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Ripple CEO Reacts as Bitwise Seeks to Convert Its Multi-Crypto Fund Featuring XRP Into an ETP

Lele Jima
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Ripple CEO Reacts as Bitwise Seeks to Convert Its Multi-Crypto Fund Featuring XRP Into an ETP

Ripple CEO Brad Garlinghouse humorously reacts as NYSE Arca files to list the Bitwise 10 Crypto Index Fund (BITW), which contains multiple crypto assets like XRP and Bitcoin, as an exchange-traded product (ETP). 

Yesterday, Bitwise disclosed that NYSE Arca filed a 19b-4 application with the U.S. SEC seeking to list BITW as an ETP. It described the filing as its latest effort to convert the world’s first and largest index fund into an ETP structure. 

BITW Features

For context, the Bitwise 10 Crypto Index Fund launched in 2017, featuring the top 10 crypto assets by market capitalization. BITW has grown into a publicly traded fund valued at $1.24 billion. At press time, Bitcoin, Ethereum, Solana, and XRP account for 74.8%, 16.2%, 4.4%, and 1.9%, respectively. 

The other assets held in the fund include Cardano, Avalanche, Bitcoin Cash, Chainlink, Uniswap, and Polkadot, with weightings of 0.9%, 0.6%, 0.4%, 0.3%, 0.3%, and 0.3%, respectively. 

BITW holdings
BITW holdings

Bitwise disclosed that it reconstitutes and rebalances the fund and its underlying index monthly to keep them updated with market realities. The fund is currently valued at $1.24 billion, with each share priced at $48.35. 

Notably, the fund has achieved remarkable success since its launch in 2017. The Bitwise 10 Crypto Index Fund shares listed on the OTCQX Best Market three years after the fund’s debut.

In April 2021, it became the first crypto index fund to register as an SEC reporting company, providing investors with additional clarity. 

NYSE Arca is seeking the SEC’s approval to list the fund as an exchange-traded product. If approved, BITW will trade closely to its net asset value (NAV) while offering investors regulatory protection and greater efficiency. 

Ripple CEO Reacts 

The move elicited reactions within the XRP community, with Garlinhghouse expressing excitement. 

Notably, Garlinghouse mentioned the four biggest assets in the fund—BTC, ETH, SOL, and XRP—humorously characterizing them as the ‘alphabet soup’ he loves to see. His statement reflects his enthusiasm for the growing institutional interest in cryptos, particularly XRP. 

Growing Institutional Interest in XRP 

XRP has continued to attract the interest of institutional clients, with top crypto entities seeking to launch ETFs tied to the coin. Companies such as Grayscale Investments, Canary Capital, 21Shares, and Bitwise have submitted various applications to launch spot-based XRP ETFs. 

Specifically, Bitwise first filed to launch an XRP ETF on October 1. A week later, Canary Capital submitted its XRP ETF application to the SEC. Grayscale Investments also applied to convert its multi-fund containing five cryptos including XRP, to an ETF. 

Interestingly, 21Shares became the fourth company to seek the SEC’s blessings for an XRP ETF. NYSE Arca is applying to list the Bitwise multi-fund, featuring XRP and nine other assets, as an ETP on its platform. 

Top Platform Says Bitcoin $120,000 May Not Be Too Far Off With Trump’s Reserve Plan

Albert Brown
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Trading firm QCP forecasts Bitcoin may hit $120K soon, citing the post-election rally and Trump’s proposed BTC reserve as key supporting factors.

Bitcoin reached a new all-time high of $93,480 this week, pushing the global crypto market cap beyond $3 trillion for the first time since 2021. The rally followed the release of U.S. inflation data, with headline and core inflation meeting expectations at 2.60% and 3.30%, respectively.

Market experts are now pricing in an 82.5% likelihood of a 25 basis point rate cut in the December FOMC meeting. This shift in monetary policy expectations has bolstered optimism across risk assets, with Bitcoin leading the charge.

QCP Projects $120K Bitcoin Target

Commenting on Bitcoin’s impressive performance this week, QCP attributed Bitcoin’s sustained strength to market anticipation of a policy shift under the Trump administration, including proposals for a strategic Bitcoin reserve.

The firm suggested that a rotation from gold to Bitcoin could provide a new narrative to support the asset’s valuation. QCP believes the $100,000 to $120,000 price range may not be too far off following the post-election rally.

In addition, QCP also raised concerns about excessive leverage, particularly in altcoins. The firm reported that perpetual funding rates have surged to levels between 50% and 100%, driven by heavy leveraged buying. This heightened leverage amplifies the risk of a potential market-wide deleveraging event, which could exert significant downward pressure on prices.

More Bullish Outlooks for Bitcoin

In a separate analysis, VanEck’s Head of Digital Asset Research, Matthew Sigel, expressed optimism about Bitcoin’s future price trajectory. Sigel noted parallels between the current rally and Bitcoin’s performance in the 2020-2021 cycle, where the asset doubled in value post-election.

Since the latest U.S. election, Bitcoin has surged over 30%, with VanEck’s proprietary indicators suggesting continued upward momentum.

Sigel also pointed to a potential shift in government sentiment towards Bitcoin, emphasizing the pro-Bitcoin stance of key figures in Trump’s cabinet. Based on these developments, VanEck projects Bitcoin could reach $180,000 by the end of this market cycle, potentially by next year.

Similarly, market analyst Rekt Capital highlighted Bitcoin’s entry into a “parabolic upside” phase. Drawing from historical trends, he suggested this phase could last up to 385 days, indicating substantial room for further gains.

According to his analysis, Bitcoin is only in the early stages of this rally, supported by data from previous bull cycles.

Dogecoin Whales Buy the Dip, Acquiring 160,000,000 DOGE in 24 Hours

Elendu Benedict
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Dogecoin Whales Buy the Dip, Acquiring 160,000,000 DOGE in 24 Hours

Dogecoin whales have gone on a buying spree, acquiring 160 million DOGE in the past 24 hours amid the ongoing price correction.

Whales are massively acquiring Dogecoin, leveraging the recent dip to buy the meme coin at a discount. In the past 24 hours, large holders have amassed 160 million DOGE in anticipation of a price uptick.

The growing confidence in Dogecoin stems from the meme coin’s recent price explosion. For context, the dog-themed token recently broke a multi-year price high, appreciating extensively to trade around $0.4316 on November 13. As it dropped from this peak, accumulation has picked up.

Whales Buying the Dogecoin Dip

Seasoned market analyst Ali Martinez disclosed in a tweet today that whales are making the most of the current Dogecoin price consolidation. Citing data from Santiment, he confirmed that wallets holding between 10 million and 100 million DOGE have topped their stash by 160 million, taking their total tally to 19.91 billion DOGE.

Dogecoin Whale Accumulation
Dogecoin Whale Accumulation

Notably, the 160 million DOGE were worth $56 million, 23% discounted from the stash’s value two days ago. The acquisition would have cost the whales a staggering $69 million a few days back, but they have leveraged the dip to buy more of the meme coin at a discount.

Meanwhile, another whale was spotted dumping his SPX bags to acquire Dogecoin. Lookonchain reported that the whale sold all his 10.6 million SPX tokens over the past two days at a profit of $920,000.

The wallet then used the $6.2 million realized from the sales to buy the DOGE dip. The whale acquired 13.95 million DOGE.

Dogecoin Tipped to Surge to New Price Discoveries

The growing positive sentiments around Dogecoin have led to speculation of more upsides for the meme coin. Notably, the recent accumulation signals that investors are still betting on DOGE to surge to new price heights.

Martinez earlier stated that the price correction was healthy and a prerequisite for a sustained upsurge. The analyst cited historical price corrections in Dogecoin’s last two bull cycles, noting that they preceded a 9,470% and 30,700% upswing.

Following the growing accumulation, Dogecoin could be on its way to new peaks. Analysts have predicted a surge past its current all-time high of $0.7376 to $1 by year-end. Other assertions include an upswing to $2.4, $10, and a lofty $23 target.

Meanwhile, Dogecoin trades at $0.3171 at press time, down 5.8% in the past 24 hours. However, the meme coin has respectively grown 88% and 195% in the last seven days and one month.

Here’s Timeline for XRP to Surpass $1 If It Maintains Its Pace of Explosive Gains

Abdulkarim Abdulwahab
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Here’s Timeline for XRP to Surpass $1 If It Maintains Its Pace of Explosive Gains

XRP is surging towards $1, with analysts predicting it could hit the milestone soon, driven by bullish momentum and growing market confidence.

Last night, XRP broke into the $0.80 region while Bitcoin’s bull run cooled. Specifically, XRP’s price rose from an intraday low of $0.6844 to as high as $0.8452, marking a one-day gain of 23.5%.

At press time, while the broader crypto market is bearish, XRP remains surprisingly strong. While Bitcoin is down 3% and Ethereum has dropped 5%, XRP is defending the gains it accrued on Thursday and trading above the $0.80 price level.

Notably, XRP last traded above $0.80 in July 2023 when it triumphed in the SEC lawsuit. Thursday’s impressive price movement built on the momentum from earlier this week, when XRP first reclaimed the $0.70 level, faced resistance at the $0.75 mark twice, and subsequently retraced.

Now, XRP has overcome the $0.75 resistance and is aiming for the long-awaited $1 threshold.

When Will XRP Break $1 at This Pace?

Given that XRP has been bullish for most of this week, market participants are confident that XRP will reclaim $1 before the week runs out.

According to popular crypto commentator “Crypto Assets Guy,” if XRP continues its current pace, it could surpass the $1 mark in less than 24 hours. 

He believes that whales from other chains are finally joining XRP, expressing optimism that this could be the beginning of massive adoption of the XRP Ledger (XRPL). He disclosed that he is accumulating XRP and meme coins in anticipation of a flood of capital entering the XRPL ecosystem shortly.

Other market watchers, like Edo Farina, have also expressed optimism that XRP could hit the $1 price point before the end of today.

Some analysts believe that once XRP surpasses $1, it could trigger FOMO, convincing more people to invest in the once-underperforming crypto asset. This could lead to even more buying pressure and push XRP higher.

Some analysts have even speculated that after overcoming the $1 resistance, XRP could begin its journey toward $10.

Likely Reasons Behind XRP’s Pump

The latest XRP bull run coincides with a recent statement from SEC Chairman Gary Gensler, in which he made a subtle but telling hint at his potential departure from the agency.

In his speech, Gensler took a notably reflective tone, particularly in his closing remarks, where he expressed deep gratitude for his time at the SEC and acknowledged the honor of serving alongside the agency’s dedicated staff.

Interestingly, U.S. President-elect Donald Trump has vowed to fire Gensler from his first days in office. Gensler’s recent statements subtly hint that this could become a reality. However, this remains unconfirmed at press time.

Goldman Sachs Discloses $710M Exposure to Bitcoin

Elendu Benedict
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Goldman Sachs has disclosed increased exposure to Bitcoin through the US exchange-traded funds, acquiring an impressive $710 million of the investment vehicle.

The leading investment banking firm disclosed the staggering exposure in a Thursday filing with the US Securities and Exchange Commission (SEC). The $710 million exposure made it one of the largest holders of the January-launched Bitcoin products, offering indirect exposure to the pioneering cryptocurrency.

Notably, Goldman Sachs increased its position on the US Bitcoin spot ETFs from the last quarter, indicating the firm’s warm disposition towards cryptocurrency. The investment bank disclosed it held $418.65 million worth of Bitcoin ETFs in Q2, growing its exposure by nearly 70% in the last quarter.

Goldman Sachs Diversify US Spot ETFs Exposure

The banking giant has a diversified portfolio, holding seven of the eleven US Bitcoin ETFs trading in the market. Furthermore, it increased its stash of most of its exposed funds considerably in the third quarter of the year.

For context, Goldman Sachs upped its exposure to the BlackRock iShares Bitcoin Trust (IBIT), buying 5.8 million shares in Q3. The funds now hold 12.77 million of IBIT ($461 million), with only Millennium Management’s $844 million trumping Goldman Sachs’ among public entities.

Goldman Sachs increased its stash of the Fidelity Wise Origin Bitcoin ETF (FBTC) by 13%, holding 1.72 million ($95.5 million) of the fund as of September 30. The investment bank also bought 110% more of its Grayscale Bitcoin Trust (GBTC) stash, cumulatively investing $71.8 million (1.42 million GBTC).

Furthermore, Goldman Sachs went down the ETF tree, diversifying into other funds. It increased its Bitwise Bitcoin ETF (BITB) by an impressive 156%, holding $22.5 million of the Bitcoin investment vehicle.

Notably, the firm also holds shares of the Ark 21 Shares Bitcoin ETF (ARKB), the WisdomeTree Bitcoin Fund (BTCW), and the Invesco Galaxy Bitcoin ETF (BTCO) worth a combined $59 million.

Surging Institutional Appetite Towards Bitcoin

Meanwhile, Goldman Sachs is one of the many institutions heavily invested in the Bitcoin spot ETFs. The Q3 financial reports show several large banks and pension funds have gained exposure to Bitcoin investment funds.

For instance, Morgan Stanley recorded holding $272 million in Bitcoin ETFs. Leading banks, such as HSBC and USB, also once reported $3.6 million and $300,000 in exposure to the products.

The ETF fever also reached State funds, as Michigan and Wisconsin disclosed exposure to Bitcoin spot funds. Notably, States like Florida and Arizona also contemplate exposure to the funds.

Will Cardano 40% Weekly Rally Extend to the $1 Psychological Mark?

Albert Brown
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Will Cardano 40% Weekly Rally Extend to the $1 Psychological Mark?

With the trend reversal in action, will the Cardano bull run continue to the $1 psychological mark this November?

As Bitcoin lingers near the $89,000 mark, Cardano shows a massive recovery of nearly 40% in the last seven days. The market cap of Cardano recently crossed the $20 billion mark and is currently trading near the $0.60 psychological mark. 

As Cardano’s bullish recovery gains momentum, let’s find out the chances of it reaching the $1 psychological mark. With a massive bullish recovery ready to regain momentum, will Cardano cross the $0.60 barrier?

Cardano Price Analysis

Cardano shows a massive bull run in action on the daily chart. With the broader market recovery, ADA formed seven consecutive bullish candles, accounting for an 88% rise. The bull run extended from $0.32 to a peak above $0.61. 

Cardano Price Chart
Cardano Price Chart

However, the bull run failed to surpass the 78.60% Fibonacci level at $0.69, resulting in a quick retest of the 67.80% level at $0.548. However, with lower price action, the bullish recovery in Cardano resurfaces. 

Currently, it is trading at $0.594 with an intraday gain of 2.41%. However, the higher price action in the intraday candle reveals a massive overhead supply. 

Hence, the current price action projects a potential sideways trend between the 61.80% and 78.60% Fibonacci levels. Amid the recent recovery, the 50- and 200-day EMA lines have given a golden crossover. 

Furthermore, the uptick in the 100-day SMA line teases a quick trend reversal and a potential crossover above the 200-day EMA. The intraday recovery keeps the MACD and signal lines in positive alignment as the bullish histograms resurface. 

Will Cardano Hit $1?

If the broader market recovers, the breakout above the 78.60% Fibonacci level could result in a price jump to the $0.77 mark. This increases the possibility of a new 52-week high and puts the next price target at the 1.27 Fibonacci level. 

The Fibonacci level is extremely close to the $1.00 psychological mark, making it a potentially achievable target in this 2024 bull run. Conversely, the breakout below the 61.80% Fibonacci level paints the $0.50 mark as a potential psychological support. Further, the next support stands at $0.49 or the 50% Fibonacci level. 

Top Exchange Announces 121,914,968 Shiba Inu Giveaway

Lele Jima
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Top Exchange Announces 121,914,968 Shiba Inu Giveaway

Cayman Islands-based crypto exchange BitMart launches a two-day giveaway event for Shiba Inu, allowing its users to win a share of 121,914,968 SHIB tokens. 

The exchange announced the development yesterday, calling its users to participate in the promotional event that could see them win a share of the prize pool containing 121,914,968 (121.91 million) SHIB. Notably, the prize was valued at $3,000 USDT at the time of the announcement. 

According to the announcement, the event will run for two days, from November 15 at 00:00 (UTC) to 23:59 (UTC) on November 17, 2024.   

How to Participate 

Participating in the giveaway requires users to perform various social media and trading tasks. For the social task, users must follow BitMart on X and retweet the giveaway announcement. Afterward, the user must sign up on the French arm of the exchange using the provided link. 

The trading task involves depositing at least 20 USDT into the newly created account and initiating a spot trade of any crypto listed on the platform. 

Upon completing these tasks, participants must submit their BitMart customer ID using the Google link provided in the announcement. 

Eligibility 

The giveaway is exclusive to crypto users residing in France. Notably, only 300 participants from France will qualify to receive a share of the 121.91 million SHIB rewards. This suggests that BitMart will distribute a minimum of 406,383 SHIB tokens to each of the 300 eligible participants. 

Although the giveaway is aimed at boosting BitMart’s trading activities, the move could further drive Shiba Inu’s adoption, as more crypto enthusiasts, particularly users of the exchange, might gain exposure to the dog-themed token. 

Several crypto exchanges have launched a similar initiative for the Shiba Inu community. In May 2023, Bybit encouraged its users to trade Shiba Inu to win a share of $20,000 worth of USDT. The following month, CoinMENA launched a 50 million SHIB giveaway distributed to two lucky users. 

Meanwhile, the BitMart promotional event comes amid a decline in Shiba Inu’s price. SHIB’s price has plunged 6.42% in 24 hours to $0.00002421. Despite this fall, SHIB’s value is up 26.61% over the past seven days and 28.92% in one month. 

Eighteen US States File Lawsuit Against SEC, Gary Gensler Over Regulatory Overreach

Elendu Benedict
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Eighteen US States File Lawsuit Against SEC, Gary Gensler Over Regulatory Overreach

The Securities and Exchange Commission (SEC) and its Chairperson Gary Gensler are the subjects of a lawsuit from 18 US States accusing the agency of regulatory overreach.

In a Thursday disclosure, FOX Business reporter Eleanor Terrett confirmed the lawsuit, signed by the Attorney Generals of the 18 US States and filed at the US District Court for the Eastern District of Kentucky, Frankfort Division.

Notably, the plaintiffs accuse the US SEC and Gensler of imposing laws beyond their jurisdiction and, hence, wrestling regulatory authorities off the states. 

Interestingly, Republican Attorneys represented the 18 US States, including Nebraska, Tennessee, West Virginia, Texas, Louisiana, Florida, and Montana, in collaboration with the DeFi Education Funds.

SEC Charged for Regulatory Overreach

The 18 States accused the US SEC of regulatory authority overreach and a conscious ploy to scuffle the growth of the nascent digital asset industry. They claim the agency has, under its Chair Gensler, bypassed due authorization.

The plaintiff argued that cryptocurrency regulation has been under the State, which has enacted laws based on its local demands. The lawsuit also noted that Congress has repeatedly refused federal regulators the right to oversee the emerging industry.

However, the US SEC and Gensler have overridden due procedures to unconstitutionally regulate the crypto industry. Adding to the infringement, the agency has unfairly prosecuted the sector through a series of enforcement actions.

18 States Lawsuit
Lawsuit against SEC

Notably, the SEC’s regulation of the crypto sector has been contentious, with industry leaders bemoaning the unclear guidelines imposed on digital assets. Clarity was one of the crucial factors influencing the sector’s election allegiance, as key crypto voices supported pro-crypto candidates.

Industry Enthusiasts Clampdown on Gensler Amid Sack Rumors

Amidst swelling rumors of Gensler’s sack, pro-crypto Republicans have turned up the heat on the SEC and its underfire boss. The lawsuit seeks to hold Gensler accountable following his terror-packed tenure as the SEC chair.

Meanwhile, the Trump transition team is already surveilling likely replacements for Gensler, with a few names making the rounds. Candidates like Robinhood’s CLO Dan Gallagher, Crypto Mum Hester Pierce, and Mark Uyeda are all on the radar to succeed Gensler.

The Trump camp assured the industry that the next SEC chair would be pro-crypto. The president-elect’s transition team has insisted that support for the nascent sector is the principal criterion in its selection process for the position.

Here Are Two Reasons Why XRP Surges 15% to $0.8 Amid Bitcoin Dip

Albert Brown
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XRP has outperformed the broader crypto market, rising approximately 15% in the last 24 hours, contrasting Bitcoin and Ethereum’s respective losses of 1.4% and 3.8%.

The digital asset briefly crossed the $0.80 mark, spurred by a combination of regulatory developments and strategic initiatives from Ripple. 

Notably, two developments that have coincided with XRP’s surge are speculation around the potential resignation of U.S. SEC Chair Gary Gensler and Ripple’s readiness to launch its anticipated stablecoin, RLUSD.

SEC Chair Signals Possible Exit

In a recent address, Gensler reflected on his tenure, emphasizing the SEC’s commitment to maintaining the integrity of U.S. financial markets. He cited regulatory advancements under his leadership, including reforms to the Treasury and equity markets. 

Gensler highlighted the agency’s ongoing enforcement efforts in the crypto sector, revealing that crypto-related cases have accounted for approximately 5% to 7% of total enforcement actions since 2018. Gensler underscored the SEC’s position on Bitcoin, affirming it is not classified as a security, a stance previously shared by former SEC Chair Jay Clayton.

Meanwhile, he emphasized the regulatory scrutiny on other digital assets, reiterating the need for clear distinctions within the market.

In his closing remarks, Gensler suggested a potential departure. He acknowledged the contributions of SEC staff and expressed gratitude for his time in public service. Since his appointment in 2021, Gensler has overseen initiatives to modernize regulations, focusing on the rapidly evolving crypto sector.

Ripple Ready for RLUSD Launch

Meanwhile, Ripple’s plans to introduce RLUSD, a stablecoin pegged to the U.S. dollar, have also contributed to XRP’s recent momentum. The company has processed over $70 billion in payments through its blockchain technology, and RLUSD aims to enhance its offerings with a focus on speed, security, and cost efficiency. 

Ripple’s President, Monica Long, highlighted that RLUSD would cater to growing demand in regions such as APAC, the EU, and Australia. Notably, the stablecoin will be issued on the XRP Ledger and Ethereum blockchain, providing developers with expanded use cases, particularly in decentralized finance (DeFi).

Transparency Drive RLUSD Readiness

Further, Ripple intends to launch RLUSD under a New York Trust license following its acquisition of Standard Custody, which provides a stronger regulatory framework than a money transfer license (MTL). 

New York Department of Financial Services (NYDFS) guidelines mandate that stablecoin issuers, including Ripple, hold reserves equal to at least 100% of the value of outstanding stablecoins backed by low-risk, highly liquid assets. This requirement ensures RLUSD’s reserves are managed with rigorous oversight and transparency.

Algorand Breakout Rally Eyes $0.25; Key Resistance at $0.1630

Albert Brown
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Algorand Breakout Rally Eyes $0.25; Key Resistance at $0.1630

Algorand (ALGO) is experiencing a breakout rally, with buyers looking for a bullish continuation beyond the $0.1630 resistance. Could this lead to a new swing high at $0.25?

The Algorand price action shows a bullish comeback gaining momentum. Surpassing a long-coming resistance trend line, the V-shaped reversal in ALGO prices shows an impressive bull run in action.

Will this bullish recovery result in a breakout rally above $0.1630? Let’s find out.

Bull Run in Algorand hits $0.16

The bull run began with a Morning Star pattern near the psychological $0.10 level, propelling ALGO’s market value by 44% over the last 10 days. Currently, ALGO is trading at $0.1457, with an intraday gain of 8.37%.

ALGO Price Chart
ALGO Price Chart

The recovery run forms a bullish engulfing candle that completes the morning star pattern. The crucial pattern is formed near the support confluence of the 200-day EMA line and the 23.60% Fibonacci level at $0.1391. This pattern suggests strong underlying demand, fueling the ongoing rally.

At present, ALGO is facing resistance at the 38.20% Fibonacci level, which sits at $0.1630. This level has been significant in the past, as it led to a double-top reversal in July. However, with the recent bullish engulfing candle, the likelihood of a breakout is much higher.

In addition, ALGO is gaining momentum after breaking through the trendline resistance, signaling further upside potential.

EMA Crossovers and MACD Support Bullish Momentum

As the bullish trend gathers steam, the 50-day and 100-day EMA lines are nearing a bullish crossover. Furthermore, the price has ascended above the 200-day EMA, further strengthening the bullish outlook.

The MACD and signal lines are showing an increase in bullish momentum, confirmed by the resurgence of positive histograms. These technical indicators support the thesis that the bullish trend in Algorand is likely to continue.

Will Algorand Cross $0.20?

If the rally extends beyond the 38.20% Fibonacci level at $0.1630, it could trigger a significant bullish surge. The next key resistance to watch is the 61.80% Fibonacci level at $0.2106, which could mark the next major target in the rally.

Further upside could see ALGO reaching the $0.25 psychological level, aligning with the 78.60% Fibonacci retracement.

On the downside, the crucial support level to watch is $0.1391, which corresponds with the 23.60% Fibonacci level.

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