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After another win, Ripple’s XRP gains 10% Is Ripple’s token bullish now?

Ripple token continues to send clear signals. Once it is confirmed that XRP does not constitute a security, the token will be ready to take off. On Tuesday, the token surged by 10%, becoming the top gainer among its peers. The gains come after positive cryptocurrency news. According to the November 14 announcement, Ripple has…


Ripple token continues to send clear signals. Once it is confirmed that XRP does not constitute a security, the token will be ready to take off. On Tuesday, the token surged by 10%, becoming the top gainer among its peers. The gains come after positive cryptocurrency news.

According to the November 14 announcement, Ripple has been granted motions to file amicus briefs in the case with SEC. Individuals and other interested parties can be included in the proceedings by being granted amici status. Coinbase could be the “friend of court” that files the amici briefs. Ripple has been supported by Coinbase, a US crypto exchange. The exchange and other firms are expected to file by November 18.

This is a positive development for Ripple, as amici briefs have been an issue for some time. This will provide more information on the case, and Ripple can make a stronger case against the regulator. Coinbase, in particular, has voiced its opposition to the SEC’s rulemaking regarding crypto industry.

The court’s approval gives a fresh perspective and a blow to regulator. The battle against Ripple has been losing for the SEC. You need to understand the technical details if you want to purchase XRP after the developments.

XRP hit a resistance level as price pumps

XRP/USD Chart by TradingView

Technically, XRP trades at a key resistance zone. Given that the token has been recovering from its recent slump, the momentum is not strong. The MACD indicator is still in the bear zone. The current level is $0. 38 should be watched.

When to buy XRP?

The development around Ripple’s case with SEC is positive for XRP. If the news continues to rise, the price may continue to climb. A bullish momentum will be confirmed if XRP clears the area around $0.38-$0.40.

On the flip side, bears could outwit the bulls at the current resistance level and force a correction back to $0.30. Given the mixed crypto outlook, both outcomes are possible. Buy after the upside is confirmed.

Where to buy XRP

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Get XRP today
with eToro

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp, a fully-regulated company, offers users an intuitive interface and high levels of security for digital assets. It also provides excellent customer support. There are many withdrawal options.


Get XRP today
with Bitstamp


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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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