Blockchain

There have been talks about the US Securities and Exchange Commission (SEC) and Ripple Labs reaching a settlement following the ruling that XRP isn’t a security. Following this, Pro-XRP lawyer John Deaton has stated a key factor that could lead to a settlement between both parties.

Coinbase’s Motion Key To Settlement

In a tweet released on the X (formerly Twitter) platform, Deaton stated that the “only way” the SEC and Ripple can settle this year is if Judge Failla grants Coinbase’s motion to dismiss the SEC’s lawsuit against it. 

The lawyer believes that the key is for Judge Failla to find that token sales on an exchange as part of a programmatic sale do not fall under US securities laws. If that happens, the Commission and its chair, Gary Gensler, may have no choice but to “pivot,” according to Deaton. 

He further noted that Judge Failla’s ruling may be final as he doubts the Solicitor General would allow an appeal as the case could end up reaching the Supreme Court, which could “strip away” the SEC’s powers and that of other federal agencies.

The SEC had filed a lawsuit against Coinbase, alleging that the biggest crypto exchange in the US was operating as an unregistered securities exchange by offering several cryptocurrencies on its platform without first registering with the SEC. 

In response, Coinbase filed a motion to dismiss the case, stating that the regulator was stepping outside its jurisdiction with such an action. The exchange said the token sales weren’t investment contracts but more commodity sales, with “obligations on both sides discharged” once the transaction occurred.

Interestingly, Coinbase cited Judge Torres’ ruling in favor of Ripple that programmatic sales, such as ones on exchanges, didn’t constitute investment contracts. 

How Deaton’s Ripple Settlement Theory Could Play Out

Going by Deaton’s theory, it is believed that the SEC would want to settle with Ripple if the court ruled that the Commission has no jurisdiction over token sales on exchanges. This is plausible because Judge Failla granting Coinbase’s request represents a setback for the Commission in its case against Ripple. 

The SEC argues that Ripple’s programmatic sales constituted an investment contract, making XRP a security.  However, a win for Coinbase ultimately makes the programmatic sales argument baseless, and it can no longer further the argument since token sales on exchanges are outside its purview. 

Regarding the SEC and Gensler wanting to “pivot,” as mentioned by Deaton, this could mean the Commission solely focusing on Ripple’s sale to institutional investors, which the court ruled constituted an investment contract. 

Considering that the regulator still has a long way to go to prove which institutional sales were made to domestic investors (the only ones the SEC has jurisdiction over), it may settle with Ripple rather than prolong a case it may eventually lose. 

Pepe Coin, the meme-inspired cryptocurrency, has faced a recent setback as it failed to sustain support at $0.00000078, casting doubts on its short-term rally prospects. The sellers’ inability to follow through on their downward pressure hints at some wavering in their conviction. The crucial question now is whether the uncertainty will pave the way for buyers to reclaim higher ground this month.

As of the latest data from CoinGecko, PEPE currently trades at $0.000000807186, reflecting a 2.8% increase in the past 24 hours. However, over the past seven days, the coin has experienced a 7.6% decline in value.

Price analysts suggest that if the daily candle manages to close above the critical level of 0.00000078, the recent breakdown could be deemed a “bear trap,” that might offer a glimmer of hope for PEPE enthusiasts.

A bear trap is a situation in trading where the price of an asset appears to be entering a bearish (downward) trend but then reverses and moves upwards instead. It “traps” or tricks traders who were expecting further price declines into selling their positions, only to see the price rise.

Challenges Ahead For PEPE

While the bullish momentum appears promising, PEPE’s recovery remains constrained within a falling channel pattern that has persisted for the past two months. To gain more confidence in the revival, buyers must breach the upper trendline of this channel. Such a breakout has the potential to catapult the meme coin past the coveted $0.000001 threshold.

In a separate report, worrying statistics emerge regarding the health of the PEPE network. Santiment’s latest data reveals an 83% drop in active addresses associated with Pepe (PEPE) over the past quarter. Additionally, both transaction volume and transaction count have experienced a significant downturn.

Despite the recent price rally and bullish sentiment, PEPE faces challenges ahead, primarily due to the persistent downward trend within the falling channel pattern. The failure to break free from this pattern could see the meme coin continue its downward trajectory.

User Exodus Spells Trouble For Pepe Coin

Date from Santiment cited in the report paints a bleak picture for PEPE as the network grapples with a sharp decline in active users. This alarming 83% decrease in active addresses highlights the waning interest in the cryptocurrency, possibly undermining its long-term viability. Moreover, the decrease in transaction volume and transaction count further compounds the network’s woes.

PEPE’s recent struggle to maintain support at $0.00000078 raises questions about its near-term prospects. While there is hope for a recovery, the coin remains trapped within a falling channel pattern. The critical breakout point lies ahead, and the crypto community watches eagerly to see if buyers can reclaim higher ground. 

Simultaneously, the exodus of active users and declining transaction metrics pose additional challenges for the future of PEPE, emphasizing the need for a sustained and robust recovery strategy.

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

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In a recent blog post, Kaal Dhairya, one of the key developers behind Shibarium, the layer 2 protocol of the Shiba Inu network, revealed a series of significant upgrades aimed at bolstering the network’s capabilities. The announcement comes at a time when Shibarium has crossed the 1 million wallet mark, a milestone that underscores its growing adoption and utility.

“First of all, congratulations to the ShibArmy for reaching a milestone of 1 million wallets and soon, 1 million transactions. We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there,” said Dhairya.

Upgrades And Progress On Shibarium

One of the most notable updates is the integration of a hosted version of the Blockscout explorer on Shibariumscan. Dhairya emphasized the importance of this development, stating, “This allows our small yet dedicated protocol team to focus on the network and its upgrades, while the fantastic Blockscout team ensures the explorer remains operational and the chain is 100% indexed.”

The Blockscout integration also serves as a tool for developers to “Do Your Own Research” (DYOR) and verify new or existing contracts deployed on Shibarium. Dhairya urged developers to make use of the Blockscout contract verification system, as the team plans to promote projects built on top of Shibarium in the near future. He also unveiled the verified WBONE contract.

Shibarium has also expanded its token bridge capabilities, adding support for several new tokens, including USDT, USDC, DAI, WBTC, and XFUND. “We are also collaborating with numerous third-party bridges to ensure they can assist in bridging many other tokens into Shibarium,” Dhairya added.

Moreover, the Shibarium team plans to renounce the Bone contract and add more validators to the network in the coming week. “Shibarium is open for everyone to develop upon. The SHIB team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life,” Dhairya concluded.

Shiba Inu Price Retracement Could Continue

The recent upgrades to Shibarium come amidst a period of retracement for the SHIB token. After peaking at a 4-month high of $0.00001195 on August 12, the meme coin is on a downward trajectory.

In the 1-day chart, SHIB slipped below the 61.8% Fibonacci retracement level at $0.00000796 yesterday. This level has served as extremely strong support on the daily chart since mid-August. The drop below the level could now mean that SHIB retraces lower to the 78.6% Fibonacci retracement level at $0.00000688. At the current price of $0.00000771, this could mean another 10% slide.

However, if the bulls surprisingly manage to turn the tide, the price level of $0.00000796 would be the first important step. To retake the mid-August high, SHIB will have to overcome a maze of resistances, notably the 20, 50 and 100-day EMAs, all of which lie ahead of the 50% Fibonacci retracement at $0.00000872.

If SHIB manages to overcome this price on a daily basis, it would be a strong bullish sign. Then, the 200-day EMA at $0.00000921 would be another tough challenge.

Chainlink’s LINK price is holding the $5.75 support zone. The price could start a fresh increase if it clears the $6.25 resistance zone.

Chainlink token price is showing positive signs above $6.0 against the US dollar.
The price is trading above the $6.05 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could gain bullish momentum above the $6.25 resistance zone.

Chainlink (LINK) Price Eyes Fresh Recovery

After a major decline, LINK price found support near the $5.75 zone against the US Dollar. A low was formed near $5.74 and the price is now attempting a recovery wave, like Bitcoin and Ethereum.

There was a decent move above the $5.85 and $6.00 levels. LINK is now trading above the $6.05 level and the 100 simple moving average (4 hours). However, there are many hurdles on the upside starting with $6.10. Besides, there is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair.

The current price action suggests that the price is struggling near the trend line and $6.10. The first major resistance is near the $6.25 zone. It is close to the 23.6% Fib retracement level of the downward move from the $7.91 swing high to the $5.74 low.

Source: LINKUSD on TradingView.com

A clear break above $6.25 may possibly start a fresh increase toward the $6.65 and $6.80 levels. The next major resistance is near the $7.10 level, above which the price could revisit $7.50.

Another Decline Losses?

If Chainlink’s price fails to climb above the $6.25 resistance level, there could be a downside extension. Initial support on the downside is near the $6.00 level.

The next major support is near the $5.75 level, below which the price might test the $5.60 level. Any more losses could lead the price toward the $5.35 level in the near term.

Technical Indicators

4 hours MACD – The MACD for LINK/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Major Support Levels – $6.00 and $5.75.

Major Resistance Levels – $6.25 and $6.80.

Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar. ETH is facing many hurdles near $1,650 and $1,670.

Ethereum started a recovery wave from the $1,600 support level.
The price is trading below $1,650 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close above the $1,700 level.

Ethereum Price Faces Key Resistance

Ethereum’s price extended its decline below the $1,650 support zone. ETH price even spiked below the $1,620 and tested the $1,600 handle, like Bitcoin.

A low was formed near $1,600 and the price recently started an upside correction. There was a move above the $1,620 and $1,630 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.

Ether is still trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,665 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,650 level and the 100 hourly SMA. The next resistance is near the $1,660 level and the trend line. It is close to the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,600 low.

Source: ETHUSD on TradingView.com

A close above the $1,665 level might send the price toward the $1,700 zone. To start a fresh increase, Ethereum must settle above the $1,700 pivot level. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,665 resistance, it could start another decline. Initial support on the downside is near the $1,630 level.

The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,665

Bitcoin price tested the $25,350 zone and is currently recovering. BTC must clear the $26,200 resistance to start a decent increase in the near term.

Bitcoin is attempting a recovery wave from the $25,350 zone.
The price is trading below $26,200 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if it clears $26,200 and the 100 hourly SMA.

Bitcoin Price Faces Hurdles

Bitcoin price remained in a bearish zone below the $27,000 resistance zone. BTC extended its decline and traded below the $26,000 level. There was also a spike below $25,500 and the price tested $25,350.

A low was formed near $25,333 and the price is now attempting a recovery wave. There was a minor increase above the $25,800 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low.

Besides, there was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. However, Bitcoin is still trading below $26,200 and the 100 hourly Simple moving average.

Immediate resistance on the upside is near the $26,200 level and the 100 hourly SMA. The first major resistance is near the $26,750 level or the 50% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low.

Source: BTCUSD on TradingView.com

The main resistance is now forming near the $27,000 level. A clear move above the $27,000 level might send the price toward $27,500. The next major resistance is near $28,000, above which there could be a decent upward move. In the stated case, the price could test the $28,800 level.

Another Decline In BTC?

If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,650 level.

The next major support is near the $25,350 level. A downside break below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800.

Technical indicators:

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

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

Major Support Levels – $25,650, followed by $25,350.

Major Resistance Levels – $26,200, $26,750, and $27,000.

The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat. 

Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets. 

Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam?

The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere. 

“It seems the market is running out of steam,” said Lee Reiners, professor of cryptocurrency law at Duke University. “Investors are realizing these assets don’t just go up forever.”

Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity.

But the decline also signals fading confidence in Bitcoin’s upside potential amid mounting regulatory scrutiny, environmental backlash, and competition from alternative cryptos like ether.  

“The promise of quick riches that lured many retail investors now seems a distant dream,” said Jamie Dimon, CEO at JP Morgan. “The crypto craze appears to be losing momentum fast.”

Two days ago JPMorgan said: ”the bottom of this #Bitcoin crash is nearing”

Honestly, this only makes me bearish… pic.twitter.com/mIAjjatrDG

— Crypto Rover (@rovercrc) August 27, 2023

Bitcoin has struggled to regain traction since its record high of nearly $69,000 in November 2021. Though some crypto bulls remain hopeful, continued lackluster performance could stall wider adoption.

Exploring The Factors Behind Bitcoin’s Declining Fortunes

One significant factor is the regulatory scrutiny that has intensified worldwide. Governments and financial authorities are increasingly concerned about the potential risks associated with cryptocurrencies, including money laundering and tax evasion. This regulatory uncertainty has made some investors wary and hesitant to enter or remain in the market.

Bitcoin has faced backlash due to its environmental impact. Critics argue that the energy-intensive process of mining Bitcoin is unsustainable and contributes to carbon emissions. As environmental concerns take center stage, some investors and institutions may reevaluate their support for Bitcoin in favor of more environmentally friendly cryptocurrencies.

While Bitcoin pioneered, newer cryptocurrencies like Ethereum have gained traction, offering innovative features such as smart contracts and decentralized applications. These alternatives have attracted both developers and investors, diverting attention away from Bitcoin.

Bitcoin’s Future: Crossroads For The Original Crypto

For diehard believers, bitcoin’s funk may present a buying opportunity if prices continue drifting lower. But others argue that “digital gold” has lost its luster for good.

“It’s yet to be seen whether Bitcoin can reclaim its role as the crypto market’s flagship,” said Chen Alicia, a student of blockchain studies at NYU.

With futures interest shrinking, bitcoin is at a crossroads. Does the original crypto still have a bright future, or will up-and-comers displace it?

GALA, the native token of Gala Games, is under immense selling pressure as of early September 2023. Trackers show that the token is down 72% from 2023 peaks when it soared to $0.062 in late January 2023. From there, the token has been edging lower, sinking to $0.017 at spot rates, unwinding over 95% of gains posted in early 2023. To illustrate, GALA is cents away from retesting all-time lows registered in late 2022 at around $0.016.

GALA Plunging

The drawdown could be pinned to the unfavorable market-wide bear market conditions that have seen top coins, including Bitcoin and Ethereum, surge before dumping, dragging altcoins even lower. The slowdown across Bitcoin has been mirrored in GALA as the token edges lower, reversing gains posted on August 29. 

On this day, Bitcoin rose after a US Court of Appeal ruled in favor of Grayscale, the issuer of GBTC. Even though the court didn’t direct the Securities and Exchange Commission (SEC) to convert GBTC trust to an exchange-traded fund (ETF), the judge didn’t provide clear reasons why they denied Grayscale’s request. BTC prices rallied as odds of the US approving a spot Bitcoin ETF rose, lifting altcoins, including GALA. However, bears have successfully peeled back losses, as the daily chart shows.

CEO Versus Co-Founder

Beyond market factors, GALA may plunge to all-time lows primarily because of internal wrangles that could heap more pressure on the token that’s already struggling against unrelenting bears. Court documents show that CEO Eric Schiermeyer and co-founder Wright Thurston filed lawsuits against each other. 

Filings show that Schiermeyer blames the co-founder for illegally obtaining and selling $130 million of GALA. The CEO also claims the co-founder stole node licenses for operating nodes within the Gala game ecosystem. He also cites Thurston’s history of founding companies that often in bankruptcy. The CEO wants the co-founder replaced as director.

The co-founder and his investment vehicle, True North Investments, accuse the CEO of wasting millions of dollars in company assets and engaging in fraudulent practices that harmed the company. The co-founder claims the CEO misused millions, including $600 million of assets, and lending millions of dollars from Gala Games to himself. They also alleged that the CEO created entities in Switzerland and Dubai that, in reality, should belong to Gala Games. The co-founder wants to kick out the CEO, who has held the office since 2021.

Over the past 24 hours, the majority of the crypto market has been moving slowly, with the premier cryptocurrency Bitcoin falling below the $26,000 mark again. Toncoin, on the other hand, continues to defy the current market conditions, registering a significant price climb in the past day.

The TON price experienced a substantial increase on the first day of September, which is consistent with its overall trend in August.

TON Soars By 11% In A Single Day

Toncoin currently leads the altcoin market as one of the top gainers following an 11% price rise in the past 24 hours. In the same period, altcoins such as ETH and XRP appear to have succumbed to general market sentiment, suffering a 1% and 2% price dip, respectively.

Interestingly, TON’s latest price spike only underscores its impressive performance in the past few weeks. According to data from CoinGecko, the value of the cryptocurrency has swelled by more than 35% in the last seven days.

A broader look at Toncoin’s price history shows that the token has been on an ascent since the start of August. After plunging to a year-to-date (YTD) low of $1.18 on the 4th of August, TON is currently on a nearly 64% price rally.

The TON token is currently valued at $1.93, according to CoinGecko data. If this bullish momentum and the buying pressure continue to build, investors could see Toncoin return to the $2 mark. 

However, technical indicators do not seem to be in favor of the bullish momentum continuing. The daily Relative Strength Index (RSI), an indicator that tracks the balance between the buying and selling pressure of a token, is currently in the oversold region.

The daily RSI in the oversold zone can be an indication of a potential trend reversal. In this situation, this means that investors could see Toncoin reverse all its gains and embark on a downward trend.

Can Toncoin Break Into The Top 10 Crypto Ranking?

This recent positive performance has catapulted Toncoin onto the verge of becoming one of the top 101 largest cryptocurrencies by market cap. According to CoinGecko data, TON is the 12th-largest cryptocurrency with a market cap of roughly $6.64 billion.

This puts it ahead of Polkadot, Polygon, and Litecoin, who occupy the 13th, 14th, and 15th positions, respectively. If TON continues its current price rally in this existing market condition, breaking into the top 10 ranking might be a possibility.

Interestingly, a significant 92% increase in the token’s daily trading volume adds further optimism to this scenario. An increase in trading volume can be a signal that investors are still dabbling into an asset.

With this, it would only be short-sighted to rule out more gains for the altcoin in the coming weeks.

In the last 48 hours, the XRP market has witnessed a significant amount of large-scale transactions, drawing much attention from the general crypto space. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1. 

Ripple Transfers 75 Million XRP To Unknown Wallet In Whale Buying Spree

Through a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be inferred that the XRP market witnessed four major whale transactions. 

The biggest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to the other. In this context, unknown wallets refer to addresses with no affiliation to a crypto exchange. 

Furthermore, there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065, 809 from an unknown wallet to the Binance exchange. 

However, the most notable transaction that caught most traders’ eye came from Ripple, the company behind the XRP cryptocurrency. 

75,000,000 #XRP (37,058,145 USD) transferred from #Ripple to unknown wallethttps://t.co/MIAbaaLoOS

— Whale Alert (@whale_alert) September 1, 2023

Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. 

Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company could be intending to soon offload those tokens on an exchange. This speculation has led to most investors predicting an incoming market dump. 

Ripple also conducted other transactions on September 1, locking about 800,000,000 XRP in escrow. 

However, this does not raise any concern as the crypto payment firm is known to release 1,000,000,000 XRP at the start of every month before proceeding to lock up about 80% of the new tokens a few hours later. 

XRP Records 7-Month Highest Transaction Volume Among Other Positives

Following the massive transactions in the XRP market, on-chain analytics firm Santiment has provided a report highlighting some of the effects of these whale movements.

According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seven highest value of this metric in the XRP market over the last seven months. 

The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the token’s highest-circulating supply since May 31. In addition, XRP development activity was also reported to be on the high side.

At the time of writing, XRP still finds itself struggling amid a general market downturn. The fifth-largest cryptocurrency trades at $0.4983 with a 1.88% loss in the last day, according to data from CoinMarketCap.