Ripple’s native blockchain asset XRP surged to its one-month high on Monday as traders grappled with the prospects of its re-listing on cryptocurrency exchanges.
The seventh-largest cryptocurrency experienced a dramatic decline in recent months after the US Securities and Exchange filed a lawsuit against its parent company, Ripple Labs, for its alleged role in selling illegal securities.
The legal action raised fears that XRP, which acts as a settlement token atop the Ripple blockchain, could actually be security, prompting many US exchanges, including OKCoin and Coinbase, to delist the token from their trading platforms until further notice. The XRP/USD exchange rate fell by more than 33 percent in response.
…a hearing last Friday raised hopes that the cryptocurrency exchanges might safely resume XRP trading. Ripple’s attorney Jeremy Hogan revealed that Magistrate Judge Sarah Netburn asked the SEC attorney whether the people who sold XRP consequently engaged in the sale of illegal securities. Nevertheless, the attorney responded that only Ripple and its top-level affiliates could face the scrutiny.
“Now, why is that super important? That means that the exchanges that delisted XRP two months ago were not and would not be violating securities laws if they relisted XRP for sale and began to sell it again,” Mr. Hogan stated.
XRP surged by up to 10 percent on Monday, logging an intraday high at $0.568 before correcting lower during the European trading hours on short-term profit-taking sentiment. Nonetheless, the token managed to jump above a crucial medium-term descending trendline resistance, raising hopes that it would undergo a bullish breakout move.
Technically, the XRP/USD exchange rate fluctuated inside a Symmetrical Triangle range before rising upward on its four-hour chart. The overstretched consolidation period saw traders defend the pair’s bullish bias repeatedly while facing an equally intensive bearish pressure as it attempted to break above the Triangle range.
The SEC news favored the bullish bias this Monday. Therefore, it raised the prospect of XRP rising by as much as the uptrend that appeared before the Triangle pattern. That puts the cryptocurrency en route to $1 based on the classic Triangle breakout definitions.
“It’s almost time for XRP,” noted a pseudonymous analyst. “Target: $1.4.”
XRP Downside Risks Remain
Ripple’s lawyer’s bullish signal does not bode well unless the cryptocurrency exchanges confirm re-listing XRP themselves. So far, the court proceedings have not said anything concrete about the cryptocurrency’s legal status. XRP is rising on hopes that there will be re-listings, not the actual listings.
Therefore, it is still likely for XRP to face short-term bearish pressure amid uncertainty. Traders might decide to secure their profits while waiting for further clues from the ongoing SEC vs. Ripple court battle.
Unlike Dogecoin, Catecoin Gives a New Meaning to Meme Coins with Real Use case
In the present-day connected world, memes have become an integral part of our pop culture. While one can’t put a monetary value on the entertainment they provide, its creators can definitely be encouraged and rewarded for their contribution towards a lively internet.
Catecoin, the first decentralized meme-based token is trying to do just by incentivizing content creators as well as consumers. The project is the first of its kind to implement DeFi features in the content space. Fueled by the CATE token, the project offers a platform for user-generated content, quite similar to 9GAG but on a blockchain, along with content farming and staking features.
How does it work?
Using the Catecoin ecosystem is as simple as using any social network platform. Content creators can submit their creations to the Catecoin Meme Platform and once published they will start earning CATE rewards as the community likes or comments on that content. Even platform users who interact with the posts will receive rewards for their comments and likes.
Meanwhile, the posts are evaluated based on the received reactions. Any post with 500 or more likes from the community will become eligible for a transformation into an NFT and get listed on the NFT market. Catecoin refers to this entire process as Content Farming and has set aside 35% of CATE supply for this alone.
CATE is the utility token of the Binance Smart Chain-based Catecoin project. Apart from value exchange, these tokens also control the accessibility of the platform. Users should hold a minimum of 10,000 CATE to interact with any posts on the platform. Similarly, content creators will have to maintain a balance of 100,000 CATE to be able to submit their works to the platform.
While each like or comment will result in both content creators and consumers receiving 0.1 CATE each, the community can also earn additional returns by just holding the tokens. The platform shares one percent of each transaction made on the network with CATE holders, and at the same time burns the same amount to regulate supply.
Once a meme gets converted to NFT and lists on the NFT market, anyone can purchase it and start receiving any rewards the asset may generate in the future.
Get some CATE, it is simple
In just a few simple steps, one can become part of the Catecoin community early on. CATE is listed on PancakeSwap and users can acquire the tokens against BNB payment. Buying CATE will require users to download and set up Trust Wallet and MetaMask accounts and hold some BNB in their wallets. They can then visit PancakeSwap, make payment in BNB to the Catecoin token 0x118f073796821da3e9901061b05c0b36377b877e and receive the tokens in their connected wallet.
— CateCoin (@cateclub) May 13, 2021
What Makes CATE Different?
The flood of meme coins into the crypto market started long ago, and Dogecoin is the prime example. Many of these coins have a virtually unlimited supply and no real use cases. On the other hand, CATE has a definite supply of 100 trillion and a deflationary mechanism that reduces the supply by 0.5%-1% per transaction while providing a real-world use case – encouraging meme creators to monetize their content. The model adopted by Catecoin makes it the most sustainable meme project out there.
Developed by Traders for Traders, QoinIQ Platform Opens IEO on ProBit Exchange
QIQ, the utility token for the QoinSuit ecosystem, officially launched IEO May 17, 2021, on ProBit exchange. QoinIQ offers an unmatched trading experience with their QoinSuit application, augmenting trading processes and alleviating user risk.
QoinSuit elevates the typical trading experience with a broad overview of markets, extended conditional order functionality, and decentralized order management.
QoinIQ’s unique value proposition lies with its functionalities that address key market demands starting with an attractive, fully customizable trading layout optimized for multi-screen displays. Traders leveraging the newly developed trading display can operate in numerous cryptocurrencies simultaneously, bolstering data visibility in a field where seconds are money. QoinIQ’s “playground” offers an avenue for new users to acclimate to both QoinSuit’s trading interface and cryptocurrency trading as a whole, at no risk to the user.
QoinIQ will roll out new features on an ongoing basis to meet user wants and industry trends. First in the pipe during the 2nd cycle are “function-specific technical support” additions and “opinion crowdsourcing” capabilities. In addition to these upgrades, QoinIQ will launch numerous chart and display evolutions, enhanced chart trading functionality for technical analysis patterns, and a community forum and “follow top traders” list to build a stronger community.
QoinIQ utility tokens (QIQ) enable users to access QoinSuit and its services based on membership levels determined by total token commitment and lockup period length. Users can receive higher fee discounts if they subscribe to extended subscription periods. QoinIQ employs a conservative asset allocation, with less than 3% of total QIQ given to administrators and 39% invested into development and overhead costs.
Founded by a team with decades of experience in the financial markets, including cryptocurrency trading and arbitrage, QoinIQ is striving to set a precedent. Their frictionless trading experience and their commitment to adapt their platform and services to changing market conditions paint them in a favourable light for future proliferation.
ABOUT PROBIT EXCHANGE
ProBit Exchange is a Top 20 crypto exchange globally. We have completed over 200 rounds of IEO and have been consistently ranked Top 4 in Korea. ProBit Exchange provides unlimited trading access highlighted by over 1,000 trading pairs.
ABOUT QIQ TOKEN
QIQ is the utility token for the QoinIQ ecosystem and currently serves numerous uses in their QoinSuit trading application. 60% of the total token pool will be sold during the token generating event, while QoinIQ will invest the remaining 40% in future developments. CoinIQ may burn 5% of the free float of tokens depending upon the development track of QoinSuit.
PROBIT EXCHANGE’S GLOBAL BRAND TRUSTED BY MILLIONS OF USERS
100,000+ community members
1,000,000+ monthly active users
3,000,000 monthly web visitors
50,000,000 users on partnering aggregators and wallets such as CoinMarketCap
User interface of Multilingual website supporting 41 different languages
Marketing and community support in 8 key languages
Why Get PROB this May?
- Instant event access to ProBit Exclusive Manic NFT MAYhem!
- Join ProBit Cup with 20,000 USDT in prizes!
- Move up to at least VIP 2 and get bonus PROB tokens.
- Receive free Netflix subscription in USDT just by moving to VIP 3 or above.
- Be eligible for Trading Competitions just by staking PROB.
- Get higher IEO bonuses with PROB purchases.
- Lower trading fees to 0.03% by paying with PROB.
- Stake PROB and earn PROB at a rate of 4% per annum.
- Earn 10-30% of trading fees by referring friends to ProBit.
- PROB Reserves improve the ProBit Exchange ecosystem and provide maximum value for PROB holders.
ProBit Global: www.probit.com
ProBit Korea: www.probit.kr
ProBit Telegram: https://t.me/ProbitEnglish
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