This week in the crypto world has been quite a ride, especially for Bitcoin which has bounced back big time, now trading close to $43,000, after a bit of a stumble early on. It's also pretty impressive how BTC has managed to climb 20% this month alone and a whopping 143% since the start of the year. The entire market is reacting to some big economic cues, like the Fed hinting at cutting interest rates and the US consumer price index staying put. Along with some serious money coming in from big-time investors, this good news has given Bitcoin and Ethereum a nice boost. ETH, in particular, is doing well, almost making up for its earlier losses, now flirting with the $2,300 mark.
Altcoins are having their moment too, with Cardano (ADA) shooting up by more than 30% this past week, thanks to the whales snapping it up while the smaller players are cashing out. This has got everyone talking about the long-awaited altseason. And then there is Ripple (XRP) whose investors are hoping it will boost its already impressive 60% annual growth when its legal tussle with the SEC wraps up in 2024. Amid all this action, there is ScapesMania (MANIA), a new kid on the block in its presale phase. It is a neatly put-together gaming ecosystem with a transparent, award-winning team behind it. MANIA is all about giving power to the players and making sure everyone benefits. And with some tempting presale discounts and bonuses, the project already has a lot of people excited about what is to come.
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Binance Drops Ripple (XRP) and Cardano (ADA) Amid Legal Woes
In the midst of the altcoin surge, Binance has decided to trim down their menu, ditching a bunch of products linked to both Ripple (XRP) and Cardano (ADA). Kicking in on December 22, this big move means delisting of some familiar liquidity pools like ADA/ETH, ADA/USDT, XRP/BNB, XRP/BTC, and XRP/ETH. It is all part of their plan to make trading smoother and more efficient, but let's be real, it is not just about streamlining. Binance is under some serious heat from the big guns in the USA, with both the DOJ and the SEC keeping a close eye on them.
This year has been a rollercoaster for the world’s largest crypto exchange, with a whopping $4.3 billion fine from the DOJ and their CEO stepping down and facing trial. They are under strict orders now to keep things transparent and monitor their operations closely. Some legal experts, like former SEC agent John Reed Stark, are even whispering that Binance might not make it through this storm.
Even despite settling things with the DOJ, Binance still has the SEC to contend with: it seems like the watchdog's lawsuit is marching on, independent of what has already happened. It is a big deal, not just for Binance, but for everyone in the crypto game, especially for those who are into altcoins like Ripple (XRP) and Cardano (ADA).
Ripple (XRP) Technical Analysis
Ripple (XRP) is currently cruising in a tricky spot, trading between its first support level at $0.5373 and the initial resistance at $0.7121. It's an interesting time for XRP, what with the whole altcoin scene buzzing and Binance’s actions affecting its market dynamics.
Source: TradingView
The fact that Ripple (XRP) is hanging between its 10-day and 100-day Simple Moving Averages (SMA) at $0.6405 and $0.5675, respectively, suggests a delicate balance – it's kind of walking a tightrope between short-term optimism and long-term caution. The Relative Strength Index (RSI) sitting at a middling 51.45 and the Average Directional Index (ADI) barely making a murmur at 15.4 hint that XRP isn't quite ready to pick a clear direction just yet.
Ripple (XRP) Next Price Action – What Indicators Say?
If the bulls take the reins and Ripple (XRP) manages to leap over the $0.7121 fence, we could be looking at a nice run up to the $0.8178 mark, or even dreaming big with a dash towards $0.9926. A bit of good news from the legal side or some tailwinds from the overall altcoin lovefest could give it the boost it needs. The MACD at 0.0047 is just poking its head above water and there's a tiny bit of Momentum building at 0.01032, so there's a whiff of bullish vibes in the air. But XRP will need more than a gentle push to really break free and fly high.
Now, if things take a southward turn and Ripple (XRP) trips below that $0.5373 support, it might find itself on a slippery slope down to $0.4683 or, in a worst-case scenario, plunging to the depths of $0.2935. This kind of drop could be sparked by some not-so-great news from its ongoing legal drama or if the market tide turns against altcoins. And with Binance pulling a few XRP products off the shelf, that's not exactly a confidence booster. The Commodity Channel Index (CCI) at 39.87 isn't screaming 'buy' either, and with the ADI so low, it is like Ripple (XRP) is stuck in a bit of a no-man's-land.
Cardano (ADA) Technical Analysis
Cardano's (ADA) recent moves in the altcoin rally are pretty interesting when you dive into the numbers. Right now, ADA is dancing between the closest support at $0.442 and resistance at $0.697.
Source: TradingView
The SMAs tell a story of optimism: the 10-day one sits at $0.646, indicating that Cardano (ADA) has been on an uptick, but the 100-day one at $0.486 is like a safety net showing there is solid ground below. The RSI at 60.05 is flirting with 'getting too hot' territory, but it is not there yet. And the Stochastic %K at 67.15 backs this up, saying ADA is not overdoing it.
Cardano (ADA) Next Price Action – What Indicators Say?
Now, if Cardano (ADA) decides to put on its bullish hat and jumps over that $0.697 barrier, it could set its sights on the next big leap to $0.8. The ADI at 26.55 is kind of whispering that the trend is not super strong, but the CCI at 48.88 suggests there is still room to run without tripping over. And with the MACD at 0.022, there is a hint of momentum that could give ADA the push it needs to finally hit the most ambitious target at $1.055. The Momentum is there, albeit just a smidge at -0.006, but it might be enough to keep the party going, especially with everyone buzzing about the altseason and the asset's recent price bump.
On the flip side, if Cardano (ADA) hits a bump and tumbles below $0.442, we might see it take a slide towards the second support at $0.29. The ADI not being too high is like saying the party might not last, and if the RSI dips below 50, it's like a signal that the mood's changing. Plus, with Binance shaking things up by cutting ADA products as well, it adds a bit of drama that could sway the market mood, maybe nudging Cardano (ADA) towards those lower support levels. In this scenario, the 100-day SMA could be the hero, stepping in to stop the fall.
Closing Thoughts
The recent 30% surge of Cardano (ADA), sparked by the actions of major investors, has further fueled conversations about the much-awaited altseason. With much more modest gains, Ripple (XRP) is navigating through its own challenges, but investors are keeping a keen eye on its potential growth post-legal settlements. Amid these developments, Binance's decision to streamline its offerings by delisting certain ADA and XRP products adds an extra layer of complexity to the market dynamics: while the future for altcoins like Cardano (ADA) and Ripple (XRP) seems promising, it is tinged with a sense of caution as the evolving regulatory landscape and market reactions continue to shape their journey.
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