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Cardano: If you’re a high-risk trader, this step is for you

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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

Since the 19 May crypto sell-off, Cardano has largely moved in tandem with the king coin. This was backed by the fact that its correlation coefficient with Bitcoin has steadily increased from 0.64 to 0.80 in a matter of just two months. This metric can act as a double-edged sword at times and unfortunately for ADA, its price has been on the receiving end due to a bearish broader market.

ADA’s price, at press time, was nearly 60% off from its 16 May ATH, with the altcoin trading at $1.04, down by 10% over the last 24 hours.

Cardano 4-hour chart 

Source: ADA/USD, TradingView

ADA’s increasing network activity and lined updates support a bullish narrative in the long run, but its short-term movement remains in question. A descending channel breakdown took place after 16 days post the formation of the pattern. ADA’s next destination seemed to be its 22 June swing low of $0.998-$0.978 – A region that was snapped during its initial decline in May and later during end-June.

Over the next few sessions, ADA could restrain its losses within this zone before buyers return to the market.

Reasoning

The Relative Strength Index was trading in the oversold zone – An area that usually triggers a reversal in the price. Since the overall market structure was still bearish, the projected reversal can be expected to be temporary as opposed to a trend reversal. This was confirmed by the Directional Movement Index’s -DI which gained distance on the +DI and pointed to a rising bearish trend.

The ADX clocked in at 38, a figure which meant that the market was strongly directional and chances of an extended decline were high. According to the On Balance Volume, ADA witnessed a period of slight growth between 9 and 12 July but since then, selling pressure has dictated market movement.

Conclusion  

ADA’s indicators presented chances of an extended decline towards the defensive zone $0.998-$0.978. However, the market’s bulls could look to crunch incoming losses within this zone – A development that could even lead a minor rally over the next 24 hours.

Traders could opt to long ADA once it approaches this support zone and exit their positions at $1.086 – An entry that would highlight gains of 9%-10%. However, an extended decline looked possible and longing ADA must only be done by traders with a high-risk appetite.

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Source: https://ambcrypto.com/cardano-if-youre-a-high-risk-trader-this-step-is-for-you

Blockchain

Coinbase wants to be ‘an advisor, a helpful advocate’ for this purpose

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“While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity….”

If that isn’t ambiguity on the part of United States lawmakers, it would be difficult to say what is.

Coinbase CEO Brian Armstrong touched upon the same in a recent podcast with Anthony Pompliano, with the exec citing his latest visit to the capital to expand on the regulatory uncertainty in the United States.

According to Armstrong, ordinarily, “the intense demand for crypto-industry regulation” is a good thing since it often accompanies the growth of the industry itself.

However, as far as Washington DC is concerned,

“They think ‘this is scary, this is dangerous,’ they have all kinds of misconceptions about the percentage of activity that’s for illicit activities. In their mind, they think it’s like 50% illicit activity.”

Not all lawmakers feel this way though, with quite a few in the Capitol recognizing that the crypto-industry is a huge opportunity.

“They realize this is a hugely important industry for the United States and every country around the world. It exists in a competitive environment where the U.S needs to attract these entrepreneurs and get these companies built here.”

American citizens want these products and services, and crypto is not a fringe thing anymore, he added.

Can the aforementioned concerns be addressed though? Well, yes. According to Coinbase’s own research, for instance, illicit activity accounts for less than 1 percent of all crypto-transactions. In fact, a higher percentage of cash is used for such activities worldwide.

Even so, denying people what they want can have huge repercussions in the future. According to the exec,

“There are tens of millions of Americans that want to use these products and services and they’re getting a benefit from it that they weren’t getting in the traditional financial system.”

An embargo in place?

It’s worth pointing out here that the exec didn’t hold back one bit when characterizing the situation in the United States.

“It’s almost like prohibition, historically. You can’t go out and try to criminalize something 50 million Americans are doing. You’re just going to turn them all into criminals, but they’re not going to stop doing it.”

The fact that these lawmakers have refused to meet with crypto-representatives, including those from Coinbase like Armstrong, further feeds into this notion of criminality.

Next steps…

What next? Well, Coinbase wants to propose a federal regulatory framework and “be an advisor and a helpful advocate for how the U.S. can create sensible regulation.” The expected proposal is set to be presented by the end of the month or early next month. 

How will such a proposal be received, however? Well, it’s difficult to say. After all, Coinbase’s relationship with the SEC recently took a hit after it was threatened with legal action over its planned lending products.

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Source: https://ambcrypto.com/coinbase-wants-to-be-an-advisor-a-helpful-advocate-for-this-purpose

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Blockchain

XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price!

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The post XRP & ADA Price Action: Analyst Maps Next Directions for XRP & Cardano Price! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price plunged to $42,732.98 on Saturday, down 3.95% in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion. Bears have seized the initiative by the end of the week as all of the coins from the top 10 list are in the red zone. Micheal van de Poppe …

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Bitcoin price plunged to $42,732.98 on Saturday, down 3.95% in the last 24 hours. The market cap of the largest cryptocurrency stood at $801.92 billion. Bears have seized the initiative by the end of the week as all of the coins from the top 10 list are in the red zone.

Micheal van de Poppe has updated his forecasts for XRP Price, Cardano Price along with two popular altcoins.  

ADA

He’s presuming that Cardano is close to bottoming out at this point, at which point we can expect new impulse waves to emerge. The crypto expert claims that ADA Price has breached key price levels, crossing the $1.90 to $2.10 zone.

Van de Poppe then turns his attention to the token’s Bitcoin pair (ADA/BTC), predicting that Cardano might reach new highs. 

According to him, we should see some small consolidation, similar to what we saw in April. So there will be some stabilization here before we break resistance, but if we do, he believes we’ll be setting new all-time highs or new highs for Cardano here as well.” 

Also Read : Popular Crypto Proponent Bullish on Cardano, Solana & XRP! Know Why

XRP

An important price level for XRP Price has also been identified by the trader, which might imply a bullish signal for the crypto market.

He believes that if you want to get into the markets, now is the time to do it because the market has finally bottomed out and is ready for the next impulsive wave. 

What is the XRP level of difficulty to crack? It needs to break through the area around $1.05 to be successful. I don’t think we’ll receive it all at once, but I do believe that once it gets through there, all coins will start breaking out left and right. However, on XRP, this is a good candle.” 

The widely-followed expert believes that the current downturn is a good time to enter the market, recommending Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as three altcoins to buy now while prices are low.

Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course. When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”

Also Read : Bitcoin Ethereum & Solana Set to Hit the Roof Soon! Here are the Next Levels

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Source: https://coinpedia.org/altcoin/xrp-ada-price-action-analyst-maps-next-directions-for-xrp-cardano-price/

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Ripple CEO Reveals the “Only” Condition Under Which They Would Settle With SEC

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The Ripple vs SEC lawsuit is nearing an end and with settlement speculations still quite high, Ripple CEO Brad Garlinghouse cleared the only condition that would make them settle with the SEC. Garlinghouse appeared on the Fox network to talk about the need for clarity on Security laws from the SEC and also made it clear that only if SEC agrees that XRP is not security quite similar to Ether, they would go for the settlement. He explained,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on a go-forward basis. We have a clear vision of how XRP can be an extremely powerful tool…There’s a lot of other people in the crypto community and the XRP community doing amazing things with XRP. “

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The XRP lawsuit is currently at a critical stage where Ripple’s legal counsel is betting on former SEC director William Hinman’s speech from 2018. Ripple has accused SEC of giving Ether, the second-largest cryptocurrency, a free pass which is quite similar to XRP conducted an ICO as well. On the other hand, SEC claims Hinman gave that speech in his personal capacity and it cannot be used as a defence against the agency.

XRP Community Certain Ripple Would Win the Case

XRP community is considered one of the strongest crypto communities out there and they have unearthed a number of documents and speeches made by SEC executives during 2018 after Hinman’s speech to prove that SEC did give Ethereum a free pass. XRP community also accused SEC of personal gains from the decision.

In the latest development of the XRP lawsuit, Ripple has filed a motion to examine three additional documents for in-camera review based on a privilege log provided by the SEC after the August 31, 2021 telephone conference, including an email chain. The email chain in question reportedly shows that SEC asked third parties to use Hinman’s speech to analyze digital assets. This is quite a big revelation given SEC has claimed Hinman’s speech was made in his personal capacity.

XRP community are quite certain that Ripple would win the case given the glaring evidence and number of lies that the SEC has told during the ongoing lawsuit.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/ripple-ceo-reveals-the-only-condition-under-which-they-would-settle-with-sec/

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