $3.10 before retracing 85% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $1.27 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $1.40. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $0.9890 and $0.9146 has provided support before and could give support again on a retest. This zone is between the 71.8%-to-88.6% retracement levels of 2021 Q4’s parabolic move.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q2’s move to the next higher-timeframe support near $0.8645.
3. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing and driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.06821. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the Q2 drop, falling nearly 54% from mid-May until it found a low last week.
Price action formed a weekly support level near $0.06254, which has so far held up the price. The most recent swing low inside this range, near $0.06049, may be the target for any future stop runs. After this low, the swing low near $0.05689 and the gap beginning near $0.05126 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08492, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09235 but could reach as high as $0.1093.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Ripple, the company behind the cryptocurrency XRP and the XRP Ledger (XRPL), has launched an innovation challenge to encourage the development of XRPL apps for central bank digital currencies (CBDCs).
Entrants will need to either build a new solution or update an existing solution that uses CBDC tech and can be run on the XRP Ledger.
Submissions for the challenge will be accepted from June 27 until August 25, with the winners announced on September 8 set to share in US$47,000 in prizes.
Winners of the challenge will then be invited to the Ripple CBDC Innovate Winners Only Event, which has a prize pool of US$150,000.
Challenge to Cover Three Categories
The innovation challenge will accept entries in three categories each with their own separate judging criteria: interoperability, retail-facing, and financial inclusion:
The interoperability category encourages entrants to build a solution that enables an XRPL-based CBDC to bridge with other digital assets, such as other CBDCs, NFTs and stablecoins.
The retail-facing category requires entrants to build an interface to work with a CBDC in a “hip and fashionable way”, which is accessible enough for any human to interact with.
The financial inclusion category instructs entrants to build a solution that can “leverage the benefits of a CBDC” to bring banking services to underserved populations.
Ripple Looking to Secure Dominant CBDC Position
Ripple has been known primarily for its cross-border payment solutions and on-demand liquidity, but recently it has also been making a push into the CBDC space. In addition to this CBDC-focused innovation challenge, last year the government of the Himalayan kingdom of Bhutan enlisted Ripple to pilot a CBDC running on the XRPL, and the Pacific island nation of Palau also partnered with Ripple to create an XRPL-based government-backed stablecoin.
In related news, earlier this year Ripple co-founder Chris Larsen joined forces with Greenpeace in a US$5 million campaign to encourage Bitcoin to abandon its proof-of-work consensus mechanism and transition to a more energy-efficient system such as proof-of-stake.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Litecoin (LTC)
Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
LTC Price Analysis
At the time of writing, LTC is ranked the 18th cryptocurrency globally and the current price is US$45.81. Let’s take a look at the chart below for price analysis:
After setting a low last week, LTC kicked off a with recovery trend to break the weekly highs.
The following 70% plummet found support near $40.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $52.73.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $60.12, where aggressive bulls might begin bidding. The level near $69.18, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $75.13.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $40.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $37.23 may also give support and see the start of a new bullish cycle after retesting these support levels.
2. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 16th cryptocurrency globally and the current price is US$16.27. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 71% retracement as the rest of the altcoin market dropped from early this month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $34.35.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $19.15 to $17.45 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.70, and potentially lower to a higher-timeframe support zone between $14.42 and $13.80.
If the higher-timeframe recovery trend resumes and the current resistance near $22.35 breaks, the wicks near $26.84 and the new monthly highs may see profit-taking.
3. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 8th cryptocurrency globally and the current price is US$0.3199. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 80.6% retracement, near $0.3472. If this level breaks, a move into possible support – just below the lows near $0.2952 – seems likely.
If the price does rally through the swing high at $0.3855 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4150.
Overlapping swing highs and lows near $0.4526 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.5017, where higher timeframes show an inefficiently traded zone.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Leading Australian digital payments company Novatti has announced that it will be partnering with Ripple to bring its Australian dollar stablecoin, AUDC, to the XRP ledger.
The company had previously announced a partnership with Stellar in May to bring the stablecoin to the Stellar blockchain.
Novatti’s AUDC stablecoin will be dollar-for-dollar backed by real Australian dollars – which seems a wise decision, given the recent chaos surrounding under-collateralised algorithmic stablecoins.
Development to be Largely Funded by Ripple, Stellar
Announcing the Ripple partnership, Novatti CEO and managing director Peter Cook said that much of the cost of developing the AUDC stablecoin will be borne by Ripple and Stellar:
Ripple and Stellar are largely funding the development work and even some of the marketing work that we do to get our stablecoin service out.
Peter Cook, CEO and managing director, Novatti
Cook said grant funding from the two blockchain networks would underpin the project until it started generating sufficient transaction fees to amass revenue on its own.
“For the next year at least, revenues will be from a number of payments from Ripple and Stellar for their grant programs that ameliorate our tech build costs and some of our marketing costs. As we start to monetise later this year, we’ll start to get transaction fees from the stablecoin service as well.”
Novatti Sees Opportunity in Stablecoins
Cook said the creation of AUDC and partnerships with Stellar and Ripple provide Novatti with the opportunity to expand its traditional payments business into the world of digital assets, potentially broadening its market and the use cases for its platform.
“Stablecoins for us is essentially a major foray into digital assets – we are still a payments company, a traditional payments company, but this now gives us a major entree between cryptocurrency, which goes up and down and is subject to other market forces, and real utilitarian crypto-based assets,” Cook said.
“So we build the stablecoin, it becomes part of our ecosystem or our infrastructure, which is licenses, tech, commercial partnerships, and from there we leverage and monetise it for either our financial services customers or end business type customers,” he added.
We will provide services such as stablecoin-as-a-service and also holding and transacting of funds for things such as cross-border payments, on-ramps/off-ramps for cryptocurrencies, and other services yet to be seen.
Peter Cook, CEO and managing director, Novatti
Both Stellar and Ripple have been active recently in partnering with organisations to develop use cases for their tech. In early June, Stellar announced it had partnered with MoneyGram to facilitate stablecoin remittance payments and last November Ripple joined forces with Pacific island nation Palau to develop an eco-friendly digital currency.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.4198. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 70.6% retracement, near $0.4372. If this level breaks, a move into possible support – just below the lows near $0.3752 – seems likely.
If the price does rally through the swing high at $0.4955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.5850.
Overlapping swing highs and lows near $0.6546 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q1’s consolidation, near $0.7217, where higher timeframes show an inefficiently traded zone.
2. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 14th cryptocurrency globally and the current price is US$0.07396. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the April drop, falling nearly 60% from early May until it found a low last week.
Price action formed a weekly support level near $0.06754, which has so far held up the price. The most recent swing low inside this range, near $0.06329, might be the target for any future stop runs. After this low, the swing low near $0.05889 and the gap beginning near $0.05426 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.08235, but could reach as high as $0.08737.
3. Compound (COMP)
Compound COMP is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform. When a user deposits tokens to a Compound pool, they receive cTokens in return. These cTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. These COMP tokens can be bought from third-party exchanges or can be earned by interacting with the Compound protocol, such as by depositing assets or taking out a loan.
COMP Price Analysis
At the time of writing, COMP is ranked the 90th cryptocurrency globally and the current price is US$66.93. Let’s take a look at the chart below for price analysis:
After rallying over 60% from its March low, COMP is encountering resistance near $75.43.
This resistance and the monthly open at $80.13 currently have the price trapped. The swing high and resistance near $86.27 provide a likely target before any major bearish market shift, with continuation through this resistance possibly reaching for short stops and resistance near $92.55.
The daily gap at $62.12 could provide support, while the area beginning near $58.49 could see more substantial interest from the bulls. A longer-term bearish shift in the marketplace will likely reach the relatively equal lows near $50.48, possibly finding a floor at possible support beginning near $45.81.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Ripple CEO Brad Garlinghouse has said that bitcoin “tribalism”, or what he calls bitcoin maximalism, is inhibiting the entire cryptocurrency industry and has led to “fractured representation” when it comes to lobbying US lawmakers.
Garlinghouse also said that he finds the lack of coordination in Washington DC within the crypto industry “shocking”:
Bitcoin 'tribalism' is holding the crypto industry back, Ripple CEO says https://t.co/KvJZHNgbi9
In an interview with CNBC, Garlinghouse said he owns multiple cryptocurrencies and expects them all to rise together as the overall industry grows:
I own Bitcoin, I own Ether, I own some others. I am an absolute believer that this industry is going to continue to thrive … All boats can rise.
Brad Garlinghouse, CEO, Ripple
While speaking out about his concerns, Garlinghouse compared the crypto market to the rise of the internet giants decades ago, saying: “Yahoo could be successful and so could eBay … They’re solving different problems … There [are] different use cases and different audiences and different markets. I think a lot of those parallels exist today.”
What Garlinghouse calls “bitcoin maximalists” refers to people who view one coin – in this case, bitcoin – as the currency that rules all others. According to this point of view, in the case of cryptocurrencies, it is that one asset that presents an outsized reward compared to others, causing what Garlinghouse calls “fractured representation”.
Ripple is still dealing with a lawsuit brought on by the US Securities and Exchange Commission (SEC) for allegedly issuing XRP, Ripple’s native coin, as an unregistered security. In February, some good news regarding the suit allowed XRP to soar 50 percent.
So-called “Bitcoin maximalists” have taken to Twitter to express their views:
And banks and financial institutions worldwide don’t consume energy?? The energy consumption required for the overhead on bank owned real estate alone dwarfs the energy Bitcoin consumes. It’s not even close. #Bitcoin#Ethereum#XRP
#Gold mining is one of the most destructive industries in the world. It pollutes water, land and environments with mercury. Mining #Bitcoin takes less energy and less environmental impact.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform called RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.7720. Let’s take a look at the chart below for price analysis:
XRP printed some gains during early April after moving sideways for the past few months. The price was in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 70.6% retracement, near $0.7372. If this level breaks, a move into possible support – just below the lows near $0.6852 – seems likely.
If the price does rally through the swing high at $0.8255 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.8650.
Overlapping swing highs and lows near $0.9046 might provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets up near the midpoint of Q3’s consolidation, near $0.9717, where higher timeframes show an inefficiently traded zone.
2. Ocean Protocol (OCEAN)
Ocean Protocol OCEAN is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetise it through the use of ERC-20 based datatokens. OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.
OCEAN Price Analysis
At the time of writing, OCEAN is ranked the 164th cryptocurrency globally and the current price is US$0.5427. Let’s take a look at the chart below for price analysis:
During March, OCEAN broke several swing highs that could be the signal for a new bullish trend.
Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near $0.6023 and may target the swing low and possible support near $0.5165.
The swing low and possible support near $0.4834 could be the second bearish target if the move down continues. The relatively equal lows near $0.4655 and possible support underneath near $0.4490 could provide more substantial support.
The last swing high near $0.6625 gives a near-term target if bullish conditions continue. However, resistance beginning around $0.6915 could cap this move. A break of this resistance might continue to probable resistance near $0.7428 and reach above the cluster of relatively equal highs near $0.8035.
3. The Sandbox (SAND)
The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
SAND Price Analysis
At the time of writing, SAND is ranked the 40th cryptocurrency globally and the current price is US$2.92. Let’s take a look at the chart below for price analysis:
SAND‘s impressive gains during February halted at $5.10 before retracing 70% of the move. This price action created several areas of possible higher-timeframe resistance in the process.
The price found resistance on its last swing upward near $3.60 – an area that could provide resistance again. If this swing high breaks, the price might find resistance near $3.85. If this area does provide resistance, it would suggest the formation of a higher-timeframe consolidation.
The fast move up left little higher-timeframe support. However, a vast zone between $2.90 and $3.82 has provided support before and could give support again on a retest. This zone is between the 61.8%-to-78.6% retracement levels of 2021 Q4’s parabolic move.
Inside this zone, the consolidation high near $2.78 to $2.73 might see more sensitivity and mark the bearish target.
Continuation downward through this level, especially if the overall market remains bearish, could retrace most of Q4’s move to the next higher-timeframe support near $2.60.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
