Cryptocurrency

XRP Faces Downward Pressure Amidst Increased Profit-Taking Activity

Wednesday. January 22 at 2:00 AM

1 min. read

XRP has seen a 9% decline from its peak of $3.41 on January 16, due to a rise in profit-taking actions impacting its price. The trend suggests a potential continuation of downward movement in the short run. On-chain data from XRP's Network Realized Profit/Loss (NPL) indicates a surge in profit-taking, with positive values recorded over the past week. This metric reflects XRP holders selling for profit, measuring the difference between the asset's last transaction price and the current market value. A positive NPL signifies more selling for profit than loss, potentially increasing market supply and lowering prices. Additionally, the Exchange Flow Balance for XRP has surged by 105% since January 17, signaling increased token selloffs. This metric tracks asset movements in and out of exchanges, indicating market sentiment shifts. With XRP currently trading at $3.09, continued selloffs could drive its value towards $2.45, barring a reduction in profit-taking by investors.

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Analysis of AI16Z Price Volatility and Market Sentiment

Wednesday. January 22 at 6:00 AM

The AI16Z price has been highly volatile, dropping by 50% in just five days but rebounding by 12% in the last 24 hours. This rapid recovery indicates a positive shift in market sentiment, although technical indicators suggest that the trend is still fragile. The RSI and CMF are showing signs of improvement, reflecting increased buying pressure, but they are still within moderate ranges. The EMA lines suggest a possible continuation of bearish momentum, with the price potentially testing crucial support at $0.569 or, if bullish momentum strengthens, challenging resistance levels at $0.976 and $1.39. The RSI for AI16Z has risen to 44.2 from 31.3 three days ago, signaling a recovery in market momentum. The CMF has also shifted to positive territory, indicating growing buying pressure and a potential change in market sentiment. Overall, while there are positive indicators, caution is advised as the market remains uncertain.

Cryptocurrency

XRP Faces Downward Pressure Amidst Increased Profit-Taking Activity

Wednesday. January 22 at 2:00 AM

Cryptocurrency

Coinbase Faces Criticism Over Solana Transaction Delays

Wednesday. January 22 at 1:00 AM

Coinbase, the leading US-based cryptocurrency exchange, is under fire from users due to significant delays in processing Solana (SOL) transactions. Reports indicate users waiting over 14 hours for SOL transactions, raising concerns about liquidity and operational efficiency. Frustrated users shared experiences of canceled or stuck transactions, with speculation that Coinbase may be staking SOL without consent to earn yield. Industry skepticism grows following FTX's collapse, highlighting mismanagement in centralized exchanges. Calls for Proof of Reserve audits and transparency in Coinbase's practices have emerged. The exchange attributed delays to technical issues, while developers point to internal infrastructure challenges. Questions about Coinbase's solvency and liquidity arise as large SOL transfers occur. This incident adds to previous scrutiny over Coinbase's custody practices, including demands for on-chain proof of Bitcoin purchases. Despite launching Bitcoin-backed loans, Coinbase faces scrutiny and calls for transparency in its operations.

Cryptocurrency

Dogecoin Price Surges Following US Government Efficiency Department Website Launch

Tuesday. January 21 at 9:00 PM

Dogecoin's price surged by 13% in just 15 minutes after the US Government Efficiency Department (DOGE) officially launched its website. The department, led by Elon Musk, aims to reduce government spending and streamline regulations. President Trump announced the establishment of this department during his inauguration speech. The rise in Dogecoin's value is seen as a result of its association with this government initiative. The use of Dogecoin's logo on the official government website has further legitimized the cryptocurrency. Social media reactions have also contributed to the viral spread of this news. Analysts predict a significant upward movement in Dogecoin's price, with a potential target of $1.61, marking a 340% increase. This article does not provide investment advice, and readers are advised to conduct their own research before making any financial decisions.

Cryptocurrency