Key Points:

Six spot Ethereum ETF applicants, including Fidelity and ARK Invest, amended filings to exclude staking provisions after SEC feedback.

Experts believe removing staking boosts Ethereum’s legitimacy and staking returns.

Six proposed spot Ethereum ETF applicants have updated filings in response to comments from the Securities and Exchange Commission in the eleventh hour.

Read more: What Is A Spot Ethereum ETF? How Important Is The New Ether ETF?

Spot Ethereum ETF Applicants Are Actively Preparing for SEC Approval

In total, the spot Ethereum ETF applicants include VanEck, Fidelity, Franklin Templeton, ARK Invest, Grayscale, and Invesco Galaxy. Such amendments filed with the Cboe exchange include the changes in response to the SEC's concerns and notably remove staking on the Ethereum blockchain for possible ETFs.

Fidelity, Franklin Templeton, and ARK 21Shares specifically removed clauses on the validation of Ethereum proof-of-stake from their proposals. In its revised filing, Fidelity emphasized that neither the Trust nor its related parties would stake in the cryptocurrency. Grayscale also made the same statement in its proxy, removing the staking provisions.

Industry Experts Praise Removal of Staking Provisions

Such changes would be made to satisfy SEC requirements. Adam Cochran, a partner at Cinneamhain Ventures, and Ryan Berckmans, an investor in Ethereum, both noted that removing staking could help the overall Ethereum ecosystem by increasing the staking returns and legitimacy of Ethereum without adding risks associated with an ETF.

The Cboe exchange posted these revised 19b-4 filings in a 25-minute window on May 21, according to Bloomberg ETF analyst James Seyffart. While the revised filings are a step toward launching, the ETFs still cannot launch until the SEC also approves the corresponding S-1 registration statements. Seyffart noted further that the road to the approval remains long, with revisions still needed for the S-1 forms.

Although the 19b-4 forms might get approved as soon as Thursday, coinciding with VanEck and Cboe's deadline, the SEC's position on staking has led to strategic changes by the applicants for the spot Ethereum ETF. According to Bloomberg ETF analyst Eric Balchunas, the SEC's aversion to allowing staking in ETFs is due to political reasons, pointing out a complex regulatory environment for these financial instruments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

The post Bitcoin Below $70K Reveals Bull Trap, Will BTC Price Drop To $65K? appeared first on Coinpedia Fintech News

Following the massive overnight recovery of 7.73%, Bitcoin price reveals exhaustion in buyers to sustain the trend. The BTC price took a 1.7% dip last night and is starting the Asian trading hours on a bearish tone. 

Trading under the $70K levels, the buyers are taking the heat from overhead supply as the bull trap reveals itself. Will the short-correction start a bearish avalanche to slide the BTC price under the $65K mark? Or is it just a retest before a massive surge to a new all-time high?

Let’s look at our detailed price analysis for a clearer view of the BTC price trend. Further, you can check out our Bitcoin price prediction to find out the chances of Bitcoin hitting the $100,000 milestone this year.

BTC Price Performance

Almost reaching an all-time high, the BTC price fails to sustain the rally above $71K, resulting in a turnaround within 24 hours. Bitcoin takes a dip of 1.77% and retests the 23.60% Fibonacci level at $68,823 with a lower price rejection. 

Tradingview

The lower price rejection bolsters the bullish point of view, and the post-retest reversal to continue the prevailing trend. Further, the bullish breakout of the flag pattern teases a jump beyond the all-time high at $73,794.

However, on closer inspection, the $71,400 level is now rejecting the bullish attempt for the third time. Hence, a high supply zone is visible and warns of a bearish turnaround. 

Currently, the BTC price trades at $69,758 with an intraday drop of 0.54%. This reflects a bearish continuation and pressures the $68,823 support. 

Bitcoin ETFs Mark 7D Positive Streak

On May 21, Bitcoin spot ETFs saw a significant inflow of $306 million, continuing a trend of seven consecutive days of net inflow. Grayscale’s GBTC had no net outflow for the day, while BlackRock’s IBIT saw a substantial single-day inflow of $290 million. 

Sosovalue

Overall, the total net asset value of Bitcoin spot ETFs reached $58.910 billion. This consistent inflow indicates strong investor confidence and interest in Bitcoin through these ETFs.

Bullish Funding Rates Ignore The Trap

Over the last 7 days, the Open Interest of Bitcoin has surged by 15.5% to reach $16.76 billion, indicating increased market liquidity and volatility. On the other side, the funding rate at 0.00803132 signifies that the long traders are dominant, supporting the bullish viewpoint. Hence, the derivatives data suggest an overall stronger bullish side for the BTC price trend.

On-Chain Reveals Investors’ Confidence

Bitcoin’s transfer volume has increased by 106.44% to hit 924,412.09 over the past 7 days, reflecting a boom in transaction activity. In support, the Binary CDD value of 0.28571428 indicates that long-term holders refuse to book profits, reflecting a strong underlying confidence in Bitcoin. Thus, the data supports a bullish outlook, with a potential BTC price surge coming soon.

Will The BTC Price Sustain Above $68K?

Despite the bullish reversal from the $71K levels and the breakdown of $70K, the overall sentiment for Bitcoin remains bullish. As the talks of the Ethereum ETF fill up the market, the BTC price is expected to continue the uptrend, with growing attention on the crypto world. 

Moreover, the retest story might soon play out to prolong the upside rally in Bitcoin and break past the $74K mark. In such a case, the next stop this month could be $79K.

However, a reversal crashing under the $68K level might retest the $65K zone. 

Key Points:

ZkSync token generation will be launched soon, with an airdrop anticipated around June 13.

21 billion tokens are set for release, though ticker issues with ZK may arise due to a prior claim by Polyhedra Network.

Layer 2 network ZkSync is gearing up for the ZkSync token generation event (TGE) this week, as reported by The Block.

ZkSync Token Generation Event Readies For Its Launch and Airdrop

Following the ZkSync token generation, a token launch and airdrop are on the horizon within the next month, with an expected airdrop date around June 13, preceding Blast's token airdrop scheduled for June 26.

The total supply of ZkSync tokens will amount to 21 billion, according to the same sources. While ZkSync aims to adopt the ticker symbol ZK for its token, complications have arisen due to the prior claim of this ticker by Polyhedra Network. Nevertheless, ZkSync may still opt for ZK, especially considering that Polyhedra's token is yet to be listed on Binance.

Regarding decentralization, Matter Labs, the driving force behind ZkSync, is currently navigating the process, although concrete plans have yet to be finalized. The company has teased a token launch and airdrop by the end of June, with plans to expedite the protocol's decentralization through an impending upgrade.

Funding and Support for ZkSync's Development

ZkSync, a member of the zk-Rollup family, tackles scalability and transaction fee issues plaguing the Ethereum network. Since the launch of its Era mainnet in March 2023, ZkSync has committed to token issuance within a year.

This commitment, coupled with an airdrop policy, attracted considerable attention from cryptocurrency investors, resulting in a peak Total Value Locked (TVL) of nearly $200 million, which has since been tapered to $141 million. Presently, ZkSync occupies the eighth position among Ethereum layer-2 solutions by TVL.

Matter Labs has received substantial backing from prominent investors, including Andreessen Horowitz (a16z), Dragonfly Capital, and Blockchain Capital, raising $258 million in funding and establishing a $200 million ecosystem development fund.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

On May 20, the price of Ether (ETH) surged over 18% after Eric Balchunas, a senior analyst at Bloomberg, raised the approval odds for the Ethereum exchange-traded fund (ETF) from 25% to 75%. Balchunas noted that the United States Securities and Exchange Commission likely faced political pressure, as their previous position showed little engagement with ETF applicants.

Source: Eric Balchunas

Balchunas further mentioned that the SEC is reportedly asking exchanges like the NYSE and Nasdaq to update their filings, although there has been no official confirmation from the regulator. Nonetheless, Nate Geraci, co-founder of the ETF Institute and president of the ETF Store, stated that the final decision is still pending regarding the registration requirement for individual funds (S-1s).

Source: Nate Geraci

According to Geraci, the SEC could approve the exchange rule changes (19b-4s) separately from the fund’s registration (S-1), which could technically be delayed beyond the May 23 deadline for VanEck’s Ethereum spot ETF request. This allows the regulator additional time to review and approve these documents, considering the complexities and risks associated with structures involving Proof-of-Stake (PoS) cryptocurrencies.

Analyzing the impact on the upcoming $3 billion ETH options expiry

The impending decision on the spot Ethereum ETF has significantly heightened interest in the weekly and monthly ETH options expiries. At Deribit, the leading derivatives exchange, Ether options open interest for May 24 is recorded at $867 million, while for May 31, it reaches an impressive $3.22 billion. In comparison, CME’s monthly ETH options open interest stands at just $259 million, with OKX at $229 million.

The call-to-put ratio at Deribit heavily favors the call (buy) options, indicating that traders have been more active in purchasing them than the put (sell) options.

Deribit May 24 ETH options open interest, in ETH terms. Source: Deribit

If Ether's price stays above $3,600 on May 24 at 8:00 a.m. UTC, only $440k of the put instruments will be involved in the expiry. Essentially, a right to sell ETH at $3,400 or $3,500 becomes irrelevant if it trades above these levels.

Meanwhile, the holders of call options up to $3,600 will exercise their right, securing the price difference. This scenario results in a substantial $397 million open interest favoring the call options if ETH remains above $3,600 at the time of the weekly expiry.

The stakes are even higher for the monthly ETH expiry on May 31, as 97% of the put options are priced at $3,600 or lower, rendering them worthless if Ether’s price exceeds this threshold.

Bullish strategies vastly benefited from ETH’s rally above $3,600

Deribit May 31 ETH options open interest, in ETH terms. Source: Deribit

Although the final outcome will likely be far from the potential $3.22 billion open interest, it will significantly favor the call options. For instance, if Ether's price reaches $4,550 on May 31, the net open interest will favor call options by $1.92 billion. Even at $4,050, the difference remains favorable to the call options by $1.44 billion.

Related: SEC rumored to be reconsidering spot Ether ETF denial, say analysts

It's important to highlight that a trader could have sold a put option, thereby gaining positive exposure to Ether once it surpasses a certain price. Likewise, a seller of a call option benefits when the price of ETH falls, and more intricate strategies can be implemented using various expiry dates. Unfortunately, estimating this effect is not straightforward.

Ultimately, Ether's unexpected 18% increase took option traders by surprise, setting the stage for a substantial benefit to bullish strategies. These profits are likely to be reinvested to maintain the positive momentum, which bodes well for Ether's price following the expiry.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ether (ETH) surged 10% on Monday in the span of a few minutes following credible rumors that the asset could receive its own spot ETF in the United States within days.

ETH traded for $3150 on Monday at 17:44 UTC, before surging to $3450 within 25 minutes.

This followed a tweet from Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were upping their odds of ETH ETH approval this month from 25% to 75%.

“Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied),” he explained.

Earlier this month, the US House and Senate passed H.J.Res.109 – a resolution to scrap an anti-crypto banking rule previously established by the Securities and Exchange Commission (SEC).

The resolution passed both chambers with bipartisan support despite a promise from President Joe Biden to veto the act if it reached his desk, showing that many Democrats don’t respect the anti-crypto position adopted by their party’s leadership.

Seyffart confirmed that his and Balchunas’ accounts were not hacked and that their odds changes were based on input from multiple sources. “Should see a bunch of filings over coming days if we’re correct,” he added.

Fox Business reporter Eleanor Terret also said on Wednesday that she’d received input from a prospective ETF issuer that things are “evolving in real time” regarding the approval of their application.

Bitcoin also pumped on the news, rising 5% to $69,850 on Monday. According to Coinglass, the crypto market has experienced $226 million in liquidations within the past 24 hours.

The post Here’s Why ETH Just Exploded 10% Back To $3400 appeared first on CryptoPotato.

Already modestly higher during U.S. trading hours Monday, the price of ether {{ETH}} jumped more than 10% after two well-followed Bloomberg ETF analysts greatly upped their odds of the U.S. Securities and Exchange Commission approving spot ETH ETFs.

"James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied)," tweeted Bloomberg Senior ETF Analyst Eric Balchunas.

Things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%. https://t.co/3WJ8kx9d8k

— James Seyffart (@JSeyff) May 20, 2024

The SEC this week faces a number of final deadlines on the spot ETF approvals/denials after having delayed decisions on the funds a number of times.

Bitcoin {{BTC}} is adding to gains alongside ETH's advance, now higher by more than 5% and just shy of the $70,000 mark.

This is a developing story. Please check back for updates.

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What is Pepe Coin?
What is PEPE coin and how does it work?
History of PEPE coin

What lies ahead for PEPE?
Why is PEPE rising?

Pepe currency price forecast:

Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), might have gone into hibernation forever; however, the display of respect for him just took a new turn. A meme coin project, Pups Token (PUPS) hosted on Bitcoin, just sent 90% of its entire holdings to a Satoshi Nakamoto address, according to insights from data analytics platform Arkham Intelligence.

The intention of the Pups Token team was not so benevolent as the goal was to sacrifice an Ordinal by sending it to Satoshi. In the process, they moved the funds in their treasury unknowingly. Considering the fact that Satoshi Nakamoto remains unknown, retrieving the funds remains almost impossible for the team.

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While Satoshi’s address cannot be classified as a dead wallet, the inaccessibility of the funds, worth about $7,000 at the time of the transfer, remains impossible. There are some upsides to this unexpected twist as the remaining Pups Token might gain additional value over time.

Someone accidentally sent 90% of their BTC holdings to Satoshi Nakamoto last night.They were attempting to sacrifice an ordinal for @PupsToken, but accidentally sent almost their entire wallet balance as well - around $7K in BTC.Stay safe.Track Satoshi on Arkham:… pic.twitter.com/eOfIkFQXjP

— Arkham (@ArkhamIntel) May 18, 2024

At the time of writing, PUPS Ordinals has recorded a 7.6% drop in its price in 24 hours to $15.9 per token. While the outlook for the team itself looks bleak, the project might survive this blunder considering that the gifted amount is a negligible fraction of the market capitalization worth around $122,885,856.

Meme coin projects are fond of giving gifts to the leaders in the domiciled ecosystem. This practice began with Shiba Inu (SHIB), which gifted Ethereum cofounder Vitalik Buterin a significant portion of its circulation supply at inception. The tokens, worth over $7 billion at their peak, were burnt by Buterin, helping to boost the valuation of the assets.

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This gesture by Buterin set a major precedent that other projects have tried to emulate to date. In the case of PUPS, the precedent set served as another reminder to innovators and users alike to be cautious with transactions, as many are irreversible.

The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has reached a crucial juncture, with reports suggesting a potential settlement on the horizon. 

CryptoGeek recently announced on the social media platform X that the SEC has offered a settlement with Ripple’s CEO. This news has sparked speculation about the future of XRP, with the analyst predicting a potential price surge to $18.57 per XRP.

BREAKING: SEC OFFERS SETTLEMENT WITH RIPPLE CEO – $18.57 PER #XRP!! pic.twitter.com/ttm9Ksx606

— CryptoGeek (@CryptoGeekNews) May 20, 2024

The lawsuit between the SEC and Ripple has been a major factor influencing XRP’s market performance. Although a court declared XRP non-secure last year, the ongoing legal proceedings have continued to create uncertainty. With the case now reportedly nearing its conclusion, a settlement could have substantial effects on XRP’s price and market perception.

Crypto influencer Ben Armstrong, also known as BitBoy Crypto, has echoed this sentiment, suggesting that a settlement would likely lead to an increase in XRP’s value. Armstrong shared his insights during an interview with Fox News, emphasizing the potential for a parabolic price run for XRP once the legal status is clarified.

Market Performance and Predictions

At the time of reporting, XRP was trading at $0.5143, reflecting a slight decline over the past 24 hours, according to CoinMartketCap data. Despite this, trading activity has surged, with a 24-hour volume increase of 70.18%, indicating heightened market interest. The current market capitalization of XRP stands at around $28.266 billion, maintaining its position as the seventh-largest cryptocurrency by market cap.

XRP/USD 1-day price chart (Source: CoinMarketCap)

CryptoGeek’s prediction of XRP reaching $18.57 per token is based on the anticipated positive outcome of the SEC settlement. If the settlement is finalized and XRP is no longer classified as a security, market confidence could rise, potentially leading to substantial price increases.

CTF Token’s Potential and XRPL’s DeFi Capabilities

In addition to XRP, attention has also been drawn to the CTF Token, a top performer on the XRP Ledger (XRPL). Analysts speculate that the token could see a dramatic increase in value, potentially reaching $1937, despite holding less than 25% of XRP’s market share.

The XRPL itself is poised to handle $1 trillion in DeFi transactions, highlighting its growing importance in the cryptocurrency ecosystem. As the only DeFi token in the top 10 on the XRPL, the CTF Token’s performance is being closely watched by investors and market analysts.

BREAKING: SEC JUST Cancelled Their Ripple Settlement Meeting. #xrp #rippleThe #XRPL is poised to handle $1 trillion in DeFi transactions. Among the top 10 DeFi tokens on the #XRP Ledger, the CTF Token is the only one. The CTF Token, currently priced at $0.87, has the… pic.twitter.com/AHkjhhgeN4

— CryptoGeek (@CryptoGeekNews) May 20, 2024

Final Phases of the SEC v. Ripple Case

The SEC v. Ripple case is currently in its final stages, with both parties having filed the necessary remedies-related briefs. Today marks the deadline for filing letter briefs in opposition to the omnibus sealing motions. Following this, the court is expected to issue a verdict regarding these motions, after which redacted versions of all relevant documents and exhibits will be publicly filed within 14 days.

The post SEC Settlement with Ripple CEO May Skyrocket XRP to $18.57, Says Analyst appeared first on Coinfomania.

The post BitBoy Crypto Predicts Massive XRP Price Surge with Ripple vs SEC Settlement appeared first on Coinpedia Fintech News

BitBoy Crypto, a notable figure within the cryptocurrency sphere, has offered insights into the potential ramifications of a settlement between Ripple vs SEC regarding the ongoing legal dispute. He suggests that such a resolution could trigger a substantial surge in the value of XRP, Ripple’s native cryptocurrency. At the same time, a settlement might confirm that XRP is not a security, clearing up a big regulatory issue that has held it back.

XRP Price to Explode if this happens 

In an interview with Fox News, BitBoy Crypto, also known as Ben Armstrong, shared his perspective on the matter, drawing attention to his sources’ indications of an impending settlement between Ripple and the SEC. He thinks this event could trigger an upside movement in XRP price, especially at the start of the bigger bull market. Armstrong’s claims have been met with interest and anticipation within the crypto community, especially among XRP investors who have been closely following the Ripple vs SEC case.

Latest update on Ripple vs SEC

The SEC v. Ripple lawsuit is nearing its conclusion, with both parties submitting final legal briefs. Today’s deadline marks an important step as the court will rule on sealing motions. If the court decides to keep Ripple’s information private, it could boost XRP’s price and make investors feel more positive. However, investors might be worried if the SEC gets its way and more details come out. After today’s hearings, the judge will decide which information will stay private. Then, within 14 days, the parties will make redacted versions of the documents public.

XRP to See Major Change, If 

Even though a court previously said that XRP was not a security, the ongoing lawsuit has continued to impact the cryptocurrency. Price action has been slow because investors aren’t sure how XRP will be regulated, negatively affecting their trust in XRP. XRP’s value has hit resistance around $0.530 and support near $0.4965. It is currently moving around $0.515.

Moreover, BitBoy’s reference to a “parabolic run” in XRP’s price during the first half of the bull market underscores the potential magnitude of the anticipated price movement. A parabolic run typically shows there will be a massive price surge in a short duration, suggesting a significant uptrend for XRP if his prediction comes true.

XRP Price to hit $18?

In addition to BitBoy Crypto’s insights, another crypto analyst, Dark Defender, has offered his projections for XRP’s price trajectory. Utilizing the Elliot Wave theory, the analyst suggests that XRP could hit $18 during the bull run. However, he also acknowledges the possibility of short-term fluctuations, with XRP potentially experiencing a drop to $0.39 before initiating a bullish recovery.

Even with Ripple vs. SEC ups and downs, XRP is rising. Is it the right time to grab XRP before it rises? Tell us your views.

Dogwifhat, dog-themed memecoin, that witnessed a substantial upside move recently has commenced descending triggered by a couple of elements. However, WIF value plummeted over 12% today as memecoin craze concluded with the correction in GameStop (GME) stock price. In addition, Among the top 100 cryptocurrencies based on market cap, memecoins such as WIF, BOME, PEPE, and FLOKI spearheaded the decline in the crypto market, affirming it’s a meme token-led downfall.

Dogwifhat (WIF) Price Plummets 12%

WIF value dropped 12% in the past 24 hours, with the value currently trading at $2.58 at the time of writing. The 24-hour low and high are $2.53 and $2.89, respectively.

Whales and traders are offloading dogwifhat to lock in profits early as GameStop and AMC Theatres prices descended after the recent FOMO for upside. Meanwhile, GameStop value descended after a spectacular rally last week, plummeting more than 20% today after reaching a 52-week high of $64.83.

Coinmarketcap

A whale sold 732,481 WIF worth $1.85 million. In addition, this whale procured the WIF holdings for $2.18 million but opted to sell complete WIF holdings at a loss. Other whales have echoed the same sentiment to unload their holdings in WIF.

Meanwhile, traders are also liquidating their positions in WIF as it even fails to reach short zones and chart patterns signal extensive selling upcoming in dogwifhat. Crypto analysts have identified $2.5 as the pivotal support level to watch. If WIF loses this support level, the subsequent drop will be around $1.6.

Is The Memecoin Craze Over?

The memecoin hype witnessed recently was instigated by GameStop rally. Moreover, as the GME value descended, so did the memecoins including BOME, PEPE, and FLOKI values.

Notably, derivatives traders have not begun offloading WIF. Moreover, the WIF exchange futures open interest surged nearly 5% in the past 24 hours. The high confidence in derivatives traders could steer the market action next week. Traders are likely to crash WIF next week if the pivotal support is breached.

The post WIF Selloff Alert: Dogwifhat Plummets On Various Factors first appeared on The VR Soldier.

TL;DR

XRP trades around $0.52, with some analysts predicting potential rises to $5.85, $18.22, and even up to $100, although extreme targets are unlikely.

The ongoing lawsuit between Ripple and the SEC significantly affects the asset’s price, with the company’s partial court wins boosting optimism for a potential bull run.

The Odds of a Ridiculous XRP Rally

Despite a brief price surge above $0.70 in mid-March, Ripple’s XRP has not positioned itself among the best-performing cryptocurrencies this year. It currently trades at around $0.52 (per CoinGecko’s data), which is a minor increase compared to the figure witnessed a month ago. 

Numerous analysts believe the asset can break out of its current price position and head toward somewhat outrageous targets. One example is the X user Dark Defender, who thinks XRP can rise to $5.85 and later to a whopping $18.22:

“As long as these are maintained, our 5 Elliott Wave structure targeting $5.85 & $18.22 remains the same. And any further moves between $0.3917 to $0.6649 are side moves and are normal.”

Earlier this year, the analyst set an ever more ambitious target of $20, while EGRAG CRYPTO warned the XRP army to “stay steady” since a price “ignition” might be on the horizon.

One of the most bullish price predictions this year was outlined by JackTheRippler, who forecasted an ascent to a whopping $100.

Still, none of the aforementioned can be compared to CryptoBull’s analysis from 2023. Back then, the X user suggested that XRP may skyrocket to a staggering $470 sometime in the future.

It is worth mentioning that this level would most likely remain a mirage since the asset’s market capitalization should explode above $200 trillion for this to happen. Currently, the entire market cap of the crypto industry stands at “just” $2.5 trillion. 

The Impact of the Ripple v SEC Lawsuit

Many consider the lawsuit between the two entities a major factor contributing to XRP’s price movements. The case, which started in December 2020, recently entered its trial phase, and some view the US SEC as the underdog due to Ripple’s three partial court wins secured throughout 2023. 

The legal battle has undergone numerous developments recently, and according to the American lawyer Jeremy Hogan, both parties now expect the judge’s ruling.

A decisive victory for Ripple may resonate into a bull run for XRP, while the opposite scenario could halt the asset’s upward movements as it did back in December 2020 when the agency initially went after the company. Those curious to learn more about the lawsuit and its specifics, please take a look at our dedicated video below:

The post The Most Outrageous Ripple (XRP) Price Predictions This Year appeared first on CryptoPotato.

Fantom (FTM) has turned out to be one of the biggest gainers over the past few weeks riding on the bullish momentum. Data suggests that investors are increasingly betting on the Fantom blockchain. This is linked to the upgrade named Sonic. The update promises enhanced performance and a series of airdrops.

Fantom price zooms

Data shows that, since validators began updating their software on Tuesday, Fantom price has surged by 25%. According to data provided by DefiLlama, the total value of crypto deposited in its decentralized finance (DeFi) ecosystem has also climbed by 20% to hit $147 million. 

The Sonic upgrade looks to boost Fantom’s transaction capacity to 2,000 transactions per second. This will be up from its current limit of 200. However, it will enhance security, liquid staking, and throughput via zero-knowledge technology.

Fantom price has jumped by around 110% in the last 90 days. FTM jumped by another 8% in the last 24 hours. It is trading at an average price of $0.865, at the press time. It is still down by 75% from its all time high (ATH) of $3.48 recorded on October 28, 2021. Its 24 hour trading volume stands at around $475 million. Fantom is holding a market cap of over $2.42 billion.

Fantom Foundation CEO Michael Kong emphasized that the more users interact with the network, the higher their potential airdrop rewards. However, specific details about the airdrops remain undisclosed to prevent opportunistic users from exploiting the system.

What’s the update about?

For Sonic to be implemented network-wide, two-thirds of Fantom’s 60 validators need to complete the software upgrade. As of Friday, 25 validators had done so. This upgrade is seen as a crucial test for Fantom’s recovery following a severe hack in 2023 that undermined a related protocol.

Fantom, founded by notable DeFi figure Andre Cronje, was once a leading blockchain with nearly $8 billion locked in its DeFi ecosystem. It was touted as an “Ethereum killer” alongside other low-cost, high-speed networks like Avalanche, Solana, Terra, and Tron. 

However, it suffered a significant setback after the Terra collapse in 2022 and further damage when the Multichain protocol experienced a hack, losing $125 million in cryptocurrencies. This hack particularly affected Fantom users who used Multichain to transfer assets between different blockchains.

Bitcoin maximalist and financial journalist Max Keiser continues his verbal war against altcoins and their proponents. Once again, he has taken a jab at XRP and Ripple CEO Brad Garlinghouse. Keiser expects the coin to collapse hard in the future against Bitcoin.

Max Keiser Slams XRP, Predicting Price Crash

Max Keiser, the advisor to El Salvador’s president, has again taken to the X social media platform to bash the Ripple-affiliated crypto XRP.

This time, Keiser claimed XRP was designed by Brad Garlinghouse, the Ripple chief executive officer, “to steal billions from witless fools”. Keiser added that XRP “will continue trending to zero against Bitcoin.” For him, BTC is the “Perfect Money sent by God to unfuck our money.”

XRP will continue trending to zero against #Bitcoin #Bitcoin is Perfect Money sent by God to unfuck our money. XRP is dogsh** pooped out by Brad to steal billions from witless fools like John Deaton. https://t.co/Q6twTS8Qy5

— Max Keiser (@maxkeiser) May 16, 2024

Notably, the Bitcoin OG deliberately refused to point out that XRP was actually launched in the market a few years before Garlinghouse took office at Ripple.

Keiser Lauds Centralized USDT

Although Max Keiser is a staunch Bitcoin advocate, he has recently started liking Tether’s USDT stablecoin. Keiser notes that USDT is centralized but still believes it’s a tool to obliterate the United States dollar.

Keiser then elaborated on why many people are converting their fiat money into USDT to access banking services. “Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services,” he tweeted, and “they use Tether like USD.”

It’s a centralized, play-money proxy to the $USD Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services. They use Tether like $USD Tether, in turn, swaps all the fiat money people send them for US Treasuries… https://t.co/CTuxLgsGst

— Max Keiser (@maxkeiser) May 16, 2024

Keiser’s endorsement of Tether could stem from the firm’s recent decision to allocate 15% of its net profits to purchasing BTC.

Meanwhile, Tether has minted another $1 billion worth of USDT on Ethereum and Tron over the past 24 hours, bringing its market cap above $111 billion.  In the past year alone, Tether has minted a total of $31 billion USDT. Historically, Tether’s minting of USDT has catalyzed Bitcoin’s rally to new highs.

AI tokens backed by giants like Google could see 100x returns.
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Here's why I believe AI is the best sector for accumulation during the upcoming alt season. AI has become the hottest trend in 2024, influencing both the crypto world and our daily lives. Its integration has simplified many aspects of life, marking a revolutionary change that's here to stay.

We know that hype drives growth, which is crucial in this space. Many are panicking due to the market dump, thinking the bull run is over. Remember, markets are cyclical, and human emotions influence them. If you think this cycle will be different with 95% certainty, you might be mistaken, just like many were in past bull markets.
This could be the perfect time to enter the market, as a significant bear market is expected to begin in 2025. Seize this opportunity to maximize your profits now. I've conducted thorough research on the entire crypto AI sector, and here are the top 10 I discovered.

$AI → @SleeplessAI_Lab (On Twitter - X Account)
Sleepless AI is a Web3 platform leveraging Artificial Intelligence Generated Content (AIGC) and Large Language Models (LLM) to provide diverse gaming experiences. Players can interact with virtual characters in the game as if they were interacting with real people.

Key metrics:
Ticker: $AI Market Cap: $144.63MFDV: $1.12BUnlocked: 14.09% of total supply

$NAVI - @AtlasNavi (On Twitter - X Account)
Atlas Navi is the first Drive to Earn (DE) navigation app that uses AI and your smartphone camera to navigate traffic efficiently. It detects road conditions, accidents, traffic in each lane, available parking spaces, police vehicles, and reroutes drivers to avoid congested roads.

Key metrics:
@ardizor • 56m
Ticker: $NAVIMarket Cap: $20.96MFDV: $71.5MUnlocked: 29.29% of total supply

$GLQ - @graphling_proto (On Twitter - X Account)
GLQ is the no-code blockchain for Web3 automation, dApps, and AI. The GraphLing Protocol includes the GraphLinq IDE, Instant Wizard App, Engine, and Marketplace, making it easy for users to create and deploy with just a few clicks.

Key metrics:
Ticker: $GLQMarket Cap: $32.75MFDV: $48.16MUnlocked: 68.00% of total supply

$ENQAI - @enq_AI (On Twitter - X Account)
In the fast-paced world of artificial intelligence, a revolutionary project has emerged: enqAI. This innovative platform stands out by harnessing the potential of decentralized technology to provide uncensored, impartial, and limitless AI services.

Key metrics:
Ticker: $ENQAIMarket Cap: $47.6MFDV: $49MUnlocked: 97.3% of total supply

$AQTIS - @AQTIS_IO (Twitter - X Account)
AQTIS is a smart liquidity protocol powered by AI and quantitative technology. As a pioneering DeFi project, AQTIS is dedicated to creating Liquid Staking Tokens (LSTs) using proprietary software that leverages AI and quantitative tech.

Key metrics:
Ticker: $AQTISMarket Cap: $13MFDV: $19.5MUnlocked: 66.6% of total supply

$PALM - @palmaierc (Twitter - X Account)
Palm AI specializes in creating on-chain AI integrations with practical real-world applications that generate revenue for its holders. $PALM serves as the utility token for PaLM AI, a versatile AI chatbot available across multiple platforms.

Key metrics:
Ticker: $PALMMarket Cap: $71.53MFDV: $71.53MUnlocked: 100% of total supply

$EMC - @EMCprotocol (Twitter - X Account)
EMC Protocol is a blockchain and peer-to-peer network-based edge computing protocol. It integrates smart contracts, decentralized storage, and consensus mechanisms for transaction validation.
Key metrics:
Ticker: $EMCMarket Cap: $23.24MFDV: $764.84MUnlocked: 3.01% of total supply

$GPU - @NodeAIETH (Twitter - X Account)
Node AI is a pioneering decentralized platform offering easy access to GPU and AI resources. It leverages blockchain technology to create a transparent and secure ecosystem. Users can rent AI nodes, provide GPU power, stake tokens for earnings, and integrate AI capabilities into their operations.

Key metrics:
Ticker: $GPUMarket Cap: $131.12MFDV: $135.12MUnlocked: 98.86% of total supply

$CGPT - @Chain_GPT (Twitter - X Account)
ChainGPT is more than just a single artificial intelligence model; it forms an ecosystem of AI-powered utilities and tools designed to assist individuals, blockchain developers, and enterprises in various aspects of the cryptocurrency and blockchain realm. Contact us to learn more about our products.

Key metrics:
Ticker: $CGPTMarket Cap: $108.216MFDV: $231.1MUnlocked: 45.65% of total supply

$SPEC - @Spectral_Labs (Twitter - X Account)
Spectral Labs is pioneering the Onchain Agent Economy for Web3. Our flagship product, Spectral SYNTAX, is a language model that transforms natural language into Solidity code, empowering users to build their own onchain agents.

Key metrics:
Ticker: $SPECMarket Cap: $109.47MFDV: $1.04BUnlocked: 100% of total supply

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The cryptocurrency market has experienced a fair share of turbulence lately, with many projects, including Polygon (MATIC), seeing their prices dip. However, a renewed sense of optimism is brewing as investors eye the potential for a MATIC price recovery. 

This article explores the factors contributing to this sentiment, while also diving into the exciting presale success of Algotech, a revolutionary AI-powered trading platform. Let’s begin!

MATIC on the Rise: Price Uptick Hints at Potential Recovery

Despite the recent market-wide slump, the Polygon ecosystem is buzzing with activity. MATIC, the native token of Polygon, is currently trading at $0.715, reflecting a 5% increase in the past 24 hours. This positive momentum extends to the past week and month as well, with MATIC price experiencing a 2.83% and 5% increase respectively. The market capitalization of Polygon also experienced a recent 5% surge, currently sitting at $7,081,963,997. These positive indicators suggest that MATIC may well see similar or even better prices in the near future.

Innovation on the Horizon: Polygon Unveils 2.0 Upgrade and Scalability Solutions

Polygon is undergoing a significant transformation. This includes a shift from the $MATIC token to $POL, a new token designed for functionality across all Polygon chains. Furthermore, the network ecosystem will undergo a rebrand to Polygon 2.0, paving the way for new chains beyond the existing Proof-of-Stake chain. In terms of scalability, Polygon is actively exploring and implementing innovative solutions like zkEVM, which utilizes zk-rollups for low-cost transactions, and Miden, which offers privacy-preserving DApps.

Analysts are taking notice of these advancements, predicting a significant rebound for the MATIC price. The growing demand for efficient scaling solutions and Polygon’s expanding ecosystem contribute to this bullish outlook. While competition and scalability concerns remain on the horizon, the Polygon team is actively addressing these challenges, positioning MATIC for a potential price recovery.

Algotech Pre-Sale: A Rising Star in AI Trading

While established projects like Polygon are proving their worth, the cryptocurrency space is also fertile ground for innovative newcomers. Algotech is a prime example, offering a revolutionary solution for navigating the fast-paced world of crypto trading: an AI-powered algorithmic trading platform. 

Algotech leverages the power of artificial intelligence and machine learning to analyze vast amounts of market data, identifying potential trading opportunities and helping users make informed decisions. The platform boasts a user-friendly interface and customizable strategies, making it accessible to both seasoned traders and those just starting out. 

The ongoing presale of Algotech’s native token ALGT has seen immense demand from investors, reflecting the strong belief in the platform’s potential. The ALGT started with the price of $0.02 and is currently selling for $0.08, giving early investors 100% ROI. 

Participating in the presale offers potential benefits like discounted token prices and early access to the platform, making it an attractive opportunity for those looking to be part of the Algotech revolution.

Final Thoughts

The potential for a MATIC price recovery, coupled with the innovative approach of Algotech, paints an exciting picture for the future of cryptocurrency. While thorough research is crucial before making any investment decisions, both MATIC and Algotech present compelling opportunities for investors looking to navigate the ever-evolving crypto landscape. Don’t miss out on the potential of these groundbreaking projects!

For more details about this project:

Visit Algotech Presale

Join The Algotech Community

Despite unfavorable approval odds from several crypto analysts and the broader crypto community regarding Ether exchange-traded funds (ETF) approval by the United States Securities and Exchange Commission (SEC), some analysts suggest that "there is room for surprise."

“If by some chance the SEC decides to approve then so many will be caught severely offside,” crypto trader Matthew Hyland told his 142,000 X followers in a May 17 post.

“If 90% of people think the ETH ETF will be denied, and the majority of those people think it will lead to a crypto crash then who will actually be selling?,” he added, before declaring that the expectation of denial is "priced in for crypto." At the time of publication, Ether (ETH) is trading at $3,102, as per CoinMarketCap data.

Ether is currently trading at $3,102, up 6.31% over the past 7 days. Source: CoinMarketCap

Bloomberg ETF analyst Eric Balchunas has placed his odds for approval at 35%, while the broader crypto community has set their estimates closer to the 7% mark, according to New York-based crypto predictions platform Polymarket,

Meanwhile, cryptocurrency exchange Coinbase institutional research analyst David Han believes “there is room for surprise to the upside on this decision.”

“We believe the odds of approval are closer to 30-40%,” Han stated in Coinbase’s monthly outlook report published on May 15.

Related: Filing suggests SEC is exploring grounds to deny spot Ether ETFs

Han explained that as cryptocurrency becomes a more prominent issue for voters leading up to the upcoming United States election in November, the SEC will be less likely to maintain its stance on a denial decision.

“As crypto begins to take form as an election issue, it’s also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,” he stated.

Han further argued that even if the VanEck and Ark Invest ETF applications are denied by the initial deadline of May 23, there is a high likelihood that litigation could overturn that decision.

Magazine: What do crypto market makers actually do? Liquidity, or manipulation

Various analysts predict a bullish future for Cardano (ADA), with projections suggesting the potential for a $1,000 investment to reach $1,000,000 by 2050.

Changelly forecasts Cardano reaching $458.37 by May 2050, while shorter-term analysts predict a 1500% surge to price levels crossing $7.

Recent market indicators, such as the Accumulation/Distribution Line and trading volumes, showcase ongoing accumulation and investor interest.

Cardano (ADA) has been the subject of numerous bullish predictions from analysts, with some suggesting that a $1,000 investment in the cryptocurrency could potentially grow to $1,000,000 by 2050. With Cardano’s current price at $0.46, the price would need to rise to approximately $459.88 for this milestone to be achieved.

While this target may seem ambitious to many investors, projections from various sources indicate significant growth potential for Cardano’s value over the coming decades. Changelly, for example, forecasts Cardano reaching $458.37 by May 2050. Meanwhile, shorter-term analysts are predicting a more immediate surge of over 1500%, with price levels crossing $7.

Can ADA Reach $458.37?

Changelly’s long-term projection for Cardano is particularly optimistic. By analyzing historical price data, they estimate that by 2050, the minimum price of Cardano will be around $499.68, with a maximum expected price of $567.86 and an average trading price of $524.57.

This steady increase is projected to begin in January 2050, with prices ranging from a minimum of $398.43 to a maximum of $475.51. By May 2050, the average price is expected to reach $458.37, a crucial milestone for achieving the $1 million valuation for an initial $1000 investment.

Shorter-Term Indicators Show Promise

To understand how Cardano might achieve this growth, it is crucial to examine recent market indicators. The Accumulation/Distribution Line (A/D Line) value currently stands at around 2.857 billion.

This metric, which considers the closing position of the price relative to its high-low range, indicates an ongoing accumulation of ADA, hinting at future price increases as demand continues to build.

Moreover, the Exponential Moving Average (EMA) over the last 9 months is $0.484864, reflecting a stable yet gradually increasing trend in the average closing price during this period.

Additionally, recent trading volumes are bullish, with Cardano’s most recent recorded volume at approximately 130.589 million ADA, showcasing active trading and investor interest. These trends suggest that Cardano’s price has been steadily appreciating, laying a foundation for potential growth.

The price of the native otken of the XRP Ledger, XRP, has been underperforming the wider cryptocurrency market over the last few months, having dropped around 15.6% so far this year while Bitcoin moved up 57% in the same period.

A popular pseudonymous cryptocurrency analyst, however, suggested that the price of the cryptocurrency could endure “one last nuke” before surging significantly, sharing a chart on the leading cryptocurrency exchange Binance pointing to a drop to the $0.40 mark, significantly below its current $0.518 level, as part of the cryptocurrency’s five-wave price action with a bullish divergence.

The price of the cryptocurrency, according to the shared chart, would then explode upward towards $0.747, which would represent an upside of 44% from current levels.

Hey #xrp holders could you handle one last nuke? The 5 wave counter with bullish divergence I would go all in at that point. Bear hopium? pic.twitter.com/syqZZlVEg2

— CoinsKid (@Coins_Kid) May 16, 2024

Other analysts are also bullish on the native token of the XRP Ledger, with digital content creator Block Bull pointing to a massive value increase to the point the cryptocurrency would reach the $250 mark by 2025, supporting the prediction with an analysis of historical market trends, especially those related to Bitcoin halving events.

Another cryptocurrency analyst, Jonathan Carter, has suggested XRP may be on the cusp of a significant upswing, pointing to a symmetrical triangle on the cryptocurrency’s weekly chart, from which XRP could soon break out of.

The price of XRP has been trapped within this triangle for several years, reflecting a potential tug-of-war between buyers and sellers. A successful breakout, Carter said, would see XRP move upward significantly.

Despite the bullish analysis,  the cryptocurrency market remains inherently volatile, and unforeseen events can significantly impact price movements. Additionally, the lingering SEC lawsuit, which centers around XRP’s classification as a security, continues to cloud the token’s future.

A negative outcome in the lawsuit could dampen investor sentiment and derail any potential price surge. Nevertheless, other analysts remain bullish, with Egrag Crypto recently saying a potential surge to the $4 mark is “feasible.”

Featured image via Unsplash.

The latest predictions have sparked discussion in the XRP community . Cryptobilbuwoo analysts charted an ambitious course for the cryptocurrency , with potential price targets that have some investors excited and others skeptical.
Bold Prediction: XRP Heads to $589

Cryptobilbuwoo's forecast takes inspiration from historical patterns, especially the XRP rally of 2017. By utilizing Fibonacci retracement levels, a common technical analysis tool, they see a potentially similar scenario playing out for the altcoin . Imagine a roadmap to the top.
Fibonacci levels act as checkpoints, highlighting potential resistance or support zones during price increases. Cryptobilbuwoo suggests XRP could break the $33 mark, in line with the Fib level. 1,618. This would be a significant step forward, but the real climb comes next – a projected upside to $589, based on the Fib level. 2,382.
Big Hurdle: Can XRP Reach the Top?

However, there are significant hurdles to overcome. To reach $589, the coin would need a staggering price increase of over 100,000%. This ambitious target has many market analysts raising eyebrows. It's a jump that some consider more akin to wishful thinking than a realistic market prediction.
Another crypto market analyst presented a contrasting view, suggesting XRP could even fall to zero. While this scenario seems extreme, it underscores the inherent volatility of the cryptocurrency market. At the time of writing, XRP was trading at $0.5004, down 1.4% and 4.2% on the daily and weekly timeframes, data from Coingecko showed.
Meanwhile, in the XRP community, the $589 story was the main focus. The community's excitement to see XRP at $589 is evident in the tweet below: It seems like most of the XRP community would hate to wake up tomorrow with XRP at $589, as this means they can no longer accumulate it. But then again $589 is still cheap and really nothing compared to what's actually coming!
Signs of Optimism: Fueling the Climb?

Despite the skepticism surrounding the $589 target, there are positive signs for XRP. The coin has shown resilience, consistently hovering above the psychologically important $0.50 level. Additionally, a trend of investors moving XRP off exchanges has emerged. This could indicate a more long-term bullish outlook and potentially reduce selling pressure.
Conclusion: A Measured Ascent or a Fall from Grace?
XRP's future likely lies between the extremes. The $589 target may be too optimistic, but measured upside based on technical indicators and reduced selling pressure remain a possibility.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#XRP #Ripple