XRP has disappointed vs. Bitcoin in 2024 — Is a price rebound possible?

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11 Mar 2024

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YASHU GOLA
19 HOURS AGO

XRP has disappointed vs. Bitcoin in 2024 — Is a price rebound possible?

XRP’s price is trailing the broader crypto market’s gains, but fractal analysis suggests it may soon gather upward momentum.
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XRP
XRP
$0.62

price has notably lagged in the ongoing cryptocurrency market rally, failing to revisit its peak value set in January 2018. But could 2024 be any different?XRP lags behind Bitcoin, ETH price gains

XRP’s price returns in 2024 sit at just 1.85% despite a prevailing upside sentiment across the crypto market. For instance, Bitcoin
BTC
$71,404
and Ether ETH
$4,009
have gained 58% and 68.50% in the same period. Perhaps more astonishing, the XRP/BTC pair has lost 88% over the past five years. XRP/USD daily price chart. Source: TradingView
Perhaps more astonishing, the XRP/BTC pair has lost 88% over the past five years as traders have shifted focus to the surge of investments into newly launched Bitcoin ETFs, the Bitcoin halving event, and speculation on the approval of Ethereum spot ETFs by May.

Technically, XRP price has been facing extreme sell-pressure at its multi-year descending trendline resistance since December 2017, as shown below. In 2024, traders have been unable to close decisively above this trendline.
XRP/USD weekly price chart. Source: TradingView
In 2024, XRP’s slump also coincides with its declining whale count. Notably, the number of its richest addresses holding at least 100,000 tokens has declined substantially this year. This suggests diminishing (wealthy) investor interest in XRP.
XRP addresses with more than 100K balance. Source: Messari
Meanwhile, the ongoing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple added to the uncertainty, suggests Bill Morgan, a pro-crypto lawyer tracking the case.
Related: Ripple ‘would certainly welcome’ an XRP ETF: Brad Garlinghouse
The SEC vs. Ripple case will likely drag into May 2024 after U.S. District Court Judge Analisa Torres extended the regulator’s submission deadline earlier this month.

XRP price: Bullish fractal gives hope

The bullish technical scenario has XRP price eyeing a 15% jump toward $0.75 by June 2024. This level is near the XRP/USD pair’s descending trendline resistance and the 0.236 Fibonacci retracement line.
XRP/USD weekly price chart. Source: TradingView
Moreover, a decisive breakout above the resistance confluence of XRP’s descending trendline and 0.236 Fib retracement line could push the price to as high as $1.11. Interestingly, such a scenario would repeat a 2014-2017 fractal, shared by market analyst Coosh Alemzadeh.
XRP/USD weekly price chart. Source: X/Coosh Alemzadeh
Should history repeat, Alemzadeh anticipates XRP’s price setting a new record high above $3.55 over the next few months.

XRP price: Bearish scenario

Conversely, a potential pullback from the descending trendline resistance positions XRP for a drop to $0.50, down 20% from the current price levels. This level is crucial as the ascending trendline support level.
XRP/USD weekly price chart. Source: TradingView
This $0.50-level is where the bulls will certainly make a stand: it's a confluence of the 200-week exponential moving average (200-day EMA; the blue wave) and a multi-month ascending trendline support.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Disclaimer: The information contained on this widget is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this widget constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information.
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AMAKA NWAOKOCHA
20 HOURS AGO

Binance exit sparks fears and opportunities in Nigeria’s crypto community

According to local crypto stakeholder Nathaniel Luz, Nigeria’s crypto ecosystem will see the rise of new crypto exchanges that will fill the vacuum created by Binance’s exit.
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Local cryptocurrency stakeholders have lamented the current ban on Binance naira operations in Nigeria, stating it will affect the livelihoods of many Nigerians and could increase youth unemployment in the country.
In separate interviews with Cointelegraph, local crypto stakeholders said the delisting of Nigerian naira-related services from Binance will lead to the rise of new crypto exchanges, which will fill the vacuum created by Binance’s exit by complying with local regulations.
Nathaniel Luz, the CEO of Flincap — a liquidity platform for crypto exchanges — said that several Nigerian traders who make a living from trading peer-to-peer on Binance are now affected. However, Luz said that some are trading on WhatsApp and Telegram groups.
According to the chief marketing officer of Flincap, Oladotun Wilfred Akangbe, the continuing uncertainty surrounding cryptocurrency regulation in Nigeria and the decision to halt Binance operations can undermine the confidence of many people in the space. He added that it could lead to massive fear, uncertainty and doubt in Nigeria’s crypto space.
In an official statement on its website, Binance said it would automatically convert naira balances to Tether
USDT
$1.00
from March 8 at 8:00 am UTC and cease support for naira deposits from March 5 at 2:00 pm.Withdrawals have not been allowed since March 8 at 6:00 am, and the conversion rate is 1 USDT for 1,515.13 naira. Binance’s peer-to-peer platform delisted all naira trading pairs in late February.
Related: Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’
On Feb. 27, the governor of the Central Bank of Nigeria argued that crypto exchanges in Nigeria were suspected of handling illicit transactions, pointing to “suspicious flows” of funds at Binance.
As the suspicions of Binance’s alleged illicit operations in Nigeria intensified, the Nigerian House of Representatives Committee on Financial Crimes called Binance CEO Richard Teng to appear before the committee before March 4.
In 2023, Nigeria’s Securities and Exchange Commission stated that Binance Nigeria wasn’t registered or regulated by it, making its operations in Nigeria illegal. In December 2023, the Central Bank of Nigeria reversed its stance on crypto assets, advising banks to ignore the previous ban on crypto transactions.
Magazine: The DeFi bots pumping Solana’s stablecoin volume
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Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!

NIHATCAN YANIK
MAR 09, 2024

Noncustodial lending and crypto debit card with FINMA compliance launches

This DeFi initiative ensures full compliance with Swiss finance regulations to increase user safety and market confidence.
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Skew aims to resolve the regulatory and security concerns prevalent in the DeFi sector by offering uncollateralized lending and noncustodial crypto services while strictly adhering to Swiss regulatory standards.
The innovative potential of uncollateralized lending and digital currency payment solutions is often overshadowed by regulatory uncertainties and security concerns in decentralized finance (DeFi). The space is marred by projects that operate outside of regulatory frameworks and offer incentives in proprietary tokens.
Raising questions about the sustainability and safety of emerging financial models, the lack of compliance with established financial regulations puts the sector in a challenging position. While innovative, rewarding participants with platform-native tokens also introduces volatility and risk for participants.
DeFi needs the introduction of solutions that aim to remove the stigma associated with the space by offering a registered, compliant alternative that prioritizes user security and regulatory adherence.

Enhancing trust in DeFi with Swiss regulatory compliance

Skew, a Swiss-based decentralized platform, bridges the gap with traditional financial systems and prioritizes regulatory compliance, security and stability. Powered by Skew Labs SA — a registered company in Switzerland — the platform aims to provide uncollateralized capital access to qualified borrowers and offer lenders attractive interest opportunities.

Skew is committed to meeting stringent regulations set forth by the Swiss Financial Market Supervisory Authority (FINMA). It has already invested significantly in partnering with specialized Swiss blockchain law firms and physically moved its offices to Switzerland to ensure full compliance with FINMA regulations.
The platform adds another layer of security with its noncustodial service offering, which comprises lending services and a crypto debit card. Users retain complete control over their private keys and assets in the noncustodial approach, reducing the risk of theft or mismanagement by third parties.

Skew aims to increase the adoption of DeFi technologies through regulatory adherence. Source: Skew

APR payments in USDT against stability

Skew addresses a common criticism of DeFi projects by paying out lending annual percentage rates (APR) in Tether
USDT
$1.00
on USDT lending. Skew’s approach —using stablecoin instead of a platform-native token for APR payments— mitigates the volatility associated with platform-native tokens, offering a more stable and familiar currency format that aligns with traditional financial expectations.

Composed of 12 individuals whose backgrounds span a diverse range of fields outside of crypto, Skew’s team brings experience to the project. The multidisciplinary team aims to address longstanding challenges in the DeFi industry through innovation, security and compliance.
Daniele Capasso, CEO of Skew, emphasized the ease-of-use Skew offers and expressed their anticipation of an increase in USDT holdings as more people lock in gains in a bull run, adding:

“We aim to be one of the first DeFi protocols in Switzerland to receive full regulation, which will increase the safety of our users and make using cryptocurrency in daily life easier. Our USDT lending service, which doesn't require collateral, will enable businesses with a good reputation to obtain loans, helping all involved grow DeFi the right way.”

Skew aims to launch within the next three months and is in the process of private and public funding rounds. Private sale participants are offered an 18% APR, paid in USDT.

The evolution of DeFi into a more secure and regulatory-compliant sector is crucial for its broader acceptance and integration into the global financial ecosystem. Projects like Skew that prioritize these aspects while delivering innovative financial solutions are poised to lead the way in bridging the gap between traditional finance and the digital economy.
Learn more about Skew

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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AMAKA NWAOKOCHA
MAR 10, 2024

MakerDAO implements temporary fee adjustments amid market volatility

The adjustments include changes to Maker Vaults, SparkLend DAI Borrow Rate, the PSM, the Dai Savings Rate (DSR), and the Governance Security Module (GSM) Pause Delay.
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MakerDAO, the organization responsible for the development of the Maker
MKR
$2,680
token, has approved an “Executive Vote” to introduce temporary fee adjustments to strengthen the protocol due to heightened market volatility and bullish sentiment resulting in a reduction in reserves for its Dai DAI
$1.00
stablecoin.The suggestion comes in response to a rapid decrease in the Dai supply from $5 billion to $4.4 billion in the last seven days, as outlined in the proposal from BA Labs, a member of Maker’s Stability Advisory Council.
Screenshot of MakerDAO executive vote announcement on X. Source: MakerDAO
In the proposal, MakerDAO intends to expedite the approval process for a stablecoin stability measure if users choose to redeem a portion of the $1.1 billion in real-world assets (RWA) available on the protocol. Despite Dai being overcollateralized, using RWA vehicles as collateral poses potential liquidity issues if Dai’s selling continues.
The proposal reads:

“Liquid stablecoin reserves and reserves deployed to RWAs are more than sufficient to sustain the increasing pressure generated by the potential bullish market sentiment. The issue lies in the liquidity crunch inherent in the exposure toward stablecoins deployed through RWAs.”

Although Maker DAO’s ecosystem is currently stable, it deems it necessary to anticipate potentially unpredictable user actions. The proposed measures include changes to Maker Vaults, the SparkLend DAI Borrow Rate, the Peg Stability Module (PSM), the Dai Savings Rate and the Governance Security Module (GSM) Pause Delay.
Related: Wyoming passes law granting DAOs legal status
The adjustments include raising the stability fees on different collateral assets registered on the platform from 15% to 17.25%. In addition, it plans to increase the SparkLend DAI Borrow annual percentage yield from the current 6.7% to 16%. The slate of changes was approved to go into effect from March 10 at 7:55 pm UTC.
MakerDAO also plans to adjust the PSM to provide a cooldown for debt ceiling increases to drop from 24 to 12 hours. Other measures that will be implemented include incrementing the Dai Savings Rate to 15% and the GSM Pause Delay from 48 hours to 16 hours for swifter implementation of future adjustments.
While these adjustments are temporary, there is no automatic process for reverting the fees. GFX Labs, a blockchain research and development company, expressed on the proposal’s discussion page that the changes were in the right direction but raised concerns about their magnitude, fearing potential market dislocations and disruptions.
Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines
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Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!

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