Xrp rose higher in Tuesday’s session, as prices continued to move away from a long-term support point. Overall, sentiment in cryptocurrencies remained largely bearish, with the global market cap down 0.34% as of writing. Polygon was also in the green at the time of writing.
XRP, formerly ripple, was a notable gainer on Tuesday, as the token continued to move away from a recent support point.
Following a low of $0.3648 to start the week, XRP/USD rose to an intraday high of $0.3751 earlier in the day.
The move resulted in XRP bouncing from a long-term price floor at $0.3650, following a recent four-day losing streak.
From the chart, it appears that this took place as the 14-day relative strength index (RSI) broke out of its own ceiling at 43.00.
As of writing, the index is now tracking at 43.97, with the next visible resistance point at 45.00.
Should this ceiling be hit, there is a strong chance that XRP will be trading at, or above, the $0.3800 mark.
Polygon (MATIC) also rose higher in today’s session, a day after bulls rejected a breakout at a key price level.
MATIC/USD moved to a peak of $1.17 on Tuesday, which comes after a bottom at $1.12 the day prior.
As a result of this move, polygon bulls pushed prices further away from a recent floor at $1.10.
Overall, it appears that this rebound coincides with the RSI moving away from a recent floor at 39.00.
Currently, price strength is tracking at 41.17, with the nearest point of resistance being at the 45.00 mark.
Bulls could likely target this point, and should they reach it, MATIC could move above $1.20.
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Do you expect polygon to maintain this uptrend in the coming days? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Xrp rose higher in Tuesday’s session, as prices continued to move away from a long-term support point. Overall, sentiment in cryptocurrencies remained largely bearish, with the global market cap down 0.34% as of writing. Polygon was also in the green at the time of writing.
XRP, formerly ripple, was a notable gainer on Tuesday, as the token continued to move away from a recent support point.
Following a low of $0.3648 to start the week, XRP/USD rose to an intraday high of $0.3751 earlier in the day.
The move resulted in XRP bouncing from a long-term price floor at $0.3650, following a recent four-day losing streak.
From the chart, it appears that this took place as the 14-day relative strength index (RSI) broke out of its own ceiling at 43.00.
As of writing, the index is now tracking at 43.97, with the next visible resistance point at 45.00.
Should this ceiling be hit, there is a strong chance that XRP will be trading at, or above, the $0.3800 mark.
Polygon (MATIC) also rose higher in today’s session, a day after bulls rejected a breakout at a key price level.
MATIC/USD moved to a peak of $1.17 on Tuesday, which comes after a bottom at $1.12 the day prior.
As a result of this move, polygon bulls pushed prices further away from a recent floor at $1.10.
Overall, it appears that this rebound coincides with the RSI moving away from a recent floor at 39.00.
Currently, price strength is tracking at 41.17, with the nearest point of resistance being at the 45.00 mark.
Bulls could likely target this point, and should they reach it, MATIC could move above $1.20.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect polygon to maintain this uptrend in the coming days? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
FTX Debtors and affiliate Alameda Research Ltd. have filed a lawsuit against Grayscale Investments, seeking injunctive relief to unlock $9 billion in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts. The debtors allege that “Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the trust agreements.”
In a press release issued March 6, 2023, FTX debtors and Alameda Research, the company’s now-defunct quantitative trading firm, announced that Alameda is suing digital currency fund manager Grayscale Investments. Alameda seeks injunctive relief to allow redemptions and reduce fees associated with the Grayscale Bitcoin and Ethereum Trusts. The debtors allege that Grayscale and its management team continue to “breach trust agreements and fiduciary duties.”
Alameda also argues that Grayscale’s self-imposed redemption ban prevents the “realization of approximately $9 billion of value.” The firm’s CEO and chief restructuring officer, John J. Ray III, issued a statement regarding the lawsuit against Grayscale, stating: “We will continue to use every tool we can to maximize recoveries for FTX customers and creditors.” The FTX debtors restructuring officer added:
Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust investors that are being harmed by Grayscale’s actions.
The lawsuit against Grayscale follows Alameda’s lawsuit against Voyager Digital at the end of January 2023. The complaint alleged that Voyager received preferential transfers of property from Alameda Research, and the firm sought to recover approximately $445.8 million from the bankrupt entity. Voyager agreed to set aside the $445 million to pay Alameda, and both parties agreed to participate in nonbinding mediation.
The press release from FTX debtors alleges that for years, Grayscale has “hidden behind contrived excuses” to prevent shareholders from redeeming their shares. It also noted that the Bitcoin Trust (GBTC) has been trading 50% below net asset value (NAV). GBTC statistics on Tuesday show a current 42.11% discount to NAV.
“If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX debtors’ shares would be worth at least $550 million, approximately 90% more than the current value of the FTX debtors’ shares today,” the complaint against Grayscale concludes.
What do you think will be the outcome of the lawsuit against Grayscale Investments? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News