News

XRP’s week has been an anomaly, but here’s why it may or may not remain so

Published

2 weeks ago

March 10, 2023

XRP’s week has been an anomaly, but here’s why it may or may not remain so

XRP bulls dominate after losing correlation with the rest of the market
Bears may soon regain control as volatility and network growth have slowed down

XRP has turned out to be one of the best hedges against this week’s bearish market trend. Ergo, the question – How much longer can XRP sustain its current trajectory on the charts?

How much are 1,10,100 XRPs worth today?

XRP’s press time price of $0.39 represented a 10% upside after four consecutive days of being in the green. For context, Bitcoin recorded a 4% pullback while ETH was down by roughly 3.25% during the same 4-day period.

These observations confirm that XRP managed to overcome the general correlation and trend across the rest of the market.

Source: TradingView

Will XRP maintain this momentum? Well, the altcoin’s RSI indicator, at press time, was back above the mid-point, thus confirming that Relative Strength is now in favor of the bulls.

Nevertheless, the crypto’s latest rally has now pushed above the 50-day MA and is about cross above the 200-day MA. These indicators often act as pivot zones. Hence, there is a chance that XRP might pull back towards the weekend.

XRP’s bullish momentum might be short-lived

There are already some signs that indicate a slowdown in momentum might be imminent.

For instance – XRP’s price volatility is now at a 4-week low despite its latest rally. This is a confirmation that the price may not register significant price movements, unless there is a volatility resurgence.

Source: Santiment

Additionally, the network growth metric registered some upside too this week. However, it then crashed hard to a 4-week low over the last 24 hours. Could this be a sign of what to expect from XRP’s price action? That might be the case if sell pressure starts to mount on the aforementioned potential pivot zones.

Is your portfolio green? Check out the XRP Profit Calculator

Whale activity is a major component of price action. As such, it makes sense to observe whale activity, especially now that bearish signs are piling up.

An overview of the supply distribution metric seemed to reveal mixed results, meaning there is a lot of buying and selling activity. Nevertheless, addresses holding over 100 million XRP have been buying in the last 24 hours.

Source: Santiment

Here, it’s worth noting that there are still some whale categories that have been contributing to sell pressure over the last 24 hours. As far as expectations are concerned, it is unclear how long XRP will retain its ability to move against the market.

In fact, we may see an extended rally if the rest of the market does favor the bulls.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

Related Topics:News News 1 Ripple social Trading View XRP

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Avalanche C-Chain halts block production, here’s what concerns investors

Published

4 hours ago

March 23, 2023

Suzuki Shillsalot

Avalanche C-Chain halts block production, here’s what concerns investors

Avalanche’s explorer showed that block production was halted for over two hours on 23 March.
Despite the halt, the transactions metric looked normal, and AVAX was not impacted.

There were indications of a shutdown in the Avalanche [AVAX] blockchain on 23 March, raising concerns about the feasibility of the network’s transactions and the value of AVAX.

Read Avalanche’s [AVAX] Price Prediction 2023-24

Avalanche C-chain sees a pause in block production

Decentralized apps (dApps) and smart contracts are catered for on the Avalanche network by the Avalanche C-Chain, commonly called the Contract Chain. It belongs to the Avalanche network, which promises to offer a highly scalable and functional blockchain ecosystem.

On 23 March, for reasons not made public, this portion of the blockchain network stopped functioning, per data obtained from the snowtrace.io explorer. At block height 27788298, the Avalanche C-chain ceased producing blocks, and the outage continued for over two hours. As of this writing, the production of blocks had resumed, so everything appeared to have returned to normal.

Source: snowtrace.io

A deeper dive into the Avalanche network status

The Avalanche C-chain’s block production halt prompted an examination of the network’s uptime during the previous 90 days, which showed that it had been relatively stable. Except for the mainnet explorer and the mainnet bridge, the Avax status check showed that all network platforms had 100% uptime for the past 90 days.

Source: Avalanche network

In the last 90 days, the mainnet explorer has been down for three days, as revealed by a status check. Service was interrupted for over an hour on 20 March, for 24 hours on 21 March, and over 15 hours on 22 March. Then, on 22 and 23 March, the mainnet bridge was down for six and two hours, respectively.

Due to the interruptions, the Explorer and the Bridge were only available 99.43% and 99.88% of the time, respectively, within the specified time frame.

Impact of the downtime

The daily transactions chart for the C-chain showed that the halt did not affect the volume of transactions. At the time of this writing, the total number of blocks was 41,705, and the total number of transactions was 156,044.

Source: snowtrace.io

How much are 1,10,100 AVAXs worth today?

Additionally, the daily active address and average block time charts on the Avalanche C-chain also remained unchanged.

AVAX on a daily timeframe

Nonetheless, the outage did not bother AVAX. The token’s value rose by 3%, trading at $17.30 on a daily timeframe as of this writing. To continue in a bull trend, it has also maintained above-neutral status on the Relative Strength Index (RSI).

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

altcoin

Is Solana’s [SOL] FUD justified? According to these analytics…

Published

7 hours ago

March 23, 2023

Himalay Patel

Is Solana’s [SOL] FUD justified? According to these analytics…

As per recent data, Solana’s downtime woes may not be as bad as they seem.
Daily active users and fees continued to decline as SOL suffered.

In the past 12 months, Solana [SOL] has faced significant scrutiny from the cryptocurrency community, largely due to issues with downtimes on its network. However, if recent data is to be believed, some of the negative attention may not be entirely warranted.

Is your portfolio green? Check out the Solana Profit Calculator

Fall down seven times, get up eight

According to Messari, Solana has improved its technology and updated its network every time it has faced downtime issues.

2/ @solana has presented solutions to its downtime issues via QUIC, QoS, priority fees/ local fee markets, and client diversity, updating frequently.
The same grace afforded to systems like AWS and chains like ETH during times of high traffic should be afforded to Solana. pic.twitter.com/OnFY4dxiiK
— Messari (@MessariCrypto) March 22, 2023
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Even though there have been improvements to its technology, many remain skeptical about Solana’s DeFi growth, citing its declining TVL as an indicator of the network’s declining health. However, it was important to note that a lot of the activity on the Solana network has been because of derivatives, NFTs, and de-pin networks, which do not contribute to Solana’s TVL.

Messari analysts further speculated that if Solana turns on network incentives, its TVL could be on par with other L2 chains. At press time, the TVL of Solana was $277.37 million, after falling by 2.43% in the last 24 hours.

3/ Comparing @solana’s TVL to other emerging chains doesn’t tell the full story.
Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks.
If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s. pic.twitter.com/uwkxuEdZk8
— Messari (@MessariCrypto) March 22, 2023
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DeFi’ng the odds

Although Solana’s TVL has continued to decline, the overall volume of AMM’s (Automated Market Makers) has increased. AMMs are decentralized exchange mechanisms that use mathematical algorithms to set asset prices based on supply and demand, allowing anyone to buy and sell assets without a traditional order book or centralized exchange.

The sudden increase in the trading activity of these AMMs may show a favorable development for Solana within the realm of DeFi.

Source: Solscan

Solana developers have also been working on other updates to improve the state of Solana’s DeFi.

Realistic or not, here’s SOL market cap in BTC’s terms

However, despite the efforts shown by these developers, the number of active users on the Solana network has declined by 17.5% over the last 30 days. Due to this, the revenue generated by the network also fell by 8.2% in the same period, according to Token Terminal’s data.

Source: Token Terminal

SOL sees red

SOL has been under pressure recently due to a drop in its prices over the last few days, which coincided with a decline in its trading volume and an increase in volatility. This heightened volatility could make cautious investors hesitant to purchase SOL in the future.

Source: Santiment

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.

Alleged Arrest

Terraform Labs Co-Founder Do Kwon Arrested In Montenegro, Says Interior Minister

Published

7 hours ago

March 23, 2023

Jamie Redman

Terraform Labs Co-Founder Do Kwon Arrested In Montenegro, Says Interior Minister

According to Montenegro’s interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect.

Terra Co-Founder Reportedly Arrested in Montenegro at Podgorica Airport With False Documents

Terraform Labs co-founder Do Kwon has reportedly been arrested in Montenegro, according to the country’s interior minister Filip Adzic. The Montenegrin official shared two tweets on Thursday just before 9 a.m. Eastern Time.

“In Podgorica, one of the most wanted world fugitives was arrested,” Adzic stated. “Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Terraform Labs based in Singapore,” the interior minister added.

Do Kwon, who was recently sued by the U.S. Securities and Exchange Commission and his firm Terraform Labs, has reportedly been hiding for some time. Some suspected Kwon was hiding in Singapore, while others thought the Terraform Labs CEO was in Dubai. Some reports suggested Kwon was in Serbia. The SEC accuses Kwon and Terraform Labs of committing a multibillion-dollar fraud operation and selling unregistered securities.

“The former ‘king of cryptocurrencies’, who is behind losses greater than 40 billion dollars, was detained at Podgorica airport with forged documents and is sought by South Korea, the United States, and Singapore,” Adzic further explained on Twitter. “We are waiting for official confirmation of identity,” the Montenegrin politician added.

The Montenegrin government and interior minister Filip Adzic have yet to confirm the true identity of the arrested individual. This story is still developing and will be updated with any official confirmations of the identity of the person detained in Montenegro.

Tags in this story

Alleged Arrest, Alleged Detainment, Arrest, do kwon, Do Kwon Terra, false documents, Filip Adzic, fugitive, identity confirmation, Interior Minister, Montenegro, Podgorica airport, South Korean citizen, Terra, Terra Blockchain, Terra co-founder, Terra Do Kwon, terraform labs, tweets

What are your thoughts on the recent arrest of Terraform Labs co-founder Do Kwon in Montenegro? Share your opinions in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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