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Is Coinbase About To Reinstated XRP On Its Platform?

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Rumors are circulating that Coinbase will soon reinstate XRP trading on its platform.

Last Thursday, XRP was relisted on Coinbase Pro, with the XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC pairs available for trading. But this was soon cut short, with Coinbase saying this resulted from a “technical issue,” and XRP trading remains suspended.

As well as that, one Reddit user noted that the Coinbase app states “trading not yet available.” Whereas previously it said, “this asset is not supported by Coinbase.”

Admittedly, both instances fall in the category of weak evidence, especially as Coinbase has denied the rumors. But considering Coinbase’s recent run-in with the SEC, relisting XRP would serve as an appropriate response.

Why Did Coinbase Remove XRP In The First Place?

In December 2020, the SEC issued legal action against Ripple on charges of selling $1.3 billion of unregistered securities. The regulator alleges sales of its XRP token were conducted illegally over an eight-year period.

At that time, massive uncertainty surrounded Ripple and XRP. And given the SEC’s track record in case wins, especially in the crypto industry, you’d be forgiven for thinking it was game over for Ripple.

Several Ripple partners took that view, including MoneyGram, and a slew of exchanges such as Bitstamp also jumped ship. But Coinbase’s decision to ditch XRP was the hardest pill to swallow, given that it is the biggest U.S exchange.

A statement dated January 19, 2021, from Coinbase attributed the decision directly to the ongoing legal action.

“Given the SEC’s recent action against Ripple, trading on our XRP order books has been suspended in all regions. You’re still able to deposit and withdraw XRP. While XRP funds will remain safely stored in your account after the trading suspension, you will not be able to buy, sell, or convert.”

But since then, rather than roll over, Ripple’s defense has revealed significant flaws in the SEC’s allegations. Leading many to presume the regulator is somewhat flummoxed in respect of where to go next with this case.

The discovery process has uncovered a distinct lack of sound practice from the regulator. Some accuse the agency of making things up as they go along, with the term “regulation via litigation” being bandied about to describe the farce.

Is This A Response To The Recent Run-In With The SEC?

Last week, Coinbase CEO Brian Armstrong tweeted about his run-in with the SEC. Armstrong said he broached the topic of a new lending facility with the regulator, only to be met with accusations that the program violates securities law.

Armstrong said that they refused to explain how they had come to that conclusion. And even threatened legal action if Coinbase proceeds with offering this service to its users.

Having had a taste of the unreasonable approach the SEC adopts, some say it’s only right that Coinbase reinstates XRP trading.

Whether that happens or not is anyone’s guess.

XRP daily chart YTD
Source: XRPUSDT on TradingView.com

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Source: https://bitcoinist.com/is-coinbase-about-to-reinstated-xrp-on-its-platform/?utm_source=rss&utm_medium=rss&utm_campaign=is-coinbase-about-to-reinstated-xrp-on-its-platform

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Altcoins see a 35% bounce after Bitcoin reclaims $43,000

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The sharp correction that threatened to pull Bitcoin and altcoin prices back toward their sing lows appears to have dissipated now that Evergrande informed investors that it intends to make an on-time payment on its debt. With global markets feeling reassured, major equities, Bitcoin and altcoins prices all saw a rebound at the market open.

After a swift drop below $40,000 on Sept.21, BTC now trades above $43,300 and Ether (ETH) has reclaimed the $3,000 level. Altcoins have also seen a strong recovery, with many posting up to 15% gains at the time of writing.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Livepeer (LPT), COTI (COTI) and Axie Infinity (AXS).

Livepeer lists on the Web3 Index

Livepeer is an Ethereum-based decentralized video streaming network that aims to be an alternative to traditional broadcasting solutions.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LPT on Sept. 21, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. LPT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for LPT began to pick up on Sept. 20 and reached a high of 71 on Sept. 21, around 19 hours before the price spiked by 36% over the next day.

The jump in price for LPT comes following the launch of the Web3 Index which included Livepeer as one of the initial projects, helping to boost the visibility for the project.

COTI’s treasury releases its ‘tech’ whitepaper

COTI, an enterprise-grade fintech platform focused on decentralized payments, is the second-largest gainer of the past 24-hours.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for COTI on Sept. 21, prior to the recent price rise.

VORTECS™ Score (green) vs. COTI price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for COTI climbed into the green on Sept. 2 and reached a high of 77 around 10 hours before the price spiked by 35% over the next day.

The recovery in the price of COTI comes following the release of the COTI treasury technological whitepaper and the token’s listing on Crypto.com.

Related: Avalanche recovers from Evergrande-led sell-off as AVAX rebounds over 30%

Axie Infinity rebounds after a prolonged downtren

Axie Infinity (AXS) is a blockchain-based, play-to-earn trading and battling game where users collect, breed, raise and battle in-game token-based creatures known as Axies.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS was in the green zone for the majority of the past week and reached a peak of 82 on Sept. 20, around 24 hours before its price climbed 33% over the next day.

The jump in price for AXS followed the token’s listing on Bitfinex, an announcement that was registered by the Cointelegraph Markets Pro ‘NewsQuakes™’ alert system around 15 hours before its price began to rise.

The overall cryptocurrency market cap now stands at $1.921 trillion and Bitcoin’s dominance rate is 42.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/altcoins-see-a-35-bounce-after-bitcoin-reclaims-43-000

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Ethereum, Solana, VeChain Price Analysis: 22 September

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The entire cryptocurrency market has been facing severe bearishness over the past few weeks. The king of altcoins, Ethereum broke down below crucial support levels and would incur selling pressures from all around. That effect would automatically trickle down to the other smaller altcoins in the market like VeChain.

However, thanks to its recent rally, Solana seemed to be in a relatively better place to continue its upward trajectory if market sentiments improve.

Ethereum (ETH)

ETH/USD | Source: TradingView

Ever since the correction that happened on El Salvador’s Bitcoin Day ETH/USD has been trading in a very narrow range between $3100 to $3500. It had briefly broken out of the range, only to fall back down into it, before correcting even more.

This was a worrisome signal since it broke down (white arrow) below the descending triangle pattern on the chart as depicted by the pink lines. Ethereum prices also broke below the next support level of $2990 as depicted by the yellow trend line. So unless the prices are able to rally back from current levels to the range of $4000-$4400, the short term future for this counter remained bleak.

The Relative Strength Index dropped below 40 mark which would add to the selling pressure in this currency pair. The MACD, which suffered a bearish crossover a few weeks back entered the negative territory too. The prices have also moved significantly below the 20-day Moving Average line (marked in green) to further add to the bearishness.

Solana (SOL)

SOL/USD | Source: TradingView

Solana has been one of the best performing coins in the past month and a half and its rally propelled it to the seventh biggest coin by market capitalization. Since mid-August, 2021 it rallied nearly five times in price (blue channel), before correcting sharply a month later in line with the entire market and that correction turned into a bearish trend ever since.

Due to the nature of the recent rally, the only logical level of support for the prices would come near $20. However, if Solana prices are able to breakout of the white channel from current levels to above $160, the earlier rally may resume.

Despite the major correction over the past few days from $200 to current prices, indicators had turned extremely bearish yet. The Relative Strength Index remained near the 50 mark so there was still some bullishness.

The MACD which suffered a bearish crossover still remained well within the positive region as well. The prices however, broke down below the 20-day Moving Average (green) but again, it isn’t too far away to retest those levels. So overall, bullish sentiment in this particular coin still persisted.

VeChain (VET)

VET/USD | Source: TradingView

The VET/USD currency pair was extremely volatile and fell significantly from its all time highs. Since then it was trading within a very wide range however, a promising chart pattern was beginning to emerge for this particular coin.

A bullish cup and handle pattern was seen (white lines) and a breakout over $0.12-$0.16 can result in a major rally. The level of support for VeChain was around $0.06 and that should hold fine based on historical data.

Although, the indicators did not show as much enthusiasm on the bullish side. The Relative Strength Index touched 30 levels and currently was around 37 which was very weak. The MACD too breached the zero line and crossed over into the negative territory.

The prices also dropped below the 20-day Moving Average (green) over two weeks ago and were not able to break out of it ever since. So overall, this coin, much like many others in the market, faced the heat of extreme bearishness in the market and would require a convincing breakout over $0.16 to be bullish again.

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Source: https://ambcrypto.com/ethereum-solana-vechain-price-analysis-22-september

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Additional compensation available for Cryptsy victims, court notice says

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Last week, some former users of the now-defunct cryptocurrency exchange Cryptsy received a notice informing them of a new turn in the ongoing class settlement process. Authorized by the U.S. District Court for the Southern District of Florida, the document states that those who were defrauded in the 2016 collapse of the digital finance platform may be entitled to receive money from additional recovery.

Cryptsy was a crypto exchange that went bust in January 2016 following months of user-reported issues with withdrawing funds from the platform. The court later found that Cryptsy founder Paul Vernon had stolen millions of dollars’ worth of customers’ digital assets before fleeing to China. Later that year, a group of the exchange’s users initiated a class action against the company and its founder, while what was left of Cryptsy went into receivership.

The court-appointed receiver began to liquidate various assets associated with the defunct company, amassing some $1.5 million by June 2017 to be distributed between the victims.

The receiver and class representative then brought an additional lawsuit against Coinbase, which they alleged to have aided and abetted Vernon’s conduct by allowing him to convert the stolen funds to U.S. dollars. Almost three years of litigation ended in a class action settlement as Coinbase agreed in Jan 2020 to pay out almost a $1 million to defrauded Cryptsy account holders.

The most recent notice pertains to yet another round of the swindled funds’ recovery. Legal action against Xiuxia Liu, Paul Vernon’s girlfriend, resulted in the victims’ representatives securing an additional $875.000 on behalf of the class.

The funds will be distributed proportionally among those who had filed valid claims in the two previous settlements, or who have submitted a valid claim in the Liu settlement by January 12, 2022. Payments are expected to start going out on or before Feb. 20, 2022 according to the notice.


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Source: https://cointelegraph.com/news/additional-compensation-available-for-cryptsy-victims-court-notice-says

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