A new XRP 'Theory'

DATE: 06-02-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin [BTC] has this coming for it in February Bitcoin's realized capitalization suggests BTC is now overbought A pullback might be incoming on the charts After a positive start to the year, Bitcoin's price performance has steadied on the charts somewhat. In fact, despite some bearish pressure, the crypto seems to be holding its range too. Even so, there is reason to believe that February won't be as kind to the world's largest cryptocurrency.  According to a CryptoQuant analyst, Bitcoin's [BTC] Realized Capitalization metric over a single-day average revealed the overbought nature of the cryptocurrency. Generally, an asset's overbought when it has been trading at a relatively high price for a prolonged period of time. This, understandably, fuels the investor belief that a correction may be soon due.  Also, BTC also saw a significant uptick in whale transactions and social activity. The last observation is especially critical since it wasn't accompanied by a price rally. Such an instance is usually followed by a pullback soon.  Learn More The latest on the 'XRP buyback' theory Theory in the news after John Deaton dissociated himself from it Same was accompanied by a hike in whale accumulation The XRP buyback theory was first floated by Jimmy Vallee of Valhill Capital in 2021. At the time, he claimed that XRP could become the reserve currency of the world, especially since the global financial system needs a scalable digital asset. According to Vallee, governments would hence have to hold a large number of XRPs, which will have to be purchased from retail holders. Just recently, the exec reiterated the same after he claimed that this would be possible if the court rules in favor of Ripple Labs in the lawsuit against the SEC.  Reactions to the same, however, were fierce. John E Deaton dissociated himself from the aforementioned proposal and denied accepting any money for his efforts in the lawsuit. Similarly, former Ripple exec Matt Hamilton accused Vallee of committing bribery.  And yet, despite everything, the number of addresses holding between 10,000 to 10 million XRP recorded a sharp uptick over the past month.  Learn More MakerDAO takes steps to fix its L2 Teleport Gateways Issue detected with MakerDAO's Teleport Layer 2 (L2) Gateways MakerDAO proposes to temporarily shut them down to redeploy an upgrade MakerDAO has proposed redeploying its Teleport Layer 2 (L2) Gateways as part of several changes to its DeFi protocol. This decision was taken due to a minor issue detected with MakerDAO's DAI Teleport service, which could temporarily block some Layer 1 (L1) teleport withdrawals.  The DAI Teleport is a service that enables users to transfer their DAI tokens from the Ethereum network to a Layer 2 scaling solution and vice versa. The redeployment of the Teleport L2 Gateways may result in a temporary shutdown of the Teleport bridges on Optimism, Arbitrum, and Starknet.  Other changes contained in the proposal include the transfer of 138,894 DAI to the Tech-Ops Core Unit, 146,559 DAI to twelve recipients as part of the off-boarding process of the Governance Communications Core Unit, and 209,000 AI to a Special Purpose Fund posted by the Strategic Finance Core Unit. Learn More Filecoin creators go ahead with staff cuts Protocol Labs has decided to let go of 21% of its workforce FIL might soon struggle on the price front Protocol Labs, the company behind decentralized file storage network Filecoin, has announced that it will lay off 21% of its workforce due to an "extremely challenging economic downturn." The reduction of 89 roles will impact individuals across several departments of the company, although it is not stated if the layoffs will impact the Filecoin team at large.  Filecoin is just the latest to go ahead with staff cuts, with the likes of Huobi and Coinbase doing the same very recently.  At the time of writing, an assessment of the Chaikin Money Flow (CMF) on FIL's charts revealed a bearish divergence between the indicator and FIL's price - A common sign in a market where buying pressure is weak.  A steady decline in FIL's Positive Directional Indicator line also confirmed a loss of control by buyers in FIL's market. Accordingly, the sellers may be set to regain full control and trigger a potential price reversal.  a16z opposes Uniswap's V3 deployment to BNB Chain  a16z is against Uniswap's proposed launch of its V3 deployment on BNB Chain It supports LayerZero as the deployment bridge instead   Venture capital giant Andreessen Horowitz (a16z) has voted against the proposed deployment of Uniswap V3 on the BNB Chain using the Wormhole bridge.  While the proposal stated that the deployment would be done using the Wormhole bridge, a16z's support lies with LayerZero. Eddy Lazzarin, Head of Engineering at a16z, stated that the firm would have voted in favor of LayerZero if it was possible to do so.  0xPlasma Labs noted in the proposal that the Uniswap ecosystem's stakeholders have expressed a desire for trust-minimized bridges for governance for the new Uniswap V3 deployment on BNB Chain. As a result, the Wormhole bridge was chosen after a complex discussion and voting on Snapshot, while LayerZero received 17 million votes and came in second place.  LayerZero Labs is part of a16z's portfolio. It raised $135 million in a funding round led by a16z and Sequoia in March 2021. FTX wants its political donations back FTX wants to recover political donations made by Sam Bankman-Fried, other FTX exes Funds might enable the company to repay its creditors FTX's new management has set a deadline of 28 February for political figures, political action funds, and other recipients of contributions to return such funds.  FTX's former CEO, Sam Bankman-Fried, was a significant donor to both Democratic and Republican candidates during the midterm elections in November. In 2020, he was the second-largest CEO contributor to Joe Biden's campaign, donating $5.2 million.  FTX's new management has taken several initiatives to repay its creditors, including the voluntary return of political funds and the sale of $4.6 billion worth of non-strategic investments. The United States Attorney's Office for the Southern District of New York also formed a task force to handle investigations and recover missing FTX customer funds.  MicroStrategy's Saylor bats in favor of regulations MicroStrategy's Co-founder believes regulatory oversight is needed in the crypto-system A lot to learn from companies that have been long involved in traditional finance, he said In a recent interview, MicroStrategy Co-founder Michael Saylor claimed that the crypto-space is in need of regulatory oversight. Saylor argued that the crypto-industry requires the participation of established financial institutions such as Goldman Sachs, Morgan Stanley, and BlackRock, and clear guidelines from the SEC to provide "adult supervision" to the industry. Saylor added that the recent meltdown in the crypto-market has educated many people about cryptocurrencies and revealed the need for a transparent framework for digital assets to move the financial system into the 21st century. In response to criticism from Charlie Munger, Vice Chair of Berkshire Hathaway, who referred to crypto as "gambling," Saylor said that Munger should take time to study Bitcoin. Saylor agreed with Munger's assessment that not all crypto-tokens are secure investments. However, he did say that there are many crypto-tokens that are not gambling. Bitcoin & co. blow hot and cold Coin Price 24hr Market Cap ↓BTC $22,783 -2.6% $439 Billion ↓ETH $1,621 -2.8% $198 Billion ↓XRP $0.39 -2.3% $20 Billion Bitcoin fell by 2.62%, trading at $22,783 at the time of writing. The price was seen trading near the Basis Line, testing it for support. The bands showed divergence, indicating a higher level of volatility in the market. The Chaikin Money Flow saw a negative reading of 0.02 - A sign of seller bias in the market.  Ethereum [ETH] was changing hands at $1,621 following a fall of 2.82% in the last 24 hours. The Awesome Oscillator saw red histograms forming above the 0-level, hinting at a pullback. This trend was also reinforced by the MACD as the Signal line was seen crossing over the MACD line above 0. A weak bullish trend was seen in the market too. XRP dove by 2.37% and was priced at $0.39 at press time. The Relative Strength Index flashed a reading of 51 - A sign of weak bullish uptrends. The On Balance Volume supported this movement as it moved north on the charts.  Not a good day for meme coins Coin Price 24hr Market Cap ↓DOGE $0.09 -3.2% $12 Billion ↓SHIB $0.000014 -4.6% $7 Billion ↓AVAX $20.05 -4.4% $6 Billion DOGE, at press time, recorded a price of $0.092 after a fall of 3.25% over the last day of trading. The Awesome Oscillator, lying above the zero-line, flashed red candlesticks and projected bearish momentum. This trend was further reinforced by the Chaikin Money Flow, with the same below the midline at the -0.05-mark.   SHIB, after depreciating by 4.61% over the last 24 hours, was valued at $0.000014 at press time. The RSI lay in the overbought zone and flashed a clear bullish sign, with a strong chance of a pullback in the coming days. The Volume Oscillator running south drew close to the midline and further reinforced the bearish flip-over.  AVAX, after deflating by 4.48% over the last 24 hours, stood at $20.05 at the time of writing. The divergence between the Bollinger Bands and the price above the resistance level marked a highly volatile market trend, giving an edge to the buyers. The OBV running north reinforced some strong bullish sentiments too. And the weekly winners are... Coin Price 1w Market Cap ↑↑BABYDOGE $0.0000000029 +95.1% $338 Million ↑↑GRT $0.13 +37.4% $1 Billion ↑↑FTM $0.55 +17.8% $1.5 Billion BABYDOGE was trading at $0.0000000029 after an extravagant hike of 95.15% over the past week. The On Balance Volume moving north highlighted some bullish momentum too. However, the contraction of the EMA ribbons flashed signs of a possible change in the ongoing trend.  GRT traded at $0.13 following a weekly price appreciation of 37.45%. The MACD line (blue), lying above the Signal line (orange), and flashing green candlesticks, highlighted bullish momentum. However, the Moving Average was almost parallel and lay below the press time price - Highlighting the possibility of a change in the ongoing trend.  FTM appreciated by 17.88% over the past week, trading at $0.55 at the time of writing. The altcoin registered an RSI of 64, hinting at a strong bullish hike as per the weekly readings. The AO, on the other hand, confirmed this upward move as green bars were forming above the 0-mark.  Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe