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By CryptoChamp · Posted
Cardano (ADA) is experiencing a wave of excitement after celebrating its seventh birthday. Founder Charles Hoskinson marked the milestone in an X post, drawing attention to the cryptocurrency. Over the past week, ADA's price jumped nearly 10%, with its market cap increasing from $12 billion to $13 billion. Experts remain cautiously optimistic, with an ADA price prediction forecasting a potential rise to $0.49 by October, despite some bearish technical indicators. However, despite the positive momentum, technical indicators show some bearish signals. Cardano is currently trading below its 10-day EMA of $0.38, and the 14-day Stochastic RSI is in the overbought zone, signaling potential price corrections. Experts remain cautiously optimistic, predicting a potential ADA price of $0.49 by October. Cardano’s innovative blockchain, which focuses on sustainability and scalability, competes with Ethereum and uses the energy-efficient Ouroboros proof-of-stake system. Despite ADA’s recent price recovery, it struggles to maintain bullish momentum, with a 4% drop in market capital. As ADA trades between $0.35 and $0.38, investors are carefully monitoring its next moves, questioning whether it can sustain its growth or fall back, leaving them searching for alternative coins. -
By Cryptowarrior · Posted
Recently, XRP saw its open interest surge to an impressive $1 billion on Sunday before tapering off to $846 million by Wednesday. This fluctuation reflects ongoing interest and activity in the XRP derivatives market. Ripple’s Stablecoin, RLUSD Ripple Labs is making waves in the cryptocurrency space by testing its new stablecoin, Ripple USD (RLUSD). In a significant development, the company minted a staggering amount of RLUSD, generating excitement among market participants. Although this stablecoin is aimed at institutions and awaits regulatory approval, its testing is having a notable impact on XRP. Price Stability for XRP Despite the recent fluctuations in open interest, XRP has managed to stabilize around the $0.6000 mark. This price point is considered a crucial support level, suggesting resilience in the market. As of writing this article XRP was trading at $0.59 with 6.68 dip in last 24 hours as per coinpedia markets data. Impact of Stablecoin Testing on XRP The extensive testing of RLUSD by Ripple has become a focal point for derivatives traders. The firm recently minted 99% of RLUSD’s total supply—approximately 800,000 tokens—within just 24 hours, which took place between September 28 and 29. This rapid minting reflects Ripple’s aggressive strategy in launching its stablecoin, which has caught the attention of the crypto community. Supply Details The total supply of RLUSD stands at 812,034 tokens, distributed across both the Ethereum blockchain and the XRP Ledger. The large volume minted in such a short time has led to increased activity and open interest in XRP derivatives. Regulatory Progress In tandem with its stablecoin initiatives, Ripple is actively working with regulators to secure necessary licenses for expanding its financial services. Recently, the company received a financial services license from the Dubai Financial Services Authority (DFSA), allowing it to operate as a licensed entity for institutions in the UAE. This move is expected to enhance the utility of the XRP Ledger and the XRP token. Overall, Ripple’s developments in the stablecoin space and regulatory advancements are creating a buzz around XRP. As interest continues to grow, XRP holders may view these changes as a positive sign for the future. For more detailed insights and XRP price predictions be sure to check out our comprehensive analysis. -
By tradinglounge · Posted
Natural Gas Elliott Wave Analysis Natural Gas is recovering fast from the low in late August. The commodity is near the highs of June & January 2024 and the late October 2023 high and will most likely hit or breach these highs in the coming weeks. However, this bullish run from October 2023 is part of the larger bullish correction from the February 2024 low. Thus, while the bullish correction persists, short-term traders can continue to buy from the low of pullbacks until it reaches the 2.65-3.37 zone which can act as a resistance. On the daily chart, the price is correcting the impulse wave bearish run from the high of August 2022 when the commodity traded for around $10. This impulse structure has been labeled as wave a of the cycle degree. From 1.522 where cycle degree wave a, the corresponding wave began. Wave b cycle degree is expected to be a corrective structure. Price has already completed primary degree waves A & B (circled) of c in June and August 2024 respectively. From the August low, primary degree wave C (circled) of b emerges into an impulse structure. By projection, wave C (circled) could extend as much as 3.53 and even higher to 4.17. With this potential, short-term traders can continue to buy pullbacks on the hourly charts. The H4 chart shows the sub-waves of C (circled) and how far it’s gone. Price is currently in wave 5 of (3) of C (circled). The next pullback will be for wave (4) and if it’s corrective, could be an opportunity to buy from the dip again. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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