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Court Set to Announce FTX Founder Prison Sentence, as Prosecutor Argues For 50 Years Jail Term  

Lele Jima
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Court Set to Announce FTX Founder Prison Sentence, as Prosecutor Argues For 50 Years Jail Term  

The highly anticipated sentencing of former FTX founder Sam Bankman-Fried (SBF) is scheduled to take place today at 13:30 (UTC). 

According to CNBC reporter MacKenzie Sigalos, the sentencing proceedings of the FTX founder will be held at a federal courthouse in Manhattan, the same venue where SBF was found guilty of all seven criminal charges last year. 

Prosecutor Seeks Up to 50 Years Jail Term for SBF 

SBF faces a maximum sentence of over 100 years following his role that led to the collapse of crypto exchange FTX. 

Judge Lewis Kaplan has been considering the appropriate punishment to impose against the former FTX exec after he was found guilty in November 2023. 

In the meantime, prosecutors are asking the judge to give SBF a prison sentence ranging from 40 to 50 years. To get an edge against the defense team, prosecutors recently handed Kaplan a letter from one of FTX’s victims to sway the judge ahead of the sentencing. 

The victim, whose identity was concealed, claimed he lost his 30 years of savings worth $4 million after FTX filed for bankruptcy in 2022. The father of two said the implosion of FTX and its sister hedge fund Alameda Research cost him financial losses, his happiness, and his desire to continue living. 

It is worth noting that the court is familiar with this type of story as the prosecutors used the same tactic to convince the juror in November that SBF stole at least $8 billion. 

Defense Counsel Argue for a Maximum of 6.5 Years Sentence  

While prosecutors want SBF to spend 40 to 50 years in jail, the defense team pleads for a maximum prison sentence of not more than six-and-a-half years. 

The rationale behind this plea is that FTX’s customers would get most, if not all, of the money they lost when the exchange collapsed. This was first disclosed last month by the legal team representing the bankruptcy estate.

The attorneys emphasized the company’s willingness to reimburse customers and creditors with valid claims completely. Notably, the likelihood of FTX fully repaying victims has increased recently, as the prices of crypto assets owned by the exchange have recorded huge gains. 

For instance, Solana (SOL), one of the crypto assets in FTX’s portfolio, has spiked heavily in recent times. The coin’s value has surged to $183 from the $9 it crashed to when the FTX implosion occurred. 

Shiba Inu Technicals Suggest Rise to $0.00004 Following $0.000023 Bottom

Sam Wisdom Raphael
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Shiba Inu Technicals Suggest Rise to $0.00004 Following $0.000023 Bottom

Shiba Inu technical indicators show that SHIB still has the potential to record a more substantial rally after recovering from the bottom at $0.000023.

The current market resurgence has delivered enough strength for most altcoins across the market to engineer a recovery campaign from recent lows. Shiba Inu has not failed to leverage this bullish market momentum, recently recovering from the $0.000023 bottom price.

Shiba Inu Bottoms at $0.000023

SHIB dropped to this value on March 20 amid the broader market’s collapse. At the time, Bitcoin (BTC), the premier cryptocurrency, also slumped to $60,775. As Bitcoin recovers from this low, SHIB has leveraged the ongoing push to reclaim previous highs.

Shiba Inu skyrocketed from the $0.00002367 low on March 20 to a high of $0.00003262 today, marking a 37.8% increase over a one-week period. Despite a slight 1.55% drop yesterday, SHIB has held above the $0.000032 level, having surged 3.67% today.

Amid the ongoing recovery push, market participants anticipate a more substantial Shiba Inu growth. LitFXMogul, a crypto market analyst, believes this prospective growth is on the horizon. In a recent post, the analyst called the bottom. 

Shib to $0.00004
Image Source: https://twitter.com/LitFXMogul/status/1773013247798427816

SHIB Trades in Ascending Channel, Shows Room for More Rally

According to him, the $0.00002367 low on March 20 marked Shiba Inu’s bottom, suggesting that SHIB would only secure higher grounds from this position. Data from an accompanying chart indicates that Shiba Inu has been trading in an ascending channel on the 4-hour timeframe since the $0.00002367 low.

Shiba Inu has continued to record higher highs and higher lows since then, suggesting a sustained uptrend. Shiba Inu has made four attempts to break above the channel but has faced resistance at the upper trendline. The token has also shown resilience, hedging against any drops below the lower trendline.

SHIB has followed this channel to reclaim $0.000032, seeking to push toward the $0.000035 territory before a campaign to the much-coveted $0.00004 zone. If SHIB continues to trade within the ascending channel, a surge toward $0.00004 could be possible in the long run.

Moreover, Shiba Inu’s commodity channel index (CCI) on the daily timeframe shows that the crypto token has more potential to expand. Despite trading at $0.00003241, SHIB’s CCI currently stands at 53.10, showing that the token is far below the overbought zone.

Shiba Inu Daily CCI
Shiba Inu Daily CCI

Although LitFXMogul failed to make any definite price projection, the analyst spotlighted multiple resistance levels for SHIB that the token needs to breach amid the uptrend. The first level rests on the $0.00003487 price. Once SHIB breaks this point, it could surge to $0.000038.

Meanwhile, other industry commentators have predicted multiple ambitious targets for Shiba Inu. Citing the Elliott Wave theory, crypto analyst Michael expects SHIB to rise to $0.0001019.

Valkyrie Executive Believes XRP ETF Will Get Approved Before Ethereum ETF

Abdulkarim Abdulwahab
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Valkyrie Executive Believes XRP ETF Will Get Approved Before Ethereum ETF

Steven McClurg, the Chief Investment Officer of ETF issuer Valkyrie, has expressed that an XRP ETF could become a reality before that of Ethereum.

McClurg voiced this sentiment during a fireside chat with  FOX Business correspondent Eleanor Terrett at the Digital Wildcatters Empower Conference. Terrett called attention to the view in a recent post on X.

Why XRP ETF May Precede Ether ETF

Per the disclosure, McClurg believes the U.S. regulator could assent to an XRP exchange-traded fund (ETF) before endorsing that of Ethereum. The FOX correspondent revealed that McClurg reached this conclusion following recent developments concerning ETH’s regulatory status in the United States.

Recall that a week ago, The Crypto Basic reported that the U.S. SEC was working underground, gathering financial information and other records to potentially classify Ethereum as a security as it did with XRP in 2020.

The development has unsettled the crypto scene, coming as a surprise especially considering the known relationship the founders of Ethereum have had with the SEC leadership. However, at press time, there is no official pronouncement from the SEC regarding ETH being a security.

Meanwhile, Valkyrie’s executive, McClurg, believes the litigation could eventually materialize and that the development will impact the existing application for Ethereum-based spot ETFs. As Terrett disclosed, McClurg does not see approval for the spot ETH ETF by the latest May deadline.

On the other hand, he expressed that the crypto community would witness spot ETFs of Litecoin (LTC) and XRP before that of Ethereum. This view is further strengthened by the fact that XRP has secured a clear regulatory position in the U.S.

Other Experts Expecting XRP ETF

It is worth mentioning that while applications are pending for an Ethereum ETF, no such application exists for XRP. However, prominent figures in the XRP community have repeatedly urged leading asset managers to apply to list an XRP ETF.

Nonetheless, optimism remains high about the actualization of a spot XRP ETF. For instance, Ripple’s ex-director Sean McBride has suggested a 2024 timeline.

Martin Hiesboeck, the Head of Research at Uphold, a U.S.-based exchange, recently reinforced this sentiment by stating that “an XRP ETP is around the corner.”

Besides, Ripple’s CEO Brad Garlinghouse has stated that an XRP ETF is inevitable and that he would welcome it.

BlackRock CEO Says Ethereum ETF Can Still Launch Even if ETH is Declared Security

Mark Brennan
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BlackRock CEO Says Ethereum ETF Can Still Launch Even if ETH is Declared Security

BlackRock CEO Larry Fink has expressed confidence that the firm could proceed with an Ethereum ETF launch even if the SEC declares ETH security.

Earlier this month, reports emerged that the United States Securities and Exchange Commission (SEC) was pursuing a campaign to label Ethereum’s native asset, ETH, a security.

The implications of such a designation remain a topic of speculation for the crypto community, especially in connection with its impact on the pending applications for a spot-based Ethereum ETF.

Nonetheless, the CEO of the world’s largest asset management company, Blackrock, seems adamant that labeling ETH as a security will not prevent the company from launching an Ethereum-based ETF.

BlackRock is one of more than half a dozen fund managers seeking to roll out such a product for Ethereum after a resounding success with the Bitcoin ETFs.

Larry Fink shared his thoughts on the SEC’s rumored move while speaking in a recent Fox Business interview.

While being hesitant to comment on the subject in a broader scope, Fink told Fox Correspondent Charles Gasparino that a “security” designation for ETH is not going to “be that deleterious” for the prospects of an Ethereum-based ETF.

When quizzed further on whether BlackRock can launch the ETF even with ETH tagged as security, Larry Fink responded, “I think so, yeah.”

ETFs Also Hold Securities

Larry Fink’s latest comments will not surprise investors conversant with securities regulations. Under the U.S. Securities Act, ETFs can hold stocks, bonds, and other securities allowed by the SEC. Hence, the fund managers, if approved by the SEC, may still offer an Ethereum-based ETF.

However, the implications of a security tag for the Ethereum project and others that may come under such a listing constitute a major problem for the crypto industry.

The designation may require that the respective Foundations for each public blockchain assume a nearly identical role to public companies. This will include filing for annual financial reports and other similar obligations.

The crypto industry vehemently fought against such a stance, as evidenced by Ripple’s ongoing case against the SEC.

Meanwhile, May remains the deadline for the SEC to announce its decision regarding the pending spot Ethereum-based ETF applications. 

2,000,000,000,000 Shiba Inu Withdrawn From KuCoin

Lele Jima
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0
2,000,000,000,000 Shiba Inu Withdrawn From KuCoin

A whale has withdrawn a staggering amount of Shiba Inu tokens from prominent crypto exchange KuCoin following an indictment from U.S. authorities.

Data indexed by popular crypto tracking bot Whale Alert shows that 2,000,000,000,000 (2 trillion) Shiba Inu tokens worth $62.23 million, were withdrawn from KuCoin yesterday. According to the post, the funds were withdrawn to an unknown wallet from KuCoin.

This stirred a series of reactions, with some community members speculating that a whale entity might have moved the funds on the back of the charges leveled against KuCoin by U.S. authorities.

Details of the Transaction

On the contrary, investigations show that KuCoin withdrew the funds to one of its wallets labeled “KuCoin 20.” Further analysis of data provided by Arkham Intelligence reveals that the recipient address currently holds crypto assets worth $573.32 million. 

Interestingly, Shiba Inu ranks as the most valuable asset in the address, with a valuation of $62.09 million.

Mass Crypto Withdrawals as U.S. Government Charges KuCoin 

The recent transaction coincides with reports of U.S. authorities filing criminal charges against the exchange and two of its founders, Ke Tang and Chun Gan. 

The United States Department of Justice (DoJ) accused KuCoin of violating the Bank Secrecy Act, a similar charge leveled against Binance last year. 

Furthermore, the authorities claimed that KuCoin operated in the U.S. without registering and complying with anti-money laundering rules and other laws. 

Shortly after the allegations went viral, KuCoin experienced a massive outflow estimated at over $1 billion. As reported yesterday, the exchange moved a whopping 250 million XRP worth $158.38 million between its wallets. 

The XRP coins were moved to satisfy users’ withdrawal needs. On-chain data shows that these funds were transferred in bits to other leading crypto exchanges, including Binance and Bybit. 

While KuCoin moved the 250M XRP coins to satisfy users’ withdrawal needs, it appears that the rationale behind the 2T Shiba Inu tokens was for safekeeping. 

Meanwhile, Shiba Inu’s price has staged a daily increase of 4% to $0.00003105. The canine-themed token is the 11th biggest cryptocurrency, with a market capitalization of $18.27 billion. 

Edward Snowden: Bad Faith SEC “Going to Lose so Hard in Court” Against Coinbase

Mark Brennan
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Edward Snowden: Bad Faith SEC “Going to Lose so Hard in Court” Against Coinbase

Controversial public figure Edward Snowden has warned that the U.S. SEC will lose hard in its ongoing case against Coinbase.

On Wednesday, a United States district judge ruled that the Securities and Exchange Commission (SEC) can proceed with its lawsuit against Coinbase.

Judge Katherine Failla denied Coinbase’s motion to dismiss the case, arguing that the SEC has provided sufficient evidence that the exchange may be violating securities laws with its trading and staking products. This will give SEC the opportunity to prove its case.

While the ruling evidently goes against Coinbase at this stage, the exchange has claimed that it anticipated the decision. Coinbase will contest the lawsuit, with chief legal officer Paul Grewal expressing confidence in the company’s legal arguments.

Meanwhile, the crypto community has rallied around Coinbase, with Edward Snowden leading the voices in favor of a Coinbase victory at the end. In fact, Snowden noted that the court’s decision to advance the SEC’s case “does not bother” him.

Instead, he anticipates a similar outcome as that which played out between the SEC and Grayscale last year. Recall that in August 2023, a U.S. court ruled against the SEC, paving the way for the regulator to approve spot Bitcoin ETFs earlier this year.

Snowden notes that if the SEC continues to act in “bad faith,” then it will eventually lose so hard in court that it will no longer have the chance to pursue enforcement against crypto-related entities. For the record, the SEC currently also has legal cases against Binance and Kraken.

Coinbase Wins on Self-Custody Wallet Front

While most of the SEC’s allegations against Coinbase will proceed, the exchange scored a victory on one front. The SEC had claimed that Coinbase serves as an unregistered broker by enabling customers to access its Coinbase Wallet application. 

In the court ruling, Judge Failla dismissed the SEC’s claim, denying any opportunity for the SEC to bring a case against Coinbase for offering that option to users.  Meanwhile, both parties have until April 19 to provide a “proposed case management plan,” which will allow the case to move forward.

Exodus Wallet Eyes Shiba Inu Expansion With Shibarium Integration

Lele Jima
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Exodus Wallet Eyes Shiba Inu Expansion With Shibarium Integration

Leading non-custodial crypto wallet Exodus confirms that it has logged Shibarium integration requests in its suggestion box.

Exodus has provided an update about its potential integration of Shiba Inu’s Layer-2 (L2) scaling solution, Shibarium.

Exodus Wallet Considers Supporting Shibarium

In a recent development, the official X handle of Exodus Wallet confirmed that the requests to support Shibarium and its gas token Bone ShibaSwap (BONE) have been logged in its suggestion box for consideration.

 

Exodus’ X handler noted that they do not have a specific timeline for when Shibarium and BONE will be supported on the wallet.

However, they expressed a willingness to publicly disclose any update regarding the integration of Shibarium and BONE on the platform.

Shiba Inu Fans React as Exodus Support Aptos

Exodus made this known an hour after it added support for the Aptos network. 

“Aptos support is now live on Exodus for desktop,” it announced yesterday.

The development prompted Shiba Inu community members, including Chubibi (@Pika_Shib), to ask Exodus when it plans to support Shibarium and BONE.

Chubibi had tendered an informal request to Exodus, asking the wallet provider to enable support for Shibarium. In response, Exodus stated that it forwarded the request for Shibarium support to the appropriate team for consideration.

Following Chubibi’s recent query on the matter, Exodus’ X handler claimed that the request to support Shibarium and BONE had been logged in the suggestion box.

Shiba Inu Team, Thanks Exodus

Reacting, Shiba Inu’s marketing lead Lucie expressed gratitude to Exodus on behalf of the Shibarium community. She emphasized that the community will appreciate the support of Shibarium on Exodus Wallet.

The Shiba Inu community has been calling on Exodus to support Shibarium for over a year. However, the wallet provider has refused to make any promise regarding when it plans to roll out support for Shibarium.

In an X post in February 2023, Exodus claimed it had logged the request with its assets team for consideration. However, it has yet to declare support for the network.

Shibarium Scores Major Integrations

Launched in August 2023, Shibarium has scored multiple integrations across major platforms, including crypto exchanges and wallets.

On March 22, top crypto exchange BluBit added support for Shibarium, allowing its users to deposit and withdraw Shiba Inu ecosystem tokens via the network.

Other crypto-related platforms, including Gate.io, Frontier, and GroveX, have also supported the L2 scaling solution.

As more platforms integrate with Shibarium, the network’s user activity has skyrocketed tremendously. Despite launching in less than a year, Shibarium now boasts more than 412 million total transactions, 3.9 million total blocks, and 1.38 million wallets.

Should Exodus Wallet declare support for Shibarium, the network’s user activity will spike even further.

Top 25 Altcoins Including Shiba Inu, XRP with Forecasts Up to 100,000% Surge

Abdulkarim Abdulwahab
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Top 25 Altcoins Including Shiba Inu, XRP with Forecasts Up to 100,000% Surge

The Altcoin Daily, with 1.5M X followers and 1.44M YouTube followers, has identified 25 altcoins worth considering before the Bitcoin halving, which is less than four weeks away.

The X account of the Altcoin Daily channel classified these coins into four groups. The first comprises those primed for a potential 100,000% rally, followed by those expected to surge by 10,000%. Notably, the 100X category features Shiba Inu and XRP. 

 

XRP to 100X

In the accompanying video, the host looked at XRP’s potential from the angle of Ripple’s effort in the payment landscape, specifically in rivaling renowned payment processor SWIFT. 

He cited an interview in which Ripple’s CEO Brad Garlinghouse disclosed that over 100 banks have signed up to adopt Ripple’s solution using XRP.

Moreover, the CEO pointed out a specific example of a remittance company that saw an almost 800% usage increase after reducing its fees from $20 to $2 by leveraging Ripple’s XRP-based technology. 

With XRP at $0.6159, it implies Altcoin Daily anticipates the asset to reach above $61 this bull season. While this price projection is unpopular in the crypto community, a notable analyst has argued a case for $27.

Shiba Inu to 100X

Altcoin Daily did not give specific details on its bullish projection for Shiba Inu. Nonetheless, with SHIB trading at $0.0000306, the host expects it to surpass $0.00306 this bull season.

Other popular projections for Shiba Inu in this bull season include reclaiming its peak of $0.00008845 and hitting $0.0001553. 

According to researchers at Changelly, Shiba Inu might take nearly two decades to reach $0.00520, with the projected target set for 2040. Intriguingly, ChatGPT expressed an 80% vote of confidence that this target would indeed materialize by the specified date.

Coins to 50X and 10X

Solana (SOL) stands out in the third group, with the analyst projecting an anticipated 50x gain. The fourth group comprises Dogecoin (DOGE), Internet Computer (ICP), and Chainlink (LINK), with the analyst forecasting a 10X gain for these cryptocurrencies.

Other Coins to Consider Before BTC Halving

The analyst identified Bitcoin (BTC) as a prominent coin worth considering. Additionally, he listed Ethereum (ETH), Cardano (ADA), and Avalanche (AVAX) among the top ten coins.

Other notable mentions include Tron (TRX), Polkadot (DOT), Hedera (HBAR), VeChain (VET), Kaspa (KAS), GALA, AIT, TAO, PLS, LMWR, IMX, SUI, and INJ.

Meanwhile, the emerging project XCAD Network has also earned its place on the list due to its recent partnerships with governments.

XCAD Network is a tokenized platform for YouTubers to connect with and reward users. Its recent collaboration with the Pakistan government has ignited a bullish outlook for the Altcoin Daily host.

Forbes Says XRP Has No Purpose, Calls XRPL a Ghost Chain

Sam Wisdom Raphael
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Forbes Says XRP Has No Purpose, Calls XRPL a Ghost Chain

A recent Forbes article has taken a swipe at Ripple and the XRP Ledger, calling the XRPL and 19 other blockchain networks functional ghost chains.

The XRP Ledger has retained relevance in the blockchain ecosystem over a decade after its introduction, with wallets hosted on the network recording a steady uptick to over 5.1 million at press time, demonstrating sustained interest among blockchain enthusiasts.

However, Forbes claims the XRPL is nothing more than a zombie chain, a tag that has triggered sharp criticisms from industry pundits. In a report published yesterday, Forbes aimed to spotlight 20 blockchains it believes are “zombie chains” with little utility.

Forbes Criticizes XRP Ledger

While the report presented a table of these networks, its focus was primarily on XRP, creating the impression that the entire commentary was targeted at the XRPL. The article noted that the XRPL has failed to command significant global money flows

As a result, Forbes believes the blockchain network is not close to replacing SWIFT in the cross-border sector. However, despite SWIFT commanding a much greater volume, the XRPL has continued to impress in the remittance scene, with multiple firms leveraging Ripple’s ODL (now Ripple Payment) product for cross-border settlements.

Bitso, a leading crypto exchange, confirmed last year that it processed $3.3 billion worth of remittance between Mexico and the U.S. in 2022 alone, mainly through XRP and stablecoins. In addition, Ripple’s Q1 2023 report revealed that ODL thrived, commanding nearly $3 billion in Q4 2022 despite the banking crisis at the time.

Besides the XRPL’s inability to disrupt SWIFT, the Forbes article claims XRP is largely “useless” despite having a valuation of over $36 billion. Interestingly, the metric with which they tagged XRP useless was accumulated transaction fees, which stood at $583,000 in 2023.

However, the article failed to highlight that this low figure is a result of the XRP Ledger’s extremely low fees when compared to legacy payment systems. The XRPL only charges an average fee of $0.0002 per transaction, while SWIFT charges anything from $10 to $100 for a wire transfer.

In addition, the XRPL does not run on transaction fees. Rather, it mandates these fees only as a measure to eliminate spam transactions on the network. The fact that network participants only paid $583,000 in fees last year despite carrying out over 1 million transactions a day is actually a laudable feat for the XRPL.

A Disputed List of “Zombie Chains”

Forbes boldly labeled Ripple a “crypto zombie,” claiming that despite XRP’s high daily transaction volume, it has little utility. The article claimed there are better alternatives to SWIFT when it comes to cross-border payments but failed to mention that XRP commands faster transactions, much lower fees, and a greater success rate than these alternatives.

The article also criticized Ripple’s latest feats, which include the recent acquisition of Standard Custody and Trust and CBDC pilot programs with countries such as Palau. Forbes’ criticism hinges on the fact that these developments have come up after over a decade of Ripple’s existence.

They went on to list 20 blockchains they believe are “good for nothing” with little utility. The list includes XRP, Cardano, Bitcoin Cash, Litecoin, Internet Computer, Ethereum Classic, Stellar, Stocks, Kaspa, Theta, Fantom, Monero, Arweave, Algorand, Flow, MultiversX, BitcoinSV, Mina, Tezos, and EOS.

Interestingly, the article only recognizes Bitcoin and Ethereum as networks with sufficient utility, which is a strange conclusion. According to Forbes, these “zombie blockchains” are either fork of Bitcoin and Ethereum or competitors.

The report has garnered criticism from multiple crypto industry pundits. Panos Mekras, co-founder of Anodos Finance, called the article a “piece of nonsense,” noting that its main author, Steven Ehrlich, did not carry out sufficient research.

 

In addition, another XRP community figure pointed out that the XRPL’s cumulative fees for last year are actually a positive feature for the network, stressing that these fees are not regarded as revenue but are burned.

Complex Elliott Wave Pattern Suggests XRP Surge to $13

Sam Wisdom Raphael
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0
Complex Elliott Wave Pattern Suggests XRP Surge to $13

XRP could be looking to ride a complex structure of multiple Elliott Wave patterns on its journey to clinch new highs above $13.

Chartered market technician Tony “The Bull” Severino disclosed this while speaking on XRP’s current market position in a recent analysis. Notably, XRP has continued to trade at the $0.6 level despite the recent market-wide recovery push.

In his analysis, Severino leveraged a monthly chart to illustrate a complex structure of multiple Elliott Wave patterns followed by the crypto asset since 2013. While these patterns have all dictated XRP’s price at various periods, one stands out as relevant for the current price action.

XRP to $13
Image source: https://twitter.com/tonythebullBTC/status/1772280761170751653

XRP Follows Multi-Year Elliott Wave Pattern

This particular five-wave pattern began in 2013, with XRP concluding the first wave when it rallied to a high of $0.06144 in December 2013. The cryptocurrency met resistance at this high, correcting its previous gains in a collapse to a $0.00478 low in August 2014. This correction marked Wave 2.

Significantly, the start of the third wave coincided with XRP’s recovery from the correction. The asset skyrocketed 69,293% from the $0.00478 low in August 2014 to the all-time high of $3.3170 in January 2018, with this ATH representing the conclusion of the third wave.

However, as Wave 4 began, the market expected to witness another period of correction. When viewed from a zoomed-out perspective, this correction phase extended for six years. Data from Tony’s chart indicates that XRP also formed a symmetrical triangle amid this phase.

The fourth wave concluded last month when XRP reached a price of $0.5036, marking an 84% drop from the $3.31 ATH. The chart suggests that the crypto asset would ride the momentum from the fifth wave, which just began, to record a breakout from the six-year symmetrical triangle.

A Projected $13 Price

This price run is expected to push XRP above the previous all-time high to a price discovery phase. Though this phase would also present corrections and upswings, the general projection is a rally to $13.23, a 1,555% rise from $0.7992, the price at which XRP could breach the symmetrical triangle.

Citing this bullish fundamental, Tony likened XRP to a sleeping giant about to awaken. Significantly, the asset’s monthly RSI has also been in a downtrend, and a price spike from this point could show the RSI breaching the downtrend. 

Meanwhile, XRP currently changes hands at $0.6328 as of press time, up 7.81% this month while trading flat over the past week. The token has seen a 12.82% decline in derivatives volume to $1.75 billion in the last 24 hours, with Open Interest (OI) dropping 4.66% to $993 million.

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