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Bitcoin is a Crouching Tiger!

Looking at the larger picture the price of bitcoin is not showing huge volatility in the past two weeks and is moving in the horizontal channel between 8900 – 9300.

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This is a very quick review of the BTC price for the upcoming week. Looking at the larger picture the price of bitcoin is not showing huge volatility in the past two weeks and is moving in the horizontal channel between 8900 – 9300. At the same time, the daily volume is carry on diminishing.  Bitcoin is acting like a crouching tiger that is ready for the jump. So we closely monitoring lower timeframes to be prepared for the huge BTC move.

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Source: https://wunderbit.co/en/blog/bitcoin-is-a-crouching-tiger

Blockchain

Ripple’s Brad Garlinghouse, Chris Larsen File Motions To Dismiss SEC Lawsuit

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Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen have recently appealed to Judge Analisa Torres, filing two separate motions to dismiss the US SEC’s amended complaint against Ripple and its executives.

Regulatory Overreach

In a letter dated March 3, 2021, the Attorneys representing Garlinghouse stated that the lawsuit filed by the SEC against Ripple was simply a “regulatory overreach.”

They argued that the SEC’s allegations of Garlinghouse aiding and abetting the sale of XRP, which they also alleged of being a security under the Securities Act, failed based on several reasons.

The letter reads:

“The SEC fails to recognize the economic realities of Defendants’ transactions in XRP, the XRP market, and Ripple’s business, each of which exhibits none of the traditional characteristics of an investment contract under SEC v. W.J. Howey Co.”

The Howey Test is often used by the SEC to determine whether an asset possesses the qualities of a security, and the regulatory body had argued that XRP had all the characteristics of a security. 

However, Ripple and its executives have maintained that XRP is a virtual currency, as confirmed by the Justice Department and FinCEN.

The filing also remarked on the recent amended complaint filed by the SEC before the pretrial hearing on February 22, which alleged that Garlinghouse violated securities laws by selling his XRP holdings through Ripple.

Baseless Claims

Garlinghouse had reportedly sold more than 60% of his XRP holdings worth around $159 million at that time, a move that had been frowned upon by several members of the crypto community.

However, the attorneys representing him have asserted that the SEC’s complaints against him are baseless since there are no tangible proofs to show that those transactions had indeed occurred within the US.

They said that “the truth is that the vast majority of Mr. Garlinghouse’s XRP sales were made on foreign exchanges, and those transactions do not and cannot violate the federal securities laws.”

Meanwhile, Chris Larsen’s lawyers said in their letter that the regulator has failed “to state a claim against Mr. Larsen,”  even in its amended complaint. Hence, the lawsuit against their client should be dismissed.

An Attack On Cryptocurrencies

The conclusion of this SEC lawsuit against Ripple will greatly affect the way cryptocurrencies are viewed and regulated. 

The CEO had earlier stated that this case is an “assault on crypto at large” and that Ripple “will not let SEC bully the entire industry.”

It is still uncertain who would be declared right or wrong, we just have to wait and watch with fingers crossed.

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Source: https://cryptopotato.com/ripples-brad-garlinghouse-chris-larsen-file-motions-to-dismiss-sec-lawsuit/

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Blockchain

XRP Price Analysis: 04 March

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

XRP’s price action has seen it move in both directions rapidly over the past two months. In fact, the first half of February alone saw the coin make significant strides north before it corrected to account for losses on the price charts. However, such price movement was mostly confined between its resistance and support levels. In the coming weeks, the cryptocurrency may continue to trade range-bound provided its immediate support doesn’t give in to the market’s bears.

At the time of writing, XRP was trading at $0.455 with a market capitalization of over $20 billion. Over the course of the week, the cryptocurrency registered losses of over 6 percent. However, a slight uptick in price was noted over the last 24 hours, with XRP able to hike by close to 4 percent.

XRP 1-day chart

Source: XRP/USD, TradingView

Since the start of February, XRP has traded within a confined range. Its price action has been limited to trade between its resistance at $0.62 and support at $0.39. This support level is very crucial to XRP’s price in the long-term and if the bears flip this to resistance in the coming days, XRP will see its price head towards the $0.24 range – a trading price that was last seen in January 2021.

At the time of writing, there was a bit of bullish momentum that seemed to be benefitting the crypto’s price. If a trend reversal takes place over the coming days, then traders can benefit from a short position.

Rationale

The altcoin’s technical indicators highlighted how the coin is still not entirely out of the woods yet. There was significant bearish pressure for XRP on the daily chart. The MACD indicator underwent a bearish crossover and while a reversal seemed possible, it hadn’t occurred at the time of writing. Additionally, the Stochastic indicator was still in the oversold zone, despite moving towards the neutral zone.

Important levels to watch out for 

Resistance: $0.62

Support: $0.39, $0.24

Entry: $0.42

Take Profit: $0.26

Stop Loss: $0.58

Risk/Reward:0.91

Conclusion 

XRP’s price can be expected to be range-bound in the near-term. That being said, the altcoin may lose a lot of its value if the immediate support is breached in the next 24-48 hours. On the contrary, if the press time bullish momentum sustains itself, then a move towards its immediate resistance at $0.62 cannot be discounted.


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Source: https://ambcrypto.com/xrp-price-analysis-04-march

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A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDai

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Chainlink (LINK) oracles have made their way to xDai, an Ethereum sidechain that has seen growing adoption among DApp developers who cannot afford to stay on the Ethereum mainnet.

As announced by Chainlink on Thursday, its price feeds are live on the xDai mainnet, offering price data for an initial set of trading pairs including LINK/USD, AAVE/USD, DOT/USD and SUSHI/USD. More pairs can be quickly added if there is demand, the company said.

The integration was completed by Protofire, a development workshop and xDai validator. The team received a Chainlink Community Grant to port native Chainlink oracles on xDai, including a token bridge adapter that enables native LINK payments for the oracle’s functionality.

The integration of Chainlink price feeds is the latest in a series of positive adoption news for the xDai project. The chain was already hosting major Ethereum-based DApps like Perpetual Protocol, a derivatives platform, and Omen, a prediction market developed by Gnosis. The inclusion of native Chainlink oracles removes a major barrier for projects relying on them, potentially opening up xDai for more DApps who wish to escape from the congested Ethereum mainnet.

Decentralization is good, but it won’t pay for gas

xDai is a relatively centralized sidechain secured by an independent set of validators. Sidechains are a type of chain where a standalone blockchain uses another’s token as a native currency for paying transaction fees — in xDai’s case, that token is MakerDAO’s Dai. The architecture binds the economies of the two environments, but the sidechain is otherwise a completely independent entity with its own security rules.

In the Ethereum community, xDai is commonly known as a centralized layer two solution. It was launched by PoA Network, a project whose name directly hints to centralization — Proof of Authority is the somewhat euphemistic name of a consensus model where the validators are chosen by the project’s insiders, instead of a community.

The xDai chain has since its launch transitioned to a Proof-of-Stake model very similar to that used by EOS or Binance Smart Chain. The total number of validators can never exceed 19, compared to the tens of thousands of validators in Ethereum’s Beacon Chain. The benefit this architecture provides is faster scalability, with xDai offering an advertised 70 transactions per second for simple token transfers.

In a conversation with Cointelegraph, Friederike Ernst, chief operating officer at Gnosis, agreed that xDai is somewhat centralized:

“It is not as decentralized as mainnet, this goes without saying. Obviously these are for very different use cases: you don’t want to do things on xDai where you need the economic consensus guarantees of layer one. But for many things, you don’t actually need them.”

The allure of xDai comes in part from its almost plug-and-play compatibility with Ethereum. Its OmniBridge allows moving any token to xDai and back, while its blockchain architecture is almost identical to Ethereum. This makes porting DApps or infrastructure elements like oracles very easy.

The centralization concerns seem to be not enough to stop adoption. Chainlink sees itself following developer demand, with Johann Eid, head of integrations at Chainlink Labs, telling Cointelegraph that “smart contract developers should have the option to work with whichever chain is the best fit for their use case.”

For Omen, the decision to set up shop on xDai was a matter of immediate necessity, Ernst explained:

“For most things, the gas costs outweigh the downsides of being on a PoA chain. And the fact of the matter is, while people are betting on a lot of layer two solutions, very few of them are in production.

Array

The growing adoption of xDai or Binance Smart Chain is seemingly at odds with the crypto community’s preference of decentralization. Ethereum fans often believe that the prevalence of DeFi on the blockchain is the result of its more decentralized architecture and community spirit. Indeed, the rise in usage of blockchains like Tron or BSC occurred after it became clear Ethereum could not cope with its load.

At the same time, decentralization appears to be not enough by itself. For example, the most Ethereum-like blockchain in existence is Ethereum Classic, which was formed by a community who believed that Ethereum was not decentralized enough. It has failed to attract almost any interest from DApp developers.

More centralized solutions have a major benefit going for them — they work, right now. Rollup-based layer two solutions are still in development, with Optimistic Rollups being closest to release. Ernst was not particularly enthusiastic about its one week withdrawal waiting period, though. “I’m a huge fan of zkRollups. There you don’t have the withdrawal limitations, but the technology is not developed enough.”

While some developers continue waiting for rollup-based solutions, platforms like xDai can advance unimpeded. “Ultimately, it’s a tradeoff between the higher security guarantees offered by Ethereum and the usability, innovation, speed and cost savings right now on L2 sidechains,” an xDai spokesperson told Cointelegraph. As long as gas fees on Ethereum remain high, DApps may bforced to choose practicality over ideology.

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Source: https://cointelegraph.com/news/a-dark-horse-in-the-ethereum-scaling-wars-chainlink-s-oracles-find-fertile-ground-on-xdai

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