Home Blog Page 1253

Ulster U Research Paper Indicates “Ripple Private Ledger Testing for Digital Euro”

Sam Wisdom Raphael
-
0
Ulster U Research Paper Indicates “Ripple Private Ledger Testing for Digital Euro”

A recent paper released by Ulster University has reignited speculations within the XRP community, especially with the mention of a private Ripple ledger.

The paper, titled “CBDC – Lessons from China,” was released in August 2024, discussing the lessons obtained from a test of the e-CNY project from China. Prominent XRP community figure WrathofKahneman (WOK) recently shared these findings with the community.

Notably, the research includes a table that compares the transactions per second (TPS) capabilities of various platforms, including a blockchain dubbed “Ripple’s private ledger,” which it describes as being used for “testing for Digital Euro.” 

Ripple Private Ledger on Ulster U Research Paper
Ripple Private Ledger on Ulster U Research Paper

Ripple Private Ledger “Testing for Digital Euro”?

This mention has raised speculations, particularly about Ripple’s possible role in a digital Euro project. For context, the European Central Bank is currently exploring the issuance of a digital Euro CBDC. The bank is in the preparation phase of the project, which began last November.

Interestingly, as the bank looks to incorporate findings from its investigations into the preparation for the issuance of the digital Euro, a mention of Ripple’s private ledger “testing for Digital Euro” triggers speculations of the possible involvement of Ripple.

However, this remains unconfirmed. Notably, Ripple has partnered with multiple central banks from different countries to provide the necessary infrastructure for their CBDC projects, including Palau, Bhutan, Montenegro, and Georgia. 

Ripple launched its CBDC platform last May for this purpose. The company’s CEO Brad Garlinghouse confirmed in June 2024 that they have successfully inked partnerships with 10 governments for CBDC programs. However, a mention of the ECB has not come up.

Interestingly, WOK suggested that the mention of the Digital Euro testing stems from Ripple’s partnership with the Digital Euro Association (DEA), established in February 2022. 

The DEA recognized Ripple’s work on central bank digital currencies (CBDCs), collaborating with the payments firm to help expand the technical knowledge around CBDCs for its community. 

The Private XRP Ledger

Meanwhile, another main point driving community discussions is the actual mention of a “Ripple Private Ledger” in the Ulster University research paper. According to the data, it has a 2022 TPS of 1,500, but its future TPS is marked as “unknown,” leading to further speculation. 

It bears mentioning that past community theories had speculated that Ripple has a private ledger where XRP is priced at extremely high levels, like $327,000. However, Ripple CTO David Schwartz has consistently poked holes at such theories.

It’s important to note that Ripple has been developing private versions of the XRP Ledger specifically for CBDCs, and this project allows banks to handle high TPS, with the potential to scale much higher in the future. Nonetheless, these ledgers do not use XRP.

Shiba Inu Retail Traders Exiting, Small Wallets Drop to Lowest Level Since 2022

Albert Brown
-
0
Shiba Inu Retail Traders Exiting, Small Wallets Drop to Lowest Level Since 2022

Shiba Inu is currently experiencing a turbulent period, and its market performance reflects the broader challenges in the cryptocurrency space. 

According to recent insights from Santiment, Shiba Inu has lagged behind other meme coins like Dogecoin in terms of returns. The data indicates that SHIB’s 30-day average trading returns are down slightly at -1.1%, while long-term returns have fallen significantly by -31.7%.

Per Santiment, this decline has positioned the token for potential gains once Bitcoin stabilizes and altcoins regain momentum.

Furthermore, the report highlighted that Shiba Inu’s retail traders have been showing signs of relief. Wallets holding less than 1 billion SHIB now account for a smaller share of the total supply.

This marks the lowest level since November 2022, suggesting that a significant portion of smaller holders has exited the market. As a result, the large wallets—holding over 1 billion SHIB—now dominate the supply. Santiment stressed that this metric suggests a substantial level of FUD in impacting the SHIB ecosystem.

SHIB Wallet Holding / Santiment
SHIB Wallet Holding / Santiment

Declining Social Activity and Sentiment for Shiba Inu

Moreover, Shiba Inu has seen a decline in social activity throughout 2024, with discussions about the meme coin reaching new lows since late July.

This dip in conversation reflects growing frustration among traders, especially as smaller retail participants have increasingly abandoned the asset. 

However, the outlook for the token remains a topic of debate. Some crypto experts have suggested that SHIB could see future gains, especially in comparison to Dogecoin.

Notably, investor sentiment in meme coins like Dogecoin has been relatively more positive, but Shiba Inu is not completely out of the conversation for potential price surges.

Dogecoin, PEPE, and the Broader Landscape

While Shiba Inu has faced challenges, other memecoins like Dogecoin and PEPE have shown mixed results. Short-term traders in Dogecoin are seeing slight profits, though long-term holders are down significantly at -20.8%. 

Moreover, retail traders have remained cautious, and there have been no significant signs of large-scale accumulation of DOGE since this year.

On the other hand, PEPE, which has attracted newer traders, has maintained a market cap increase of approximately 50% over the past five months, despite the broader market downturn.

Tether Announces Collaboration With Tron Network to Combat Crypto Crimes

Mark Brennan
-
0
Tether Announces Collaboration With Tron Network to Combat Crypto Crimes

The T3 FCU, forged from a collaboration between Tether, the Tron network, and TRM, has seized 12 million USDT just a few weeks after launch.

Leading stablecoin issuer Tether has announced a strategic collaboration with the Tron network to curb heightening crypto-related crimes. The new partnership will involve a third-party security firm, TRM Labs, the Tuesday blog update revealed.

The collaboration led to the establishment of the T3 Financial Crime Unit (T3 FCU), which is aimed at apprehending illicit USDT user activities in the Tron network. Notably, Tether has minted the highest USDT on the Tron network,  with over 50% of its $118 billion in use on the blockchain.

Per the report, the collaboration would combine TRM’s anti-crime financial expertise, the technical prowess of the Tron network’s technical team, and Tether’s external investigation team. The goal is to promote security and serenity in the Justin Sun-affiliated network.

T3 FCU Records Success on Debut

Tether revealed that the T3 had recorded a notable success despite the collaboration still being in its infancy. The stablecoin issuer stated that the new firm had frozen $12 million from bad actors in its few weeks of operation.

The report further disclosed that T3 FCU had identified 11 victims affected by the illicit activities and was working closely with the local authorities to ensure adequate reimbursement. Tether or the parties involved didn’t disclose further details on the alleged asset freeze.

Stakeholders React

Reacting to the collaboration, Tron’s founder, Justin Sun, stated that T3 was one of the blockchain’s ways of showing its disapproval of illegal activities using cryptocurrencies. He asserted he believes digital assets improve the world, and T3 aims to allow empowerment through blockchain technology without hurting proponents.

Furthermore, Tether’s CEO Paolo Ardoino stated that the issuer has taken a leadership leap with the T3 FCU collaboration and intends to ensure the safety of its users in Tron and other networks. He asserted that Tether was proud of its partnership with the Tron network and TRW.

Tether has been in the news recently for the right reasons. According to The Crypto Basic report, the leading stablecoin issuer partnered with Phoenix Group and Green Acorn to launch a Dirham-pegged stablecoin.

Top Analyst Says Buy XRP Now Before it reaches $40

Abdulkarim Abdulwahab
-
0
Top Analyst Says Buy XRP Now Before it reaches $40

Steph, a widely followed market analyst, has called on market participants to load up XRP tokens before a potential price surge to $40.

In his latest analysis shared on X, the notable commentator highlighted that XRP is poised for a significant breakout, supported by bullish patterns across both short-term and monthly timeframes. According to Steph, technical indicators point to a potential rally in the coming months.

Bullish Formation on XRP Daily Chart

The analyst identified an inverted Head and Shoulders pattern on XRP’s daily chart. He noted that the breakout will be confirmed when the market sees a daily close above the neckline, located around $0.65.

Currently, XRP is trading at approximately $0.538, having risen by 1% in the past 24 hours. Steph believes that a successful reclaiming of the $0.65 level could signal a further upward trajectory.

Specifically, the analyst suggested that if the breakout is confirmed, the next technical target could reach $1.11. Notably, this would represent a 106.31% increase from current levels.

Bullish Formation on XRP Monthly Chart

Meanwhile, on the monthly chart, Steph provided an even more optimistic outlook. He pointed out that XRP is consolidating within a larger symmetrical triangle. According to him, a breakout from this pattern could push XRP to as high as $40. 

For context, achieving this price point would represent an extraordinary 7,334% growth from XRP’s current value. While Steph recognizes that the $40 target is ambitious, he advised caution, noting that it should be treated as a “rough guideline.” 

However, he remains confident that a confirmed breakout could trigger a major rally up to that point.

While Steph is cautious about the $40 point, other analysts have even shared more audacious outlooks for XRP based on the monthly chart.

In July, analyst Heikin Ashi argued that XRP could experience a massive bull rally, potentially surging 71,061% to $305. He pointed to monthly candlestick patterns, which resemble past trends before significant price increases. 

Despite recent low performances, Ashi’s analysis suggested XRP’s ongoing monthly patterns echo previous periods of explosive growth, and a peak at $305 could be reached as a result. 

However, many other XRP analysts have contested the possibility of such extreme price growth, deeming it unlikely.

Broader Market Conditions Favoring XRP Surge

In addition to technical factors, Steph emphasized the role of market sentiment in driving XRP’s price.

The Crypto Fear and Greed Index currently shows a reading of 33, indicating a state of fear among retail investors. However, Steph believes this presents a buying opportunity for XRP, noting that “smart money typically buys into fear.”

Moreover, the upcoming Federal Reserve meeting on September 18 will likely introduce more volatility into the market.

With a potential interest rate cut on the horizon, many analysts, including Steph, predict a broader crypto rally similar to the one seen in 2020, when rate cuts spurred a bull run that sent Bitcoin and altcoins to all-time highs.

AAVE Soars 21% To Hit 2-Year High, $182 Target in Sight

Albert Brown
-
0
AAVE Soars 21% To Hit 2-Year High, $182 Target in Sight

With a breakout rally in the daily chart, AAVE reclaims $150 and prepares a bull run to the $182 milestone. 

As the broader market recovery continues, ignoring the minor slip in Bitcoin with the Presidential debate, DeFi tokens are on the rise. From the Ethereum ecosystem, AAVE hits a 2-year high, and optimism gives a wedge breakout rally, with others signaling a demand surge. 

So, let’s take a closer look at the AAVE price action to find the next target levels. 

AAVE Breakout Run

With a 10.21% jump in the past 24 hours, AAVE has reclaimed the $150 psychological mark. Currently, with a market cap of $2.25 billion, the AAVE token price trades at $150.97. 

In the daily chart, the AAVE token price reveals a massive trend reversal rally with a streak of bullish candles. 

Based on the price action analysis, AAVE reveals a massive cup and handle pattern breakout with a neckline at $142.69. Further, the neckline coincides with the 100% Fibonacci level. 

AAVE Price Chart
AAVE Price Chart

Currently, the AAVE token reveals a morning star pattern near the 20-day EMA, resulting in a recent surge in bullish momentum. The ongoing bull cycle accounts for a 21.07% rise with two consecutive massive bullish engulfing candles. 

Further, the DeFi token creates a streak of three bullish candles with a fourth in the making, with an intraday gain of 0.30%.

Target Levels For AAVE

As the bullish momentum rises, the MACD indicator reveals a bullish crossover between the MACD and signal lines. Furthermore, the crucial EMAs 20, 50, 100, and 200 maintain a positive trend alignment. Hence, the technical indicators are bolstering a bullish trend in AAVE.  

As the uptrend gains momentum, the next resistance levels for AAVE stand at the 1.272 and 1.618 Fibonacci levels equivalent to $160.19 and $182.45, respectively. On the flip side, a minor retest of the $142 breakout is possible which is the 100% Fibonacci level.

Optimistically, based on the cup and handle breakout, AAVE shows potential to surpass the $200 psychological mark.

Bitcoin Hits $58K While Mid and Large Wallets Stall, Wen New ATH?

Albert Brown
-
0
Bitcoin Hits $58K While Mid and Large Wallets Stall, Wen New ATH?

Recent data analysis from Santiment reveals that the Bitcoin (BTC) supply distribution by wallet size has experienced notable changes. 

As of today, Bitcoin reached $58,000, with retail traders showing more optimism. However, for Bitcoin to return to its all-time high levels, key factors regarding wallet sizes need to shift, according to Santiment, a market intelligence platform.

Small wallets holding less than 1 BTC are currently at their highest ratio in seven months, while larger holders’ activity has plateaued. This change in supply distribution could play a critical role in Bitcoin’s future price movement.

Small Wallets Continue to Grow

Santiment’s data shows that wallets holding less than 1 BTC have been steadily increasing their holdings. This tier of holders reached their highest portion of Bitcoin supply held since February 7, 2024.

The rise in holdings of smaller wallets, often representing retail traders, suggest increasing confidence among new and smaller investors. However, this growing confidence among retail traders contrasts with what is typically seen during major market rallies, where large holders drive price surges.

Mid-Sized and Large Wallets Show Stagnation

Wallets holding between 1 and 100 BTC saw their portion of the supply peak on July 27, 2024. Since then, this mid-sized tier has shown little movement, with some slight declines, indicating neutral or stagnant activity. Similarly, larger wallets with over 100 BTC peaked on August 14, 2024, and have also shown reduced accumulation since then. 

This indicates that neither mid-sized nor large holders are aggressively accumulating, which would generally signal strong bullish sentiment. Instead, the neutral behavior in these two key wallet sizes suggests caution or profit-taking.

According to Santiment, in a market trend that indicates a push toward the all-time high values, addresses holding less than 1 BTC would be capitulating or selling off their holdings, those with 1 to 100 BTC would continue to grow, while holders of 100+ BTC would be on an accumulation spree.

Potential Bullish Momentum?

Meanwhile, data from IntoTheBlock contrasts this trend of stagnation among holders. Notably, over the last 24 hours, 8.03K BTC has been withdrawn from exchanges, continuing a trend of outflows over the past week and month.

These outflows, totaling 6.29K BTC in the past seven days and 9.6K BTC over the last 30 days, indicate that Bitcoin’s supply on exchanges is shrinking. 

BTC Exchange Netflows
BTC Exchange Netflows

A reduction in exchange supply typically leads to reduced selling pressure, which could signal a potential price increase if demand grows.

Shiba Inu Reveals How Shiba Eternity Players Can Win Rewards in This Tournament 

Lele Jima
-
0
Shiba Inu Reveals How Shiba Eternity Players Can Win Rewards in This Tournament 

The Shiba Inu ecosystem team spotlights the 15-Day Shiba Eternity Tournaments, highlighting how participants can boost their ratings and win rewards like NFTs and other tokens.   

Shiba Inu’s marketing lead, Lucie, confirmed the development on X yesterday, emphasizing that the 15-Day Shiba Eternity Web3 Tournaments are where the real action occurs. 

In a follow-up blog post on The Shib Daily, the team noted that the tournaments pit Shiba Eternity players against each other in a competitive battle. 

How Shiba Eternity’s 15-Day Tournaments Work 

During the tournaments, participants can build their ratings through strategic gameplay to earn rewards like NFTs, tokens, and in-game assets. 

Notably, the competition automatically resets after every 15 days, introducing new rounds of tournaments. Participants get to boost their rankings whenever they secure a win, allowing them to advance through divisions and belts. 

The ratings will determine what rewards the player will receive at the end of the competition. Hence, a higher rating automatically translates to better rewards. These rewards could be NFTs, tokens, or in-game assets that make participants stand out.

However, participants’ ratings drop anytime they suffer a defeat during the tournament. The good news is that the next match allows players to boost their ratings again. 

At the start of the next competition, the team will apply a -1,000-point deduction for every player, leveling the playing field. This new rule does not apply to participants of the inaugural ranked tournaments. However, the point deduction will be implemented in future tournaments. 

Previous and Upcoming Editions of Shiba Eternity 15-Day Tournaments 

Recall that the team selected five winners from the first tournament, which ended early this month. They include Shanks#9782, ThorBVW#367, Vatoshi#3862, Jay#4247, and Ozymandias#9909. 

Following their selection, the gaming team flagged off the next tournament round on September 5. This round is expected to conclude on September 20, paving the way for the next tournament.   

The announcement comes less than a day after Lucie revealed that the gaming team has enhanced the gaming experience by introducing new leaderboards and reward systems. 

Meanwhile, Lucie introduced the tournament on July 25 via a lengthy X post. The Crypto Basic reported the development at the time, stating that the tournament would feature 14 divisions. As participants increase their ratings, they climb up the ranks, moving all the way up to Grandmaster from White Belt.  

The beta testing of Shiba Eternity’s Web3 version is still ongoing. The team recently extended the private testing access to Shiboshi, SHEboshi, and Shiba Eternity Lore Collection NFT holders. 

Players must have their LEASH tokens staked on ShibaSwap or own at least one of these Shiba Inu-related NFTs to participate in the closed beta testing. 

Currently, there is no official date on when the team plans to launch the open beta for Shiba Eternity. This beta will give everyone access regardless of whether they own LEASH or NFTs. 

Standard Chartered Debuts Bitcoin and Ethereum Custody Service in the UAE

Mark Brennan
-
0
Standard Chartered Debuts Bitcoin and Ethereum Custody Service in the UAE

Standard Chartered has advanced its cause for global custody offering with its latest push into the UAE.

Standard Chartered announced it expanded its crypto custody service to the United Arab Emirates (UAE) after gaining regulatory approval in the country. The Dubai Financial Services Authority (DFSA) granted the multinational bank license under the Dubai International Financial Centre (DIFC).

In a press release on Tuesday, Standard Chartered stated that its new financial services would provide institutional investors with a safe haven for their crypto assets. The bank signed a memorandum of understanding with the DIFC in May 2023.

Custody to Debut with Bitcoin and Ethereum

Per the announcement, Standard Chartered would initially offer institutions custody for the two largest crypto assets, Bitcoin and Ethereum. The institution is expected to expand its crypto offering in the future.

Standard Chartered has already secured its first client after noting that it will provide digital asset custody for Brevan Howard Digital. The firm is the crypto arm of Jersey-based investment management firm Brewan Howard.

Notably, Standard Chartered’s custody debut in the UAE is its latest push for global adoption of cryptocurrencies. The multinational financial institution announced it will launch a spot trading desk for Bitcoin and Ethereum in London.

Standard Chartered’s custody launch reflects a broadening adoption of digital assets in the UAE, which ranks among the countries with the most conducive environment for virtual currencies globally.

UAE Continues Its Crypto Hub Push

A few countries in the Asian Pacific region are taking advantage of the regulatory hurdles in the West to establish themselves as global cryptocurrency hubs. Among them are the UAE and Hong Kong.

Particularly, the UAE has created a conducive environment for digital asset firms through its crypto-friendly regulatory guidelines. The UAE established a regulatory framework for virtual assets in June and has allowed the use of these currencies within its borders.

Recently, a UAE court recognized cryptocurrency as a means of salary payment, setting a new utility for crypto assets within its borders. Tether also announced it would launch a dirham-pegged stablecoin in partnership with conglomerate firm Phoenix Group and Green Acorn Investment.

Trump’s Odds on Polymarket Slide 3% Following Presidential Debate with Harris

Sam Wisdom Raphael
-
0
Trump’s Odds on Polymarket Slide 3% Following Presidential Debate with Harris

Following the debate on Sept. 10 between former President Donald Trump and Vice President Kamala Harris, Polymarket saw changes in odds for both candidates.

Trump’s odds of winning the upcoming presidential election dipped by 3%, from 52% to 49%, as the debate unfolded. At the same time, Harris’s odds increased from 46% to 49%, bringing the two candidates to a tie on Polymarket during the debate.

Donald Trump’s Odds Fluctuate 

Trump’s sharp decline on the platform was attributed to his performance in the debate, where he faced tough scrutiny from Harris on key issues such as immigration, abortion, and foreign policy. 

However, while the debate addressed important issues within the country, there was no mention of cryptocurrency by any of the candidates. This omission also occurred during the debate between Trump and president Joe Biden.

Although crypto did not emerge as a direct topic during the debate, broader discussions on economic policy still had an indirect effect on the sentiment of crypto investors, given how both candidates’ policies may impact the market.

Polymarket, a decentralized prediction platform where users wager on events, saw a surge in activity during the debate. By the end of the event, over $130 million had been wagered on Trump’s chances, while Harris’s odds attracted $114 million in bets. 

Despite the initial fluctuation, Trump’s odds began recovering soon after the debate. By press time, his Polymarket odds stood at 50%, giving him a slight edge over Harris, whose odds remained at 49%. 

Donald Trump v Kamala Harris Polymarket
Donald Trump v Kamala Harris | Polymarket

Crypto in US Politics 

The crypto community has kept a close eye on this election, particularly given Trump’s vocal support for cryptocurrencies. 

Throughout his campaign, Trump has promised to roll back existing anti-crypto regulations and establish the U.S. as a global leader in the digital asset space. Pundits believe that a Trump victory could significantly boost the price of Bitcoin, with analysts at Bernstein predicting it could soar to $90,000 by year’s end. 

In contrast, Harris’s lack of a clear stance on crypto has raised concerns among investors. If she wins, Bernstein analysts fear that Bitcoin could drop as low as $30,000, particularly if she continues the regulatory stance of the Biden administration. 

Meanwhile, Ripple CEO Brad Garlinghouse is convinced that SEC Chairperson Gary Gensler, who has continued his aggressive regulatory crackdown on the crypto industry, could still lose his job even if Harris wins. 

The U.S. election has become one of the most heavily wagered events on Polymarket. Despite an overwhelming support received by Trump from the crypto community and the current administration’s aggressive stance on the industry, some leaders have not shied from endorsing Harris. 

Uphold co-founder JP Theriot was one of the first crypto leaders to publicly endorse Harris. Interestingly, last week, Ripple co-founder and chairman Chris Larsen also publicly endorsed Harris despite the current administration’s historic legal battle with his company. 

XRP 3-Month Time Frame Shows XRP Road to $5.8: Analyst

Sam Wisdom Raphael
-
0
XRP 3-Month Time Frame Shows XRP Road to $5.8: Analyst

Crypto analyst Dark Defender highlights targets XRP needs to breach on its journey to a new all-time high following a breakout.

To drive home his point, the analyst shared an accompanying chart on a 3-month time frame. One of the standout features of this chart is the downward-sloping resistance line that has been in play for several years. 

This trendline has kept XRP in a long-term consolidation pattern. Several analysts have called attention to this consolidation phase. Notably, XRP’s price has repeatedly tested the resistance but failed to break through.

XRP 3M Chart Dark Defender
XRP 3M Chart | Dark Defender

Currently, XRP sits beneath this resistance line, at $0.5356. A breakout above this line could provide the necessary strength for a bullish takeoff. Historically, when assets break out of such long-term downtrends, a significant price movement tends to follow.

XRP Sees Strong Support Foundation

On the opposite end of the spectrum is a solid support line marked in blue. This line represents what Dark Defender calls the “Ultimate Support.” 

It dates back to the earlier years of XRP’s price history, particularly from 2017, and has provided a firm foundation for XRP’s price floor, with multiple touches along the way. This trendline has held despite the volatile nature of the broader cryptocurrency market.

Since reaching the all-time high of $3.31 in January 2018 and retracing, XRP has continued to hold above this support level despite the bearish years of 2020 and 2022. The XRP price is currently hovering above this support, and a break below it could lead to new lows.

XRP to $5.8: Targets to Watch

Meanwhile, Dark Defender’s chart shows key Fibonacci extensions, starting with 23.6% at $0.3941, which XRP has surpassed. More importantly, the next levels to watch are 70.2% at $0.6640 and 100% at $0.9327. A break above these levels could signal further bullish momentum.

The Fibonacci extensions also project higher price targets if XRP can overcome its resistance zones. The 161.8% extension, positioned at $1.8815, is crucial price target in the near to medium term. If XRP can break this level, it would further confirm the start of a new bullish cycle.

However, the ultimate goal identified by Dark Defender lies at the 261.8% Fibonacci extension level, which is $5.8563. This target may seem audacious, but it syncs with the larger technical picture. Reaching this level would represent a major rally, but XRP needs to overcome the smaller hurdles first.

XRP currently trades within a narrowing price range in a triangle pattern. This compression indicates a buildup of momentum, and a breakout in either direction is imminent. 

The key zone for bulls is between $0.9327 (100% Fibonacci level) and the orange resistance trendline. A decisive break above these levels could lead to a swift rally towards $1.8815 and beyond.

Conversely, failure to hold the support line could see XRP retesting lower levels, possibly back towards $0.3941, the 23.6% Fibonacci level. For now, the price action suggests that XRP is building strength for an upward move.

1...1,2521,2531,254...2,664Page 1,253 of 2,664