Over the past 18 days, 27 distinct liquid staking derivatives (LSD) protocols have experienced withdrawals amounting to approximately 50,000 ether, valued at 6.72 million. The most significant reductions occurred in the LSDs Swell and Mantle, with Swell’s ether holdings decreasing by 23,078 ether since April 28, 2024. LSD Protocol Reductions Continue Despite Minor Gains for […]
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Defensive Moves: XRP Bulls Firmly Shield $0.66 Before Ripple Swell 2023
XRP, the cryptocurrency associated with Ripple, has been making headlines in recent trading sessions as it grapples with a critical support level and the challenges of overbought territory.
Despite its struggles, XRP has managed to maintain its position above the .66 support level, reflecting its resilience in the face of market pressures.
Overbought territory refers to a situation where an asset’s price has risen to such an extent that it is considered overvalued in the short term. This often leads to a correction or a pullback in the price as traders take profits or sell off their positions.
In the case of XRP, it has entered this overbought zone, which is typically indicated by technical indicators like the Relative Strength Index (RSI) rising above 70. While this may sound like a warning sign, it doesn’t necessarily mean that XRP is ripe for selling.
Challenges Amid Attempts At Breakout
Recent attempts by XRP to break out above the pivotal .66 level have been met with resistance, leading to retracements. This echoes the challenges faced by the broader cryptocurrency market, where price surges are often followed by corrections.
However, XRP managed to break through the .60 barrier last week, driven by buying pressure from retail traders.
It’s great to see you all in Dubai!
Day 1 of #RippleSwell kicks off tomorrow. pic.twitter.com/QTVGniRlBx— Ripple (@Ripple) November 7, 2023
The cryptocurrency’s upcoming community event, the Ripple Swell, scheduled to take place on November 8 and 9 following DC Fintech Week, has generated considerable speculation and excitement.
Many are pondering whether Ripple will make significant announcements during the event, such as an initial public offering or strategic partnerships. The anticipation surrounding the event has had a positive impact on XRP’s valuation, witnessing a 14% increase in its market value.
Analyzing XRP Status
The current price of XRP, as reported by CoinGecko, stands at .676542, with a 2.3% dip in the last 24 hours but a notable seven-day rally of 15%. This upward momentum is indicative of the optimism surrounding Ripple and XRP’s future prospects.
The Ripple Swell event is expected to address critical industry themes, highlighting new partnerships and company milestones. Its timing, coinciding with the conclusion of DC Fintech Week, ensures that Ripple’s updates will reach an audience deeply engaged in fintech discussions.
Additionally, Ripple’s recent legal battles and the subsequent increase in the value of XRP add to the positive narrative for Ripple’s presentations at the Swell event.
Cautionary Signal
Despite the overbought condition signaled by the RSI, XRP’s reluctance to cross below the 70 level should be viewed as a cautionary signal rather than a reason to sell. It indicates that there is still potential for upside movement in the payments token.
If sidelined investors enter the market, XRP’s price could continue to rise, potentially pushing it above the .69 resistance level.
XRP remains in a precarious position in overbought territory, but the crypto community’s optimism and the upcoming Ripple Swell event contribute to a positive outlook for the cryptocurrency’s future.Â
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
XRP News: Ripple CEO Teases Major Announcements At Swell Event
Ripple CEO Brad Garlinghouse has expressed his anticipation for the upcoming DC Fintech week, dropping major hints and teasers about significant announcements and heated discussions slated for the event.Â
Ripple Swell Event Sparks Community Interest
Chief Executive Officer of Ripple, Brad Garlinghouse has teased the X (formerly Twitter) community with hints of discussions and ideas about the upcoming Ripple Swell 2023 event scheduled for November 8th and 9th in Dubai.Â
Garlinghouse stated that he was always excited about the DC Fintech Week which occurred every year. He emphasized the importance of the event in bringing together different people with similar interests in one room interacting and sharing their different ideas and perspectives on substantial topics and issues in the finance and blockchain industry.Â
In his post, Garlinghouse dropped a cryptic message, likening the Ripple Swell event to a “proverbial cage match.”
“Every year I look forward to DCFintechWeek — everyone from the public to private participants in one room, discussing (and sometimes debating) the substantive issues with no holds barred. wondering…a proverbial cage match?!” Garlinghouse stated.Â
Some of the headlining speakers excluding Garlinghouse appearing at the DC Fintech Week include United States Under Secretary of the Treasury for Domestic Finance, Nellie Liang, CEO of Grayscale Investments, Michael Sonnenshein, Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, Vice Chair of Supervision at the Federal Reserve, Michael Barr, and others.
As the Ripple Swell event approaches, many crypto enthusiasts are looking forward to witnessing what could be a defining moment in the Ripple ecosystem as the event may provide more insight into Ripple’s future developments and present challenges.
Garlinghouse To Share Stage With Gensler At Swell Event
Following the conclusion of one of the most heated high-stakes legal battles in the crypto space, Garlinghouse and SEC Chair Gary Gensler are set to share a stage in the DC Fintech Week, discussing and possibly debating on various topics in the fintech and blockchain space.Â
The legal battle between Gensler and Ripple’s top Executives Chris Larsen and Garlinghouse has been one of the most closely watched conflicts in the crypto space. The SEC sued both executives, accusing them of violating US securities laws by supporting the sales of XRP tokens in unregistered security offerings to investors.Â
The regulator eventually dropped all charges and claims against Larsen and Garlinghouse earlier in October, earning Ripple a partial win against the agency.Â
Many XRP community members have rallied behind Garlinghouse’s label of the Ripple Swell event as a “proverbial cage match.” This sentiment is particularly strong when considering participants like Gensler and Garlinghouse who have a history of legal disagreements and Grayscale and US SEC who are currently in a legal dispute concerning the approval of Spot Bitcoin ETFs.Â
Liquid Staking Derivatives in Ethereum Swell by 1.5 Million ETH in 2 Months
Over the course of the previous 63 days, there’s been a notable 16.98% surge in the quantity of ethereum (ETH) held in liquid staking derivatives protocols, with a substantial addition of roughly 1,507,285 ETH across 23 different platforms. Data reveals that Lido Finance dominates the market, commanding a 74% share of the liquid staked ether sector.
Influx of 1.5 Million Ether Bolsters Liquid Staking Derivatives Platforms
In a span of barely more than two months, the liquid staking derivatives sector witnessed a substantial swelling of nearly billion in its value. Historical data from defillama.com, dated May 12, 2023, illustrates that an estimated 8.87 million ethereum (ETH) was held in liquid staking platforms. As of today, that number has ascended to a noteworthy 10.38 million ETH. Essentially, in the preceding 63-day window, there was an injection of 1.50 million ether, which translates to a monetary equivalent of approximately .96 billion, based on current ETH exchange rates.
In the last week, the total value locked (TVL) in the liquid staking protocol Lido Finance has seen a marginal increase of 1.80%, and over the previous month, the TVL experienced a more significant jump of 7.29%. Of the 10.38 million ether distributed among 23 decentralized finance (defi) platforms, Lido retains an overwhelming 7.71 million ether, which makes up 74.33% of the total. Based on current exchange rates, Lido’s TVL is valued approximately at .406 billion. Following Lido, Coinbase’s Wrapped Ether protocol holds the second largest TVL, containing a substantial 1.14 million ether, currently valued at around .37 billion.
Data from May 12 suggests that Coinbase’s holdings were approximately 1.14 million ether, a figure that has seen little change to date. Conversely, Lido experienced a significant influx of about 1,113,098 ether added to its total value locked (TVL) in the 63-day period. This implies that since May 12, an estimated 394,187 ether was introduced into other liquid staking derivatives platforms excluding Lido and Coinbase. From this reported sum, Rocket Pool received a deposit of 207,406 ether. The Frax Ether protocol was the beneficiary of roughly 50,646 ETH, and Stakewise saw a modest increase with about 3,464 ether added.
On May 12, Binance’s Staked Ether protocol held 20,371 ether, a figure that has since surged to 91,834 ETH today. This signifies that during the past 63 days, a substantial 71,463 ether has been contributed to Binance’s Staked Ether protocol. Binance’s liquid staking derivatives platform ascended from being the ninth-largest ETH holder to the sixth-largest among the 23 liquid staking platforms. Monthly statistics reveal the platform experienced a 28.06% rise, but 26.46% of that growth occurred over the previous week. At present, the quantity of ether confined in liquid staking platforms constitutes 8.63% of the total circulating supply issued by the Ethereum network since its inception.
What do you think about the liquid staking derivatives platforms recording 1.5 million ether added over the past two months? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Liquid Staking Trend Continues to Swell; 5 Platforms Control 97% of Market
As of Feb. 7, 2023, the value locked in 11 Ethereum-based liquid staking protocols has risen above billion, with Lido, Coinbase, and Rocket Pool recording 4-10% gains over the past month. Lido holds more than 73% of the total value locked (TVL) out of the 6.87 million ether held by the 11 liquid staking platforms. More than 15% of the liquid staking TVL is being staked with Coinbase’s wrapped ether.
Lido Leads the Pack With 73% of Total Value Locked in Ethereum Liquid Staking Industry
Staking Ethereum has become a highly sought-after trend since its introduction on the network’s Beacon chain. The Beacon chain contract has 16.47 million ether locked, worth billion, that cannot be withdrawn until the upcoming March hard fork. A significant portion of this locked ether is held within liquid staking protocols, as 11 decentralized finance (defi) protocols hold 41% of the total, or 6.87 million ether.
Liquid staking involves exchanging ether for tokenized versions of ether. This allows holders to earn rewards while still having a liquid form of the coin that they can sell at any time without relying on a custodian. The staked ether is held within various protocols, and the platforms handle the exchange for minting and redemption processes. Out of the 41%, which is valued at more than billion, Lido holds 73% of the total value locked (TVL). Lido’s TVL saw a 4.27% increase last month, and its value locked is around .18 billion today.
Coinbase’s wrapped ether has 1,081,304 ethereum (ETH) locked into the platform and the TVL has gained 5.74% last month. The Coinbase wrapped ether platform TVL is 15.72% of the market share and the stash is worth .76 billion. The next two largest liquid staking platforms saw the biggest gains over the last month out of the top five projects. Rocket Pool’s TVL climbed 10.71% in 30 days and during the same time frame, Frax Ether’s TVL increased by 76.73%. Rocket Pool has around 387,016 ETH locked and Frax Ether has a total of 87,134 ether.
Stakewise is the fifth-largest liquid staker, with 84,481 ether locked on Feb. 7, 2023, valued at 6 million. Frax Ether holds a 1.27% market share, while Stakewise holds 1.23% of the 6.87 million ether. The other six decentralized finance liquid staking platforms hold a mere 2.6% of the billion in value, while the top five liquid stakers control 97.4%.
What do you think about the continued growth of Ethereum Liquid Staking protocols? Share your thoughts in the comments section below.
Three Arrows Buys Your ETH, Addresses Swell After Hinting Bearish Stand
ETH had seen its price take a tumble along with the rest of the market in the January market crash. But while the broader market had panicked, whales had seen this as an opportunity to fill up their bags at low prices. It was basically a free-for-all as sell-offs had rocked the digital asset. Three Arrows Capital was among those who had taken advantage of the low prices.
The hedge fund which is headed by Su Zhu had loaded up on ethereum, pouring tens of millions of dollars into the asset. This comes despite CEO Su Zhu’s comments about the Ethereum network, which he has disparaged in the past. It seems that while Zhu may no longer be a fan of ethereum, his firm is taking the step to leverage the opportunities presented by the network.
3AC Buys Million Worth Of ETH
A new report from Wu Blockchain has shown that Three Arrows Capital (3AC) had been ramping up its crypto buying activities. The firm had gone on a buying spree that came out to more than million worth of ETH purchased. An address that was identified to belong to the hedge fund had been rapidly buying thousands of ETH over a couple of days.
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In three days, 3AC had accumulated a total of .67 million worth of ETH, coming out to 18,575 ETH purchased in three days.
The address marked as Three Arrows Capital (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has accumulated 18,575 ETH in the past three days, worth about .67 million. pic.twitter.com/hDda9v76Og
— Wu Blockchain (@WuBlockchain) February 8, 2022
Most of these ETH had come in increments of 2,000 at a time, staking up over time to a significant balance. As of the time of this writing, the total value of the Ether had grown by almost million, now sitting at over .5 million.
3AC CEO Does Not Like Ethereum
CEO of 3AC, Su Zhu, has not been the biggest fan of Ethereum in recent times. In November last year, NewsBTC had reported that the CEO had reportedly said that he was leaving the ethereum project behind. This is a project that Zhu has supported in the past but he had given reasons for him taking this decision, the high cost of a transaction is at the top of the list.
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Zhu lamented that ETH had abandoned its users due to its high fees. At that point, the transaction fees had risen exponentially due to the high traffic on the network, leaving smaller investors being unable to use transact on the blockchain. Zhu had referred to the situation as “gross” given that newcomers were unable to enter the space due to high fees.
ETH plunges to ,100 | Source: ETHUSD on TradingView.com
The CEO’s lamentations had not affected his investment firm’s view on the digital asset, however. About two weeks after Zhu had made the comments, Three Arrows Capital had purchased 156,400 ETH for about 6.37 million and had transferred it to its wallet which Wu Blockchain had identified as belonging to the firm.
Zhu, too, had softened his stance on the ethereum network after widespread backlash, saying that he loved “Ethereum and what it stands for.” Nevertheless, 3AC has maintained its support for the network. This is evidenced by the rapid rate at which the firm has been accumulating ETH.
Featured image from Ethereum Price, chart from TradingView.com
NewsBTC
Compound (COMP) Surges 15% as Ethereum’s DeFi Space Continues to Swell
Compound (COMP) has been embroiled in a strong uptrend over the past day as decentralized finance continues to gain steam. According to Coin Market Cap data, the cryptocurrency has gained 15% against the U.S. dollar in the past 24 hours. For context, both Bitcoin and Ethereum have both gained approximately 2.5% over that same time frame.
The DeFi token’s rally comes after it was embroiled in a multi-week bear trend that brought it down approximately 70% from its all-time high.
Analysts expect the Ethereum-based altcoin to move higher in the weeks ahead. Though, there are some that are doubting the value of Compound as other DeFi projects crop up.
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Ethereum-Based Compound Rips 15% Higher
Compound is shooting higher to multi-week highs just below 0 after plunging to 0 just last week. The Ethereum-based altcoin is now printing strong signals indicative of more upside, say analysts.
A historically accurate analyst shared the chart below, writing: “bullish engulfing weekly candle after 68% decline, just buy it man, worry about consequences later.”
A “bullish engulfing” candle is a textbook candle seen in uptrends or at reversals when the price of an asset manages to “engulf” the losses incurred over the candle prior.
Chart of COMP's macro price action by trader SmartContracter (Twitter handle). Chart from TradingView.com
The optimism was echoed by other commentators, who noted that Compound has crossed above pivotal resistance levels.
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DeFi Will Soon See Even More Growth: Analysts
Compound may rally further in the long run as Ethereum’s DeFi sector is believed to be in the early innings of a massive growth cycle.
Spencer Noon, the head of DTC Capital, recently said that the launch of Curve’s CRV token could spur growth in DeFi. He, along with other analysts, believes that CRV will spur a massive influx of capital into the Curve protocol, which will then be distributed to other DeFi protocols and coins.
“Cat’s out of the bag, this is correct. $CRV is likely the next big domino to fall that puts #DeFi back in a frenzy. That’s what happens when you’re critical infrastructure for farms, have huge daily volumes, plus a lean cap table. Watch 2nd order effects of this launch closely…”
Cat's out of the bag, this is correct. $CRV is likely the next big domino to fall that puts #DeFi back in a frenzy. That's what happens when you're critical infrastructure for farms, have huge daily volumes, plus a lean cap table. Watch 2nd order effects of this launch closely… https://t.co/Udh4GPQqJ1
— Spencer Noon (@spencernoon) August 6, 2020
Analysts that subscribe to the theory that DeFi will see another round of parabolic growth due to CRV reference Compound’s launch.
When COMP launched in the middle of June, the amount of capital in the DeFi space went parabolic while interest also shot up. COMP’s creation also acted as a wealth creation event for many users, who then siphoned their initial gains into other altcoins.
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Featured Image from Shutterstock Price tags: compusd, compbtc Charts from TradingView.com Compound (COMP) Surges 15% as Ethereum's DeFi Space Continues to Swell
Upbit Promises Swift Reimbursement, Theories Over Missing Funds Swell
n Details are still sketchy after Upbit hack, although some experts are skeptical to call it an inside job. Meanwhile, exchanges operator confirms they are planning a quick reimbursementn
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Annual XRP Swell Pump Amounts To Bearish Ripple Retest
Each year, the annual Ripple-hosted Swell conference causes a strong XRP price pump leading up to the event, but the asset typically corrects in a post-event sell-off back to normal price ranges.
This year, the pump was underwhelming, and according to one crypto analyst, has amounted to nothing more than a bearish retest that was rejected, signaling that XRP may have a lot further to fall.
Swell-Driven XRP Pump Results in Bearish Retest and Rejection
Ripple’s annual conference acts as a gathering of the finest minds in the finance sector and payments space, putting a central focus on the company’s many products and services, as well as Ripple protocol’s native cryptocurrency token, XRP.
Related Reading | Ripple Swell Conference: XRP Price Pumps and Dumps in the Past, Will History Repeat?
In past years, it’s acted as a stage for big names like former United States President Bill Clinton, former Fed Chairman Dr. Ben Bernanke, and Sir Tim Berners-Lee, often considered to be the inventor of the world wide web.
With so much news and buzz expected from the event, investors begin loading up on XRP in advance of each year’s Swell, causing the price of the asset to swell, as well. This year was no different, and the price of XRP rose from a fresh bear market low at 21 cents per XRP, to as high as 31 cents before the asset was rejected and a sell-off began.
$XRP Imagine holding this crap for a year with the hopes of a Swell pump only to get a bearish retest.
Absolutely necccable pic.twitter.com/mDcueWMyGF
— CryptoDude (@cryptodude999) November 20, 2019
The resulting Swell pump and following rejection, according to one crypto analyst was nothing more than a bearish retest of former diagonal support turned resistance. And now that the asset has been rejected from key resistance on high timeframes, XRP is at risk of falling much further.
Ripple Rejection Coincides With Long-Term Moving Averages, Is 1 Cent Ripple Ahead?
Interestingly, the diagonal support where the Ripple Swell pump was rejected from also coincided with a retest of both the 50-week and 200-week moving averages. XRP was unable to close a weekly candle above either of the key moving averages, and it could signal that another massive decline is coming.
Below current price levels, horizontal support lies at roughly 14 cents per XRP – a support level dating back to the 2017 crypto bull market. If support there cannot hold, a far deeper drop would be possible, one that would take the price per XRP to as low as 3 cents per XRP.
Related Reading | Could a Post-Swell Ripple Dump Cause XRP To Drop Another 50%?
Long-term support lies back as low as one cent or lower per XRP, which would take Ripple back to pre-crypto bubble prices. However, such a drop would represent another 90+ percent fall from current prices – and Ripple is already down over 90% from its all-time high price of .80.
The post Annual XRP Swell Pump Amounts To Bearish Ripple Retest appeared first on NewsBTC.
Swell the News XRP Drops 5 as Ripples Flagship Event Kicks Off
n Ripple conference fails to pump XRP after resistance rejectionn
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