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Trump Pledges to Block Federal Digital Dollar Plan as Political Tensions Rise

Albert Brown
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Trump Pledges to Block Federal Digital Dollar Plan as Political Tensions Rise

In a recent address in New Hampshire, GOP candidate Donald Trump reiterated his stance against the potential introduction of a central bank digital currency (CBDC) in the United States. 

Speaking ahead of the state’s upcoming primary election, Trump emphasized his intent to protect Americans from what he described as “government tyranny.” According to familiar sources, he pledged to oppose any effort by the Federal Reserve to issue a digital version of the U.S. dollar.

Fed Exploration of Digital Dollar

The Federal Reserve has yet to make a definitive decision on the issuance of a CBDC. However, the central bank has actively been exploring the technological feasibility of such a move.

Chair Jerome Powell has made it clear that any decision to implement a digital dollar would require approval from both Congress and the executive branch. Despite the discussions surrounding the concept, no formal design has been finalized.

A 2021 paper by the Federal Reserve proposed a model in which the digital currency would be stored in digital wallets maintained by banks or regulated financial institutions. In this model, direct deposits at the central bank would not be an option for ordinary Americans.

Banks would remain responsible for safeguarding transaction information, with the necessary reporting of suspicious payments in compliance with anti-money laundering regulations.

Politically Charged Debate

The issue of CBDC has sparked intense debate among political figures. Florida Governor Ron DeSantis, who is challenging Trump in the Republican primary, has taken a strong stance against the idea.

He has even preemptively prohibited the use of any CBDC in his state, raising concerns about potential government surveillance and comparing it to China’s use of its digital currency. His opposition highlights the growing political tension surrounding this issue.

While the debate intensifies, the Federal Reserve has emphasized the need to balance privacy protections with transparency to combat illicit activities. The ongoing discussions suggest that if a digital dollar is developed, it could initially be limited to interbank payments, potentially reducing transaction costs across borders.

Market Shifts and Political Implications

In a broader political context, recent market trends have shown a decline in confidence regarding Trump’s campaign. By August 17, his odds of winning the forthcoming presidential elections had dropped to 44%, down from a previous high of 72%, according to market predictions.

As of today, Kamala Harris still holds a slight edge over Donald Trump in predicted odds, leading with a 51% chance of success, while Trump follows closely with 47%.

Suisse Gold Now Accepts XRP as a Payment Option to Buy Gold

Mark Brennan
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Suisse Gold Now Accepts XRP as a Payment Option to Buy Gold

Suisse Gold becomes the latest firm to accept XRP as a payment option after announcing that it now allows buyers to purchase gold and other precious metals with the crypto.

XRP hit another payment milestone after precious metal dealer Suisse Gold announced it now accepts the XRPL native token as a payment option. This development allows buyers to purchase gold, silver, platinum, palladium, and rhodium using XRP.

The integration would also allow Suisse Gold to display the pricing of its precious metals in XRP. According to the announcement, the pricing is in real-time and changes as the value of gold and XRP changes in the market.

XRP joins an exclusive list of cryptocurrencies that Suisse Gold accepts for trade settlement. The precious metal dealer also accepts payment in Ethereum, Litecoin, and Bitcoin Cash.

Growing Demand for XRP

XRP’s introduction as a payment option for Suisse Gold further distinguishes the digital currency as a notable asset for transactional settlements. The XRPL native token is gradually becoming the go-to cryptocurrency for cross-border payments.

Suisse Gold’s XRP adoption further blurs the divide between the digital and traditional financial systems. The banking system and multinational firms are becoming increasingly inclined to use cryptocurrencies for transactional purposes.

Many notables have previously announced accepting XRP’s fast and secure payment system to settle transactions. In July, Web3 Enabler announced it had integrated XRP as a payment option.

There have also been speculations that Elon Musk’s X could integrate XRP as a means of payment amidst its court victory against the Securities and Exchange Commission (SEC), but this remains unconfirmed. Also, there are reportedly over 1,700 companies accepting XRP for trade settlement.

Bullish for XRP Price

XRP’s continued institutional adoption could enhance the bullish sentiments around the cryptocurrency. The XRPL-based token has already seen an increased bullish disposition since the conclusion of the Ripple v. SEC lawsuit earlier in the month.

Analysts have called for higher XRP prices, with a market expert speculating that the asset would hit $26 before the end of the bull cycle. At press time, XRP was trading at $0.578, up 2.24% in the past 24 hours.

DEXE Eyes $12 as Large Transactions Shoot up by 5.57%

Albert Brown
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DEXE Eyes $12 as Large Transactions Shoot up by 5.57%

With a bullish reversal for DEXE in a falling channel, the shift in the underlying momentum teases a breakout run. Will the buyers surpass the high supply trendline for a run to $12?

As Bitcoin hangs at $58,500 and Ethereum at $2,620, altcoins are starting to give early signs of recovery. Despite $50 million worth of long liquidations, some altcoins are starting the week on a slightly bullish note. 

In a union of Meme and DeFi, DEXE is among the top performers today, with an intraday gain of 1.44%. Further, the 24-hour rise accounts for 7.98% and completes a four-day streak of bullish candles. Will this uprising boost DEXE to $12?

DEXE Shoots up with a Double Bottom

The DEXE token shows a declining trend in the daily chart, resulting in lower highs and lower lows. Furthermore, the price action forms two parallel trendlines, keeping the DEXE price in a bearish channel. 

DEXE Price chart
DEXE Price chart

The bearish downfall accounts for a 50% drop since June 2024, starting from $14 to the bottom baseline of $7. However, the bullish dominance at the psychological mark of $7 results in a double-bottom pattern. 

The neckline of the bullish reversal pattern stands at $7.80. On August 17, DEXE initiated this bullish reversal with the recent morning star pattern. Further, it accounts for a 13% jump in four days. 

Coming to the technical indicators, the daily RSI line indicates a bullish divergence amid the previous two declines. This increases the possibility of a bullish breakout rally. However, the declining 15-day SMA warns of a death cross with the 200-day SMA. Meanwhile, the pre-existing bearish crossover of the 100-day and 200-day SMA keeps a bearish tone over the daily chart.

Growing Transactions Tease a Bull Run in DEXE

According to recent data from Intotheblock, large transactions have increased by over 5%. In addition, DEXE holders making money at the current price account for 62% of all holders, with 77% of holders holding the token for over a year.

DEXE data by Intotheblock
DEXE data by Intotheblock

However, 99% of the circulating supply is concentrated by large holders, which is a ticking time bomb considering the chances of a pump-and-dump scenario.

Will DEXE Hit $12?

Currently, the intraday growth of 1.47% as DEXE trades at $7.86 tests the double-bottom neckline. A bullish breakout of the double-bottom pattern will put the overhead resistance red line at risk, signaling a potential bullish breakout.

The breakout rally will face the next resistance levels at $8.60, $10.80, and $12.86. In case of a bearish reversal from the overhead trendline, the next support levels are at $6.96 and $6.00.

XRP to $589: Ripple CEO Unknowingly Draws Attention Over Controversial Forecast

Albert Brown
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XRP to $589: Ripple CEO Unknowingly Draws Attention Over Controversial Forecast

Brad Garlinghouse, the CEO of Ripple, has found himself at the center of discussion yet again. 

Ripple’s CEO follower count, which remained stable at 589 for a long time, went to 590. But after some time, the count came back to 589 again.

Ripple CEO following from 589 to 590
image source: https://x.com/1TraderHM/status/1825139412365197628

This time, attention is drawn to his social media follower count, which has been linked to a controversial prediction of XRP’s future price. Garlinghouse maintains his follower count at precisely 589, a figure that has led to speculative connections with an alleged prediction that XRP could reach the same value of $589.

The speculation emerged in 2022, fueled by the circulation of a fake image from The Simpsons. The image showed Bart Simpson writing “XRP to hit $589+ by EOY” on a chalkboard, a supposed reference to the token’s future price. Although the episode has been debunked, some enthusiasts continue to support the idea.

Persistent Speculation Surrounding XRP

Despite debunking the fake episode, the notion that XRP could one day hit $589 persists. In 2023, David Gokhshtein, a former U.S. Congressional candidate, brought up the XRP $589 prediction, comparing it to forecasts suggesting Bitcoin could hit $1 million.

While Gokhshtein clarified that he was not endorsing the prediction, he pointed out the differing reception both forecasts received within the crypto space.

However, legal experts and other community members dismiss the connection between Garlinghouse’s follower count and XRP’s price. Attorney Bill Morgan described the fixation on the number 589 as irrelevant, stressing that it has no bearing on XRP’s price trajectory. 

Despite these assertions, some community members argue that Garlinghouse’s decision to maintain 589 followers may serve as a humorous nod to the prediction, while critics believe it feeds unnecessary hype.

Community Reactions

Several individuals shared their opinions in response to the ongoing debate about Brad Garlinghouse’s follower count. One commenter suggested that the number was maintained on purpose, a view that attorney Bill Morgan agreed with.

Another noted that Garlinghouse did it for humor and team spirit, although some in the XRP community took it literally. 

A critic argued that Garlinghouse was feeding into the meme to keep the community excited about an unrealistic future.

Another participant dismissed the relevance of the follower count, stating they would rather rely on Ripple CTO David Schwartz’s statement, “It [XRP] Can’t Be Cheap.”

Diverging Views on XRP Price Forecasts

While the ongoing speculation captures attention, more concrete price predictions have surfaced from market analysts. A recent analysis forecasted a price of $26.5 as a potential top for XRP during a bullish cycle. 

This prediction contrasts sharply with the $589 figure, positioning itself within a more attainable range. Analysts based their predictions on technical indicators, specifically Fibonacci levels. One such expert, Doctor Magic, noted that while some may find higher price speculations exaggerated, the forecasts are grounded in market analysis.

Ripple Business Dealings Show 1,700 Signed Contracts for XRP

Abdulkarim Abdulwahab
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Ripple Business Dealings Show 1,700 Signed Contracts for XRP

A recent rediscovery of a court document has shed new light on Ripple’s business dealings regarding XRP. 

The document revealed that the company had entered into over 1,700 contracts with financial institutions and companies to transact XRP. Members of the XRP community recently resurfaced this court document, originally filed in 2023, during the heat of the Ripple and SEC case. 

Per the document, the 1,700 contracts are specific agreements outlining the terms under which Ripple transferred XRP to various counterparties in commercial transactions.

Expert Analysis of Ripple’s 1,700 XRP Sale Contracts

The context of the revelation at the time was that the plaintiff and the defendant sought court blessing to dismiss certain expert testimonies that could hurt their standing in the legal proceeding. One such testimony up for dismissal was the opinion of Yale Law University professor Alan Schwartz about Ripple’s XRP sale contracts.

During discovery, the litigants had produced over 1,700 contracts on Ripple’s XRP distribution. Commenting on the dealings, Schwartz categorized these contracts into four main groups.

Ripple XRP contracts
Ripple XRP contracts

The first category consists of contracts in which Ripple directly transferred XRP to a counterparty. The second category includes contracts in which counterparties agreed to sell XRP on behalf of Ripple through trading platforms. 

Meanwhile, the third category comprises contracts where Ripple paid for services provided by counterparties using XRP. The fourth and final category is a miscellaneous group that includes contracts that do not fit into the first three categories.

Based on his analysis, Professor Schwartz concluded that the Ripple contracts differ significantly from those described in the Howey test. He believes they do not contain provisions requiring Ripple to take any post-sale actions that could impact the value of XRP or distribute profits to investors.

However, the SEC attempted to exclude Schwartz’s testimony, arguing that his opinions were “impermissible legal conclusions” that “misinterpreted” the Howey test. Nevertheless, the court rejected the SEC’s motion, allowing Schwartz’s testimony to stand.

Community Reaction to the Significance of Ripple XRP Sale Contracts

Notably, the talks about the significance of the 1,700 contracts have been making the rounds in the XRP community. The XRP enthusiast group is interpreting this information as a bullish sign.

They believe several notable institutions have likely adopted XRP for transactions even, making a bullish case for XRP. “You’re not bullish enough on XRP,” remarked an XRP Army. 

However, critics have countered that despite the apparent widespread adoption, XRP’s price has been unimpressive for years, suggesting the large contracts are not having the desired impact.

With 83% of Toncoin Supply in Profit, Bulls Target $10 

Albert Brown
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With 83% of Toncoin Supply in Profit, Bulls Target $10 

With a rounding bottom pattern and an intraday recovery making Toncoin (TON) a top performer, buyers anticipate a $10 target. Is this the best time to buy Toncoin?

Amid the recovering market, Toncoin is one of the top performers today, with an 8.25% jump in the past 24 hours. As the altcoin market gains momentum, the Toncoin bull run teases a breakout run for a high momentum trend reversal rally. Will this uptrend result in a price jump to $10? Let’s find out. 

Toncoin Recovery Eyes $7.10 Breakout 

The 4-hour chart reveals the Toncoin price, which is undergoing a recovery rally. Further, the altcoin completes the five-wave Elliot Wave pattern, which results in a rounding bottom pattern with a neckline at $7.10.

CRYPTO:TONUSD Chart Image by Trojan69420

The bullish trend also forms a supporting trendline and teases a potential crossover in the 50 and 200 SMA. Furthermore, the MACD indicator shows a bullish trend in the MACD and signal lines. 

Hence, the growing possibility of a golden crossover in the 4-hour chart and the positive momentum reflected by the MACD indicator bolsters the possibility of a bullish breakout. 

Toncoin Technical Indicators by Tradingview
Toncoin Technical Indicators | Tradingview

Additonal technical indicators from Tradingview maintain an overall bullish sentiment for Toncoin. With 13 buy signals, 9 neutral, and 3 sell signals, the bulls maintain a stronger position. 

The notable buy signals are given by the MACD indicator, all the crucial exponential and simple moving averages except the 100-SMA. Further, the prominent sell signals are given by the momentum indicator and Williams percentage range with a negative value of 19.60% 

Bulls Accumulate More Than 80% of TON Supply  

Also, based on data from IntoTheBlock, the Global In & Out of the Money (GIOM) indicator reveals 4.8 billion $TON tokens are held by profitable addresses. Meanwhile, 32.98 million TON tokens worth $226 million is out of the money. This makes 15.58% or $5.35 billion worth of 778.23 million $TON tokens at the money.

Toncoin Data by Intotheblock
Toncoin GIOM | Intotheblock

Will Toncoin Hit $10?

The recent 4-hour candle reveals a bearish pullback, with the 2.14% decline threatening a breakdown of the rounding bottom. Nevertheless, a push from the support trendline and the 200-SMA dynamic support could result in a potential cup and handle. 

A bullish breakout of the $7.10 neckline will result in a breakout rally to the overhead resistances. The next resistance levels are at $8 and $9.50. Optimistically, the uptrend is likely to reclaim the $10 psychological mark for a new all-time high. 

On the contrary, if the increased supply breaks below the support trend line, the next support levels are at $6.27, which is the 100-SMA in the 4-hour chart, and the $5.80 horizontal level. 

Cardano Founder Announces $1 Million Hack Challenge: Here is What it is

Albert Brown
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Cardano Founder Announces $1 Million Hack Challenge: Here is What it is

At the Rare Evo event in 2024, Charles Hoskinson, the Cardano founder, introduced a new challenge for the cybersecurity community. 

The Cardano founder revealed a $1 million bounty for any individual capable of breaching the newly released Lace Paper Wallet, a product designed with advanced encryption features. This challenge is part of a broader initiative to test and showcase the security of the wallet, which uses PGP encryption to safeguard private keys.

The Lace Paper Wallet, generated through Cardano’s Lace platform, incorporates both a public and private QR code. Notably, the private key is encrypted using PGP, providing a higher level of protection comparable to that of an encrypted email.

In partnership with Moneta USDM, $1 million worth of USDM has been stored in the paper wallet, forming the prize for this hacking contest. The contest is open until the close of the year, allowing participants ample time to test their skills against the highly secure platform. If someone manages to bypass the security, they will be able to claim the full amount.

Paper Wallet Security Against Replay Attacks

During his speech, Hoskinson addressed the vulnerabilities of standard paper wallets, particularly replay attacks. In these attacks, a printer could reproduce a previously printed key, creating an identical wallet copy. 

By implementing PGP encryption, the Lace Paper Wallet counters this issue, ensuring that even if a duplicate is created, the wallet remains inaccessible to unauthorized users.

The PGP encryption also allows users to store their private keys on devices like YubiKeys securely. Furthermore, the wallet can be saved as a PDF for secure digital storage. Hoskinson described these measures as a breakthrough in paper wallet security.

BitBoy’s Public Challenge to Hoskinson

Meanwhile, days before the announcement of the bug bounty, Hoskinson found himself in a public clash with crypto personality Ben “BitBoy” Armstrong. BitBoy, who had previously criticized Cardano, challenged Hoskinson to a physical fight following comments the Cardano founder made about Armstrong’s stance on the project. 

Despite the provocations, BitBoy acknowledged that there was no ill will between him and Hoskinson, suggesting the challenge was meant more for entertainment than personal conflict. 

Expert Sees XRP at $26, Says We Don’t Make XRP Targets Out of Our Own Mind

Mark Brennan
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Expert Sees XRP at $26, Says We Don’t Make XRP Targets Out of Our Own Mind

A market analyst called $26.5 as the XRP cycle top in a base bull run case, insinuating further price movement in a bullish market condition.

A crypto expert has asserted that XRP price predictions are not made up or assumed but formed by precise technical analysis. In a recent tweet, the analyst stated that his speculations, like some others, are based on Fibonacci levels.

XRP to $26
XRP 1W Chart | Doctor Magic

Doctor Magic pointed to unspecified argumentative comments on an analyst’s post, which predicted that XRP would trade between $8 and $13. The expert stated that although some users surmise exaggerated price speculations from market researchers, they are just stating what the XRP chart says.

Upon establishing his argument, the expert made an even higher price speculation than the criticized analyst. Doctor Magic noted that XRP would hit $26.5 by the end of this bull run.

XRP to Top at $26.5

He noted, however, that this was a base scenario for the asset, insinuating that XRP could outperform the speculated price in a more bullish market bias. A base scenario is an average case where the market performs ordinarily when calculated with certain variables.

Doctor Magic further noted that his XRP price prediction would be fully affected if a 2017-like bull run repeated itself. He alluded that altcoin led the crypto market rally during the aforementioned bull period, outperforming Bitcoin.

Notably, Bitcoin seems to spearhead the current bull run owing to increased demand for the asset from its outstandingly-performing exchange-traded funds (ETFs). The US Bitcoin spot ETFs have seen a cumulative net inflow of $17.37 billion since their market debut in January and hold 4.65% of Bitcoin’s market cap.

Not Calling a 2017 Repeat: Analyst

Doctor Magic clarified that he was not saying the current bull run would be a repeat of 2017. The analyst noted that if he were, he would call XRP to trade at $241.

XRP rallied 48,823% in the 2017 bull run, outperforming major assets like Bitcoin and Ethereum. At XRP’s current price, a similar surge would see the asset trade at $276.8. The market expert stated that he factored in the diminishing price factor while making his price predictions.

At press time, XRP changes hands at $0.5663 at press time, with a market cap of $31.7 billion.

Japanese Research Shows XRP Could See Price Surge As Volatility Rise

Sam Wisdom Raphael
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Japanese Research Shows XRP Could See Price Surge As Volatility Rise

Recent research conducted in Japan suggests XRP may be heading toward a period of heightened volatility in Q4 2024. 

XRP community figure Eri spotlighted the report on X, confirming that it emanated from blockchain firm HashHub. Data from the research, based on historical market behavior, suggests that this increased volatility could lead to a significant price push. 

Stability Observed Across 2023 and 2024

The research highlights XRP’s relative stability throughout 2023 and the first half of 2024. Violin plots used in the study demonstrate that XRP’s market price maintained strong support levels during this period, particularly around the $0.52 mark. 

Despite fluctuations, the cryptocurrency has shown resilience, with prices holding firm above these key levels. In Q3 2023, XRP had a mean price of $0.574 and a median price of $0.521.

However, the mean increased to $0.593, while the median reached $0.613 in Q4 2023, indicating a stronger bullish trend. This marked a period of increased volatility for XRP, leading to rapid price spikes.

XRP Volatility HashHub Research
XRP Volatility | HashHub Research

Meanwhile, in Q1 2024, the mean and median prices slightly adjusted to $0.577 and $0.575, respectively, as consolidation emerged. For Q2 2024, a downward trend emerged, with the mean price falling to $0.523 and the median to $0.518, indicating a loss of momentum.

Possible Rise in Volatility Could Trigger XRP Rally

This data points to a general pattern of stability, with XRP managing to hold above crucial support levels. However, if the pattern repeats itself, the last quarter of 2024 could see a shift in this stability.

Historical data supports this prediction, showing that when XRP entered periods of increased volatility in the past, substantial price movements followed. For instance, in Q3 2023, XRP saw a surge in both the mean and median prices, which was preceded by a noticeable increase in volatility. 

Data from Santiment bolsters this sentiment. Notably, a rise in XRP’s 4-week volatility has historically coincided with a price spike. In December 2017, this metric rose to 0.62, leading to XRP’s monumental increase. In April 2021, it surged to 0.47, coinciding with an XRP price rally to $1.96.

XRP Price Volatility Santiment
XRP Price Volatility | Santiment

XRP Weekly Chart and Historical Volatility

Further supporting the potential for a price surge is XRP’s weekly Historical Volatility (HV). The HV indicator measures how much the price of XRP fluctuates over time. The chart shows that XRP’s HV remains at a low level. However, historical data indicates that whenever this volatility spikes, it often precedes a price increase.

For instance, in September 2022, a sharp rise in XRP’s HV led to a 37% price jump within just one week. A similar pattern occurred in July 2023, when XRP rallied by 59% over the course of a week following another spike in HV. 

XRP 1W Chart
XRP 1W Chart

Meanwhile, the Chande Kroll Stop also shows that XRP is currently in a neutral position. However, any significant market move could trigger a new trend that is in sync with the predictions for increased volatility later in the year.

Pundit Says It’s Hard to Believe XRP “Crap” Will Go to Moon, But All Stars Are Lining Up for a Rally

Abdulkarim Abdulwahab
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Pundit Says It’s Hard to Believe XRP “Crap” Will Go to Moon, But All Stars Are Lining Up for a Rally

Popular crypto pundit Moonshilla recently shared an optimistic outlook on XRP, noting that its moon rally now has an extremely high chance of happening. 

Despite referring to the digital asset as “crap,” Moonshilla believes that XRP is poised for a massive rally, with all technical indicators aligning in its favor.

In a detailed analysis, Moonshilla compared XRP’s current market performance against the U.S. dollar, its market dominance, and Bitcoin (BTC). He highlighted several key factors that suggest a major breakout could be imminent.

Technical Indicators Aligning in XRP Favor

First, the analyst highlighted that XRP’s present consolidation phase has nearly doubled in length compared to the 2014-2016 cycle. 

Indeed, XRP has been in a downtrend since 2018, over six years already. Analysts have stressed that longer consolidation phases are a precursor to a big move.

Second, Moonshilla noted that XRP’s price against both the U.S. dollar and Bitcoin is showing signs of strength. He stressed that the XRP/USD pair is either already breaking out of the long-term consolidation or is on the verge of doing so.

Furthermore, the analyst highlighted that the XRP/BTC pair has formed a rare quadruple bottom. In other words, against Bitcoin, XRP has hit a low point four times without breaking lower, a typical signal of the end of a downtrend.

Additionally, Moonshilla observed that XRP has formed a triple-bottom pattern in terms of market dominance. This likely indicates that the asset’s market share has found a solid support level.

Third, the analyst referenced the favorable conclusion of the legal battle between Ripple and the SEC. With XRP no longer considered security or under legal scrutiny, this development is expected to act as a major catalyst for price appreciation.

XRP Crap to moon
Image Source: https://x.com/moonshilla/status/1823395760882536949

Considering all the highlighted factors, the analyst believes the stars are aligned for XRP, stressing that the chance of a moon rally is extreme.

Risk Investing in XRP Now Outways Gains

Notably, Moonshilla’s bullish stance on XRP is further reinforced by memories of the token’s performance in 2014-2016, when it saw gains of nearly 50,000% within approximately 333 days. 

He recalled that sentiment toward XRP then was similar to today, characterized by widespread pessimism and frustration.

As a result, the pundit believes the market is setting the stage for another potential moonshot. Moonshilla urged his followers to consider securing a position in XRP, even if it’s just a small amount they can afford to lose. 

“All the stars are lining up, and all I can say is: don’t miss out. Secure a bag,” Moonshilla remarked.

According to the analyst, the risk-to-reward ratio for XRP is incredibly favorable, presenting a high potential for profitability.

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