CRYPTO NEWS

XRP Needs to Hit $0.40 Level as TAMA Keeps Inclining

The Ripple price prediction continues to battle with the $0.39 level as the coin retreats toward the 9-day and 21-day moving averages.

Ripple Prediction Statistics Data:

  • Ripple price now – $0.37
  • Ripple market cap – $19.3 billion
  • Ripple circulating supply – 49.8 billion
  • Ripple total supply – 99.98 billion
  • Ripple Coinmarketcap ranking – #7

XRP/USD Market

Key Levels:

Resistance levels: $0.45, $0.47, $0.49

Support levels: $0.33, $0.31, $0.29

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At the time of writing, XRP/USD is seen trading at $0.37 after touching the daily high at $0.39 below the upper boundary of the channel. The Ripple price remains above the 9-day and 21-day moving averages as it continues to struggle toward the upside. More so, the attempt to begin the upward movement shows that the bulls are battling to be in control of the market momentum.

Ripple (XRP) May Go Up Just as Tamadoge (TAMA) Trades Bullishly

Looking at the daily chart, the Ripple price is likely to cross above the upper boundary of the channel as the nearest resistance level lies at $0.40. However, if the bulls can break above this level, higher resistance could be found at $0.45, $0.47, and $0.49. Meanwhile, if the price decides to face the lower boundary of the channel, the nearest support may come at around the $0.35 level. Beneath this, further supports could be located at $0.33, $0.31, and $0.29.

However, the technical indicator Relative Strength Index (14) remains below the 60-level as traders wait for a bullish spike to push the market higher. Meanwhile, the coin may move bullishly if the bulls put in more effort in the market.

Against Bitcoin, XRP has been ranging above the 9-day and 21-day moving averages trading at 2079 SAT. The nearest resistance lies above the upper boundary of the channel, if the buyers push the Ripple (XRP) above 2100 SAT, the higher resistance level will be located at 2300 SAT and above.

XRPBTC – Daily Chart

Nevertheless, if the market experienced a downtrend movement, it can lead to a support level of 1700 SAT and below. Meanwhile, the market may move into the positive side as the technical indicator Relative Strength Index (14) stays within the overbought region.

Tamadoge, an ERC-20 token, will also have its initial DEX offering (IDO) on Uniswap. TAMA is set to list at $0.03. As the Tamadoge presale sold out earlier than expected, the team is reportedly moving forward with all TAMA crypto exchange listings to take place in the coming days.

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Get Forked: Ethereum PoW Forks Fall 66% In Just Days

Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge. Ethereum PoW Forks Have Fallen 66% In Just Five Days According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge. The much talked-about event transitioned Ethereum::Listen

Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge.

Ethereum PoW Forks Have Fallen 66% In Just Five Days

According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge.

The much talked-about event transitioned Ethereum to a Proof-of-Stake consensus mechanism, essentially obfuscating the use of miners on the network.

However, some communities that were in favor of the old PoW-based system decided to create forks as the merge came approaching.

These new forks still rely on mining for reaching consensus on the network and have therefore naturally attracted the stranded ETH miners.

Here is a chart that shows how some of the most popular forks (ETC, ETHW, and ETF) have compared versus Ethereum in the last five days:

Looks like the worst performer out of these was ETF | Source: Arcane Research’s The Weekly Update – Week 37, 2022

As you can see in the above graph, Ethereum has been struggling since the merge, registering around 17% in negative returns.

The PoW forks, however, have been even worse. ETHW has noted losses upwards of 66%, while ETF investors have been yet deeper into the red with their holdings going down by more than 72% during the period.

The best of this bunch was Ethereum Classic, being down “only” 25% in the last five days. This performance was much better than the other two forks, but still noticeably lower than ETH’s returns.

The report notes that this wasn’t something unpredictable as the forks were expected to struggle with amassing any meaningful adoption and to view almost no significant DeFi activity.

The current selling pressure in these cryptos is likely coming from Ethereum holders selling off their airdrops, as per the report.

ETC saw a large amount of ETH miners connecting to the network, leading to a hashrate, and hence a difficulty, explosion for the coin.

Since Ethereum Classic’s miner revenues are less than $1 million per day, while they were more than $20 million for ETH, mining the crypto isn’t viable on the same scale as ETH’s in the long term.

ETH Price

At the time of writing, Ether’s price floats around $19.1k, down 5% in the last seven days. Over the past month, the crypto has lost 10% in value.

The below chart shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have failed to recover from the plunge a few days back | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research

XRP Needs to Hit $0.40 Level as TAMA Keeps Inclining

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