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Ripple (XRP) Records Its Sixth Consecutive Weekly Red Candle Similar to 2017 Before Hitting an ATH of $3.4 

Mark Brennan
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Ripple (XRP) Records Its Sixth Consecutive Weekly Red Candle Similar to 2017 Before Hitting an ATH of $3.4 

Investors are wondering whether Ripple can pull the same astonishing feat and put smiles on their faces.


 

Ripple (XRP) is one of the cryptocurrencies badly hit by the recent dip that has ravaged the entire cryptocurrency market. 

The total market valuation has lost more than 10% since Thursday last week after the Federal Reserve announced that it would be raising interest rates, in a bid to curb rising inflation in the United States. 

XRP, the cryptocurrency tied to the popular blockchain company Ripple, fell to a low of $0.48 late yesterday, with investors forced to convert a majority of their holdings to stablecoins. 

Although the recent dip that took place last week is not the only factor responsible for the XRP’s recent loss, the token has suffered majorly from developments in the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC).  

XRP Prints Six Red Weekly Candles

Following all these events, XRP has now recorded six red weekly candles so far, as the cryptocurrency struggles to recover from its numerous challenges. 

xrp red candles

 

While this may seem like a hard pill to swallow for investors, it is noteworthy that the last time XRP suffered a similar fate, the coin embarked on its strongest bullish run that saw it reach an all-time high of 3.40 on January 4, 2018. XRP is now trading at $0.53 and fast approaching the 50% Fib retracement.

Although it may seem unlikely that XRP would be able to replicate a similar feat this time around following its lawsuit with the SEC, it is possible that the coin can still put smiles on the faces of investors again. 

XRP May Still Make Investors Happy

However, it is just a matter of time, especially if the outcome of the lawsuit happens to be in favor of the blockchain company. 

The Ripple v SEC lawsuit is currently the most talked about case since the inception of the cryptocurrency industry, as the outcome will determine which digital currency will fall under the Securities and Exchange Commission oversight. 

A win for Ripple would see the price of XRP soar tremendously after U.S.-based trading firms announced support for the coin again. However, should the blockchain company lose the lawsuit, XRP prices may dip further as U.S.-based crypto-related platforms will not make a U-turn and add support for the cryptocurrency. 

Meanwhile, Ripple’s CEO and founder noted earlier that the blockchain company is already operating like it has lost the lawsuit. 

In the meantime, Ripple is expected to file a response to the SEC’s recent assertion that William Hinman’s documents are protected by attorney-client privilege this week, which implies that the documents cannot be made available to be used as evidence in the case. 

ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar – Is Ethereum Saved?

Mark Brennan
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ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar – Is Ethereum Saved?

 

ETH Non-Zero Addresses Reach A New High As ETH 2.0 Deposits Soar.



Ethereum (ETH), the second largest crypto both by price and market, hasn’t had a good week. Things are getting messy on the price front as the bears seek to trample down on the previous gains. At the time of this writing, ETH is trading at $2,359, according to data from CoinMarketCap. The coin posts a total market cap of just around $285.7 billion.

Struggle For The Main Support

While the market cap is still impressive compared to previous years, the Ethereum community is having a bad time in terms of price gains. ETH has been losing its grip for the past few days, and people are worried that they might have to bail out at a loss. In fact, recent studies show that most retail investors are choosing to stay away from taking the ETH bag, even at this bearish moment. This indicates a growing sense of uncertainty among Ethereum investors.

For one, this sense of despair may have been fueled by ETH’s failing grip on its most important support level which stands at $2,400. More than 687,000 addresses exist within this level, holding close to $14 million worth of ETH coins. A downward breach from this level could increase bearish sentiments and send the price back to $1,700.

Addresses In Loss

Recent data from Glassnode shows that over 26.5 million ETH addresses are already in the loss zone. This means that if owners decide to sell now, they’ll make a loss. This is the highest this number has reached in two years.

 

Can ETH 2.0 Save Ethereum?

While the price front may not look very inviting for investors, Ethereum is scoring hugely in other areas, and that’s a good thing. A Glassnode report reveals that ETH 2.0 deposit contracts have reached an All-Time-High of 12, 528, 338 ETH coins. This is positive development especially considering the current turmoil in the market. Whether this development will have a bearing on the price trend is yet to be seen.

 

Increase In Non-Zero Addresses

Despite the saddening price crash, there is still good news for the ETH community. The number of non-zero addresses in the Ethereum network has reached an ATH of 80,368,821. This is a good thing as well. It means that the network’s user base is growing, even if the addresses hold minimal amounts.

 

Cardano Founder, Charles Hoskinson Hits Back at Terra CEO for Making Negative ADA Comments

Lele Jima
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Cardano Founder, Charles Hoskinson Hits Back at Terra CEO for Making Negative ADA Comments

Cardano’s founder once hit back at critics undermining his project. 


Charles Hoskinson, the founder of Cardano, is in no mood to allow critics to look down on his project, as he has seized every opportunity to hit back at disrespectful comments aimed at the community.

The Cardano boss has taken a swipe at Do Kwon, the CEO of Terra Labs and the Terra ecosystem, following a comment the latter made on microblogging platform Twitter a few days ago.

What Happened

Trouble first started on April 8, 2022, after Kwon shared a post about the Luna Foundation Guard (LFG) purchasing $100 million worth of AVAX tokens from the Avalanche Foundation, as part of efforts to augment the TerraUSD (UST) stablecoin reserve.

“Welcoming $AVAX as the second major layer, one crypto asset next to $BTC as part of the $UST Reserve. The inclusion of @avalancheavax’s native token marks the start of a diverse pool of layer one crypto assets helping support the $UST peg,” LFG wrote on Twitter.

The cryptocurrency community was confused as to why LFG chose to purchase another cryptocurrency as opposed to its initial plan of buying Bitcoin.

Based on this lack of clarity, several questions were raised about the rationale behind the LFG’s recent AVAX purchase. Some users suggest that maybe the nonprofit building reserve for the UST is planning to burn other cryptos instead of LUNA, its native cryptocurrency.

Another Twitter user, with the username @jcoversmo asked whether all the cryptocurrencies purchased by LFG are correlated.

@jcoversmo added that if indeed the assets are correlated then it is possible that the Terra CEO did not hear about the Long-Term Capital Management (LTCM) story, which attracted billions of dollars from investors on the promise that it would take advantage of an arbitrage strategy to benefit from changes in market behavior.

However, things did not go as planned and investors suffered huge losses in the process.

Replying to @jcoversmo’s comment, Kwon noted that the LFG may need to buy ADA, Cardano’s native cryptocurrency, for negative correlation, an investment strategy involving a union between two variables where one increases as the other declines and vice versa.

Hoskinson Hits Back at Kwon

While this comment apparently angered the Cardano community and Hoskinson, the Cardano boss had to wait for the perfect time to respond and it happened to be when the price of LUNA was down over 43% in the last 24 hours following investors’ lack of trust in the Terra team.

Reacting to the comment today, Hoskinson quoted Kwon’s post saying:

“Should I buy some Luna for negative correlation?”

This comes less than 12 hours after Hoskinson slammed Mike Novogratz, the CEO of Galaxy Digital Investments for hating on Cardano and supporting other cryptocurrency projects, especially LUNA.

BabyDoge Mobile Unit Makes First Appearance in New York, Carrying Dogs Available For Adoption

Lele Jima
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BabyDoge Mobile Unit Makes First Appearance in New York, Carrying Dogs Available For Adoption

The much-anticipated BabyDoge Mobile has finally been unveiled in New York.


The team behind the famous meme coin project Baby Doge has announced that its BabyDogeMobile adoption unit has made its debut in New York City over the weekend.

The BabyDogeMobile made its first appearance at the ADOPT-IN-THE-PARK event at Wollman Rink in NYC, which further shows the team’s commitment to saving homeless dogs.

According to a video announcement by the team, BabyDogeMobile featured the BabyDoge logo on the automobile, displaying different species of dogs that have been rescued so far, making them available for adoption.

As announced by the team, the initiative is focused on helping homeless dogs find “a healthy and happy home,” which is part of efforts to make a significant impact in the lives of these animals.

“Crypto may be down, but the impact we can make remains today. Proud to see a difference being made possible by #BabyDogeArmy & @AnimalLeague,” BabyDoge said in a recent announcement.

Baby Doge Community’s Commitment Toward the Project

Recall that the Baby Doge community has discussed the initiative for more than a month across various social media platforms.

In a bid to achieve the goal of the BabyDogeMobile, the team partnered with Animal League for the initiative and raised $400,000 via the sale of its latest NFT collection.

The Baby Doge non-fungible tokens were launched ahead of a public minting exercise for whitelisted users on April 20, 2022.

As with other NFTs, the Baby Doge collection is developed on the Ethereum blockchain as an ERC-721 token.

“Honored to announce that our NFT Collection has generated $400,000 that we are donating to our charity partners! Amazing impact made by the community to help save dogs,” the Baby Doge team announced after completing the first NFT sales.

Launched in 2021 on the Binance Smart Chain (BSC), Baby Doge is focused on the objective of saving many pets globally and giving them new homes that will make a major impact on their lives.

Terra Stablecoin UST Makes Significant Recovery, Now Trading Above $0.90

Mark Brennan
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Terra Stablecoin UST Makes Significant Recovery, Now Trading Above $0.90

 

After Yesterday’s Decline, Terra Stablecoin UST Has Made Significant Recovery As The LFG Raises An Additional $2B From Investors.



The price of the Terra stable coin (UST) continues to fluctuate seriously since losing its dollar peg over the weekend, with respite in sight.

Despite the LFG’s efforts in shoring up the currency by loaning out $1.5b in BTC and UST yesterday, the UST price remained below the dollar peg. The latest Coinmarketcap data shows that Terra’s UST currently trades at $0.9001. This price represents a significant improvement given that Coinmarketcap data of yesterday evening showed that UST was trading at $0.69.

terra ust price
Image source: https://coinmarketcap.com/currencies/terrausd/

The UST is the dollar-based stablecoin of the Terra blockchain network. While it is a stablecoin like the USDC and tether, it differs from them in terms of design.

The USDC and tether are backed by bank cash and assets, while the design of the UST is to hold a 1:1 parity with the USD through an algorithmic relationship with Terra’s governance token, LUNA. The LUNA-UST algorithmic relationship means that the minting of either LUNA or UST requires the burning of the other.

Then, arbitrage opportunities can push the UST to maintain its dollar peg. Thus, if the UST loses its dollar peg as it currently does, short-term traders can buy massive amounts of it and sell it when it reclaims its dollar peg to make some profits.

The free market restores ‘order’ automatically. However, the general downtrend in the crypto market over the past few days caused the LFG, and Terra co-founder, Do Kwon to panic. Hence, their decision to loan out $1.5B worth of BTC and UST to OTC trading firms and raise another $2B from investors, as reported here on TheCryptobasic earlier today.

The Efforts To Restore UST’s Dollar Peg

Kwon and the LFG are creating several backup options if the UST-LUNA algorithm no longer works as designed. Even though the main reason the LFG maintained UST’s reserves in BTC and other digital assets was for this kind of situation. However, this action hasn’t had desired effect yet.

Like most markets, no one can pinpoint exactly whether the general downturn in the crypto market is the sole reason for the UST losing its dollar peg or there are other steps taken by the LFG unknown to the public that is causing these issues for the stablecoin. As if the intense selling pressure on the leading digital asset wasn’t enough, the LFG’s BTC liquidations on Monday have also contributed significantly to this selling pressure.

El Salvador President Says His Country Could Sell Recently Bought 500 BTC To Make Million Dollars “But Of course Not”

Mark Brennan
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El Salvador President Says His Country Could Sell Recently Bought 500 BTC To Make Million Dollars “But Of course Not”

Bukele boasts that El Salvador would make profits if it sells its recently bought 500 Bitcoins.



BTC price is in a dilemma but El Salvador’s president and Tron founder remain optimistic about a BTC bullish reversal.

As Bitcoin price continues to decline, some BTC advocates remain optimistic about a bullish reversal. One of them is El Salvador president, nayib bukele.

On May 9, Bukele revealed on Twitter that his country El Salvador has bought 500 BTC at an average price of $30,744. However, many people criticized him for messing around with his country’s Treasury.

 

Today, Bukele tweeted again that if he sell his country’s BTC  right now, they would make almost a million dollars in just 11 hours. 

 

But the president says he is not selling any of his country’s BTC holdings.

His response is an apparent reaction to the criticisms he has received following his announcement of buying 500 BTC for El Salvador yesterday.

Like Bukele, who remains optimistic about a BTC price reversal, Tron founder Justin Sun, also shares the same optimism.

As previously reported on Thecryptobasic, Justin Sun retweeted a tweet by the Tron DAO reserve which revealed that the DAO has also purchased 500 BTC. Sun further confirmed that Tron is following the footsteps of El Salvador in increasing their BTC holdings.

Despite massive BTC inflows from whales to exchanges and a general downtrend in the crypto market now, it is a little surprising that El Salvador and Tron DAO are actively buying the current BTC dip.

Shiba Inu (SHIB) Attempts Strong Recovery Reclaims 15th Place Beating WBTC

Zabi
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Shiba Inu (SHIB) Attempts Strong Recovery Reclaims 15th Place Beating WBTC

 

Shiba Inu (SHIB) Attempt Strong Recovery Move Following the Widespread Selloff in Global Crypto Market.



Following Monday’s widespread selloff in the global crypto market, Shiba Inu (SHIB) finally found the bottom and recovered strongly.

On Monday, a widespread selloff in the global crypto market was like a nightmare for many crypto enthusiasts. Almost all the top cryptocurrencies, including Shiba Inu, have pierced their critical support levels. However, the market rebounds sharply on Tuesday.

Shiba Inu declined over 20% over the last day alone to the price of $0.00001354 while breaking its critical support level at $0.00001717 in a textbook descending triangle pattern found on the daily chart.

shib USDT 1 day chart

 

Following this sharp price decline, Wrapped Bitcoin (WBTC) was able to flip the popular dog-themed currency in terms of market cap to steal the 15th position from SHIB yesterday, as per data provided by CoinMarketCap. But strong SHIB recovery has helped the coin take back the 15th position from WBTC.

Recent massive accumulation from ETH Whales might have acted as the first aid for the canine-themed cryptocurrency. As a result, Shiba Inu’s price jumped more than 20% from its bottom level and is trading at the price of $0.000001705 at the time of writing.

This strong recovery move has also helped Shiba Inu flip Wrapped Bitcoin and regain its 15th position as the biggest cryptocurrency in the world in terms of market cap. The current market cap for SHIB stands at $9,392,070,965 ($9.39B).

Besides this, the Shiba Inu token also manages to flip the FTX token (FTT). It becomes the biggest holding position by dollar value among the top 2000 ETH whales, as per data provided by WhaleStats.

To keep up with the strong recovery move, SHIB must overcome the previously lost critical support level at $0.00001771 as it might act as resistance for now. However, the current support levels to watch are $0.00001477 and $0.00001356.

shib recovering

Image source: Twitter

 

If SHIB fails to sustain its recovery and loses these support levels, the dog-themed cryptocurrency will become vulnerable to testing its next support level, located at $0.0000095. However, any meaningful move above the $0.00001717 level might lead SHIB towards the $0.00002122 mark.

Tron DAO Follows Nayib Bukele’s El Salvador to Purchase 500 Bitcoin (BTC) Worth $15.5 Million

Lele Jima
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Tron DAO Follows Nayib Bukele’s El Salvador to Purchase 500 Bitcoin (BTC) Worth $15.5 Million

Cryptocurrency investors continue to see the recent market dip as an opportunity to increase their holdings in the asset class. 


The Tron Decentralized Autonomous Organization (DAO) announced earlier today that it had taken advantage of a recent market dip to buy 500 units of Bitcoin (BTC) earlier today.

Announcing the development, Tron DAO noted that the initiative is part of efforts to safeguard the cryptocurrency and blockchain market, which has lost a significant percentage of its value in the past few days.

According to the announcement, Tron DAO stated that the 500 BTC were purchased at an aggregate price of $15.5 million, which represents $31,031.35 for each unit of Bitcoin bought. TRON DAO Reserve also purchased 595,729,832 TRX for $45,641,630 at an average price of $0.07661.

“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has bought 500 #BTC with an average price of $31,031.35 for $15,515,675,” Tron DAO stated.

 

Tron Follows El Salvador Footprint

Reacting to the recent development, Justin Sun, the CEO and founder of Tron, disclosed on his Twitter account that the move further echoes the voice of President Nayib Bukele of El Salvador, who has been one of the pioneers promoting Bitcoin’s widespread adoption.

It is worth noting that Tron’s purchase of Bitcoin comes hours after president Bukele disclosed that the country had purchased an additional 500 BTC worth $15.37 million, to bolster the country’s holdings of the world’s largest cryptocurrency by market capitalization.

Based on Bloomberg’s data, the country’s total reserve is up to 2,301 bitcoin or about $71.7 million at current prices.

Bitcoin’s Recent Dip Provides Opportunities

Bitcoin, has once again, presented investors with another opportunity to increase their holding in the top asset class, as its price fell from nearly $40,000 on Thursday last week to below $30,000 yesterday.

The decline in the world’s largest cryptocurrency price prompted Tether, the popular stable coin issuer, to mint $1 billion worth of USDT on the Tron blockchain, suggesting a possible rally in the crypto market.

Cardano Founder Smashes Mike Novogratz Says He Doesn’t Understand Why VCs Hate Cardano and Love LUNA

Lele Jima
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Cardano Founder Smashes Mike Novogratz Says He Doesn’t Understand Why VCs Hate Cardano and Love LUNA

Hoskinson wonders why VCs and crypto media outlets have not shown Cardano as much love as other altcoins.  


Cardano founder Charles Hoskinson has lamented the harsh treatment meted out on the popular blockchain network by Venture Capitalists (VCs) and cryptocurrency media outlets over the years.

Hoskinson took to the microblogging platform Twitter to air out his frustration over the lack of support the Cardano network has received from VCs and media outlets since the blockchain’s inception in 2017.

The Cardano boss’ comments come less than a week after Mike Novogratz, the CEO of Galaxy Digital Investments May 5, 2022, shared a tattoo of his arm depicting the Terra (LUNA) cryptocurrency with a comment that read:

“I’m officially a Lunatic!!!  Thanks, @stablekwon and thank you to my friends at Smith Street Tattoos.”

Hoskinson’s Reaction

Hoskinson did not initially care about the development. It took nearly a week before he reacted to the trending post-following reports of LUNA losing a significant percentage of its value amid investors’ lack of trust in the project.

Quoting Novogratz’s tweet earlier today, Hoskinson said:

“I’m always wondering why VCs and cryptomedia love certain alts and hate on Cardano. Just can’t figure it out…”

Charles’s comments came when LUNA has seen its value dip from a high of $69 to a low of $24 in the last 24 hours. At press time, LUNA is trading around $34 across major exchanges, representing a downtrend of 52.4% in the past day. Terra (Luna) suffered a monumental loss after its stable coin UST lost its 1 dollar peg and fell as low as $0.66, causing panic and giving investors grave losses.

Not New

Meanwhile, this is not the first time Hoskinson has expressed his anger toward Novogratz on the microblogging platform. Novogratz, a popular Bitcoin proponent, has been accused by members of the Cardano community of not having any love for the popular blockchain project.

Last year, Novogratz, in response to a crypto blogger’s call that the cryptocurrency community should learn about Cardano as the third-largest crypto by market capitalization, said the statement was a tough one.

The comment, which apparently angered the Cardano community, saw a user propose two options for Novogratz to either learn more about the project from his computer or simply visit a farm, adding that the Galaxy CEO unsurprisingly chose none.

Angered by the user’s comments, Novogratz tweeted in response:

“Not true. I spoke to twenty of the smartest people I know in the space, and zero of them saw Cardano having traction with devs.”

The back and forth exchange between Novogratz and members of the Cardano community did not seem to go down well with Hoskinson, who proposed a fix to the comment made by the Galaxy Digital CEO, as he stated:

“Here I can fix this statement for you Mike: “I’ve spoken to twenty of the smartest bankers I know in the space, and zero of them saw cryptocurrencies having any traction” 🙂 we all heard that one Let’s come back to his tweet every year. We’ll call August 15th, Mike check-in day.”

Above 40K Bitcoin Moved To Exchanges In 1 Day As BTC Inflows On All Exchanges Reached 1 Year High

Albert Brown
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Above 40K Bitcoin Moved To Exchanges In 1 Day As BTC Inflows On All Exchanges Reached 1 Year High

 

Data suggests that the crypto market is now completely bearish.



The value of Bitcoin keeps declining at an alarming rate. The leading digital asset has lost 5.02% and now trades at $31,782, according to the current Coinmarketcap data. Also, data from various on-chain analytics platforms shows a huge inflow of BTC into exchanges.

As per data from Santiment, Monday’s net sum of approximately 40,620 BTC in exchange inflow is the largest spike since December 2019.

“As Monday has crossed into its final trading hour (UTC time), a landmark in net #Bitcoin moving to exchanges has occurred. Today’s net sum of ~40,620 $BTC in exchange inflow is the largest spike since Dec 2019. This marks maximal crowd polarization.”

 

According to the Santiment data, 2019 was the last time three inflow spikes exceeded that of May 9, 2022. Data from Cryptoquant added that the spot exchange inflows hit a new 2-year peak. While All Exchanges BTC inflows are at one Year high.

Furthermore, Glassnode data revealed that the BTC balance on exchanges of 2,541,015.426 BTC is now at a 1-month high, beating the previous record of 2,532,697.774 BTC, which was set on April 10, 2022.

 

The massive BTC inflows to exchanges continued from what we previously reported here on TheCryptoBasic, indicating that some Whales are exiting their BTC positions. All the data above shows that investors are in full panic mode and the crypto market is completely bearish. This is further confirmed by the bitcoin fear and greed index, which dropped to 10 from 11, reported yesterday.

Yesterday we reported that Above 60K Bitcoin was shuffled Among BTC Whales and Exchanges Within 24 Hours Causing substantial selling Pressure.

Massive Amounts Of Shorts Expected?

Another Santiment data revealed that the BTC’s decline below the $30k mark, the first in 12 months, suggests that more intense selling pressure can be expected based on the funding rate data.

 

The inference drawn from this data is that the general decline in the crypto market would likely continue, at least in the short term.

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