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$0.22: Ripple (XRP) Bears Aim Big After Recent Slide Below $0.25

Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses. Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar. The price traded to a new weekly low at $0.2372 and it […]

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Ripple declined heavily along with bitcoin and ethereum against the US Dollar. XRP price even broke the $0.2500 support zone and it is currently correcting losses.

  • Ripple is down over 10%, and it broke the $0.2620 and $0.2550 levels against the US dollar.
  • The price traded to a new weekly low at $0.2372 and it is now well below the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct a few points, but it is likely to face hurdles near $0.2550 and $0.2560.

Ripple Price Tumbles Below $0.2500

The recent decline in Ethereum and bitcoin dragged ripple lower below the $0.2650 support. XRP extended its decline below the $0.2550 support zone and settled well below the 100 hourly simple moving average.

The bears even pushed the price below the $0.2500 support zone. The price traded to a new weekly low at $0.2372 and it is now correcting higher. There was a break above the $0.2450 resistance, plus the 23.6% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low.

The first key resistance is near the $0.2500 and $0.2520 levels. The 50% Fib retracement level of the recent decline from the $0.2674 high to $0.2372 low is also near $0.2525.

Ripple Price

Ripple price trades below $0.2500. Source: TradingView.com

More importantly, there is a major bearish trend line forming with resistance near $0.2560 on the hourly chart of the XRP/USD pair. A clear break above the $0.2500 and $0.2560 resistance levels is must for a decent recovery wave in the coming days.

The next key resistance is near the $0.2660 level, above which the bulls are likely to aim a test of the $0.2750 resistance in the near term.

More Downsides in XRP?

If ripple fails to recover above the $0.2500 resistance or the trend line, the price is likely to continue lower below the $0.2450 and $0.2440 levels.

The next major support is near the recent low and $0.2380, below which the price is likely to accelerate lower towards the $0.2320 support or even the $0.2200 pivot level.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher towards the 40 level.

Major Support Levels – $0.2440, $0.2400 and $0.2380.

Major Resistance Levels – $0.2500, $0.2550 and $0.2560.

Source: https://www.newsbtc.com/2020/09/04/ripple-xrp-bears-aim-big-022/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-xrp-bears-aim-big-022

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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Yearn Finance Set to Gobble Up SushiSwap for Its Fifth DeFi Merger

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Yearn Finance is eyeing yet another merger with yet another food-themed DeFi project – only this time, the candidate has a larger market size than Yearn itself.

Per a blog post authored by Yearn Finance creator Andre Cronje, the so-called decentralized finance protocol may fuse with SushiSwap, another automated market maker (AMM) that forked from UniSwap. 

In addition to combining technical features for market infrastructure, the merger would, among other things, combine both markets’ total value locked (TLV, a measure of the total assets deposited in these lending markets) into a single lending pool. Both protocols would also share developer resources and hold each other’s tokens in their treasuries, per the agreement. 

Yearn has already absorbed four other DeFi protocols: Akropolis, Cover, Cream and Pickle. SushiSwap, however, would be Yearn’s largest merger yet and is the first time Yearn would be joining hands with a lending market larger than its own. (Per DeFi Pulse data at the time of writing, SushiSwap’s TVL is $732 million while Yearn’s is $440 million).

Cronje has spoken with SushiSwap’s de facto leader, a pseudonymous programmer named 0xMaki, about the merger, but Yearn and Sushi token holders from both communities will have to vote on the proposal to make it official.

In his post, Cronje called the move one of Yearn’s “more aggressive synergies.”

“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent. Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets,” Cronje writes in the post.

“With these overlaps, more and more work started to become mutualistic, and at this point it takes the relationship to the next level.”

On SushiSwap’s Discord channel, the news was mostly well received by the protocol’s users. In the chatroom, SushiSwap contributor ctrl reassured SushiSwap token users that “SushiSwap will of course keep evolving too, independently,” continuing that the team envisions a “sibling platform aimed more at pro traders.” This sibling platform is built on Deriswap, a DeFi financial product platform conceptualized by Cronje that SushiSwap’s team will help Yearn build.

Source: https://www.coindesk.com/yearn-finance-gobble-sushiswap-fifth-defi-merger

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