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Bill Morgan, the pro-XRP lawyer, is defending Ripple RLUSD stablecoin against the largest stablecoin issuer Tether, on the matter of third-party reserves. Morgan’s comments come at a time when Tether prepares for US expansion by hiring Bo Hines, the former executive director at the White House Crypto Council. The Ripple stablecoin is steadily gaining market
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The post Cardano (ADA) Enters a Decisive Phase: Will a Golden Cross Trigger a Move Above $1? appeared first on Coinpedia Fintech News
The crypto market is in a pivotal phase, marked by trend reversals, mixed short-term performance and total capitalization at $2.89 trillion. While Bitcoin, Ethereum, XRP, etc., and a few more have slid down, Cardano (ADA) price has managed to keep up the bullish momentum. The third-generation token witnessed a robust rally this week, delivering over 16% gains as it surged from a low of $0.62 to $0.73. With the rise in the investors sentiments, the ADA price appears to be gearing up for its next big move.
The ADA price began the week consolidating near the $0.62 to $0.63 zone but broke out strongly mid-week and climbed past the resistance at $0.68. Besides, the retail participation surged, with wallet and address activity increasing by double digits week-over-week. As per some reports, more than $16 million in ADA exited exchanges, indicating the investors moving tokens to cold storage, typically a bullish signal. The open interest in ADA-related derivatives soared alongside spot price appreciation, confirming growing market engagement.
Now that the ADA price has reached an important price zone, a breakout may lead the price to trigger a rise close to $1.
As seen in the above chart, the ADA price is stuck between the pivotal resistance and support levels at the 200- and 50-day MA, respectively. On the other hand, the MAC shows a drop in the selling pressure, including a bullish crossover, which could reinforce the upward momentum. Although the RSI has not yet reached the overbought range, the rise in the levels hints towards an increase in the buying interest.
With the bullish technicals surrounding the ADA price rally, the next critical resistance could be around $0.77 and if the price rises above the range, a rise above $1 could be imminent. Moreover, a potential Golden cross may also ease the bullish activity in the next couple of days.
The bullish sentiment has been dominating the ecosystem, supported by social chatter forecasting upside towards $1 or, optimistically, even $4 in the coming months. The crypto is in a technical and sentiment-driven upswing with key resistance levels at $0.77 and $0.1.1 as the next focus for the bulls. Therefore, sustained momentum and supportive macro conditions could propel the Cardano (ADA) price to new yearly highs.
The post Cardano (ADA) Enters a Decisive Phase: Will a Golden Cross Trigger a Move Above $1? appeared first on Coinpedia Fintech News
The crypto market is in a pivotal phase, marked by trend reversals, mixed short-term performance and total capitalization at $2.89 trillion. While Bitcoin, Ethereum, XRP, etc., and a few more have slid down, Cardano (ADA) price has managed to keep up the bullish momentum. The third-generation token witnessed a robust rally this week, delivering over …
The U.S. Securities and Exchange Commission (SEC) has issued a statement, calling for comments on its review of the Trading Division’s approval of Grayscale’s Digital Large Cap (GDLC) Fund, which could become the first spot XRP ETF. The altcoin accounts for 5.99% of the fund’s total holdings. The Commission also called for comments on the
The post Will The First Spot XRP ETF Launch This Month? SEC Provides Update On Grayscale’s Fund appeared first on CoinGape.
The push to advance the digital currency ecosystem has taken a new twist. Reps. Tom Emmer and Ritchie Torres have introduced a new blockchain and crypto regulation bill directed at developers. Dubbed the Blockchain Regulatory Certainty Act (BRCA), this bill is the second time it will be introduced in Congress and clarifies the definition of money transmitters, which concerns developers. The BRCA Blockchain Bill: Key Highlight This bill aims to establish that developers who do not custody user funds are not money transmitters. Notably, it provides the necessary legal clarity to position the United States as the top hub for developers. “If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” Congressman Emmer said in an official statement. “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators.” Providing more context, the lawmaker… Read More at Coingape.com
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