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Is Burning XRP Coins a Better Option Right Now? | XRP price

Ripple can burn 50 billion XRP tokens which it has stored in its Escrow storage. This will automatically bring down the maximum…

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Will XRP Price go to Zero or Bounce Back

Ripple is currently in dire straits nowadays as the SEC and the crypto market both are going negative for XRP. The SEC had sued Ripple for illegally selling 1.3 billion XRP tokens and with this news outspread in the crypto space, XRP price also touched the lowest level with the biggest red candle of the year.

There was a massive selling pressure mounted which pulled back the price from $0.3 to less than $0.21 within a matter of a few hours. However, the XRP price is now rebounding with a tiny green candle, but it is still not sufficient to recover yesterday’s losses.

Apart from the SEC and the negative market sentiments, the delisting of XRP from some of the platforms also fueled the XRP price plunge. The price no matter is attempting very hard to touch the surface of the water and save from drawing, but the XRP community still believes the Ripple will overcome the negativity and XRP price will touch $5 soon.

Are Burning Escrow‘s XRP coins imminent?

Ripple needs to analyse the need of the hour and act likewise to save XRP going to the rock bottom levels. XRP price had struggled to get pushed to the highest levels after maintaining within the same levels from past one year.

But what can Ripple do to regain the lost momentum so that the XRP price will revisit the highest levels?

A crypto analyst named JOKER(ALL IN CRYPTO) suggested a total of three options to the Ripple CEO Brad Garlinghouse.

  • Fight with SEC and come out victoriously
  • Move Ripple base to some other country
  • Burn the 50 billion XRP tokens present in Ripple’s escrow.
  • @bgarlinghouse has three options here:

    1- Fight the SEC. It is costly and it takes time, maybe 2 – 3 years.
    2- Move to Japan
    3- Burn all the $xrp tokens in the escrow and get done with it.

    All of the options above supports my investments#XRPCommunity #XRP

    — JOKER (ALL IN CRYPTO) (@KiaCrypto) December 23, 2020

    Fighting with the SEC could be a good option but as mentioned by the analyst, it will take 2 to 3 years. The company, however, has the option of relocating to another country as it was thinking about it from well before.

    Or else, the Ripple can burn 50 billion XRP tokens which it has stored in its Escrow storage. This will automatically bring down the maximum supply and hence pump the XRP price.

    It would be interesting to know the future moves of Ripple to save XRP from drawing in the ocean of cryptocurrencies.

    A crypto analyst named JOKER(ALL IN CRYPTO) suggested a total of three options to the Ripple CEO Brad Garlinghouse.

    Source: https://coinpedia.org/news/burning-xrp-coins-a-better-option/

    is-burning-xrp-coins-a-better-option-right-now?-|-xrp-price

    Coinpedia

    Polygon (MATIC) Price Retraces Well, Is It A Dead Cat Bounce Or A Recovery?

    The Polygon price struggling to sustain the uptrend, the possibility of a fake breakout haunts the Matic Price Rally

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    Matic Netwrok gained immense popularity and recognition with the rebranding to Polygon, earlier this year. Additionally, the Matic price rally also gained mainstream attention and adoption of-let. However, surrounding the immense market uncertainty, Polygon price slumps to its lowest levels.

    The price has tanked more than a couple of time in a months time. Therefore healing is much delayed than expected. No doubt the price initiated with recovery within a short time frame, yet the multiple plunges have impacted the momentum of the uptrend. And hence, the probability of forming higher highs has fallen down to lower highs.

    matic deadcat

    As mentioned in the chart, the MATIC price experiences an extreme squeeze as the resistance levels are lower after each slump. The recovery rate has also gone down which clearly indicates the loss of bullish momentum. With the price attempting to uplift again, it would be mandatory to raise a huge leg up. Else, if the price follows the previous pattern, the dead cat bounce may lead the price to revisit the levels below $1.

    AlsoRead: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

    Is It Safe To Enter The Matic Price Trade?

    The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

    However, the recent dip may have opened the doors to initiate a ‘buy’ trade. As the price is expected to jump high soon. As per the analyst, Altcoin Sherpa, there was a nice dip towards the demand zone. Moreover, the analyst believes the price may reach the weakly highs around $1.7.

    $MATIC: Nice dip to the demand zone again w. a good reaction. Would like to see it flip this current level before buying. Decent buy volume from yesterday; we’ll see if this can test higher. #MATIC pic.twitter.com/LDCPEowSh8

    — Altcoin Sherpa (@AltcoinSherpa) June 23, 2021

    Interestingly, the analyst also predicts a dip after the price attains the upper resistance levels. And hence, the $2 target still remains still misty. As the bulls remain still calm and maybe waiting for the right time to uplift the Matic price.

    The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

    Source: https://coinpedia.org/price-analysis/polygon-matic-price-recovers-well/

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    Will Bitcoin Death Cross Pave Way for a Golden Cross

    The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving…

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    Bitcoin plunged to a two-week low on Monday, falling as much as 11.4% to $31,735. The flagship crypto has been highly volatile, as it has dropped more than 20% in the last six days and is almost half the price of its April high of nearly $65,000.

    The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving average below the 200-day moving average.

    This infamous pattern has triggered a conversation amongst traders and analysts. While some consider it as a bearish indicator, some believe the prices will recover and surge higher than ever before.

    Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

    Popular analyst and trader Benjamin Cowen has weighed in on the death cross pattern. He believes that moving averages are lagging indicators that often tell us what we already know.

    Cowen says Bitcoin will have lengthy bull cycles, and it is in for a long period of consolidation and range. The expert claims that he believes BTC Price will reach $100,000, but that it will take longer than most people think.

    The analyst believes that now that the death cross is nearly complete, Bitcoin bulls can look forward to a probable “golden cross”.

    “One nice thing about a death cross is that the next thing you can maybe look forward to is a future golden cross. Now, I don’t know how long it’ll take… We know that historically speaking, at least in recent years, it could take six months before we get above the 20-week [moving average] and then hold it as support.”

    Not just Cowen, Popular analyst Plan B has also weighed in, He took to Twitter and pointed at the timelines of previous death crosses in Q4 2019 and Q1 2020 and what followed further.

    Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

    Source: https://coinpedia.org/bitcoin/bitcoin-death-cross-pave-way-for-a-golden-cross/

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    A Major Breakout Awaits Cardano Price, Is $2 Achievable Now?

    Cardano(ADA) price is showcasing a possibility of a major breakout that might result in a reattempt to propel towards $2

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    cardano surge

    The crypto space is currently uncertain as the price of most of the coins does not point out either bullish or bearish. While speculations and anticipations fail for most of the coins, Cardano price stands away from the crowd. As the ADA price currently is not too bullish nor it does show signs of a plunge to lower lows.

    Despite a major drop during mid-may, the price remained above $1 whereas the other assets within a similar range plunge down to $0.7 to $0.8 levels. Considering the present scenario, ADA price is trending within a narrow range. And hence showcasing a possibility of a breakout as it failed to break down the strong support levels.

    Also Read: Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

    adapricetrianlge

    As mentioned in the chart, the price after bouncing above the support levels did not dip below these levels in the past month. However, the fresh dip enforced the price to trade within the lower limits of the channel. On the other hand, a triangle pattern has also formed and the price already rebounded from the lower levels. And hence after a consolidation for another day or two, a breakout appears imminent.

    Cardano price bull run seems to approaching very fast as it has followed the uptrend line without any flaws. And the price could reach $1.84 or equal to 0.0000519 BTC by the end of July as predicted by a popular analyst, mantorras.

    The crypto space is highly anticipated to gain enough momentum and bounce back. Many analysts believe the upcoming Q3 and Q4 of 2021 will be very fruitful than the initial one’s. And hence, Cardano price may also regain the lost positions above $2 with an aim to never revisit lower levels. In such a case, the bulls need to uplift the ADA price well before the time.

    Photo of Sahana Vibhute

    A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

    Source: https://coinpedia.org/price-analysis/major-breakout-awaits-cardano-ada-price/

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