According to the minutes from the Federal Reserve’s Federal Open Market Committee (FOMC), the choice to maintain the federal funds rate in its current range was driven by concerns about ongoing inflation and economic instability. Economic Instability and Inflation Keep Fed Rates Steady At the June 11-12 meeting, the FOMC highlighted that although inflation has […]
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BIS Report Warns of Rising Public Debt Risks to Global Economies
The Bank for International Settlements (BIS) Annual Economic Report 2024, published on June 30, highlights the significant risks posed by rising public debt levels across both advanced and emerging market economies. The report stresses that without fiscal consolidation, debt trajectories will remain unsustainable, threatening macroeconomic stability. As interest rates rise, refinancing needs and higher debt […]
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XRP Price Fails To Ignite: Understanding The Downward Risks
XRP price is attempting to recover above the .4700 resistance zone. The price could decline again if it fails to clear the .4825 resistance zone.
- XRP price is still struggling to gain pace for a move above the .4800 resistance zone.
- The price is now trading above .4720 and the 100-hourly Simple Moving Average.
- There was a break above a crucial bearish trend line with resistance at .4710 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if there is a close above the .4825 resistance.
XRP Price Attempts Recovery
XRP price attempted a recovery wave above the .470 level like Bitcoin and Ethereum. The bulls were able to push the price above .4720 to push the price in a short-term bullish zone.
There was a break above a crucial bearish trend line with resistance at .4710 on the hourly chart of the XRP/USD pair. However, the pair is now facing resistance near the .4770 level. A high was formed at .4769 and the price is now consolidating losses.
The price is testing the 23.6% Fib retracement level of the upward move from the .4660 swing low to the .4769 high. It is now trading above .4720 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the .4770 level. The first major resistance is near the .4785 level. The main hurdle is now near .4825. A clear move above the .4825 resistance might send the price toward the .4880 resistance.
The next major resistance is near the .500 level. A close above the .500 resistance zone could send the price higher toward .5120. Any more gains might send the price toward the .5250 resistance.
Another Decline?
If XRP fails to clear the .4770 resistance zone, it could start another decline. Initial support on the downside is near the .4740 level and the 100-hourly Simple Moving Average.
The next major support is at .470. If there is a downside break and a close below the .4700 level, the price might continue to decline. In the stated case, the price could even trade below the .4620 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – .4700 and .4620.
Major Resistance Levels – .4770 and .4825.
Grayscale Highlights Risks of ETH Staking Restrictions in Latest SEC Disclosure
According to supplemental disclosures in Grayscale’s Ethereum Trust 8-K report, submitted to the U.S. Securities and Exchange Commission (SEC) on June 20, the trust’s inability to utilize its ethereum for staking services places its shares at a “comparative disadvantage.” Grayscale: Ethereum Trust Strategy Could be Impacted by Staking Limitations While multiple exchange-traded fund (ETF) issuers […]
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Coinmetrics Report Explores the Risks of High FDVs in Crypto Markets
A new report by Coinmetrics, along with researchers Victor Ramirez, Matías Andrade, and Tanay Ved, delves into the complexities of crypto tokenomics. The report explores the intricate balance of token distribution, valuation, and market impact. Understanding FDV and Token Float: Key Insights From Coinmetrics In recent years, the launch Fully Diluted Valuations (FDVs) of crypto […]
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Digital ID Startup Spins off From Polygon Labs, Aims to Mitigate AI-Generated Misinformation Risks
Privado ID, previously known as Polygon ID, has announced its spin-off from Polygon Labs on June 13, 2024. The move aims to meet the global demand for digital identity and reputation solutions that work with both onchain and online data. Privado ID’s technology leverages decentralization and private interaction to reduce cost, complexity, and counterparty risk. […]
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Ethereum Price Slippery Slope: More Downside Risks in Sight
Ethereum price failed to clear the ,650 resistance. ETH declined again after the Fed decision and now shows bearish signs below the ,550 level.
- Ethereum started a fresh decline below the ,580 support zone.
- The price is trading below ,550 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near ,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it stays below the ,600 resistance zone.
Ethereum Price Dips Again
Ethereum price attempted a recovery wave above the ,550 and ,580 resistance levels. However, ETH failed to settle above the ,650 level and started another decline. There was a steady decline below the ,580 level, like Bitcoin.
The price declined below the ,550 support level. There was a move below the 61.8% Fib retracement level of the upward move from the ,431 swing low to the ,655 high.
Ethereum is now trading below ,550 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near ,610 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the ,580 level.
The first major resistance is near the ,600 level and the trend line. An upside break above the ,600 resistance might send the price higher. The next key resistance sits at ,650, above which the price might gain traction and rise toward the ,720 level.
A clear move above the ,720 level might call for a test of the ,800 resistance. Any more gains could send Ether toward the ,880 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the ,600 resistance, it could continue to move down. Initial support on the downside is near ,480 and the 76.4% Fib retracement level of the upward move from the ,431 swing low to the ,655 high. The next major support is near the ,420 zone.
A clear move below the ,420 support might push the price toward ,320. Any more losses might send the price toward the ,250 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – ,420
Major Resistance Level – ,600
US Senators Urge Federal Reserve to Cut Interest Rates — Warn Fed Policy Threatens Economy, Risks Recession
Three U.S. senators have urged Federal Reserve Chair Jerome Powell to cut interest rates, arguing that high rates stifle the economy and raise housing and auto insurance costs, which are key inflation drivers. They warn that prolonged high rates risk a recession and increased unemployment, calling for immediate rate cuts to stabilize the economy. Senators […]
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Bank of Canada Governor Warns of ‘Sharp Correction’ Risks in Markets and ‘System-Wide Stress’
In his speech on the release of the Financial Stability Report, Tiff Macklem, Governor of the Bank of Canada, sought to emphasize the purported strength of Canada’s financial system while cautioning against ongoing risks that could precipitate a “sharp correction” in markets, potentially leading to widespread financial strain. “Some indicators of financial stress have risen,” […]
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Yield App Angel Launchpad: Finding Promising ICOs Without the Risks
The crypto bull market is well underway, with activity in the VC and early-stage funding sector mounting over the last few weeks as the highly anticipated Bitcoin halving approached. And, as the post-halving phase begins, increasing numbers of new projects are expected to come to market in search of funding. Indeed, the beginning of this […]
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