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🔆 Ripple lawsuit could end in a ruling or settlement this week, final showdown sees XRP sustain above $0.60

🎯 Ripple lawsuit could end by July 31, per the prediction of pro-crypto attorney Fred Rispoli.

💥 XRP traders keep eyes peeled for settlement with the SEC or news of final ruling in the lawsuit. 
📈 XRP trades above $0.60, altcoin could collect liquidity prior to nearly 11% gains. 

Ripple (XRP) lawsuit brought by the Securities & Exchange Commission could end in July 2024. XRP traders are watching the lawsuit closely for updates on settlement or a final ruling by Judge Analisa Torres. 
Ripple’s partial victory in July 2023 cemented XRP’s status as a non-security. It remains to be seen whether the US financial regulator appeals the ruling. 
XRP trades above key psychological support at $0.60, early on Monday.

Daily digest market movers: Ripple final showdown with SEC likely this week
• The SEC vs. Ripple lawsuit is a key market mover for XRP. Per pro-crypto attorney Fred Rispoli, Ripple lawsuit could end by July 2024, this week. 
• XRP holders expect either a settlement in the SEC lawsuit or a fine, the $10 million proposed by Ripple against over $2 billion asked by the regulator. 
• There is legal clarity on XRP’s status as a non-security in secondary market transactions, on exchange platforms. It remains to be seen whether this ruling from July 2023 is appealed by the SEC. 
• The news of the closed-doors meeting between the two parties acted as a key market mover for the altcoin. 
• Ripple update: What to expect from XRP and Ripple lawsuit this week
• As traders keep their eyes peeled for updates, XRP trades above its psychological support level. 
• XRP officially got listed on the Chicago Mercantile Exchange (CME) CF reference rates and real-time indices. 

Technical analysis: XRP could sweep liquidity under $0.60 and rally nearly 11% 
XRP broke out of its downward trend on July 12, forming higher highs and higher lows consistently. XRP is currently above key psychological support at $0.60, and is likely to sweep liquidity in the Fair Value Gap between $0.5404 and $0.5783, the support zone. 

Ripple could extend gains by nearly 11% once the imbalance is cleared and target $0.6666, the 78.6% Fibonacci retracement of the decline from its March 11 top of $0.7440 to the July 5 low of $0.3823. 
XRP faces resistance at $0.6058, the 61.8% Fibonacci retracement in the XRP/USDT daily chart. 
The momentum indicator, Moving Average Convergence Divergence (MACD) supports the thesis of a liquidity sweep as the MACD line crosses under the signal line on July 29. This means there is underlying bearish momentum in XRP price trend. 
A daily candlestick close under the $0.5632, or the 50% Fibonacci retracement level could invalidate the recovery rally thesis and signal an impending correction. Ripple could find support at $0.5205, the 38.2% Fibonacci retracement level. 
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🪩 SEC Intends to Amend Complaint Against Third Party Tokens (Like SOL) in Binance Case

📨 The SEC intends to amend its complaint against Binance, including with respect to the 'Third Party Crypto Asset Securities," it said in a court filing.
This likely means that the Judge won't have to decide whether 10 tokens such as Solana and Matic are unregistered securities or not.

🇺🇸The U.S Securities and Exchange Commission (SEC) may be dropping it's charges against so-called third party tokens, such as Solana's SOL and Polygon's MATIC, which have been part of its case against Binance, according to a court filing early Tuesday morning.

According to the filing, the SEC has already informed the defendants, Binance and affiliated entities (Binance US and founder Changpeng Zhao), that it "intends to seek leave to amend its complaint, including with respect to the 'Third Party Crypto Asset Securities'. "obviating the need for the Court to issue a ruling to the sufficiency of the allegations as to those tokens this time.
♨️ The issue of third party tokens came to a head in a hearing on July 9 when attorneys for Binance said they interpreted Judge Amy Berman Jackson's June 28 ruling on Binance's motion to dismiss the SEC's case as moving third-party tokens out of the case, CoinDesk reported earlier. The Judge made it clear that this was not her intention.

🪙 Third-party tokens are digital assets issued by various companies apart from Binance, that were listed by the crypto exchange. The 10 tokens named in the complaint are SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. The SEC alleged that these tokens are unregistered securities.
Tuesday's filing was a court ordered joint response to the positions of both sides on how to proceed further. It was expected that the judge would review what role third-party tokens may play in the SEC's ongoing case against Binance. Instead, the SEC appears to have changed its position and is now intending to drop that part of its allegations.
🔆 This development has resulted in the defense wanting to see the amended complaint before allowing the process of discovery.
"Until defendants have a set of proposed amended allegations in front of them, it is premature and unreasonable for the SEC to expect them to agree to conduct merits discovery for claims on which the SEC may soon seek leave to amend its allegations," the filing said.
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📛 Bitcoin's Future Could be Tied to the Outcome of the U.S. Election: Jefferies
Trump’s policy shift towards crypto is very recent, but it may impact the price of bitcoin in the near term depending on who wins the U.S. election in November, the report said.

⚠️ Trump’s promises to the crypto industry may mean the near-term bitcoin price is tied to the outcome of the election, the report said.
♻️ Jefferies said bitcoin mining profitability following the halving is better than feared at the start of the year.
🔰 Larger bitcoin miners are still in growth mode, the bank said.

🤔 With multiple politicians, both Republican and Democrat, and former president Donald Trump in attendance at the Bitcoin Nashville conference last week, there was a political undertone to the crypto event, investment bank Jefferies said in a research report on Monday.
“His overtures to the industry to install crypto-friendly regulators may have the effect of near-term BTC price being tied to the outcome of the U.S.
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🚧 Crypto Today: Bitcoin holders accumulate without fear, Ethereum struggles while XRP holds gains steady

♻️ Bitcoin long-term holders have continued to accumulate BTC consistently in the last two months.

🎯 Ethereum hovers around $3,100, struggles to make a comeback to resistance at $3,500.
📬 XRP sustains above $0.61 despite market-wide correction in crypto. 
🔆 Curve DAO token CRV makes headlines as whale pulls over 20 million tokens off exchanges in three days. 

💢 Bitcoin, Ethereum, XRP updates
Bitcoin hovers around $65,000 at the time of writing. The largest crypto asset by market capitalization noted large swings in its price in response to US macroeconomic releases. Long-term holders have accumulated the asset consistently in the last two months

🎲 Accumulation by long-term holders is bullish for the asset.
⚠️ Ethereum struggles to make a comeback above resistance at $3,500. The altcoin trades at $3,186 at the time of writing. Solana beat Ethereum in monthly DEX trading volume for the first time last month, per DeFiLlama data. Solana DEX trading volume was $55.876 billion against Ethereum’s $53.868 billion.
📯 Other high-performing chains include Arbitrum at $24.569 billion, Binance Smart Chain (BSC) at $17.888 billion, and Base at $15.554 billion in monthly DEX trade volume.
🔰 XRP held recent gains and sustained above $0.61 as traders continue to anticipate Ripple win in the Securities & Exchange Commission’s (SEC) lawsuit. 

📈 Curve DAO (CRV) could extend gains by nearly 25% and rally to the upper boundary of the Fair Value Gap (FVG), acting as the resistance zone between $0.2982 to $0.3464. CRV could find support in the Fair Value Gap (FVG) between $0.2425 and $0.2519, as seen in the CRV/USDT daily chart. 
Early on Thursday, August 1, CRV extended gains by nearly 7%. The Moving Average Convergence Divergence (MACD) indicator supports recent gains as the MACD line crosses above the signal line. Green histogram bars above the neutral line support the bullish thesis for the Curve DAO CRV token. 
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🚧 Bitcoin bleeds under $50,000 amidst global stock market sell-off, what to expect from the BTC cycle

📉 Bitcoin slipped below the $50,000 support early on Monday as stock markets around the world tumbled and bonds rallied amidst recession fears. 
🔥 The crypto market noted $1.06 billion in liquidations in the past 24 hours, per Coinglass data. 
📛 Bitcoin crashed alongside US stocks even as the 30-day Pearson correlation with the Nasdaq composite and S&P 500 is negative. 
🤔 Bitcoin could extend losses by another 12% and sweep liquidity below $47,000 before beginning a recovery. 

🎲 Crypto market capitalization dipped by 15% in the past 24 hours, according to CoinGecko data, down to $1.89 trillion at the time of writing on Monday. Bitcoin suffered a steep correction alongside the S&P 500 and the Nasdaq Composite despite having a negative 30-day correlation, per IntoTheBlock data. 
Bitcoin dipped under $50,000, and the biggest cryptocurrency by market capitalization is likely to extend losses further. 
Data from Coinglass shows that 24-hour liquidations in crypto exceed $1 billion, one of the biggest liquidation events since the FTX exchange collapsed. 
Market participants remain uncertain whether this is the end of Bitcoin’s bull run. 

♻️ Crypto market capitalization, S&P 500, and Nasdaq composite
The chart below shows the drop in crypto market capitalization alongside the correction in the S&P 500 and the Nasdaq Composite. After the recent US Federal Reserve meeting, there has been a negative impact on both stocks and risk assets like Bitcoin and cryptocurrencies. 


♨️ The declines in the chart show a strong correlation between BTC and S&P 500 since July 31. 
Stock markets worldwide continue to decline and bonds rally as fears of a recession increase uncertainty among crypto traders. Crypto market noted $1.06 billion in liquidation, one of the largest events since the FTX collapse. 
Bitcoin could extend its losses further
Bitcoin’s price dipped under $50,000, a key psychological support level for the largest cryptocurrency by market capitalization. BTC could extend its losses by nearly 10% and sweep liquidity in the Fair Value Gap (FVG) between $45,614 and $46,800. 
Bitcoin could sweep liquidity at $46,207 before beginning a recovery rally. 
The Relative Strength Index (RSI) indicator reads 24.76, as BTC is currently in the “oversold” zone. When RSI is under 30, it generates a buy signal for the asset. Sidelined Bitcoin traders could consider entering the trade, based on this indicator. 

📊 A daily candlestick close above key previous support, now resistance, at $58,526, could invalidate the bearish thesis for Bitcoin. 

📯 Bitcoin doesn’t look like “The New Gold” says analyst
Joe Weisenthal of Bloomberg says that Bitcoin’s "store of value" thesis no longer stands. The analyst was quoted in a recent tweet:
Bitcoin doesn't look like The New Gold. It looks like 3 tech stocks in a trenchcoat.
Crypto investors have lost their nerve 😭😭😭

Market picture🎯
The cryptocurrency market was hit by a sell-off over the weekend, the likes of which haven't been seen in a long time. We would not have been surprised to see such a sell-off before the halving due to the last takeout of buyers before the start of active growth. There is nothing unusual about such a downward amplitude in a bear market either, but not now, when the 4-year cyclical pattern should work on the bulls' side.
Our pessimistic scenario of a 20% decline in capitalisation to the $1.79 trillion area has worked out, having made a very fast drop to the lower boundary of the corridor since March.

Bitcoin is down 13.5% from its peak at last week's close and has lost another 15% since the start of the day on Monday, falling below $49K at one point. Active pressure on the first cryptocurrency started after a failed attempt to go above $70K and overcome the resistance of the descending channel seven days ago.
At the same time, its lower boundary turned out to be not so strong, and the price flew through it with an acceleration, finding itself also under the 50- and 200-day moving averages. Worse, at its lowest point, Bitcoin dipped below its 50-week average. Without strong buyer support right now, it goes even lower, and it would trigger an even more active sell-off as it did in late 2021 and early 2022. If it doesn't hold either, it's worth preparing for a failure towards $42K.
News background
According to forecasting platform Polymarket, 48% of users believe Bitcoin will fall below the $60,000 mark in August. 26% of customers bet that BTC will drop to $55,000. 12% of users anticipate the first cryptocurrency to collapse to $50,000. Historically, August and September are considered the weakest months for BTC.
MicroStrategy acquired an additional 12,222 BTC for $805 million in Q2, bringing its total holdings to 226,500 BTC (~$14.7 billion). The average purchase price was $36,821 per coin; they spent a combined $8.5bn.
According to CNBC, Morgan Stanley's 15,000 financial advisors will offer spot bitcoin-ETF investments to their clients. The bank made this move first among Wall Street giants, reflecting the new stage of Bitcoin adoption. The reason behind the decision was the high demand from customers.
VanEck CEO Jan Van Eck said the first cryptocurrency is maturing, and its capitalisation will eventually reach half that of gold. Based on gold's current market capitalisation, the forecast calls for BTC to rise to $350,000 per coin. If central banks incorporate bitcoin into their ecosystems, it could potentially boost the asset's price to $1 million.
Hong Kong's largest online brokerage, Futu Securities International, has launched cryptocurrency trading for its 22 million users. Customers can trade BTC and ETH using Hong Kong dollars or US dollars.
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Buy/Long HIGH $1.250-$1.270

Targets: $1.462-$1.52-$1.6-$1.8-$1.9-$2

Stoploss: $1.190