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Ripple Price Prediction for Today, May 11: XRP Drops Below $0.50

The Ripple price prediction shows that XRP is down by 15.55% in the last few hours as the coin touches $0.40 support.

XRP/USD Market

Key Levels:

Resistance levels: $0.70, $0.75, $0.80

Support levels: $0.25, $0.20, $0.15

Ripple Price Prediction
XRPUSD – Daily Chart

XRP/USD touches the daily high at $0.52 before giving a bearish signal at the time of writing, the coin is trading below the 9-day and 21-day moving averages as the Relative Strength Index (14) moves into the oversold region. As the coin heads to the downside, any further bearish movement below the lower boundary of the channel could give the market enough strength to dig dip, but crossing above the moving averages might lead the market to the upside.

Ripple Price Prediction: XRP/USD May Stay Within the Negative Zone

The Ripple price is showing a sign of weakness across its markets as the coin is down by 15.55%. The coin is currently reflecting a price drop in the market, and the fall might become heavy if the bearish action continues. However, since the Ripple price heads to the south, traders can expect the trend to keep moving lower if the price action crosses the below channel.

Meanwhile, a break to the upside could strengthen the bulls and push the market price to the resistance levels of $0.70, $0.75, and $0.80, but the bearish continuation might lead the market to a bearish scenario where the price could find the support levels at $0.25, $0.20, and $0.15 respectively.

When compared with Bitcoin, the Ripple price keeps hovering below the 9-day and 21-day moving averages. Therefore, if the bears put more effort, XRP/BTC may create another low. Presently, the technical indicator Relative Strength Index (14) moves to cross into the oversold region; traders may see a negative move below the lower boundary of the channel.

XRPBTC – Daily Chart

However, the Ripple (XRP) is currently changing at 1432 SAT, and if the coin drops below the current value, the market may experience close support at 1300 SAT before breaking to 1200 SAT and below. Nevertheless, if the Ripple price head to the upside; traders may confirm a bull run, and the nearest resistance level could be located at 1900 SAT and above.

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Australia plans to tax cryptocurrencies during the current fiscal year

The Australian Taxation Office (ATO) has announced its plan to start focusing on cryptocurrency taxation. The tax body said it would require Australians dealing in cryptocurrencies to start reporting capital gains and losses in their tax returns. Australia starts taxing crypto The ATO has said that cryptocurrencies should be treated the same as digital properties.::Listen

The Australian Taxation Office (ATO) has announced its plan to start focusing on cryptocurrency taxation. The tax body said it would require Australians dealing in cryptocurrencies to start reporting capital gains and losses in their tax returns.

Australia starts taxing crypto

The ATO has said that cryptocurrencies should be treated the same as digital properties. Australians that sell crypto assets, including non-fungible tokens (NFTs), have to calculate and report the capital gains or losses in the tax return documents.

Capital gains and losses are calculated from the difference between the market price of an asset when it was bought and the value of the asset when it was sold. The ATO said that the tax would apply when the holder of a digital asset trades, sells, converts or uses it as a medium of exchange.

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The Assistant Commissioner of the ATO, Tim Loh, said that the tax authority was notified of many Australians participating in the cryptocurrency space. Therefore, people needed to understand the effects this could cause on tax obligations to make the right tax reports.

The ATO plans to focus its taxation plans on other three significant areas such as work expenses, rental properties and record keeping. Aussies will also be required to maintain records of cryptocurrency transactions regardless of whether they are using cryptocurrencies for investment, personal use or business purposes. Cryptocurrency investors will also include a purchase receipt or the transfer of assets, exchange records and digital wallet records.

Australian Taxation Office warns cryptocurrencies

Those who participate in the cryptocurrency sector can also face tax penalties from the ATO after an audit. Additionally, the ATO has also warned cryptocurrency traders about the risks faced by reporting false figures about cryptocurrency gains and losses.

“For those people who deliberately try to increase their refund, falsify records or cannot substantiate their claims, the ATO will be taking firm action to deal with these taxpayers who are gaining an unfair advantage over the rest of the Australian community who are doing the right thing,” Loh added.

Another report also said that the regulator was already reaching out to investors in the cryptocurrency sector, notifying them of the plan to tax their crypto gains and losses. The tax body has already contacted more than 350,000 investors in the space and warned them that they should report their taxes in the right manner to avoid penalties.

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Ripple Price Prediction for Today, May 11: XRP Drops Below $0.50

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