Ripple

Ripple CEO optimistic about US ‘regulatory clarity for crypto’

Support for cryptocurrency regulation in the United States is “bipartisan & bicameral,” according to Ripple CEO Brad Garlinghouse.

Ripple’s CEO, Brad Garlinghouse, shared in a Jan. 3 Twitter thread that he’s “cautiously optimistic” about the United States gaining “breakthrough” regulatory clarity for the cryptocurrency industry in 2023.

To mark the first day of the 118th Congress, Garlinghouse shared his hopes of 2023 being the year the U.S. gained regulatory clarity for crypto, adding that support for regulation is “bipartisan & bicameral.”

Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…

— Brad Garlinghouse (@bgarlinghouse) January 3, 2023

Garlinghouse said the U.S. was not starting with a “blank slate” for regulation, referencing bills such as the Securities Clarity Act, the Responsible Financial Innovation Act and the Clarity for Digital Tokens Act as examples.

According to the Ripple CEO, “the stakes couldn’t be higher.” He added that “no bill is perfect and there likely never will be one that satisfies everyone” and attempts to pursue a perfect bill shouldn’t stall Congress’ progress in creating crypto regulations and legislation.

The U.S. is behind Singapore, the European Union, Brazil and Japan when it comes to crypto legislation and regulations, Garlinghouse opined.

He claimed the lack of a coordinated effort to implement a regulatory framework both globally and in the U.S. “continues to push business to countries [with] lower regulatory bars,” resulting in “sometimes catastrophic results,” such as the implosion of Bahamas-headquartered FTX.

Ripple is a financial technology company operating the RippleNet global payment network along with its cryptocurrency XRP (XRP).

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple alleging the company sold XRP as an unregistered security.

The SEC argued Ripple raised billions through XRP sales and failed to register the offerings as securities as required by law. Ripple denied the allegations claiming XRP is a currency, not a security.

In October, Garlinghouse told panelists at the D.C. Fintech Week conference that he expects the case against the firm to conclude during the first half of 2023 but admitted that it was hard to predict.

The case is still ongoing with no clear sign of when it will end.

Price analysis 12/30: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

Bitcoin and select altcoins remain under pressure as bounces off support levels are being sold into.

Investors have faced a tumultuous year in 2022 as stocks, bonds, and the cryptocurrency sector have all witnessed sharp declines. As of Nov. 30, the performance of a traditional portfolio comprising 60% stocks and 40% bonds has been the worst since 1932, according to a report by Financial Times.

The next big question troubling crypto investors is whether the pain in Bitcoin (BTC) is over or will the downtrend continue in 2023.

Analysts seem to be divided in their opinion for the first quarter of the new year. While some expect a drop to $10,000 others anticipate a rally to $22,000.

*Daily cryptocurrency market performance. Source:* *Coin360*

While the near-term remains uncertain, research and trading firm Capriole Investments said in its latest edition of the Capriole Newsletter that Bitcoin could copy gold’s explosive bull move in the 1970s and if that happens, Bitcoin could soar past $600,000 over the next few years.

Could Bitcoin and altcoins start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin slipped below the immediate support of $16,559 on Dec. 28. This indicated that the tight range had resolved in favor of the bears. The next support on the downside is $16,256.

The bears tried to pull the price below $16,256 on Dec. 30 but the long tail on the candlestick shows that the bulls are trying to protect the level. Buyers may face a strong resistance at the moving averages.

If the price turns down from the 20-day exponential moving average (EMA) of $16,820, the possibility of a break below $16,256 increases. The BTC/Tether (USDT) pair could then dive to the $16,000 and $15,476 support zones.

Conversely, if the price turns up from the current level and breaks above the moving averages, it will suggest strong buying at lower levels. That could trigger a rally to the $18,000 to $18,388 zone.

ETH/USDT

Ether (ETH) continues to trade between the support at $1,150 and the 20-day EMA of $1,218. This suggests that the sentiment remains negative and traders are selling on rallies.

The bears will try to pull the price to $1,150. This is an important support to watch out for in the near term because if it cracks, the ETH/USDT pair will complete a bearish head-and-shoulders pattern and may plunge to $1,075.

The bulls successfully defended this level on two previous occasions, hence they may try to do that again. If they can pull it off, the pair may extend its range-bound action between $1,075 and $1,352 for a few more days.

On the other hand, if bears sink the price below $1,075, the pair could fall to the psychologically critical level of $1,000 and later to the pattern target of $948.

BNB/USDT

BNB (BNB) continues to trade in a tight range near the overhead resistance zone between $250 and $255. This suggests that both the bulls and the bears are battling it out for supremacy.

Usually, such tight ranges are followed by a sharp pick-up in volatility but it is difficult to predict the direction of the breakout. Hence, it is better to wait for the breakout to happen before jumping in.

If buyers kick the price above $255, several short-term bears may get trapped. They may then hurry to close their positions, which could catapult the BNB/USDT pair to the 50-day simple moving average (SMA) of $272.

Contrarily, if the price turns down and slips below $236, the pair may drop to $220. This level may act as a minor support but if it gives way, the pair could nosedive to $200.

XRP/USDT

XRP (XRP) bounced off the support line of the symmetrical triangle on Dec. 29 but the bulls could not start a recovery. The bears maintained their grip and again pulled the price to the support line on Dec. 30.

Both moving averages are sloping down and the relative strength index (RSI) is below 39, indicating that the path of least resistance is to the downside. If the price drops below the support line, it will indicate that the bears have overpowered the bulls. The XRP/USDT pair could then retest the June low near $0.29.

Alternatively, if the price rebounds off the current level, the bulls will try to propel the pair above the 20-day EMA of $0.36. If they do that, the pair could ascend to the resistance line of the triangle.

DOGE/USDT

There was a weak attempt from the bulls to defend the important support at $0.07 on Dec. 29. The bears kept up the selling pressure and pushed Dogecoin (DOGE) below the key support on Dec. 30.

A break and close below $0.07 will complete a descending triangle pattern, which is a huge negative. The DOGE/USDT pair could then continue its decline and retest the crucial support near $0.05. If this support collapses, the pair could start the next leg of the downtrend.

If bulls want to prevent the decline, they will have to quickly thrust the price back above the breakdown level at $0.07. That could trap the aggressive bears, resulting in a short squeeze. The pair could first rise to the 50-day SMA of $0.09 and thereafter climb to $0.11.

ADA/USDT

Cardano (ADA) tumbled below the support at $0.25 on Dec. 29, indicating that the downtrend remains in force. The fall has pulled the RSI into the oversold zone, suggesting that a relief rally or a consolidation is likely in the next few days.

Buyers have defended the support line of the falling wedge pattern on numerous occasions in the past few weeks and they may try to do that again. If the price bounces off the support line with strength, the bulls try to push the ADA/USDT pair above the 20-day EMA of $0.27. If they succeed, the pair could climb to the downtrend line.

Conversely, if the recovery off the support line is shallow, it will suggest a lack of demand from the bulls. The bears will then try to sink the price below the support line and pull the pair to $0.20.

MATIC/USDT

Polygon (MATIC) remains stuck inside a large range between $0.69 and $1.05. The bears pulled the price below the immediate support of $0.75 on Dec. 30, opening the doors for a drop to $0.69.

In a range, traders usually buy at the support and sell near the resistance. Therefore, the fall to $0.69 may be bought aggressively. A strong rebound off this support will indicate that the MATIC/USDT pair may continue its range-bound action for a while longer.

Contrary to this assumption, a weak rebound off $0.69 could embolden the bears and enhance the prospects of a breakdown. If that happens, the pair could start a new down move that could reach $0.52.

If the bulls want to avoid the downtrend, they will have to quickly push the price above the moving averages.

DOT/USDT

Polkadot (DOT) remains in a firm bear grip. The bulls are trying to arrest the decline near $4.22 but have failed to achieve a meaningful bounce. This increases the likelihood of the resumption of the down move.

The next support on the downside is at $4 and then at $3.60. This zone had acted as a strong floor between September to November 2020, hence the bulls may again try to defend it with all their might.

On the upside, a rally above the 20-day EMA of $4.65 will be the first indication of strength. The DOT/USDT pair could then attempt a rally to the downtrend line. The bulls will have to overcome this barrier to signal a potential trend change.

LTC/USDT

Litecoin (LTC) fell below the moving averages on Dec. 27 and continued its pullback on Dec. 28. The price bounced off the lower levels on Dec. 29 and has reached the 20-day EMA of $68.

The bears will try to flip the moving averages into resistance. If they do that, the LTC/USDT pair could turn down and break below the immediate support at $65. That could start a decline to $61.

This is an important level to keep an eye on in the near term because if it fails to hold, the selling could accelerate and the pair could plunge to $56.

On the contrary, if buyers propel the price above the moving averages, the pair could climb to the overhead resistance at $75.

UNI/USDT

Uniswap (UNI) broke below the support line of the symmetrical triangle pattern on Dec. 28. This suggests that the uncertainty between the bulls and the bears has resolved in favor of the sellers.

The bulls tried to push the price back into the triangle on Dec. 29 but the bears held their ground. The downsloping moving averages and the RSI in the negative territory indicate that bears have the upper hand.

If the price dips below $4.97, the next stop could be $4.71 and then $4.60. This negative view could be invalidated in the near term if the UNI/USDT pair re-enters the triangle and breaks above the moving averages.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 12/28: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

Bitcoin and select altcoins have turned down from overhead resistance levels, indicating that bears remain in control.

Gold has been an outperformer in 2022 compared to the United States equities markets and Bitcoin (BTC). The yellow metal is almost flat for the year while the S&P 500 is down more than 19% and Bitcoin has plunged roughly 64%.

The sharp fall in Bitcoin’s price has hurt both short-term and long-term investors alike. According to Glassnode data, 1,889,585 Bitcoin held by short-term holders was at a loss as of Dec. 26 while the loss-making tally of long-term holders was 6,057,858 Bitcoin.

In spite of gold’s good showing and Bitcoin’s dismal performance in 2022, billionaire investor Mark Cuban continues to favor Bitcoin over gold. While speaking on Bill Maher’s Club Random podcast, Cuban told Maher, “If you have gold, you’re dumb as fuck.” He advised Maher to “just get Bitcoin.”

Could Bitcoin lead a recovery in the final few days of the year or will the crypto markets close the year with a whimper? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin has been stuck inside a tight range between $16,559 and its 20-day exponential moving average (EMA) of $16,877 for the past few days. This indicates that both the bulls and the bears are lying low during the holiday season.

The 20-day EMA is sloping down gradually and the relative strength index (RSI) is near 43, indicating a slight advantage to bears.

If the price turns down and slips below $16,500, the selling could pick up pace and the BTC/USDT pair could fall to the $16,000 to $15,476 support zone.

Buyers are expected to fiercely defend this zone because if it collapses, the pair could start the next leg of the downtrend.

If the price turns up from the current level and breaks above the moving averages, it will suggest that bulls are attempting a comeback. The pair could then soar to $18,388 where the rally may again hit a roadblock.

ETH/USDT

The failure of the bulls to push Ether (ETH) above the 20-day EMA ($1,223) indicates that the bears are defending the level with vigor. That may have led the bulls to surrender and close their positions.

The pair could now slump to $1,182. If this support fails to hold, the ETH/USDT pair may sink to the robust support at $1,150. If the price bounces off this level with strength, it will suggest that the pair may consolidate between $1,150 and $1,352 for a few days.

On the other hand, if the price nosedives below $1,150, the pair will complete a bearish head and shoulders pattern. The pair could first decline to $1,075 and then plunge toward the pattern target of $948.

BNB/USDT

Buyers tried to catapult BNB (BNB) above the overhead resistance zone between $250 and $255 on Dec. 27 but the bears held their ground. This suggests that the bears are trying to flip the $250 level into resistance.

The BNB/USDT pair could now slide to the immediate support at $236. If the price rebounds off this level, it will indicate that the pair may remain stuck inside a tight range between $236 and $255 for a while longer. That could increase the likelihood of a break above the overhead resistance.

On the contrary, if the price tumbles below $236, it will suggest that the bears are trying to assert their supremacy. The pair could then retest the critical support at $220. A break below this level could open the doors for a possible dip to $200.

XRP/USDT

XRP (XRP) scaled above the 20-day EMA ($0.36) on Dec. 26 but the bulls could not sustain the tempo and overcome the barrier at the resistance line of the symmetrical triangle. This may have tempted the short-term bulls to book profits.

The XRP/USDT pair fell back below the 20-day EMA on Dec. 28. The pair could now decline to the support line of the triangle. This suggests that the pair may extend its stay inside the triangle for some more time.

The next trending move is likely to start after the price escapes the triangle. If the price plummets below the triangle, the pair could drop to $0.30 and then to $0.25. Alternatively, if the price turns up and breaks above the triangle, the pair could rally to $0.41.

DOGE/USDT

Dogecoin (DOGE) dropped to the crucial support at $0.07 on Dec. 28. This level successfully held off assaults by the bears on three previous occasions, hence the bulls will again try to protect it.

If the price rebounds off the current level and breaks above the downtrend line, the bearish descending triangle pattern will be negated. That could result in short-covering by the aggressive bears, propelling the price to $0.11.

Conversely, if the price breaks and closes below $0.07, the descending triangle pattern will complete. That could start a downward move toward $0.06 and thereafter to the pivotal support near $0.05.

ADA/USDT

Cardano’s (ADA) recovery stalled just below the 20-day EMA ($0.27) on Dec. 27, indicating that relief rallies are being sold into.

The bears will try to sink the price below the strong support near $0.25. If they manage to do that, the ADA/USDT pair could slump to the support line of the falling wedge pattern. This level has acted as a strong support on several occasions, hence the bulls will again try to defend it aggressively.

On the upside, a break and close above the 20-day EMA will be the first indication that the selling pressure could be reducing. The pair could then advance toward the downtrend line.

MATIC/USDT

The bulls failed to pierce the 20-day EMA ($0.82) on Dec. 27, indicating that the sentiment remains negative and traders are selling on rallies. Polygon (MATIC) could slip to the immediate support at $0.75.

If the price breaks below $0.75, the MATIC/USDT pair could fall to the strong support at $0.69. This is an important level to keep an eye on because if it cracks, the pair could start a downtrend. The next support on the downside is $0.52.

If the price turns up from the $0.75, it will suggest that the bulls are buying on minor dips. They will then try to clear the overhead hurdle at the 20-day EMA and thrust the price toward $0.97.

DOT/USDT

In a strong downtrend, the relief rallies are usually shallow and do not last long. That is what happened in Polkadot (DOT), which turned down on Dec. 27 and broke below the $4.37 support on Dec. 28.

Both moving averages are trending down and the RSI is near the oversold territory, indicating that bears are firmly in the driver’s seat. If the price sustains below $4.37, the DOT/USDT pair could plummet to the next support at $4.

The first sign of strength will be a break and close above the 20-day EMA ($4.73). The pair could then rise to the 50-day SMA ($5.21). A trend change will be signaled after bulls thrust the price above the downtrend line.

LTC/USDT

Litecoin (LTC) jumped above the moving averages on Dec. 26 but the bulls could not sustain the momentum. This suggests that demand dries up at higher levels.

The LTC/USDT pair dropped back below the moving averages on Dec. 27 and the bears are trying to pull the price below the uptrend line on Dec. 28. If they manage to do that, the pair could fall further to $65 and later to $61.

Contrarily, if the price turns up and breaks above the moving averages, it will suggest that the bulls are buying on dips. The bulls will then again attempt to kick the price to the overhead resistance at $75.

UNI/USDT

The long wick on Uniswap’s (UNI) Dec. 27 candlestick shows that bears continue to sell on relief rallies near the 20-day EMA ($5.42).

The bears maintained their selling pressure on Dec. 28 and are trying to sustain the price below the support line of the triangle. There is strong support near $5 but if this level gives way, the UNI/USDT pair could start a downward move to $4.60.

If buyers want to prevent the decline, they will have to quickly push the price back above the moving averages. That could trap the aggressive bears and propel the pair toward the resistance line of the triangle.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Market data is provided by HitBTC exchange.

Crypto billionaires lost $116B since March: Report

The loss represents the collective personal equity of 17 people in the space, including 15 who have lost over half of their fortunes since March.

The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes.

The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list.

One of the major losses was attributed to Binance CEO Changpeng “CZ” Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is now worth $4.5 billion.

Coinbase CEO Brian Armstrong has a net worth estimated at $1.5 billion, down from $6 billion in March. The fortune of Ripple’s co-founder Chris Larsen was reduced from $4.3 billion to $2.1 billion, while Cameron and Tyler Winklevoss of Gemini were valued at $4 billion in March but are worth $1.1 billion each now.

Among those who lost the billionaire status are FTX co-founders Sam Bankman-Fried and Gary Wang, whose fortunes in March were valued at $24 billion and $5.9 billion, respectively, and at $0 in December. The $3.2 billion fortune of Barry Silbert, founder and CEO of Digital Currency Group, was also lost as a result of the contagious wave caused by the collapse of FTX, according to Forbes.

Among the former billionaires are also Nickel Viswanathan and Joseph Lay from crypto software firm Alchemy, Devin Finzer and Alex Atallah of OpenSea, Fred Ehrsam of Coinbase, MicroStrategy founder Michael Saylor and venture capitalist Tim Draper.

The bear market to cryptocurrencies is unlikely to end soon, as the FTX crisis has deterred investor confidence and created a liquidity crisis across the industry, Cointelegraph reported. As a result, the market decline is expected to last until the end of 2023.

Price analysis 12/23: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

Bitcoin and most major altcoins are trading close to their overhead resistance levels, increasing the likelihood of an upward push.

Bitcoin (BTC) is on track to end the year with a loss of about 65%. This would mark the third negative year for Bitcoin, with the other two being 2014 and 2018. In comparison, the S&P 500 has fared much better, but it is also down close to 20% in 2022.

Although cryptocurrency prices have seen deep cuts this year, traders have continued to plow money into the space. Forty-one percent of people who responded to an online survey conducted by Blockchain.com bought crypto this year, and 40% plan to purchase crypto in the next year.

However, a sustained recovery in risk assets may happen only after inflation shows signs of cooling. That would raise expectations of a pivot by the United States Federal Reserve from its aggressive monetary tightening to an expansionary policy.

In the short term, markets may remain volatile as volumes are likely to remain thin during the holiday season. Could Bitcoin and altcoins start a recovery? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin (BTC) is trying to cling to the 20-day exponential moving average ($16,955). The bears tried to pull the price lower on Dec. 22, but the long tail on the candlestick shows strong buying on dips.

The bulls will try to clear the overhead hurdle at the moving averages. If they succeed, the BTC/USDT pair could pick up pace and soar to the strong overhead resistance at $18,388. This is an important level to watch because a break and close above it could attract huge buying. The pair could then surge to $21,500.

If bulls fail to push the price above the moving averages, it will suggest a lack of demand at higher levels. The bears will try to make use of this opportunity and pull the pair below $16,256. If they do that, the pair could plummet to the support at $15,476.

ETH/USDT

Ether’s (ETH) bounce off $1,150 has been facing strong resistance at the 20-day EMA ($1,230) for the past two days. Sellers tried to pull the price down on Dec. 22, but the long tail on the candlestick shows aggressive buying at lower levels.

The 20-day EMA is flattish, and the RSI is just below the midpoint, indicating a balance between buyers and sellers. A break above the 50-day SMA ($1,259) could tilt the near-term advantage in favor of the bulls. The ETH/USDT pair could then climb to $1,352.

Sellers will have to sink the price below the immediate support at $1,150 to gain the upper hand. Such a move would complete a bearish head-and-shoulders pattern in the near term. The pair could first drop to $1,075 and then plunge to the target objective of $948.

BNB/USDT

BNB (BNB) has been consolidating near the breakdown level of $250 for the past few days. This suggests that bears are protecting this level, but a positive sign is that the bulls have not given up much ground.

If the price rises above $255, it could trap several aggressive bears who may then hurry to close their short positions. That may result in a short squeeze, which could push the price to the 50-day SMA ($283) and then to $300.

Instead, if the price turns down from the current level and slides below $236, it will suggest that bears remain in control. Sellers will then try to sink the price below $220 and extend the decline to the psychological support at $200.

XRP/USDT

XRP (XRP) is trying to start a recovery, but it could face selling near the breakdown level of $0.37. Both moving averages are sloping down and the RSI is below 40, suggesting that bears have the upper hand.

If the price turns down from the 20-day EMA, the bears will try to pull the XRP/USDT pair below $0.33. If they manage to do that, the pair could drop to the critical support at $0.30, which the bulls will likely try to protect.

Another possibility is that the price turns up from the current level and buyers drive the pair above the overhead resistance at $0.37. If that happens, the pair could rally to $0.41, which may again behave as a major obstacle.

DOGE/USDT

Dogecoin (DOGE) rebounded off the strong support at $0.07 on Dec. 20, indicating that buyers are trying to defend this level with vigor.

The pullback could reach the downtrend line where the bears may mount a strong defense. If the price turns down from this level, it will increase the likelihood of a break below the support at $0.07. If this level cracks, the selling could accelerate and the DOGE/USDT pair could drop to the vital support at $0.05.

Contrary to this assumption, if buyers thrust the price above the 50-day SMA ($0.09), it will suggest strong demand at lower levels. The pair could then rally to $0.11, which may again act as a strong barrier.

ADA/USDT

Sellers tried to sink Cardano’s ADA (ADA) below the support line of the falling wedge pattern on Dec. 21 and 22, but the bulls defended the level successfully.

Buyers are trying to propel the price to the 20-day EMA ($0.29). This level may act as a major barrier, but if bulls overcome it, the ADA/USDT pair could rally to the 50-day SMA ($0.32) and then to the downtrend line.

Contrarily, if the price turns down from the current level, the bears will fancy their chances and attempt to sink the pair below the support line. If they can pull it off, the downtrend could extend to the psychological support at $0.20.

MATIC/USDT

Polygon‘s MATIC (MATIC) is attempting to start a relief rally, but the bears are in no mood to relent. They are offering a stiff resistance near $0.81, but the long tail on the Dec. 22 candlestick shows that bulls continue to buy the dips.

If buyers push the price above $0.81, the MATIC/USDT pair could rise to the 20-day EMA ($0.84). The downsloping 20-day EMA and the RSI below 41 suggest that bears have a slight edge.

Sellers may again try to stall the relief rally at the 20-day EMA. If the price turns down from this level, a retest of $0.76 is possible. Conversely, if buyers thrust the price above the 20-day EMA, the pair could attempt a rally to the 50-day SMA ($0.90).

DOT/USDT

Polkadot‘s DOT (DOT) slipped below the $4.40 support on Dec. 22, but the bears could not sustain the lower levels, as seen from the long tail on the candlestick. This indicates buying at lower levels.

The bulls will have to sustain their buying and push the price above the 20-day EMA ($4.92) to indicate strength. The DOT/USDT pair could then move up to the 50-day SMA ($5.45) and later attempt a rally to the downtrend line.

On the contrary, if the price turns down and breaks below $4.37, it will suggest that the downtrend remains intact. The pair could then drop to $4. The downsloping moving averages and the RSI near the oversold area suggest that bears are in command.

LTC/USDT

Litecoin’s (LTC) recovery is facing resistance near $67. The failure of the bulls to push the price to the moving averages shows that bears are selling on every minor rally.

The moving averages are on the verge of a bearish crossover and the RSI is in the negative zone, indicating an advantage for bears. If the price turns down and breaches the support at $61, the LTC/USDT pair could plummet to $56.

If bulls want to invalidate this negative view, they will have to push and sustain the price above the moving averages. The pair could then attempt a rally to $75 where the bears may again mount a strong resistance.

UNI/USDT

Uniswap‘s UNI (UNI) is trading in a tight range between the support line of the symmetrical triangle and $5.50. This suggests that bulls are buying the dips but have not been able to clear the overhead hurdle at $5.50.

The downsloping moving averages and the RSI in the negative territory indicate an upper hand to the bears. If the price turns down and breaks below the triangle, the UNI/USDT pair could plunge to $4.60.

Alternatively, if the price turns up and breaks above $5.50, the pair could rise to the 50-day SMA ($5.84). This level may again act as a resistance but if bulls push the price above it, the pair could reach the resistance line.

Market data is provided by the HitBTC exchange.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 12/21: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

Bitcoin and select altcoins are showing signs of a possible recovery in the near term but higher levels may continue to attract sellers.

As the year comes to an end, investors will be keenly watching for a Santa Claus rally on Wall Street as many believe that if the rally does not happen, the next year may either remain flat or turn negative.

Jurrien Timmer, director of global macro at asset management giant Fidelity Investments, tweeted on Dec. 19 that the United States equities markets may remain “sideways” and choppy in 2023. He expects “one or more retests of the 2022 low, but not necessarily much worse than that.”

The cryptocurrency market has been largely correlated with the S&P 500 in 2022. Unless both markets decouple, the sideways or negative action in the equities markets may not bode well for the cryptocurrency market.

Analysts remain divided on the future price action for Bitcoin (BTC). While some expect a recovery, others anticipate another leg lower. Let’s study the charts of the top-10 cryptocurrencies to determine the path of least resistance in the short term.

BTC/USDT

Although Bitcoin has been trading below the 20-day exponential moving average ($16,985) since Dec. 16, the bears have not been able to capitalize on this situation. This suggests that lower levels are attracting buyers.

The BTC/USDT pair saw slight gains on Dec. 20 and reached the 20-day EMA. This is an important level for the bears to defend in the short term because a break above it could set the stage for a possible rally to $17,622 and then to $18,387.

Alternatively, if the price turns down from the moving averages and breaks below $16,256, the selling may accelerate and the pair could dive to $16,000 and thereafter retest the pivotal level of $15,476.

The flattish 20-day EMA and the relative strength index (RSI) near 47 do not give a clear advantage either to the bulls or the bears. That could lead to a random volatile price action in the near term as both the buyers and sellers attempt to assert their supremacy.

ETH/USDT

Ether (ETH) rebounded off the nearby support at $1,150 on Dec. 20, suggesting that lower levels are attracting buyers. The relief rally has reached the 20-day EMA ($1,233) where the bears may mount a strong defense.

If the price turns down from the 20-day EMA, the bears will make one more attempt to pull the ETH/USDT pair below the support at $1,150. If they manage to do that, it will complete a head and shoulders pattern in the near term. This setup has a target objective of $948.

Instead, if buyers catapult the price above the moving averages, the pair may rally to $1,352. This level may again act as a major hurdle but if crossed, the rally could reach the downtrend line. The bears are expected to protect this level with all their might because a break above it could signal a potential trend change.

BNB/USDT

BNB (BNB) bounced off $220 on Dec. 17 but the pullback is facing strong selling at the breakdown level of $250. This suggests that bears are trying to flip the level into resistance.

The downsloping moving averages and the RSI near 40 indicate that bears are in command. If the price turns down and breaks below $236, the BNB/USDT pair could retest the support at $220. A break below this level could sink the pair to $200.

This negative view could invalidate in the near term if buyers force the price above the 20-day EMA ($265). The pair could then extend its relief rally to the 50-day SMA ($286) and later to $318.

XRP/USDT

XRP (XRP) tumbled below the $0.37 support on Dec. 16, indicating that bears have gained the upper hand in the near term. The price could oscillate in a wide range between $0.30 and $0.41 for the next few days.

Any relief rally is likely to face stiff resistance at the moving averages and again at $0.41. If bulls want to gain the upper hand, they will have to catapult the price above $0.41. That could start a strong rally to $0.51.

On the downside, the crucial support to keep an eye on is $0.30. If this level cracks, the XRP/USDT pair could start the next leg down. The pair could then extend its decline to $0.25.

DOGE/USDT

Dogecoin (DOGE) reached the important level of $0.07 on Dec. 19 where the bulls stepped in and are trying to arrest the decline. Buyers will try to push the price to the downtrend line while the bears are likely to have other plans.

The downsloping moving averages and the RSI near the oversold territory indicate that the path of least resistance is to the downside. A weak bounce off $0.07 will increase the possibility of a break below the support. If that happens, the DOGE/USDT pair could plummet to the next major support at $0.05.

On the upside, the bulls will have to propel and sustain the price above the downtrend line to attract more buyers. The pair could then rise to the overhead resistance at $0.11.

ADA/USDT

Cardano (ADA) plunged below $0.29 on Dec. 16 and that aggravated the selling, pulling the price below the support line. The sharp fall on the day also invalidated the positive divergence developing on the RSI.

The ADA/USDT pair continued to skid and reached the strong support at $0.25. The oversold level on the RSI suggests that a recovery or a consolidation may be around the corner.

However, sellers are unlikely to give up their advantage easily and may pose a strong challenge at $0.27 and again at $0.29. If the price turns down from this overhead zone, the pair may again drop to $0.25.

The recovery may pick up pace after the price breaks above the 20-day EMA ($0.29) because that may lure short-term bears to book profits.

MATIC/USDT

Polygon (MATIC) remained stuck inside a large range between $1.05 and $0.69 for the past few days. The repeated failure of the buyers to propel the price above $0.95 may have tempted short-term traders to book profits.

That started the downward journey in the MATIC/USDT pair toward the strong support of $0.69. Buyers are likely to defend this level aggressively because a break below it could intensify selling and pull the price to $0.52.

On the upside, the first hurdle could be at the 20-day EMA ($0.85). If the price turns down from this level, the likelihood of a break below $0.69 increases. On the other hand, if bulls drive the price above the 20-day EMA, the pair could move up to $0.95.

DOT/USDT

Polkadot (DOT) remains in a strong downtrend with bears selling every minor rally. The failure to push and sustain the price above the 20-day EMA ($5.01) attracted heavy selling on Dec. 16, which resumed the downtrend.

The downsloping moving averages and the RSI near the oversold territory indicate that bears remain in control. If the price breaks below $4.40, the next stop could be $4.

If bulls want to salvage the situation, they will have to quickly start a recovery and push the price above the 20-day EMA. Such a move will suggest accumulation at lower levels. The DOT/USDT pair may then rally to the 50-day SMA ($5.52). Sellers are likely to protect the zone between the moving averages with vigor.

LTC/USDT

Litecoin (LTC) dropped below the breakout level of $75 on Dec. 15, which may have triggered several stop losses. The selling continued on Dec. 16 and the price slipped below the 50-day SMA ($69).

Buyers are trying to start a recovery but they may run into strong selling at the moving averages. If the price turns down from this overhead resistance, the bears will try to increase their advantage by yanking the LTC/USDT pair below $61. If this support cracks, the pair could drop to $52.

The first sign of strength will be a break and close above the 20-day EMA ($70). That could open the doors for a possible retest of $75. This remains the key level to watch out for on the upside because a break above it will suggest the start of a new up-move.

UNI/USDT

Uniswap (UNI) rebounded off the support line of the symmetrical triangle on Dec. 20, indicating that bulls continue to buy the dip to this level.

The recovery could first reach $5.50 and then to the 20-day EMA ($5.65). The bears are likely to sell on rallies to the 20-day EMA. If the price turns down from this level, the sellers will again try to sink the UNI/USDT pair below the triangle. If they succeed, the pair could start a new downtrend to $4.60.

Contrarily, if buyers thrust the price above the 20-day EMA, the pair could pick up momentum and rise toward the resistance line. The bulls will have to clear this obstacle to signal the start of a new up-move.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Market data is provided by HitBTC exchange.

SBF misses the Senate hearing but promises to testify to the House: Law Decoded

Sam Bankman-Fried is willing to testify before the Financial Services Committee of the U.S. House of Representatives on Dec. 13.

Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation.

So, Sam Bankman-Fried, public enemy number one, won’t appear in front of Senators on Dec. 14, as he missed the deadline for responding to a Senate Banking Committee request. However, we could witness the entrepreneur appear before Congress even a day earlier, on Dec. 13.

Replying to a thread of tweets from Representative Maxine Waters, Chairwoman of the Financial Services Committee, the former CEO of FTX expressed his willingness to testify at a committee hearing in the U.S. House of Representatives. John Ray, who took over as FTX CEO on Nov. 11 following Bankman-Fried’s resignation, will also be present as a witness.

The House Hearing surely won’t be the last time Bankman-Fried encounters tough questions from the state. The United States Department of Justice (DOJ) is reportedly investigating a potential fraud that involves him siphoning funds offshore just days before FTX filed for bankruptcy. According to an anonymous informant, DOJ officials met with FTX’s court-appointed overseers to discuss the scope of the information they needed for further investigation. The DOJ also plans to investigate whether Bankman-Fried unlawfully transferred FTX funds to Alameda Research.

And that’s not the final list of potential allegations. A watchdog group, the Citizens for Responsibility and Ethics in Washington, believes the businessmen made “dark money donations.” It has filed the complaint with the Federal Election Commission, accusing Bankman-Fried of “direct and serious violations of the Federal Election Campaign Act” for donating anonymously to the Republican party during the last electoral campaign. As it happened, Bankman-Fried himself publicly admitted it in one of his recent interviews.

Crypto consumer protection, proof-of-reserves bills introduced to U.S. Congress

United States Representative Ritchie Torres has introduced bills in the House of Representatives to prohibit the misuse of customer funds by cryptocurrency exchanges and to require they disclose proof of reserves to the Securities and Exchange Commission (SEC). The bills carry the titles of “Crypto Consumer Investor Protection Act’’ and “Crypto Exchange Disclosure Act,’’ and have been referred to the House Financial Services Committee.

Torres also wrote a letter requesting a Government Accountability Office review of “the SEC’s failure to protect the investing public from the egregious mismanagement and malfeasance of FTX.”

Court sets new deadline for Celsius restructuring plan

Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court approval gives the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan. The approval to extend the exclusivity period came after two court hearings on Dec. 6. In a tweet, Celsius said it requested approval to permit the sale of stablecoins aimed at providing liquidity for continued operations. The company hopes to use the extension period to develop a plan for a stand-alone business.

Ripple files final submission against SEC

The two-year-long battle between SEC and Ripple is approaching an end, with Ripple having filed its final submission in its case against the U.S. regulator. In its motion, Ripple argued that the SEC has failed to prove that its offering of XRP (XRP) between 2013 and 2020 was an offer or sale of an “investment contract” and, therefore, a security under federal law. Ripple concluded the document by stating that “the court should grant Defendant’s Motion and should deny the SEC’s Motion.”

Price analysis 12/9: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Bitcoin and most major altcoins remain stuck inside a range as traders keep a close eye on next week’s macroeconomic events.

The United States equities markets are headed for a down week as market participants remain cautious ahead of next week’s key Consumer Price Index data for November.

The CPI report will be followed by the Federal Reserve’s Federal Open Market Committee meeting on Dec. 13-14, where the central bank is expected to hike rates by 50 basis points, according to the FedWatch Tool.

The outcome of the events next week could increase the volatility in Bitcoin (BTC) and result in a trending move.

After a terrible year that saw some high-profile cryptocurrency companies go bust, the bulls will expect 2022 to end on a strong note. Bears will also try to maintain their stronghold and extend the decline in the next year.

What is the path of least resistance in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bulls successfully held the $16,787 support on Dec. 7, indicating strong demand at lower levels. Buyers propelled Bitcoin back above the 20-day exponential moving average (EMA) of $17,004 on Dec. 8.

The flat 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible range-bound action in the near term. Usually, tight-range trading is followed by a range expansion, which leads to a trending move.

At times, the first breakout tends to be a fake move, hence traders could wait for a confirmation before jumping on to take the trade.

If the price breaks above the resistance zone between $17,622 and the 50-day simple moving average (SMA) of $18,046, the BTC/Tether (USDT) pair could signal a potential trend change. The pair could then attempt a rally to $20,000 and later to $21,500.

Conversely, if the price breaks below $16,787, the bears will try to pull the pair to the pivotal support at $15,476.

ETH/USDT

Ether (ETH) broke below the 20-day EMA of $1,254 on Dec. 7 but the bears could not sustain the lower levels. The bulls bought the dip and pushed the price back above the 20-day EMA on Dec. 8.

Buyers will once again strive to thrust the price above the overhead resistance at the 50-day SMA of $1,331. If they can pull it off, the ETH/USDT pair could surge toward the resistance line of the descending channel.

On the contrary, if the price turns down from the 50-day SMA, it could keep the pair stuck inside the range for a few days. The flat moving averages and the RSI just above the midpoint also indicate a consolidation in the short term.

The advantage could tilt in favor of the bears if the price turns down and breaks below $1,212.

BNB/USDT

BNB (BNB) closed below the $285 support on Dec. 7 but the bears could not capitalize on this opportunity. The bulls purchased the dip and have pushed the price to the 20-day EMA of $291.

The flattening moving averages and the RSI above 48 suggest a balance between supply and demand. This could result in a volatile range-bound action in the near term but the boundaries of the range are not yet defined.

If the price turns down from the moving averages, the bears will try to yank the BNB/USDT pair below $281. If that happens, the selling could accelerate and the pair may slide to $275 and later to the strong support at $250. If bulls want to gain the upper hand, they will have to push and sustain the price above $300.

XRP/USDT

XRP (XRP) turned up from the strong support of $0.37 on Dec. 7, indicating that the bulls are buying the dips. This is the second occasion when the bulls have defended this level, hence $0.37 becomes an important level to keep an eye on.

The 20-day EMA is flattish and the RSI is near the midpoint, implying that the XRP/USDT pair could remain stuck between $0.37 and $0.41 for some time.

If buyers drive the price above the 20-day EMA, the pair could rally to $0.41. This level may act as a major barrier for the bulls but if they manage to overcome it, the pair could pick up momentum and rally toward $0.51.

If the price turns down from the 20-day EMA, the bears will again try to sink the pair below $0.37 and strengthen their hold. If they manage to do that, the pair could decline to $0.34.

ADA/USDT

Cardano (ADA) is consolidating in a downtrend and the positive divergence on the RSI suggests that the selling pressure could be reducing.

Buyers have an opportunity to start a recovery by pushing the price above the 20-day EMA of $0.32. If they do that, the ADA/USDT pair could attempt a rally to the downtrend line. The 50-day SMA of $0.35 may offer minor resistance but it is likely to be crossed.

If bulls fail to clear the 20-day EMA quickly, the possibility of a break below the critical support of $0.29 increases. That could signal the resumption of the downtrend and the pair may plummet to $0.27.

DOGE/USDT

The bulls bought the dip to the 50-day SMA of $0.09 on Dec. 7, but they are facing resistance at the psychological level of $0.10. This indicates that the bears have not yet given up and they continue to sell the rallies in Dogecoin (DOGE).

If sellers pull and sustain the price below the 50-day SMA, the DOGE/USDT pair risks a drop to $0.08 and then to the vital support at $0.07.

Contrarily, if buyers sustain the price above the 50-day SMA, the pair could consolidate between $0.09 and $0.11 for a few days. The flattening 20-day EMA of $0.10 and the RSI just above the midpoint also hint at a range-bound action in the near term. The bullish momentum could pick up above $0.11.

MATIC/USDT

Polygon (MATIC) slipped below the 20-day EMA of $0.90 on Dec. 7, but the long tail on the day’s candlestick shows that lower levels are attracting buyers.

The bulls will try to keep up the buying pressure and push the price above the overhead resistance at $0.97. That could clear the path for a possible rally to $1.05, where the bears may again mount a strong defense.

Alternatively, if the price turns down from the current level or the overhead resistance, it will suggest that the bears are active at higher levels. The next break below the 20-day EMA may pull the price to the uptrend line.

DOT/USDT

Polkadot (DOT) took support at $5.24 on Dec. 7, indicating that the bulls are attempting to form a higher low in the near term but the bears continue to defend the 20-day EMA of $5.48 with vigor.

If bears sink the price below the uptrend line, the Nov. 22 low of $5 could be retested. This is an important level for the bulls to defend because if they fail, the DOT/USDT pair could resume the downtrend. The pair could then slump to the next support at $4.32.

The first resistance to watch on the upside is the 20-day EMA. A close above this level could indicate that the bearish momentum could be weakening. The pair may then rise to the 50-day SMA of $5.86 and thereafter to $6.18.

LTC/USDT

Litecoin (LTC) bounced off the 20-day EMA of $74 on Dec. 8, indicating that the sentiment remains positive and traders are viewing the dips as a buying opportunity.

However, the negative divergence on the RSI suggests that the bullish momentum could be weakening. The important support to watch on the downside is the 20-day EMA and then $70. If this zone breaks down, it could lead to long liquidation and the LTC/USDT pair may slide to the 50-day SMA of $65.

If the price sustains above the 20-day EMA, the pair could consolidate between $75 and $85 for some time. A break above $85 could clear the path for a possible rally to $104.

UNI/USDT

Uniswap (UNI) remains inside a symmetrical triangle pattern, indicating indecision among the bulls and the bears. Buyers purchased the dip to the 20-day EMA of $5.97 on Dec. 8 but are struggling to sustain the higher levels.

The price action inside a triangle is usually random and volatile. If the 20-day EMA support cracks, the UNI/USDT pair could gradually decline to the support line of the triangle. This level could attract buyers who will try to protect the support line.

The near-term advantage could shift in favor of the bulls if they propel the price above $6.55. The pair could then climb to the resistance line of the triangle. Buyers will have to overcome this hurdle to signal the start of a new uptrend.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

The current weakness in BTC and major altcoins shows that investor sentiment remains negative and that bears are active at higher levels.

The FTX crisis kept Bitcoin’s (BTC) price under pressure in November, but data from Bitstamp exchange shows institutional investors may have viewed the dip as a buying opportunity. The exchange told Cointelegraph that compared to October, its revenue from institutions increased by 34% in November.

In another positive sign, Goldman Sachs executive Mathew McDermott told Reuters that the bank was doing some due diligence on crypto companies since they were “priced more sensibly” after the FTX crash.

ARK Invest said in the latest edition of its monthly “The Bitcoin Monthly” newsletter, that the FTX implosion “could be the most damaging event in crypto history,” but added that decentralized blockchains were “as strong as ever.”

Could lower levels attract buyers in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to spot the levels where buyers may step in.

BTC/USDT

After trading near the 20-day exponential moving average ($16,966) for the past few days, Bitcoin is threatening to dip below the immediate support at $16,787.

If that happens, the short-term advantage could tilt in favor of the bears and the BTC/USDT pair may drop to $16,000. Such a move will suggest that the pair could remain stuck between $15,476 and $17,622 for a few more days. The longer the time spent inside the range, the stronger will be the breakout from it.

On the upside, bulls will have to push and sustain the price above the 50-day simple moving average ($18,122) to gain the upper hand. The pair could then pick up momentum and rally to $20,000.

ETH/USDT

After trading between the moving averages for the past few days, Ether (ETH) broke below the 20-day EMA ($1,250) on Dec. 7. This suggests that the bears have overpowered the bulls.

If the price sustains below the 20-day EMA, the ETH/USDT pair could dive to $1,151 and then to the important support at $1,073.

On the contrary, if the price turns up quickly and climbs back above the 20-day EMA, it will suggest strong buying on dips. That could increase the likelihood of a break above the 50-day SMA ($1,331). Above this level, there is no significant resistance until the pair reaches the downtrend line of the descending channel.

BNB/USDT

The bulls tried to push BNB (BNB) above the overhead resistance at $300 on Dec. 5 but the bears held their ground. The sellers strengthened their position on Dec. 7 by pulling the price below the immediate support at $285.

If the price sustains below $285, the BNB/USDT pair could slump to $275. This level may act as a minor support but if it breaks down, the selling could pick up and the pair may plunge to the crucial support at $250.

If bulls want to prevent the fall, they will have to push and sustain the price above $300. That could trap the aggressive bears on the wrong foot and push the price toward the overhead resistance at $338. This level may again witness a tough battle between the bulls and the bears.

XRP/USDT

The bears successfully defended the 20-day EMA ($0.39) in the past few days and pulled XRP (XRP) below the uptrend line on Dec. 7. This invalidates the developing ascending triangle pattern.

Buyers will try to salvage the situation by defending the strong support at $0.37. If the price rebounds off this level and rises above the 20-day EMA, the XRP/USDT pair may consolidate between $0.37 and $0.41 for some time. A break and close above $0.41 will suggest the start of a new up-move.

The bears are likely to have other plans. They will try to break the support at $0.37 and pull the price to $0.34. That could keep the pair range-bound between $0.30 and $0.41 for a few more days.

ADA/USDT

Cardano (ADA) failed to sustain above the 20-day EMA ($0.32) on Dec. 5 which may have tempted short-term buyers to close their longs and the bears to establish fresh short positions.

The sellers will try to pull the price below the crucial support at $0.29 but they may face strong resistance from the bulls because if the level gives way, the ADA/USDT pair could signal the resumption of the downtrend.

Although the trend is down, the relative strength index (RSI) is maintaining its bullish divergence. This suggests that lower levels may attract buyers. The first sign of sustainable recovery could be on a break and close above $0.33. The pair could then rise to the downtrend line.

DOGE/USDT

The long wick on Dogecoin’s (DOGE) Dec. 5 candlestick shows that bears are defending the 50% Fibonacci retracement level at $0.11.

The DOGE/USDT pair turned down and broke below the 20-day EMA ($0.09) on Dec. 7 but a minor positive is that the bulls are buying the dips to the 50-day SMA ($0.09). If the price rebounds off the current level, the pair could again rise to $0.11.

The RSI has dropped close to the center which suggests that the bullish momentum could be waning. The bears may try to tug the price below the 50-day SMA and gain the upper hand. If they succeed, the pair could gradually slip toward $0.07.

MATIC/USDT

Buyers tried to thrust Polygon (MATIC) above $0.95 on Dec. 5 but the bears vigorously defended the level. The price turned down and broke below the 20-day EMA ($0.90) on Dec. 7. This indicates that efforts by the bulls to flip the 20-day EMA into support have failed.

The bears will try to build upon this opportunity and drag the price to the uptrend line. This is an important level to keep an eye on as the bulls have successfully defended it on three previous occasions. If this support collapses, the MATIC/USDT pair could slide to the crucial support at $0.69.

This negative view will invalidate in the near term if the price turns up and breaks above the overhead resistance at $0.97. That could clear the path for a possible rally to $1.05.

DOT/USDT

Polkadot (DOT) repeatedly broke above the 20-day EMA ($5.50) from Dec. 2 to 5 but the bulls could not build upon this strength. This shows that demand dries up at higher levels.

The bears will try to resume the downtrend by pulling the price below the strong support at $5. If they do that, the DOT/USDT pair could plummet to $4.32.

Another possibility is that the price rebounds off $5. That will indicate strong buying at lower levels. The bulls will then try to drive the price above $5.73. If they can pull it off, it could signal a double bottom pattern. The pair could then rise to $6.18 and later to the pattern target of $6.46, which is near the downtrend line.

LTC/USDT

Litecoin (LTC) broke above the $84 resistance on Dec. 5 but the long wick on the day’s candlestick shows selling at higher levels. This may have tempted short-term traders to book profits, which has pulled the price to the breakout level of $75.

The moving averages are sloping up but the RSI has formed a bearish divergence, indicating that the buying pressure may be reducing. A break and close below the 20-day EMA ($74) could enhance the prospects of a drop to the 50-day SMA ($64).

Contrarily, if the price rebounds off the 20-day EMA ($74), it will suggest that the trend remains positive and traders are buying the dips. The bulls will then make one more attempt to clear the overhead hurdle at $85 and push the LTC/USDT pair toward $104.

UNI/USDT

Uniswap (UNI) climbed above the 50-day SMA ($6.16) on Dec. 2 but the bulls could not sustain the buying pressure and push the price to the resistance line of the symmetrical triangle pattern.

The price turned down on Dec. 7 and the bears are trying to sink the price back below the 20-day EMA ($5.92). If this level fails to hold, the selling momentum could pick up and the UNI/USDT pair could decline to the support line of the triangle.

Alternatively, if the price turns up and breaks above $6.55, it will tilt the short-term advantage in favor of the buyers. The pair could then rise to the resistance line where the bulls may again encounter strong selling by the bears. The next trending move could begin on a break above or below the triangle.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple CTO shuts down ChatGPT’s XRP conspiracy theory

An AI chatbot alleged Ripple can secretly control its blockchain through an undisclosed backdoor in the network’s code and has been ridiculed by the firm’s CTO.

Ripple’s chief technology officer has responded to a conspiracy theory fabricated by Artificial Intelligence (AI) tool ChatGPT, which alleges the XRP Ledger (XRPL) is somehow being secretly controlled by Ripple.

According to a Dec. 3 Twitter thread by user Stefan Huber, when asked a series of questions regarding the decentralization of Ripple’s XRP Ledger, the ChatGPT bot suggested that while people could participate in the governance of the blockchain, Ripple has the “ultimate control” of XRPL.

Asked how this is possible without the consensus of participants and its publicly-available code, the AI alleged that Ripple may have “abilities that are not fully disclosed in the public source code.”

At one point, the AI said “the ultimate decision-making power” for XRPL “still lies with Ripple Labs” and the company could make changes “even if those changes do not have the support of the supermajority of the participants in the network.”

It also contrasted the XRPL with Bitcoin (BTC) saying the latter was “truly decentralized.”

However, Ripple CTO David Schwartz has called the bot’s logic into question, arguing that with that logic, Ripple could secretly control the Bitcoin network as it neither can be determined from the code.

If it's final argument is that Ripple Labs "may have" some secret way to control the XRP Ledger that cannot be determined from the public code, why not argue that Ripple Labs "may have" some secret way to control the bitcoin blockchain that cannot be determined from the code?

— David "JoelKatz" Schwartz (@JoelKatz) December 5, 2022

The bot was also shown to contradict its own statements in the interaction, stating that the main reason for using “a distributed ledger like the [XRPL] is to enable secure and efficient transactions without the need for a central authority,” which contradicts its statement that the XRPL is managed centrally.

ChatGPT is a chatbot tool built by AI research company OpenAI which is designed to interact “in a conversational way” and answer questions about almost anything a user asks. It can even complete some tasks such as creating and testing smart contracts.

The AI was trained on “vast amounts of data from the internet written by humans, including conversations” according to OpenAI and warned because of this some of the bot’s reponses can be “inaccurate, untruthful, and otherwise misleading at times.”

OpenAI CEO Sam Altman said upon its release on Nov. 30 that its “an early demo” and is “very much a research release.” The tool has already seen over one million users according to a Dec. 5 tweet by Altman.

Ethereum founder Vitalik Buterin also weighed in on the AI chatbot in a Dec. 4 tweet saying the idea that AI “will be free from human biases has probably died the hardest.”

Of all the optimistic 00s era takes, "AI will think logically from first principles so it will be free from human biases" has probably died the hardest. https://t.co/5rz33AEgKb

— vitalik.eth (@VitalikButerin) December 4, 2022