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  • XRP price maintained its uptrend, trading at $0.58 on Thursday. 
  • Crypto expert on X cites the document that states Ripple was using bots to stabilize and boost XRP price in 2015 and 2016.
  • Ripple is on board with SEC’s request for deadline extension in lawsuit, both sides prepare remedies-briefs. 

XRP price continued its rally towards the $0.64 target on Thursday. The altcoin climbed to $0.58, sustained above key support at $0.55, maintaining its uptrend. Crypto experts uncovered court documents that allege Ripple used bots, market maker GSR Markets did as directed and likely stabilized or pushed XRP price higher in 2015 and 2016. 

The SEC v. Ripple lawsuit is likely to see further delay in its outcome as both parties are onboard a deadline extension, requested by the regulator. 

Also read: XRP climbs to $0.58 as SEC pushes for deadline extension in Ripple lawsuit

Daily Digest Market Movers: Ripple accused of using bots to manipulate XRP price

  • In a recent development in the SEC v. Ripple lawsuit, an active crypto community member on X, behind the X handle @DarkhorseDNME4 shared court documents tied to the legal battle, that allege the payment remittance firm used bots to inflate the altcoin’s price. 
  • Crypto expert behind the X handle @WKanheman, a prominent Ripple proponent, commented on the discovery and explained that the document states the cross-border payment remittance firm directed a market maker to use bots and stabilize or boost the altcoin’s price in 2015 and 2016. This finding could influence the outcome of the lawsuit as it is an allegation of price manipulation through a market maker. 
  • The tweet thread on X identifies GSR markets as the market maker involved in alleged XRP price manipulation. 
  • The SEC recently asked the court for a deadline extension in remedies-brief filing and the payment firm is onboard with it, as it offers Ripple more time to file its opposing brief to the SEC’s filing.
  • Bitcoin’s price rally past $61,700 has likely catalyzed XRP price gains. 

Technical Analysis: XRP price sustains uptrend driven by catalysts

XRP price sustained its rally to $0.58 and the altcoin is set to rally towards its target at $0.64 driven by catalysts in the market. Bitcoin’s rally past $61,700 on Thursday has pushed the overall crypto market capitalization higher. Further, Bitcoin’s price rally has catalyzed a bull run, as capital rotates to top altcoins in the ecosystem. 

The recent lawsuit developments are likely favorable for Ripple, further catalyzing gains in XRP. XRP price is up 2.31% in the past 24 hours. 

The Moving Average Convergence/ Divergence (MACD) indicator and the Awesome Oscillator (AO) support XRP price gains and suggest the uptrend is intact.

XRP

XRP/USDT 1-day chart 

A daily candlestick close below the 50% retracement of XRP’s decline from its 2024 high at $0.5629 could invalidate the bullish thesis for the altcoin. An interruption in Bitcoin’s uptrend could jeopardize XRP’s recent gains. 

XRP price could find support at the 38.2% Fibonacci retracement level at $0.5446. 

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.




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