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The SEC plans to host a new set of crypto roundtables as the Commission looks to create a regulatory-friendly environment for the industry. This development comes just a day after the Chair, Paul Atkins, launched the Project Crypto initiative. SEC To Host Roundtables Across The U.S. Amid Project Crypto In a press release, the Commission
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XRP price is defending the support level at $2, but it has also failed to make meaningful gains in recent weeks as traders remain cautious because of macroeconomic concerns. One analyst now believes that if Ripple fails to make any gains, it will face a massive selloff from whales and top holders, which makes it similar to meme coins. Amid this criticism, traders are now looking for the top XRP rivals to buy to make significant gains.
According to a recent post by analyst Crash on X, XRP price may be on the verge of a massive selloff from the existing holders. The traders who made significant gains late last year as Ripple soared are now looking to book profits, but there is insufficient demand from buyers considering the current bearish conditions in the market.
The analyst added that he was taking a short position on the XRP price as it will likely follow the same path as meme coins, which have already crashed by 90%. Additionally, reduced network activity adds to the likelihood that the price will record a massive decline. He stated,
“XRP is the biggest memecoin in disguise. It has little to no activity or revenue on the chain, just like a memecoin. It’s truly miraculous for it to be this high, and everyone who holds it is very fortunate they can sell it.”
Amid this sentiment, traders are seeking the top XRP rivals that they can buy today to make significant gains if the altcoin declines in price.
The top 3 XRP rivals that traders should consider buying today to make significant gains include Stellar (XLM), Solana (SOL), and Cardano (ADA). These altcoins have a bullish technical outlook as well as some strong fundamentals that suggest they may be primed for an uptrend.
One of the top XRP rivals to buy is Stellar (XLM), which trades at $0.24 at press time. This altcoin is often compared to Ripple, considering that the two blockchain projects seek to offer easier access to cross-border payments.
Analyst Andrew Griffiths on X has shared a bullish Stellar price prediction, suggesting that the XLM token might soon rally to record highs. He noted that XLM was trading within a bullish pattern, and if it flips resistance at $0.44, it could support gains past the all-time high of $0.87 and surpass $1.
If XLM can achieve this price target, it is likely to outperform XRP if the latter records a surge in selling activity, making it one of the top XRP competitors to buy.
Solana (SOL) also ranks among the top XRP rivals to buy today because of a bullish technical outlook and strong network activity. A recent Coingape article reported that the SOL price can rally to $150 soon after clearing a key liquidation level after its recent gains.
The rising network activity indicates that the Solana price can also outperform Ripple. Recently, the SOL network recorded the highest daily revenue since February 21, suggesting that more people are using the blockchain.
As network activity rises, it is bullish for SOL price, indicating the likelihood that it may outperform XRP. As such, it is among the top competitors of XRP to acquire today.
The other XRP rival that a trader should consider buying is Cardano (ADA). At press time, Cardano trades at $0.62 with a slight 1.4% gain in 24 hours. Analysts have shared a bullish Cardano price prediction, indicating that it might be on the verge of a recovery.
According to analyst Nala on X, Cardano appears to be following the same pattern that it did in 2019. At the time, ADA flipped a key resistance level before recording a strong uptrend. If this pattern repeats, this altcoin could soon explode to an all-time high price.
As XRP price struggles to defend the support level at $2, drawing criticism from some analysts, traders are now looking for the best XRP rivals to buy to make significant returns. Some of the top Ripple competitors to buy include Stellar, Solana, and Cardano, which are surrounded by strong technical setups and network activity, suggesting that they might outperform XRP.
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The US Securities and Exchange Commission (SEC) has charged Ramil Palafox, a dual US-Philippine national, with orchestrating a $198 million crypto scam.
From January 2020 to October 2021, Palafox ran a Ponzi-style scheme through his company, PGI Global, defrauding many investors.
According to the press release, the regulator claims that Palafox raised about $198 million from investors globally. He promised them substantial returns from crypto and foreign exchange trading.
Nonetheless, the SEC alleges that Palafox misused over $57 million of the funds for personal purchases.
“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” Associate Director of the SEC’s Philadelphia Regional Office Scott Thompson stated.
Furthermore, the company operated with a multi-level marketing (MLM) structure. Palafox attracted investors by claiming expertise in the crypto sector and offering an artificial intelligence (AI)-driven trading platform. Yet, both of these claims proved to be fraudulent.
The scheme eventually collapsed in 2021, resulting in significant financial losses for investors.
“The SEC’s complaint, filed in the US District Court for the Eastern District of Virginia, charges Palafox with violating the anti-fraud and registration provisions of the federal securities laws,” the press release detailed.
The SEC demands that Palafox return ill-gotten gains and pay civil penalties. The regulator has also asked for a permanent injunction to prevent Palafox from engaging in similar activities in the future. Additionally, the US Attorney’s Office has filed criminal charges.
Meanwhile, in a separate case, a federal jury indicted Iranian national Behrouz Parsarad for founding and operating a dark web marketplace. According to the US Office of Public Affairs, the Nemesis market facilitated the illegal sale of drugs, including fentanyl and other controlled substances. The marketplace was also involved in criminal activities like stealing financial data and distributing malware.
Between 2021 and 2024, Nemesis processed over 400,000 orders. In addition to drug trafficking, Parsarad is also charged with money laundering for using crypto to conceal the proceeds of illegal activities.
“Nemesis users were not allowed to conduct transactions in official, government-backed currencies,” the press release read.
The accused now faces a mandatory minimum sentence of 10 years in federal prison, with a maximum penalty of life if convicted.
Previously, BeInCrypto highlighted that the FBI arrested Anurag Pramod Murarka for laundering over $24 million using the dark web. The cases highlight the US government’s intensified focus on regulating the cryptocurrency sector and combating cybercrime.
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Dogecoin holders have been withdrawing their funds from spot markets in April, with the leading meme coin facing mounting selling pressure.
The lack of new capital flowing into DOGE reflects a decline in investor confidence and adds downward pressure on the altcoin.
Since the beginning of April, DOGE has seen a consistent stream of net outflows from its spot market, totaling over $120 million. Net inflows during the same period have been negligible, amounting to less than $5 million per Coinglass.
When an asset records spot outflows, more of its coins or tokens are being sold or withdrawn from the spot market than are being bought or deposited.
This indicates that DOGE investors are losing confidence and opting to liquidate their holdings due to increasingly bearish market conditions.
The persistent outflows from the meme coin over the past two weeks reflect the lack of new demand for the altcoin. If this trend continues, DOGE’s price could remain range-bound or face another decline cycle.
On the technical front, DOGE’s Relative Strength Index (RSI) has continued to trend downward on the daily chart, further confirming the bearish outlook.
At press time, this key momentum indicator, which measures an asset’s oversold and overbought market conditions, is below the 50-neutral line at 47.61.
When an asset’s RSI falls below the center line, bearish momentum strengthens. This suggests that DOGE selling pressure is beginning to outweigh buying interest, signaling a potential dip in the asset’s price.
With the crypto market’s volatility heightened by Donald Trump’s ongoing trade wars and DOGE’s current struggles to attract fresh investment, the meme coin may test new lows in the near term. If selling pressure strengthens, DOGE could revisit its year-to-date low of $0.12.
Conversely, a resurgence in new demand for the meme coin will invalidate this bearish outlook. In that scenario, DOGE’s price could break above $0.17 and climb to $0.20.
The post Dogecoin (DOGE) Spot Outflows Hit $120 Million in April — More Losses Ahead? appeared first on BeInCrypto.