Articles
Ripple traders await SEC lawsuit ruling, analyst sets $17 target for XRP in 2025
401585 July 10, 2024 23:39 FXStreet Market News
-
Ripple
could
see
the
end
of
its
lawsuit
with
the
Securities
and
Exchange
Commission
soon,
per
recent
reports. -
An
analyst
predicts
XRP
rally
to
$17
through
the
Bent
Fork
chart,
a
bullish
thesis
for
the
altcoin. -
XRP
traders
at
$0.44
on
Wednesday,
adding
nearly
2%
value
on
the
day.
Ripple
(XRP)
traders
are
awaiting
the
final
ruling
in
the
US
Securities
and
Exchange
Commission
(SEC)
lawsuit
against
the
payment
remittance
firm.
A
pro-crypto
attorney,
Fred
Rispoli,
informed
market
participants
that
a
ruling
is
likely
by
July
31
2024,
through
a
tweet
on
X.
XRP
traders
are
awaiting
the
ruling,
a
key
market
mover
for
the
altcoin,
in
July
2024.
Additionally,
a
crypto
analyst
behind
the
X
handle
@egragcrypto
has
analyzed
XRP
price
trend
and
set
a
$17
target
for
2025.
While
XRP
trades
at
$0.44
on
Wednesday,
July
10,
the
analyst
presents
a
Bent
Fork
chart
as
a
thesis
backing
his
prediction
for
the
altcoin.
Daily
digest
market
movers:
Ripple
traders
await
ruling
in
lawsuit,
RLUSD
launch
-
The
SEC
alleges
that
Ripple
sold
unregistered
securities
(XRP
tokens)
to
institutional
investors
and
asked
the
court
for
over
$2
billion
in
penalties.
In
a
development
in
May
2024,
the
SEC
quoted
$102.6
million. -
Ripple
filed
a
letter
of
supplemental
authority,
citing
the
Binance
lawsuit,
where
Judge
Analisa
Torres’
ruling
was
considered
as
precedent.
The
ruling
of
Judge
Amy
Berman
Jackson
cemented
the
status
of
XRP
as
not
a
security
in
secondary
market
sales,
meaning
sales
on
exchange
platforms. -
SEC
filed
its
response
to
the
supplemental
authority
letter.
With
both
filings
in,
Ripple
traders
are
awaiting
a
ruling
in
the
lawsuit. -
Pro-crypto
attorney
Fred
Rispoli
says
the
ruling
is
expected
as
early
as
Saturday,
July
13,
or
by
July
31,
2024. -
The
lawsuit
has
been
a
key
market
mover
for
the
altcoin
since
the
legal
battle
commenced. -
Alongside
lawsuit
developments,
on-chain
metrics
have
influenced
XRP
traders’
sentiment
and
the
asset’s
price
in
the
past. -
Santiment
data
shows
a
large
spike
in
active
addresses
in
XRP
on
July
10;
over
27,000
addresses
were
active
on
the
XRP
Ledger.
This
supports
a
bullish
thesis
for
the
altcoin,
signaling
rising
demand
and
relevance
among
market
participants.
XRP
Active
addresses
and
price
-
After
consistently
realizing
losses
on
their
XRP
holdings
since
May
30,
traders
realized
$4.42
million
in
gains
on
July
10.
The
long
period
of
negative
spikes
on
the
Network
Realized
Profit/Loss
metric
is
consistent
with
capitulation
among
investors.
XRP
Network
realized
profit/loss
Technical
analysis:
XRP
analyst
predicts
rally
to
$17
by
2025,
altcoin
extends
gains
Analyst
behind
the
X
handle
@egragcrypto
has
predicted
a
$17
target
for
XRP
by
2025
based
on
his
Bent
Fork
chart.
This
is
a
long-term
target
for
the
altcoin
that
currently
trades
at
$0.44
on
Binance.
The
analyst
introduced
the
chart
with
key
resistances
at
$1,
a
psychological
hurdle,
and
$3.5,
the
asset’s
all-time
high.
The
analyst
introduced
the
target
for
the
first
time
in
2023
with
four
tracks,
A)
Major
Historical
Support
B)
Ranging
Zone
C)
Mid-Cycle
Top
D)
Cycle
Top
The
analyst
considers
the
track
D
is
the
one
that
the
altcoin
is
most
likely
to
reach,
with
a
slight
variation.
The
target
has
been
increased
from
$15
in
2023
to
$17
in
the
latest
update.
XRP/USD
chart
On
the
XRP/USDT
daily
chart,
it
is
clear
that
XRP
is
recovering
from
its
recent
downward
correction.
If
Ripple
extends
its
gains,
the
altcoin
could
add
8.45%
to
its
value
and
hit
resistance
at
$0.4760,
the
July
2
low
and
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
chart
below.
The
Relative
Strength
Index
(RSI)
reads
39.58,
showing
Ripple’s
price
trend
has
underlying
positive
momentum.
XRP/USDT
daily
chart
Ripple
could
find
support
at
$0.4032,
the
July
8
low.
In
the
event
of
further
correction,
XRP
could
sweep
liquidity
at
the
July
5
low
of
$0.3823.
Cryptocurrency
prices
FAQs
Full Article
AUD/USD: Rally can extend this summer – ING
401584 July 10, 2024 23:14 FXStreet Market News
Higher
chances
of
Trump
winning
in
November
means
trouble
for
the
China-sensitive
Australian
Dollar
(AUD)
in
the
longer
run.
The
Reserve
Bank
of
Australia
(RBA)
is
perhaps
facing
the
worst
inflation
issue
in
G10,
ING’s
FX
strategist
Francesco
Pesole
notes.
AUD
still
has
room
to
run
this
summer
“Higher
chances
of
Trump
winning
in
November
spell
trouble
for
the
China-sensitive
AUD
in
the
longer
run.
But
the
tactical
picture
hinges
much
more
on
US
macro
and
domestic
central
banks.”
“The
RBA
is
perhaps
facing
the
worst
inflation
issue
in
G10,
with
consistently
hot
monthly
CPI
prints
taking
it
closer
to
another
hike.
31
July
will
be
the
decisive
day:
2Q
CPI
data
are
out,
and
if
they
surprise
on
the
upside,
we
think
the
RBA
will
hike
in
August.”
“Even
if
another
hike
can
be
averted,
the
prospect
of
cuts
is
increasingly
remote.
Given
our
view
that
markets
will
reward
currencies
with
hawkish
central
banks,
AUD
still
has
room
to
run
this
summer,
before
the
US
election
becomes
too
close
to
ignore.”
Arbitrum whales buy the dips
401580 July 10, 2024 23:14 FXStreet Market News
-
Arbitrum
price
moves
inside
a
descending
channel
pattern,
breakout
could
signal
a
bullish
move. -
On-chain
data
shows
that
a
whale
has
accumulated
2.38
million
ARB
tokens
worth
$1.69
million
on
Wednesday. -
Santiment
data
shows
the
development
activity
is
rising,
signaling
a
bullish
move. -
A
daily
candlestick
close
below
$0.564
would
invalidate
the
bullish
thesis.
Arbitrum
(ARB)
trades
inside
a
descending
channel
pattern,
with
a
potential
breakout
poised
to
trigger
a
bullish
trend.
Recent
on-chain
data
indicates
accumulation
by
a
whale
on
Wednesday;
coupled
with
an
uptick
in
development
activity,
this
suggests
favorable
conditions
for
upcoming
bullish
movements.
Whales
buy
the
dips
According
to
Arkham
Intelligence,
a
wallet
(which
may
belong
to
Bitcoin
Suisse,
a
Swiss
crypto
pioneer
and
trusted
gateway
company)
bought
2.38
million
ARB
tokens
worth
$1.69
million
from
Binance.
Additionally,
this
wallet
bought
3.47
million
ARB
the
day
before,
worth
$2.44
million.
Wallet
Transactions
Arbitrum
price
shows
potential
Arbitrum
price
is
retesting
its
upper
band
on
the
descending
channel
pattern.
This
pattern
is
formed
by
joining
multiple
swing
high
and
low
levels
with
a
trendline.
If
ARB
breaks
above
the
descending
channel
pattern,
it
could
rally
20%
to
retest
its
daily
resistance
level
of
$0.855.
This
level
roughly
coincides
with
the
50-day
Exponential
Moving
Average
at
$0.882,
making
it
a
key
resistance
zone.
The
Relative
Strength
Index
(RSI)
and
the
Awesome
Oscillator
(AO)
on
the
daily
chart
are
below
their
respective
neutral
levels
of
50
and
zero.
For
bulls
to
sustain
momentum,
both
indicators
must
rise
above
these
critical
levels,
potentially
supporting
the
ongoing
recovery
rally.
ARB/USDT
daily
chart
Santiment’s
Development
Activity
metric
tracks
the
frequency
of
project
development
events
recorded
in
the
public
GitHub
repository
over
time.
A
rise
in
this
metric
suggests
continuous
endeavors
to
uphold,
innovate,
and
improve
the
protocol,
which
is
generally
seen
as
favorable
by
investors
and
stakeholders.
Conversely,
a
decline
in
the
metric
might
raise
apprehensions
about
the
project’s
endurance,
capacity
for
innovation,
and
engagement
with
the
community
in
the
foreseeable
future.
As
in
ARB’s
case,
the
index
is
rising
from
119
on
July
7
to
129
on
July
10.
The
8.5%
rise
in
ARB’s
Developing
Activity
could
be
a
bullish
development
for
the
ARB
protocol.
ARB
Development
Activity
chart
Despite
strong
technical
analysis
and
on-chain
data,
if
ARB’s
daily
candlestick
closes
below
$0.564
and
establishes
a
lower
low
on
the
daily
timeframe,
it
may
signal
a
shift
in
market
dynamics
that
favors
bearish
sentiment.
Such
a
change
could
invalidate
the
bullish
outlook,
leading
to
a
14%
crash
in
the
Arbitrum
price
to
the
previous
low
of
$0.486
on
March
23,
2023.
Full Article
USD/CAD: Cannot exclude a July BoC cut – ING
401578 July 10, 2024 22:41 FXStreet Market News
The
latest
hiring
contraction
and
rise
in
unemployment
to
6.2%
in
Canada
has
put
a
July
Bank
of
Canada
rate
cut
on
the
table,
ING’s
FX
analyst
Francesco
Pesole
notes.
CAD
to
continue
to
underperform
“Our
latest
forecast
saw
Bank
of
Canada
cuts
in
September,
October
and
December.
But
the
latest
hiring
contraction
and
rise
in
unemployment
to
6.2%
has
put
a
July
cut
on
the
table.”
“Markets
are
pricing
in
16bp
of
easing
for
July:
we
think
the
deciding
factor
will
be
the
June
inflation
report
on
16
July,
after
May’s
figures
came
in
a
bit
higher
than
expected.”
“Still,
market
pricing
for
total
BoC
easing
in
2024
looks
conservative:
55bp
versus
our
call
for
75bp.
There
is
therefore
ample
room
for
dovish
repricing
along
the
way.
We
think
CAD
will
continue
to
underperform
other
commodity
currencies
due
the
domestic
story
and
its
lower
sensitivity
to
a
decline
in
USD
rates.”
United States EIA Crude Oil Stocks Change below forecasts (-3M) in July 5: Actual (-3.443M)
401577 July 10, 2024 22:40 FXStreet Market News
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on
these
pages
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and
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profiled
on
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page
are
for
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only
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in
any
way
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guarantee
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emotional
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USD/JPY: A new line in the sand for intervention at 165 – ING
401575 July 10, 2024 22:14 FXStreet Market News
Japan’s
verbal
interventions
are
ineffective.
Periods
of
quiet
volatility
may
continue
to
push
USD/JPY
higher,
with
a
new
line
in
the
sand
for
intervention
now
close
to
165,
ING’s
FX
analyst
Francesco
Pesole
notes.
BoJ
verbal
interventions
bare
no
effect
“Observing
the
Yen’s
most
recent
demise,
it
is
clear
that
Japan’s
verbal
interventions
are
ineffective.
Despite
some
softer
US
data,
speculative
selling
pressure
on
the
Yen
remains
elevated.”
“Periods
of
quiet
volatility
may
continue
to
push
USD/JPY
higher,
with
a
new
line
in
the
sand
for
intervention
now
close
to
165,
in
our
view.
Crucially,
large
FX
sales
in
2Q
proved
to
be
only
a
temporary
solution,
meaning
more
pressure
on
the
BoJ
to
hike.”
“Markets
are
pricing
in
6bp
for
the
31
July
Bank
of
Japan
meeting.
We
are
more
hawkish,
narrowly
favouring
a
15bp
July
hike
and
another
move
by
year-end.
The
BoJ
can
help
the
Yen,
although
our
bearish
USD/JPY
profile
primarily
relies
on
Fed
cuts.”
NZD: A surprise dovish tilt by the RBNZ – ING
401574 July 10, 2024 22:14 FXStreet Market News
The
Reserve
Bank
of
New
Zealand
surprised
markets
with
a
dovish
tilt
in
communication
as
it
kept
rates
on
hold
at
5.50%
overnight,
ING’s
FX
strategist
Francesco
Pesole
notes.
Next
week’s
CPI
report
to
help
reverse
NZD
losses
“The
Bank
displayed
greater
confidence
on
disinflation
in
the
statement,
stating
that
“restrictive
monetary
policy
has
significantly
reduced
consumer
price
inflation”
and
that
the Committee
expects headline
CPI
to
return
to
the
1-3%
target
range
in
the
second
half
of
this
year.
Incidentally,
there
were
multiple
mentions
of
slowdown
in
the
economy
and
the
labour
market.”
“Our
forecasts
included
one
rate
cut
by
the
RBNZ
in
the
fourth
quarter
this
year,
but
we
admit
today’s
statement
tilts
the
balance
towards
at
least
two
(60bp
are
priced
in
by
year-end).
Policymakers
must
have
looked
at
some
convincing
evidence
of
upcoming
disinflation
to
change
their
messaging
today,
but
we
continue
to
see
some
substantial
upside
risks
to
their
non-tradable
inflation
forecasts.”
“An
upside
surprise
at
next
week’s
second
quarter
CPI
report
could
help
reverse
NZD
losses,
and
we
remain
generally
positive
on
NZD
this
summer.”
CIBC boosts gold price forecasts. Says Trump Presidency would be more-bullish for bullion
401573 July 10, 2024 21:41 Forexlive Latest News Market News
AI
image
In
a
report
released
late
yesterday,
CIBC
significantly
raised
its
gold
price
forecasts,
seeing
a
more
bullish
outlook
for
bullion,
especially
in
the
event
of
a
Trump
presidency.
Key
Takeaways:
-
Gold:-
2024:
New
forecast
is
$2,290/oz,
up
from
the
previous
$2,100/oz. -
2025:
New
forecast
is
$2,600/oz,
up
from
the
previous
$2,000/oz. -
2026:
New
forecast
is
$2,400/oz,
up
from
the
previous
$1,900/oz. -
2027:
New
forecast
is
$2,200/oz,
up
from
the
previous
$1,875/oz. -
Long-term
(2028
and
beyond):
New
forecast
is
$1,975/oz,
up
from
the
previous
$1,875/oz.
-
-
Silver:-
2024:
New
forecast
is
$28.75/oz,
up
from
the
previous
$24.97/oz. -
2025:
New
forecast
is
$34.50/oz,
up
from
the
previous
$24.00/oz. -
2026:
New
forecast
is
$32.50/oz,
up
from
the
previous
$23.50/oz. -
2027:
New
forecast
is
$30.50/oz,
up
from
the
previous
$23.00/oz. -
Long-term
(2028
and
beyond):
New
forecast
is
$26.00/oz,
up
from
the
previous
$23.00/oz.
-
-
Market
Drivers:-
The
main
driver
for
the
change
is
central
bank
demand.
“We
do
not
see
central
bank
demand
materially
dissipating
any
time
soon.” -
“Demand
for
gold
remains
strong,
with
central
banks
continuing
to
purchase
gold
driven
by
a
longstanding
strategy
of
USD
diversification
and,
in
some
cases,
efforts
to
sanction-proof
FX
reserves.” -
Retail
demand,
especially
in
Eastern
economies,
remains
robust
as
investors
seek
wealth
preservation
amidst
soft
stock
and
real
estate
markets. -
Central
banks
such
as
China,
Russia
and
India
possess
gold
holdings
at
1-3%
of
foreign
exchange
reserves,
well
below
European
central
banks
at
over
10%,
a
level
PBoC
has
in
the
past
repeatedly
noted
it
sees
as
more
ideal.
Gold
slumped
this
week
on
data
showing
the
PBoC
wasn’t
buying
but
they
expect
that
to
reverse -
ETFs
have
been
a
weak
link
but
despite
recent
outflows,
they
are
expected
to
reverse
course
with
Fed
cuts
-
The
-
US
politics:-
A
Trump
presidency
would
be
particularly
bullish
for
gold
due
to
policies
favoring
higher
deficits,
tariffs,
and
potential
pressure
on
Federal
Reserve
independence.
Simply
extending
the
maturing
tax
cuts
would
add
US$3
trillion
to
the
deficit
over
the
next
ten
years. -
While
a
second
term
for
Biden
is
also
seen
as
positive
for
gold,
Trump’s
approach
could
create
a
more
inflationary
environment,
further
boosting
bullion
prices.
-
A
-
Silver
Market
Outlook:-
Industrial
demand
for
silver,
particularly
in
solar
and
electrification
sectors,
is
expected
to
rise,
adding
to
a
supply
deficit. -
The
gold-to-silver
ratio
is
projected
to
contract,
benefiting
silver
prices.
-
Industrial
Quotable:
If
we
marry
the
different
starting
positions
(fiscal,
monetary
and
valuation)
with
the
policies
articulated
by
Trump
(bigger
deficits,
higher
tariffs,
less
Fed
independence),
it
is
easy
to
see
a
better
environment
for
gold
prices
if
Trump
repeats
in
2024
–
albeit
Biden
does
not
seem
much
more
restrictive
on
deficits
and
tariffs.
Given
neither
candidate
seems
concerned
on
fiscal
positions
coupled
with
a
Federal
Reserve
(and
to
some
extent
all
central
banks)
seemingly
more
comfortable
with
higher
structural
inflation,
we
believe
a
Biden
second
term
shouldn’t
be
a
negative
for
gold
prices;
but
if
Trump
is
re-elected
(and
follows
through
on
his
policy
positions),
the
already
impressive
rally
in
gold
prices
likely
continues
into
2025.
Note
that
gold
didn’t
do
well
in
the
first
Trump
Presidency
but
CIBC
notes
that
the
fiscal
situation
is
vastly
different
now
with
a
deficit
almost
four
times
as
large
as
it
was
in
2016
and
interest
payments
eating
up
15%
of
revenues
compared
to
6%
in
2016
(and
on
the
way
to
22%
in
2033).
Ripple lawsuit ruling awaited while analyst sets double-digit target for XRP in 2025
401568 July 10, 2024 21:40 FXStreet Market News
-
Ripple
could
see
the
end
of
its
lawsuit
with
the
Securities
and
Exchange
Commission
soon,
per
recent
reports. -
An
analyst
predicts
XRP
rally
to
$17
through
the
Bent
Fork
chart,
a
bullish
thesis
for
the
altcoin. -
XRP
traders
at
$0.44
on
Wednesday,
adding
nearly
2%
value
on
the
day.
Ripple
(XRP)
traders
are
awaiting
the
final
ruling
in
the
US
Securities
and
Exchange
Commission
(SEC)
lawsuit
against
the
payment
remittance
firm.
A
pro-crypto
attorney,
Fred
Rispoli,
informed
market
participants
that
a
ruling
is
likely
by
July
31
2024,
through
a
tweet
on
X.
XRP
traders
are
awaiting
the
ruling,
a
key
market
mover
for
the
altcoin,
in
July
2024.
Additionally,
a
crypto
analyst
behind
the
X
handle
@egragcrypto
has
analyzed
XRP
price
trend
and
set
a
$17
target
for
2025.
While
XRP
trades
at
$0.44
on
Wednesday,
July
10,
the
analyst
presents
a
Bent
Fork
chart
as
a
thesis
backing
his
prediction
for
the
altcoin.
Daily
digest
market
movers:
Ripple
traders
await
ruling
in
lawsuit,
RLUSD
launch
-
The
SEC
alleges
that
Ripple
sold
unregistered
securities
(XRP
tokens)
to
institutional
investors
and
asked
the
court
for
over
$2
billion
in
penalties.
In
a
development
in
May
2024,
the
SEC
quoted
$102.6
million. -
Ripple
filed
a
letter
of
supplemental
authority,
citing
the
Binance
lawsuit,
where
Judge
Analisa
Torres’
ruling
was
considered
as
precedent.
The
ruling
of
Judge
Amy
Berman
Jackson
cemented
the
status
of
XRP
as
not
a
security
in
secondary
market
sales,
meaning
sales
on
exchange
platforms. -
SEC
filed
its
response
to
the
supplemental
authority
letter.
With
both
filings
in,
Ripple
traders
are
awaiting
a
ruling
in
the
lawsuit. -
Pro-crypto
attorney
Fred
Rispoli
says
the
ruling
is
expected
as
early
as
Saturday,
July
13,
or
by
July
31,
2024. -
The
lawsuit
has
been
a
key
market
mover
for
the
altcoin
since
the
legal
battle
commenced. -
Alongside
lawsuit
developments,
on-chain
metrics
have
influenced
XRP
traders’
sentiment
and
the
asset’s
price
in
the
past. -
Santiment
data
shows
a
large
spike
in
active
addresses
in
XRP
on
July
10;
over
27,000
addresses
were
active
on
the
XRP
Ledger.
This
supports
a
bullish
thesis
for
the
altcoin,
signaling
rising
demand
and
relevance
among
market
participants.
XRP
Active
addresses
and
price
-
After
consistently
realizing
losses
on
their
XRP
holdings
since
May
30,
traders
realized
$4.42
million
in
gains
on
July
10.
The
long
period
of
negative
spikes
on
the
Network
Realized
Profit/Loss
metric
is
consistent
with
capitulation
among
investors.
XRP
Network
realized
profit/loss
Technical
analysis:
XRP
analyst
predicts
rally
to
$17
by
2025,
altcoin
extends
gains
Analyst
behind
the
X
handle
@egragcrypto
has
predicted
a
$17
target
for
XRP
by
2025
based
on
his
Bent
Fork
chart.
This
is
a
long-term
target
for
the
altcoin
that
currently
trades
at
$0.44
on
Binance.
The
analyst
introduced
the
chart
with
key
resistances
at
$1,
a
psychological
hurdle,
and
$3.5,
the
asset’s
all-time
high.
The
analyst
introduced
the
target
for
the
first
time
in
2023
with
four
tracks,
A)
Major
Historical
Support
B)
Ranging
Zone
C)
Mid-Cycle
Top
D)
Cycle
Top
The
analyst
considers
the
track
D
is
the
one
that
the
altcoin
is
most
likely
to
reach,
with
a
slight
variation.
The
target
has
been
increased
from
$15
in
2023
to
$17
in
the
latest
update.
XRP/USD
chart
On
the
XRP/USDT
daily
chart,
it
is
clear
that
XRP
is
recovering
from
its
recent
downward
correction.
If
Ripple
extends
its
gains,
the
altcoin
could
add
8.45%
to
its
value
and
hit
resistance
at
$0.4760,
the
July
2
low
and
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
chart
below.
The
Relative
Strength
Index
(RSI)
reads
39.58,
showing
Ripple’s
price
trend
has
underlying
positive
momentum.
XRP/USDT
daily
chart
Ripple
could
find
support
at
$0.4032,
the
July
8
low.
In
the
event
of
further
correction,
XRP
could
sweep
liquidity
at
the
July
5
low
of
$0.3823.
Bitcoin,
altcoins,
stablecoins
FAQs
Bitcoin
is
the
largest
cryptocurrency
by
market
capitalization,
a
virtual
currency
designed
to
serve
as
money.
This
form
of
payment
cannot
be
controlled
by
any
one
person,
group,
or
entity,
which
eliminates
the
need
for
third-party
participation
during
financial
transactions.
Altcoins
are
any
cryptocurrency
apart
from
Bitcoin,
but
some
also
regard
Ethereum
as
a
non-altcoin
because
it
is
from
these
two
cryptocurrencies
that
forking
happens.
If
this
is
true,
then
Litecoin
is
the
first
altcoin,
forked
from
the
Bitcoin
protocol
and,
therefore,
an
“improved”
version
of
it.
Stablecoins
are
cryptocurrencies
designed
to
have
a
stable
price,
with
their
value
backed
by
a
reserve
of
the
asset
it
represents.
To
achieve
this,
the
value
of
any
one
stablecoin
is
pegged
to
a
commodity
or
financial
instrument,
such
as
the
US
Dollar
(USD),
with
its
supply
regulated
by
an
algorithm
or
demand.
The
main
goal
of
stablecoins
is
to
provide
an
on/off-ramp
for
investors
willing
to
trade
and
invest
in
cryptocurrencies.
Stablecoins
also
allow
investors
to
store
value
since
cryptocurrencies,
in
general,
are
subject
to
volatility.
Bitcoin
dominance
is
the
ratio
of
Bitcoin’s
market
capitalization
to
the
total
market
capitalization
of
all
cryptocurrencies
combined.
It
provides
a
clear
picture
of
Bitcoin’s
interest
among
investors.
A
high
BTC
dominance
typically
happens
before
and
during
a
bull
run,
in
which
investors
resort
to
investing
in
relatively
stable
and
high
market
capitalization
cryptocurrency
like
Bitcoin.
A
drop
in
BTC
dominance
usually
means
that
investors
are
moving
their
capital
and/or
profits
to
altcoins
in
a
quest
for
higher
returns,
which
usually
triggers
an
explosion
of
altcoin
rallies.
Full Article
USD/JPY Price Analysis: Short-term uptrend resumes
401566 July 10, 2024 21:39 FXStreet Market News
-
USD/JPY
has
resumed
its
short-term
uptrend
after
a
pullback. -
The
pair
could
rise
up
to
match
the
July
3
high
at
161.95.
USD/JPY
has
continued
recovering
after
finding
support
at
160.26,
the
July
8
low
and
bouncing.
The
pair
has
since
established
a
new
sequence
of
higher
highs
and
higher
lows
on
the
4-hour
chart,
indicative
of
the
start
of
a
short-term
uptrend.
Given
“the
trend
is
your
friend”
the
odds
now
favor
a
continuation
higher.
USD/JPY
4-hour
Chart
USD/JPY
is
also
in
an
uptrend
on
an
intermediate
and
long-term
time
frame,
further
supporting
a
bullish
outlook.
A
break
above
161.61
would
signify
more
upside
to
the
next
target
at
161.95
(the
July
3
high).
A
break
above
that
level
would
establish
a
higher
high
and
provide
further
bullish
confirmation.
Such
a
move
would
probably
reach
the
162.70s
initially,
at
the
top
of
the
rising
channel,
where
it
would
again
meet
resistance.