In the times when Bitcoin price is struggling to rise above $95,000, Avalanche price flashes huge potential of a bullish continuation. The token has been forming consecutive lower highs and lows after the rejection from the pivotal range at $22. In a wider perspective, the bears seem to have held a strong grip over the rally, but the AVAX price is flashing a hidden bullish divergence that may clear the path above the local threshold.
The AVAX price underwent its second successful rejection from the neckline zone, which has flashed a huge opportunity to take short positions. With the markets bleeding, there is a huge possibility that the price could take a dip towards the lower target that could complete a massive double top pattern, which could further harm the AVAX price rally in the long term. Meanwhile, the technicals do not seem to be in favor of a massive pullback, while a tight accumulation could prevail for some time.
The bears have restricted the rally below $22 since the major pullback in March, which seems to have drained the strength of the bulls. Besides, the Bollinger bands have begun to squeeze as the volume drops, hinting towards a drop in the volatility. Meanwhile, the CMF or the Chaikin Money Flow, has triggered a bullish rebound from the levels not visited since July 2024. Each time the weekly CMF rebounds from the lows below -0.15, a huge upswing follows with nearly a 200% price rise.
Hence, the AVAX price could trigger a strong rebound if the levels close above $20 and sustain for a day or two. With this, a rise above $22 could be validated that may further push the price above $25 and validate a rise above the bearish captivity. Failing to do so may keep the Avalanche price consolidated below $22 until a huge bullish volume creates massive buying pressure over the crypto.
Big news coming out of the SEC vs. Ripple case—it’s officially over! Last week, the SEC dropped its appeal, and now a final resolution has been reached. Ripple will pay a $50 million fine and it has also agreed to drop its cross-appeal, and the judge’s earlier injunction will be lifted.
Ripple’s Chief Legal Officer, Stuart Alderoty, shared the following update: Last week, the SEC agreed to drop its appeal without conditions. Ripple has now agreed to drop its cross-appeal. The SEC will keep $50M of the $125M fine (already in an interest-bearing escrow in cash), with the balance returned to Ripple.”
“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request. All subject to Commission vote, drafting of final documents and usual court processes,” he added.
While this marks a legal victory for Ripple, the XRP price has failed to react to the news. Despite the settlement and legal win, XRP remains stuck below the $2.50 mark.
XRP Price Analysis: Rally When?
Looking at XRP’s price action, the chart still shows signs of a larger bearish divergence. On the 3-day time frame, this divergence remains active, hinting at a lack of strong momentum either way.
The price is mostly bouncing sideways, trading between key support and resistance levels. According to analyst Josh of Crypto World, in the short term, XRP is bouncing between support levels ranging from $2.24 to $2.30 and $1.95 to $2.05, with recent support found at $2.36. As for resistance, the price faces short-term resistance at $2.56, with higher resistance levels between $2.65 to $2.80, and around $3.
Crypto analyst Steph is Crypto also shared a chart showing a very bullish future for XRP– a breakout from a multi-year bull flag pattern.
I don’t even want to give you this #XRP price target
At the moment, XRP’s price is lacking momentum in either direction. It’s neither overly bullish nor bearish and remains relatively neutral in the short term.
The post Ripple Settles, XRP Slumps: Price Fails To Capture $2.50 Despite Legal Win appeared first on Coinpedia Fintech News
Big news coming out of the SEC vs. Ripple case—it’s officially over! Last week, the SEC dropped its appeal, and now a final resolution has been reached. Ripple will pay a $50 million fine and it has also agreed to drop its cross-appeal, and the judge’s earlier injunction will be lifted. Ripple’s Chief Legal Officer, …
In a convoluted and dramatic scandal, HyperLiquid was rocked today by a massive JELLY short squeeze. It was forced to assume one trader’s liabilities, leaving it on the hook for $230 million.
As this situation developed, major CEXs like Binance and OKX listed JELLY perpetuals in what looks like a direct attack. HyperLiquid delisted the token, sparking extreme controversy.
Essentially, massive JELLY whales managed to manipulate the meme coin price, causing losses in HyperLiquid’s HLP vault.
“A massive whale with 124.6 million JELLYJELLY ($4.85 million) is manipulating its price to make Hyperliquidity Provider (HLP) face a loss of $12 million. He first dumped the token, crashing the price and leaving HLP with a passive short position of $15.3 million. Then he bought it back, driving the price up—causing HLP to suffer a loss of nearly $12 million,” LookonChain claimed via social media.
So, essentially, JELLY JELLY initially surged nearly 500% today. This dramatic jump was sparked by what’s called a “short squeeze.” It occurs when someone bets heavily that a coin’s price will fall (known as “shorting”), but instead, the price unexpectedly rises.
In this case, a trader borrowed a massive amount of JELLY tokens and sold them immediately. He expected the price to drop, buy the tokens back cheaper, and keep the difference as profit.
Unfortunately for the trader, the price didn’t fall—it skyrocketed, forcing them to buy back the coins at much higher prices, creating massive losses.
This sudden forced buying pushed the price even higher, catching the attention of traders and investors who jumped in to ride the wave. In under an hour, JELLY’s market cap rapidly increased from $10 million to $43 million.
This frenzy also left Hyperliquid, the exchange involved, holding a big loss of $6.5 million from the trader’s failed short position, sparking speculation about potential financial stress on the platform.
Meanwhile, Binance and OKX listed JELLY perpetuals, further driving its price up. So the potential loss became even larger for Hyperliquid. Some users even urged Binance and other competitors to list the token and deal a ‘death blow’ to Hyperliquid.
Binance Users Urging Officials to List JELLY JELLY and Trigger Losses for Hyperliquid. Source: X (formerly Twitter)
Binance is Apparently Trying to Liquidate HyperLiquid
In a very interesting twist, it looks like these competitors are heeding the call. Binance, the world’s largest crypto exchange, was hit with a wave of requests to list JELLY JELLY, thereby causing big losses for HyperLiquid.
Yi He, one of its co-founders, said she would consider a listing, and crypto sleuth ZachXBT claimed that the original whale was funded via Binance.
Shortly after these developments happened, Binance announced that it would begin offering perpetuals contracts for JELLY.
OKX also jumped on the bandwagon with perpetuals trading of its own. After this, HyperLiquid announced that it would delist JELLY JELLY, seemingly erasing its unrealized losses.
“After evidence of suspicious market activity, the validator set convened and voted to delist JELLY perps. All users apart from flagged addresses will be made whole from the Hyper Foundation. This will be done automatically in the coming days based on onchain data. There is no need to open a ticket. Methodology will be shared in detail in a later announcement,” HyperLiquid’s statement claimed.
This radical action immediately caused an explosion on social media. HyperLiquid’s supporters expressed unease over the JELLY JELLY incident, while its detractors accused the firm of criminal activity.
The firm’s validators confirmed that they unanimously took the decision, partially rebutting rumors that its CEO acted alone.
Still, there are no mincing words here. If HyperLiquid can simply declare its JELLY JELLY liabilities null and void, that’s a highly destabilizing act.
The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…
