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XRP Bulls Try To Break Consolidation At $0.4 To Conquer New Levels

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Ripple (XRP) Consolidation 04 To Conquer New Levels

Ripple (XRP) has been consolidating since the beginning of April, but this could be about to change. Technical indicators suggest that the asset could soon break out of its current range and reach new highs. This could also be a signal that Ripple is ready to make a move into the top three cryptocurrencies by market cap.

The overall market sentiment for Ripple is positive, with analysts citing the asset’s strong fundamentals and increasing institutional interest as reasons for its potential upside. Last week, Ripple’s CEO Brad Garlinghouse tweeted about the potential for XRP to reach a $10 trillion market cap. This has further fuelled speculation about the asset’s potential.

From a technical point of view, the recent consolidation phase may soon come to an end. Over the past few days, Ripple has been trading in a tight range of $0.54 to $0.56. However, the Relative Strength Index (RSI) suggests that the asset could soon break out of this range. If this happens, it could signal a move to new highs in the near future.

In addition, the Moving Average Convergence Divergence (MACD) indicator is also showing a positive trend. This could indicate that the asset is ready to test new levels and potentially break out of its current range. At the same time, the Chaikin Money Flow (CMF) indicator is also heading higher, indicating that there is strong demand for the asset.

Overall, Ripple’s technical indicators suggest that the asset could soon break out of its consolidation phase and reach new highs. This could be a sign that the asset is ready to make a move into the top three cryptocurrencies by market cap.

#XRP #Ripple #Crypto #Cryptocurrency

The post XRP Bulls Try To Break Consolidation At $0.4 To Conquer New Levels first appeared on Byte Syze Crypto.

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Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year

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Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.

This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.

#Huobi #HongKong #CryptoLicense #VASP #JustinSun

You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months

The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.

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Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May

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#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors

You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost

The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.

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CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry

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The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations

You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules

The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.

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