Cryptocurrency Market Highlights: XRP Faces Setbacks Against Bitcoin, Ripple Outlines Five-Year Tokenization Forecast, Dogecoin Affirms Golden Cross - Key Weekly Crypto Developments
In the world of digital assets, the past week has been a rollercoaster ride. Here are some key developments that have shaped the landscape.
Ripple, the blockchain company behind the third-largest cryptocurrency XRP, is predicting a significant shift in the global financial market. They believe that as much as 10% of global assets will be tokenized by 2030. This optimistic outlook is backed by the growing adoption of digital asset custody, with crypto assets under custody expected to reach a staggering $16 trillion by the same year.
Ripple's stablecoin, Ripple USD (RLUSD), has already found a home in South Korea, with BDACS taking custody of the digital asset. Furthermore, Société Générale FORGE has issued a EURCV (EUR-backed stablecoin) on the XRP Ledger using Ripple Custody.
However, the XRP/BTC pair is currently facing a bearish signal. The double-top formation on the XRP/BTC chart indicates potential exhaustion, with the price hovering near 0.00002200 BTC, a key support level. If this level is breached, the structure may break toward 0.00002000 BTC.
Meanwhile, Dogecoin, the meme-inspired cryptocurrency, has seen a 24% rise on a weekly basis. This surge can be attributed to the golden cross confirmed on Dogecoin's four-hour chart, a bullish signal for its price. However, moving averages are flattening across the board, suggesting that the upside potential may have been spent.
The likelihood of a Dogecoin ETF in the U.S. has also emerged, potentially influencing Dogecoin's price. The DOJE ETF, which was initially delayed, is rumoured to launch next week.
Amidst these developments, controversy surrounds claims by Josh Mandell, a former Wall Street trader, that old Bitcoins are being stolen from long-dormant wallets. Mandell asserts that quantum computing is facilitating these alleged thefts. However, both Matthew Pines, executive director at Bitcoin Policy Institute, and Harry Beckwith, founder of Hot Pixel Group, have dismissed these claims, stating they are unlikely to be happening.
In conclusion, the cryptocurrency market continues to evolve at a rapid pace, with both opportunities and challenges emerging. As always, it's crucial to stay informed and make informed decisions.
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