Blockchain

The XRP community is abuzz with discussions of potential price manipulation. This debate is fueled by observations from key figures from the XRP army, who are raising concerns over unusual price patterns despite significant developments.

XRP Price Manipulation: The Initial Spark

Edward Farina, XRP Healthcare’s Head of Social Adoption, first brought this issue to light. He pointed out that despite Ripple’s consistent flow of positive news and developments over the past year, the price of XRP has remained relatively unmoved.

Farina compared this stagnancy to the price behaviors of other cryptocurrencies, which he notes often experience price surges on the back of less impactful news.

His statement via X was unequivocal: “So Ripple has [had] major excellent news for the past 12 months and the price of XRP hasn’t budged an inch. Any useless coin as soon as it has a crappy partnership goes up in price. And you still believe the price of XRP isn’t manipulated?”

The influencer known as WallStreetBulls added to the debate by highlighting recent abrupt changes in the XRP price. He specifically referred to a rapid increase and subsequent decline yesterday, which he alleges was a manipulative pump-and-dump scheme, leading to significant profits for certain players.

He stated, “[Yesterday’s] rapid pump and dump of XRP, which resulted in a minimum profit of around $5 million for some, highlights the effectiveness of quick market movements and manipulation for substantial gains.” The crypto pundit further alleges a systematic suppression of XRP’s price.

He pointed to an incident where a rumor about a Blackrock ETP correlated with a sudden rise in the XRP price to $0.75, followed by a drop to $0.58, and then a stabilization at $0.60 to $0.62, NewsBTC reported. He interprets this as evidence of deliberate market manipulation by entities with significant financial resources.

Previously, in an October 9 post, WallStreetBulls had raised similar concerns, suggesting that a small fraction of “wealthy elites” and “major bankers” were manipulating the market. He claimed that these groups, known for manipulating markets like gold, are now targeting XRP.

“There’s a significant market manipulation underway, and it appears that the 0.01% wealthy elite and major bankers are at the helm of it!” the analyst claimed.

Despite XRP’s regulatory clarity, especially following a court victory against the SEC, he believes it’s facing undue negative pressure in the market. He also accused several media outlets of launching attacks on XRP, presumably to diminish its value and credibility.

Dissenting Voices And The Need For Proof

It is important to note that not everyone in the XRP community is agreeing with this view. Crypto analyst Jaydee offered a different perspective in October, suggesting that recent price movements were part of a predictable short-term technical correction rather than evidence of manipulation. “Manipulation? Brotha, we knew this short term correction was coming weeks ago? how does he have all these followers,” he remarked.

Moreover, it is crucial to underline that, to date, there is no concrete evidence to substantiate these claims of market manipulation. The inherent volatility of the crypto market leads to price fluctuations, which various factors such as investor sentiment, market trends, and global economic conditions directly influence. As the debate continues, it’s imperative for investors and observers to critically evaluate these claims.

At press time, XRP traded at $0.6024.

According to CryptoQuant’s data on November 4th, Ethereum (ETH) achieved a significant milestone. The aggregate amount of funds staked in the Ethereum 2.0 smart contract has experienced a notable surge, reaching a commendable sum of $32 million.

The current increase in value is indicative of a larger pattern in which investors are consistently and proactively investing in ETH, thereby propelling the Ethereum ecosystem to unprecedented levels of growth.

In the broader context of the year 2023, Ethereum’s exceptional performance is clearly observable, as it has contributed a significant $74.5 billion to its market value thus far this year.

The jump in market capitalization recorded at the beginning of the year on January 1 marks a significant gain of 51% from the initial value of $146 billion.

The latest data trends from on-chain sources also reveal a significant rise in the number of new user addresses for Ethereum. This demonstrates the platform’s ability to withstand the unexpected departure of Binance founder Changpeng Zhao and the consequent minor decline in cryptocurrency markets that occurred last Wednesday.

On Friday, Ethereum (ETH) demonstrated a noteworthy resurgence as it successfully regained the price level of $2,100. This quick recovery occurred following the instability caused by the resignation of Zhao and the $4.3 billion settlement with the US Securities and Exchange Commission.

The consistently changing market dynamics draw attention to the possible consequences of the increase in user activity, prompting investors and analysts to observe the trajectory of Ethereum.

Related Reading: BLUR Clears The Way With 80% Blowout – Will Price Continue Soaring?

On the hourly chart, the price of Ethereum (ETH) currently resides within the central region of the local channel, indicating a state of equilibrium. This suggests that the market is gathering momentum and preparing for a potential significant price movement in the near future.

Meanwhile, upon examining Glassnode’s New Addresses chart, it becomes evident that there has been a notable increase in the user population of Ethereum. Specifically, the Ethereum network witnessed the creation of 94,451 fresh ETH addresses subsequent to recent news occurrences.

Upon further analysis of the chart, a significant insight emerges: the most recent occurrence of Ethereum witnessing a substantial influx of new participants took place in July 2023.

The provided data highlights a notable increase in interest and engagement within the Ethereum ecosystem, indicating a significant influx of players that has not been observed since the middle of the year.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

TerraClassicUSD (USTC), the algorithmic stablecoin tied to the LUNA ecosystem, recently went on an upward trajectory to register gains of over 300%. In a stunning cascade of events, the token’s price spike in the past 24 hours has left investors wondering about the implication for Terra Classic (LUNC) and the potential revival of the LUNA ecosystem.

USTC Coin Spikes 300% In One Day

USTC has lost most of its usefulness as a stablecoin since its implosion in 2022 when it was known as UST. The stablecoin lost its peg to the US dollar which resulted in a chain of events that led to its sister token, LUNA, also losing most of its value and the demise of the Terra-LUNA blockchain ecosystem. After it lost its peg to the US dollar, the stablecoin was rebranded as UST Classic and its value fell to as low as $0.01.

It’s already been more than a year since the crash, but it looks like the token and some members of the LUNA ecosystem are not ready to give up yet. The latest price action has seen the token spike 300% from $0.01569 to $0.0755 in the past 24 hours. The catalyst for this surge can be attributed to Terra Classic Labs (TCL), a LUNC community project.

Terra Classic Labs was created in October 2023 by some members of the former thriving LUNA ecosystem. According to its website, it is dedicated to supporting new LUNC projects for the revival of the Terra ecosystem.

In a social media post by Trader QT, an official partner of Luna Classic Labs, the team made a massive purchase of approximately 25.6 million USTC for $500,000 at an average price of $0.021 per $USTC. This move sent USTC spiking, fueling hopes that Terra Classic Labs can help revive and stabilize the cryptocurrency.

I can confirm that today, in an initial strategic investment, Luna Classic Labs has purchased approximately 25.6m $USTC for $500k in accordance with its Treasury Reserve Policy, at an average price of approximately $0.021 per $USTC.

— Trader QT (@0x_Ears) November 26, 2023

Can Terra Classic Return To $1?

Although the move by Terra Classic Labs sent USTC on a surge, the stablecoin is still trading at $0.0516, far from a $1 price point. The crypto will have to register another gain of 1837% from its current price before it can regain its peg to the US dollar, showing how far behind it is.

The recent price action however did have some sort of bullish action on Terra Classic LUNC, as it has also spiked by 25% in the past 24 hours. Terra Classic is trading at $0.0001004 at the time of writing.

Although the Terra Classic community hasn’t given up on the cryptocurrency, the LUNA ecosystem has since rebranded and moved from Terra Classic LUNC to a new chain (Terra 2.0) with its own native token called LUNA. 

It would seem LUNA also reacted positively to the TerraClassicUSD surge as data from Coinmarketcap shows LUNA has increased by 17.8% in the past 24 hours and is now trading at $0.79.

CardanoGPT has officially announced the beta launch of its AI-powered chatbot, Girolamo. This initiative marks a substantial advancement in the integration of artificial intelligence (AI) technologies with the Cardano blockchain ecosystem. Named after the influential Italian mathematician Girolamo Cardano, the chatbot intends to symbolize the fusion of historical intellectual legacy with contemporary technological innovation.

Girolamo is engineered to provide a range of functionalities, including content generation, image generation, and image interpretation, which are tailored to accommodate diverse user inquiries. This suite of capabilities enables the chatbot to offer real-time, contextually aware responses, extending its utility beyond standard blockchain applications. The inclusion of image-related functionalities represents a significant technological stride, enhancing the interactive experience and broadening the scope of its applicability.

To participate in the beta testing phase of Girolamo, users are required to hold a minimum of 5000 CGI tokens, as outlined by CardanoGPT. Access to the chatbot is facilitated through the CardanoGPT Discord server, where users undergo a wallet verification process. Upon successful verification, users are granted the @cyborg role, enabling them to interact directly with Girolamo in the designated chat channel.

CardanoGPT’s announcement emphasizes that Girolamo is still in its beta phase, suggesting ongoing development and potential enhancements. This phase is critical for assessing the chatbot’s performance, user experience, and overall functionality within the Cardano ecosystem. The company has highlighted its commitment to continuous innovation and development, aiming to maintain a leading position in the convergence of AI and blockchain technology.

Cardano Price Poised For 22% Surge?

ADA has seen a strong upward trend since breaking out of the downward trend (black line) on October 21, which has caused the price to rise by over 60%. For the past two weeks, however, the rally has come to a standstill. The price is in a consolidation after the ADA was rejected at the 0.786 Fibonacci retracement level at $0.411.

However, the AI narrative and potential hype in this market segment could be significantly bullish for the Cardano price once the launch of Girolamo is on the horizon. AI tokens have seen some sharp price movements over the past few months, driven by news around the progress of OpenAI and other companies.

In the short term, the ADA price may need a retest of support at the 0.618 Fibonacci retracement level at $0.37 to herald the next upward move. Remarkably, the price level is of double importance as the 20-day exponential moving average is also at this price level.

If this price level is defended in the next few days, it could be the precursor to the next move higher. The obvious target would be the yearly high at $0.463. Reaching this price would mean a 22% rally from the current price.

Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support.

SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.
The price is now trading below $60 and the 100 simple moving average (4 hours).
There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could accelerate lower below the $55.00 support zone in the coming sessions.

Solana Price Starts Downside Correction

In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $60, outperforming Bitcoin and Ethereum.

The bulls even pumped the price above the $65 level. A high was formed near $68.16 and the price recently saw a downside correction. It traded below $60 and tested $52. A low was formed near $51.23 and the price is now consolidating in a range.

There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair. SOL is now trading below $60 and the 100 simple moving average (4 hours).

On the upside, immediate resistance is near the $59.50 level. It is close to the 50% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. The first major resistance is near the $60.00 level.

Source: SOLUSD on TradingView.com

The main resistance is now near $62 or the 61.8% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. A successful close above the $62.00 resistance could set the pace for a larger increase. The next key resistance is near $68.50. Any more gains might send the price toward the $72.00 level.

More Losses in SOL?

If SOL fails to recover above the $60.00 resistance, it could continue to move down. Initial support on the downside is near the $55.00 level.

The first major support is near the $51.20 level, below which the price could test $50. If there is a close below the $50 support, the price could decline toward the $45 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $55.00, and $51.20.

Major Resistance Levels – $60.00, $62.00, and $68.50.

Ethereum price struggled above $2,100. ETH is now moving lower and might continue to drop toward the $1,930 support in the near term.

Ethereum is consolidating and facing resistance near the $2,060 zone.
The price is trading below $2,080 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it breaks the $2,035 support zone.

Ethereum Price Drops Again

Ethereum price attempted a fresh increase above the $2,080 resistance zone. ETH even spiked above the $2,120 resistance zone, like Bitcoin. However, the bears were active above $2,120.

A high was formed near $2,132 before the price started a fresh decline. There was a move below the $2,080 level. A low is formed near $2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low.

Ethereum is now trading below $2,080 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,065 zone. There is also a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD.

The first key resistance is near the $2,100 level or the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear move above the $2,100 level could send the price toward the $2,120 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,135, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,035 level.

The next key support is $2,000. A downside break below $2,000 might send Ether toward the $1,930 support. The key support is now at $1,900, below which there is a risk of a move toward the $1,840 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,035

Major Resistance Level – $2,080

Bitcoin price is still struggling to settle above $38,000. BTC is showing a few bearish signs and might decline below the $37,150 support.

Bitcoin is still facing heavy resistance near the $37,750 resistance.
The price is trading below $37,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it breaks the $37,150 support.

Bitcoin Price Signals Downside Correction

Bitcoin price made another attempt to surpass the $37,750 resistance. BTC spiked above the $37,750 and $38,000 resistance levels. However, it failed to stay above the $38,000 level.

A high was formed near $38,432 and the price reacted to the downside. There was a move below the $38,000 and $37,750 levels. A low is formed near $37,151 and the price is now consolidating losses. It is showing bearish signs below the 23.6% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low.

Bitcoin is now trading below $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,400 level. There is also a connecting bearish trend line forming with resistance near $37,450 on the hourly chart of the BTC/USD pair.

The first major resistance is forming near $37,750. The main resistance is now near the $38,000 level or the 61.8% Fib retracement level of the recent decline from the $38,432 swing high to the $37,151 low. A close above the $38,000 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,500, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $38,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.

The next major support is $36,700. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $37,150, followed by $36,700.

Major Resistance Levels – $37,750, $38,000, and $38,500.

The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin “difficulty” is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time.

Bitcoin Mining Difficulty Surges To A New High Of 67.96T

According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain’s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T.

The mining difficulty is an essential feature that measures how much power is required to verify transaction blocks on the Bitcoin blockchain. An increase in mining difficulty value suggests higher demand for the Bitcoin network, while a lower difficulty value implies that there are fewer miners on the network.

Bitcoin mining difficulty ushered in a mining difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH/s. https://t.co/vgAkEgyDOf

— Wu Blockchain (@WuBlockchain) November 26, 2023

It is worth noting that the metric has been on an upward trend in the past few weeks. In fact, the recent mining difficulty value represents the sixth consecutive increase in the last six adjustments.

Interestingly, the new mining difficulty value surpassed the early projections for the blockchain. Initially, the Bitcoin mining difficulty was only expected to increase by about 3.8% to 67.14 T in the latest adjustment.

The network hash rate, which measures the total computing power for mining BTC, has also increased. According to BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH/s, a 3.76% increase from a previous hash rate of 486.5 EH/s.

Some of the factors contributing to the increasing Bitcoin mining difficulty are BTC’s recent price performance, the recent surge in network activity, and the spike in transaction fees. And as the metric continues to rise, it appears that miners will continue to face the challenge of maintaining profitability. 

BTC Price Overview

As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. While the premier cryptocurrency seems to be drifting away from the $38,000 price mark, it has managed to maintain most of its profit on the weekly timeframe.

According to data from CoinGecko, the Bitcoin price has swelled by more than 2.7% in the past seven days. Meanwhile, the market leader has registered a 10% increase in the past month, emphasizing its strong performance in November.

Bitcoin remains the largest cryptocurrency in the sector, with a market capitalization of over $733 billion.

In an interesting line of events, Ethereum-based DeFi project Indexed Finance recently faced and triumphed over a dual hijack attempt of the protocol DAO’s treasury. Following this development, the project’s founders will now re-assume control from the DAO.

In a thread on X on Saturday, Laurence Day, a former executive at Indexed Finance, shared two failed hijack attempts targeted at the treasury of the project’s DAO, which is currently valued at  $120,000.

According to Day, both attackers purchased a high amount of Indexed’s native token – NDX and attempted to assume control of the protocol’s treasury via malicious proposals. The first proposal, identified as Proposal 24, was without a heading or description. Being virtually unnoticeable, this proposal almost gained approval within an hour of voting. 

Okay so here’s what just happened to the Indexed DAO

The wreckage can be seen in the Tally panel below

This is a long thread, but I want to record it somewhere pic.twitter.com/wRTRZZcwhm

— laurence, backed by paradigm (@functi0nZer0) November 25, 2023

However, upon detection, Day, alongside other community members, publicly rallied others to vote against the proposal and eventually thwarted the first hijack attempt.

Related Reading: HTX Recommence Operations After Temporary Halt Due to Hack

Indexed Finance Anticipates Second Attack, Emerges Victorious Again

Considering the publicity and attention surrounding the incident, the Indexed DAO suspected another attacker might attempt to replicate the same tactics to gain access to its treasury.

Therefore, the DAO passed proposal 26, identified as the poison pill, which granted them the authority to burn the assets in the treasury if considered as the only means of halting such an attack.

As suspected, another hijacker attempted to take control of the treasury and even succeeded in getting the proposal passed – proposal 27. However, proposals on the Indexed Finance platform have to be queued for 48 hours before execution.

During this time, the hijacker approached the DAO to cancel the poison pill proposals, and in return, he would take only a 50% bounty of the funds in the Treasury. However, he soon received a counter-offer from Indexed Co-founder Dillon Kellar, who offered him $10,000 DAI in exchange for canceling his proposal 27 or risk the DAO burning all the assets in the treasury.

The hijacker eventually accepted Kellar’s proposal with 4 hours remaining for the execution of the poison pill proposal, marking the successful foiling of the second hijack attempt.

Indexed Finance DAO Hands Over Treasury Control To Founders

Following the multiple hijack attempts,  the Indexed Finance DAO has now ceded treasury control to Laurence Day as well as Kellar and an individual with the pseudonym PR0. Together, these three persons will manage the Treasury using a ⅔ multi-sig system. 

At the time of writing, NDX trades at $0.00823, with a 24.15% decline on the last day. In tandem, the token’s daily trading volume is also down by 44.35% and valued at $2,347.

XRP could witness a massive selloff in the coming days, as shown by on-chain transfer data. According to transaction alerts from crypto whale tracker Whale Alerts, two whale-sized transactions involving XRP have recently made their way onto cryptocurrency exchanges Bitso and Bitstamp, prompting investors to ponder the reasons behind the transactions and speculate on possible outcomes.

Massive transfers by whales can often increase selling pressure if they sell and take profits, which could cascade into the price of the asset, even if only temporary.

Whale Transfers 50 Million XRP To Exchanges

XRP has gone through consolidation for the past two weeks in the midst of a market lull. According to Coinmarketcap, the altcoin’s trading volume is also down by 43.59% in the past 24 hours. Before this period however, a whale made a transfer of 50 million XRP worth approximately $31 million to exchanges, prompting investors to wonder if this is a part of the ongoing consolidation and if the transfers are a selloff.

According to Whale Alerts, a transfer of 25.2 million XRP tokens worth $15.66 million was made to crypto exchange Bitstamp on November 23. Shortly after, 25 million XRP tokens worth $15.55 million were sent to crypto exchange Bitso. Looking into the details of the two transactions on blockchain explorers reveal they were made from the same address “r4wf7e”. 

A deeper look reveals address “r4wf7e” received 55.87 million tokens from address “rJgpQR” and then went on a spending spree in the hours after. The next few hours would be full of transactions ranging from 20,000 to 25 million XRP tokens to Bitstamp, Bitso, Independent Reserve, and some private addresses. 

Speculation On Why The Whale Is Moving XRP Now

The transfers into various exchanges have signaled that the whale intends to sell its holdings. However, there could be other reasons for the transfers, which could just be the whale wants to have their XRP readily available on the exchanges without even selling yet.

Of course, this is all speculation. There’s no way to know the whale’s exact intentions or how much token they plan to buy or sell, if any. But when amounts this large move onto exchanges, it often signals volatility ahead. 

On the other hand, data from on-chain analytics platform has shown whales purchased 11 million tokens worth $6.82 million in the just concluded week. The buying spree suggests there could still be a bullish sentiment among some whales.

#Ripple | On-chain data shows that #XRP whales have purchased around 11 million $XRP over the past week, worth roughly $6.82 million! pic.twitter.com/VnWpaMoOYR

— Ali (@ali_charts) November 25, 2023

XRP is trading at $0.62 at the time of writing. The cryptocurrency crossed over $0.7 again earlier this month but has struggled to continue this momentum. However, according to crypto analyst CryptoInsightUK, the token has a good chance of replicating the 61,000% gain it enjoyed back in 2017 before the SEC lawsuit.

Another analyst, Edward Farina, predicted Ripple has the potential to replace the current SWIFT system, at which point XRP could surge to $10,000.

Featured image from Pixabay