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Sentiment More Bearish for Ether Than Bitcoin Even as Trump Widens Leads Over Harris
The bearish sentiment toward ether (ETH) remains pronounced relative to bitcoin (BTC) even as DeFi enthusiast Republican candidate Donald Trump extends his lead over Democrat rival Kamala Harris in prediction markets tied to the outcome of the Nov. 5 U.S. presidential election.
At press time, ether's 25-delta risk reversals for shorter and longer duration expiries were more negative than bitcoin's, according to data sources Amberdata and Deribit. That's a sign of stronger bearish sentiment toward the native token of the Ethereum blockchain, which dominates in decentralized finance (DeFi).
Risk reversals measure the premium required to hold a call option relative to a put. Negative values suggest a bias for put options, which reflect expectations of a price drop in the underlying asset.
Traders often use options to hedge their spot/futures market exposure. Therefore, a trader with a bullish spot/futures bet may buy a put option when expecting downside volatility. Both bitcoin and ether traders seem to be doing just that, with ether traders displaying a stronger inclination to mitigate potential downside risks.
The risk reversal for Oct. 11 ether options is -7.3%, while bitcoin's is -5.8%. A similar pattern is observed for expiries up to the end of October.
A curious pattern has emerged: While BTC risk reversals are positive for Nov. 8 and beyond, ether's don't turn bullish until late December. In other words, traders expect upside volatility in BTC once the election results are out on Nov. 8. Ether isn't expected to turn the corner until later.
DEX traders see limited upside in ETH
On the dominant decentralized exchange (DEX) Derive, Ethereum call options saw a 2.5:1 sell-to-buy ratio in September. The flow was much more balanced in bitcoin options.
The relatively greater interest in writing (selling) ether calls means traders do not foresee a notable upside volatility in the cryptocurrency.
"The skew in ETH open interest, with nearly 2.5 times more calls sold than bought, suggests that traders see the upside as limited for now. This divergence between the two assets will be key to watch as we get closer to election day," Nick Forster, founder of Derive, told CoinDesk in an exclusive monthly report.
Trump's lead widens
Trump's odds of winning the election soared to a two-month high of 55.8% on prediction platform Polymarket, leaving Harris behind at 43.8%.
The popular narrative is that a potential Trump win would be positive for both BTC and DeFi. The perception likely stems from Trump's decision to debut DeFi protocol World Liberty Financial in September.
On Oct. 9, the protocol submitted a proposal on Aave to link the two projects, focused on providing stablecoin liquidity for ETH and WBTC and growing Aave's user base.
Still, some observers, including Standard Chartered, say a Trump victory would be better for Ethereum rival Solana, and Ethereum will prosper more under Harris' presidency.
At press time, ether's 25-delta risk reversals for shorter and longer duration expiries were more negative than bitcoin's, according to data sources Amberdata and Deribit. That's a sign of stronger bearish sentiment toward the native token of the Ethereum blockchain, which dominates in decentralized finance (DeFi).
Risk reversals measure the premium required to hold a call option relative to a put. Negative values suggest a bias for put options, which reflect expectations of a price drop in the underlying asset.
Traders often use options to hedge their spot/futures market exposure. Therefore, a trader with a bullish spot/futures bet may buy a put option when expecting downside volatility. Both bitcoin and ether traders seem to be doing just that, with ether traders displaying a stronger inclination to mitigate potential downside risks.
The risk reversal for Oct. 11 ether options is -7.3%, while bitcoin's is -5.8%. A similar pattern is observed for expiries up to the end of October.
A curious pattern has emerged: While BTC risk reversals are positive for Nov. 8 and beyond, ether's don't turn bullish until late December. In other words, traders expect upside volatility in BTC once the election results are out on Nov. 8. Ether isn't expected to turn the corner until later.
DEX traders see limited upside in ETH
On the dominant decentralized exchange (DEX) Derive, Ethereum call options saw a 2.5:1 sell-to-buy ratio in September. The flow was much more balanced in bitcoin options.
The relatively greater interest in writing (selling) ether calls means traders do not foresee a notable upside volatility in the cryptocurrency.
"The skew in ETH open interest, with nearly 2.5 times more calls sold than bought, suggests that traders see the upside as limited for now. This divergence between the two assets will be key to watch as we get closer to election day," Nick Forster, founder of Derive, told CoinDesk in an exclusive monthly report.
Trump's lead widens
Trump's odds of winning the election soared to a two-month high of 55.8% on prediction platform Polymarket, leaving Harris behind at 43.8%.
The popular narrative is that a potential Trump win would be positive for both BTC and DeFi. The perception likely stems from Trump's decision to debut DeFi protocol World Liberty Financial in September.
On Oct. 9, the protocol submitted a proposal on Aave to link the two projects, focused on providing stablecoin liquidity for ETH and WBTC and growing Aave's user base.
Still, some observers, including Standard Chartered, say a Trump victory would be better for Ethereum rival Solana, and Ethereum will prosper more under Harris' presidency.
Ripple files notice of cross-appeal in ongoing litigation with the SEC
Ripple Labs filed a cross-appeal as litigation continues in a case brought by the U.S. Securities and Exchange Commission almost four years ago.
Ripple filed its "notice of cross-appeal" on Thursday to the U.S. Court of Appeals for the Second Circuit. This comes a week after the SEC said it was appealing an earlier judgment.
"Today, Ripple filed a cross-appeal to ensure nothingâs left on the table, including the argument that there canât be an 'investment contract' without there being essential rights and obligations found in a contract," said Stuart Alderoty, Ripple's chief legal officer in a post on X.
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of  XRP +2.53%, which it says is an unregistered security. Over a year ago, Judge Analisa Torres ruled that some of Rippleâs sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct sales of the token to institutional investors were securities. Later in August, Judge Torres ordered Ripple to pay $125 million in fines.
The SEC also previously moved to secure an interlocutory appeal last year, which was rejected by Judge Torres. That kind of appeal is filed while a case is still going on. Torres said the agency did not demonstrate that the appeal would âmaterially advance the ultimate termination of the litigation.â
Ripple Labs filed a cross-appeal as litigation continues in a case brought by the U.S. Securities and Exchange Commission almost four years ago.
Ripple filed its "notice of cross-appeal" on Thursday to the U.S. Court of Appeals for the Second Circuit. This comes a week after the SEC said it was appealing an earlier judgment.
"Today, Ripple filed a cross-appeal to ensure nothingâs left on the table, including the argument that there canât be an 'investment contract' without there being essential rights and obligations found in a contract," said Stuart Alderoty, Ripple's chief legal officer in a post on X.
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of  XRP +2.53%, which it says is an unregistered security. Over a year ago, Judge Analisa Torres ruled that some of Rippleâs sales, called programmatic, of XRP did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct sales of the token to institutional investors were securities. Later in August, Judge Torres ordered Ripple to pay $125 million in fines.
The SEC also previously moved to secure an interlocutory appeal last year, which was rejected by Judge Torres. That kind of appeal is filed while a case is still going on. Torres said the agency did not demonstrate that the appeal would âmaterially advance the ultimate termination of the litigation.â
$35 million worth of tokens drained from a crypto whale in phishing attack
Security analysts reported a security incident involving a phishing attack in which a crypto whale lost 15,079 Few Wrapped Duo ETH (fwDETH), valued at around $35 million.
fwDETH is a wrapped version of Duo ETH or DETH, a derivative of ETH issued by Duo â a DeFi protocol on the Blast network.
This incident occurred due to the whale's fraudulent âpermitâ signature, which led the attacker to drain funds from their address 0xEab2EâŠa393, crypto anti-scam solution Scam Sniffer first noted.
Security firm PeckShield BlockSec corroborated the incident. âLooks like the attacker lured the victim into signing a permit message offline and then used the signed permit message to drain the fwDETH token from the victimâs account,â Yajin (Andy) Zhou, co-founder of BlockSec, told The Block.
This exploit resulted in the user losing a substantial amount of fwDETH and contributed to a sharp decline in value due to the attacker's sale. Within hours of the incident, the value of DETH dropped by more than 90% from $2000 to $100 before recovering back to $1000 at the time of writing, according to data from DexScreener
Security analysts reported a security incident involving a phishing attack in which a crypto whale lost 15,079 Few Wrapped Duo ETH (fwDETH), valued at around $35 million.
fwDETH is a wrapped version of Duo ETH or DETH, a derivative of ETH issued by Duo â a DeFi protocol on the Blast network.
This incident occurred due to the whale's fraudulent âpermitâ signature, which led the attacker to drain funds from their address 0xEab2EâŠa393, crypto anti-scam solution Scam Sniffer first noted.
Security firm PeckShield BlockSec corroborated the incident. âLooks like the attacker lured the victim into signing a permit message offline and then used the signed permit message to drain the fwDETH token from the victimâs account,â Yajin (Andy) Zhou, co-founder of BlockSec, told The Block.
This exploit resulted in the user losing a substantial amount of fwDETH and contributed to a sharp decline in value due to the attacker's sale. Within hours of the incident, the value of DETH dropped by more than 90% from $2000 to $100 before recovering back to $1000 at the time of writing, according to data from DexScreener
#TRONâ
Justin Sun, the founder of the Tron (CRYPTO: TRX) network, has been elected as the Prime Minister of Liberland, a so-called micronation with an economy built around cryptocurrencies and blockchains.
What Happened: Sun was nominated by President VĂt JedliÄka to serve as the acting PM after the cryptocurrency entrepreneur was declared the winner of a blockchain-based election process.
Justin Sun, the founder of the Tron (CRYPTO: TRX) network, has been elected as the Prime Minister of Liberland, a so-called micronation with an economy built around cryptocurrencies and blockchains.
What Happened: Sun was nominated by President VĂt JedliÄka to serve as the acting PM after the cryptocurrency entrepreneur was declared the winner of a blockchain-based election process.
Mark Cuban, the influential entrepreneur and investor, recently pointed out the irony in former President Donald Trumpâs criticism of Chinaâs trade practices, while his endorsed Bibles are printed in the same country.
What Happened:Â On Thursday, Cuban took to Twitter to highlight the contradiction in Trumpâs actions. He tweeted, âTrump has long blasted Chinaâs trade practices. His âGod Bless the USAâ Bibles were printed there.â
What Happened:Â On Thursday, Cuban took to Twitter to highlight the contradiction in Trumpâs actions. He tweeted, âTrump has long blasted Chinaâs trade practices. His âGod Bless the USAâ Bibles were printed there.â
Cryptocurrency values surged above $60,000, reaching its highest point since 2021. Enthusiasts are waiting to see if it can achieve a new record high during the current rally.
SEC Sues Crypto Market Maker Cumberland DRW
The U.S. Securities and Exchange Commission (SEC) said Cumberland DRW was an unregistered securities dealer in a lawsuit Thursday, alleging the crypto market maker "bought and sold" cryptocurrencies that were sold as unregistered securities.
The SEC alleged that Cumberland used its research reports and update emails to promote investments in different cryptocurrencies, naming Polygon's {{POL}} (formerly MATIC), Solana's {{SOL}}, Cosmos' {{ATOM}}, Algorand's {{ALGO}} and Filecoin's {{FIL}} as "a non-exhaustive list" of cryptos that were sold as securities.
"Public statements by the issuers and promoters of the Cumberland-Traded Assets â including statements retransmitted by Cumberland and by the third-party crypto asset trading platforms that Cumberland uses â would have led objective investors to reasonably view the offer to purchase or sell of each of the Cumberland-Traded Assets as offers to purchase and sell investment contracts, which are securities pursuant to the federal securities laws," the SEC's complaint said.
These investors expected to profit, the SEC alleged.
However, Cumberland did not register as a securities dealer.
The SEC, as it has in a few previous suits, went through the five example cryptocurrencies and laid out its arguments for how these assets look like securities, pointing to public statements from the projects' founders and white papers and Cumberland's own statements about the different assets.
As one example, the SEC alleged, Cumberland promoted ATOM through, "An email sent to counterparties on February 20, 2023 stated: 'At the moment, one of the smaller gainers in the sector, outside of ETH and EOS, has been ATOM. ATOM is up âonlyâ 53% YTD, despite strong fundamentals and a healthy developer community; itâs a name where we expect to see a catchup rally if crypto remain buoyant.'"
The SEC is seeking a permanent injunction and disgorgement of proceeds, the suit said.
However, Cumberland pushed back against the suit on a social media post on X. "We are not making any changes to our business operations or the assets in which we provide liquidity as a result of this action by the SEC."
"We are confident in our strong compliance framework and disciplined adherence to all known rules and regulations - even as they have been a moving target (it wasn't long ago ETH was claimed to be a security)," the post said.
The SEC alleged that Cumberland used its research reports and update emails to promote investments in different cryptocurrencies, naming Polygon's {{POL}} (formerly MATIC), Solana's {{SOL}}, Cosmos' {{ATOM}}, Algorand's {{ALGO}} and Filecoin's {{FIL}} as "a non-exhaustive list" of cryptos that were sold as securities.
"Public statements by the issuers and promoters of the Cumberland-Traded Assets â including statements retransmitted by Cumberland and by the third-party crypto asset trading platforms that Cumberland uses â would have led objective investors to reasonably view the offer to purchase or sell of each of the Cumberland-Traded Assets as offers to purchase and sell investment contracts, which are securities pursuant to the federal securities laws," the SEC's complaint said.
These investors expected to profit, the SEC alleged.
However, Cumberland did not register as a securities dealer.
The SEC, as it has in a few previous suits, went through the five example cryptocurrencies and laid out its arguments for how these assets look like securities, pointing to public statements from the projects' founders and white papers and Cumberland's own statements about the different assets.
As one example, the SEC alleged, Cumberland promoted ATOM through, "An email sent to counterparties on February 20, 2023 stated: 'At the moment, one of the smaller gainers in the sector, outside of ETH and EOS, has been ATOM. ATOM is up âonlyâ 53% YTD, despite strong fundamentals and a healthy developer community; itâs a name where we expect to see a catchup rally if crypto remain buoyant.'"
The SEC is seeking a permanent injunction and disgorgement of proceeds, the suit said.
However, Cumberland pushed back against the suit on a social media post on X. "We are not making any changes to our business operations or the assets in which we provide liquidity as a result of this action by the SEC."
"We are confident in our strong compliance framework and disciplined adherence to all known rules and regulations - even as they have been a moving target (it wasn't long ago ETH was claimed to be a security)," the post said.
The FBI made a cryptocurrency to catch scammers
U.S. authorities are cracking down on crypto scammers by turning their own tactics against them. For the first time, the Federal Bureau of Investigation has disclosed that it created a cryptocurrency to bait and capture fraudsters.
The FBI claims the strategy worked, spurring market-manipulation and fraud charges against several crypto companies, including Gotbit, CLS Global, MyTrade, and ZM Quant, as well as 18 individuals. The agency says it seized more than $25 million in crypto, and several trading bots that were allegedly manipulating around 60 cryptocurrencies were shut down.
âWhat the FBI uncovered in this case is essentially a new twist to old-school financial crime,â said Jodi Cohen, the special agent in charge of the FBIâs Boston division.
As part of âOperation Token Mirrors,â the FBI created an Ethereum-based (ETH) cryptocurrency called NexFundAI Token to target fraudulent token developers, promoters, and market makers. The defendants allegedly lured investors with false claims and engaged in wash trading, a deceptive practice where trades are made to create the illusion of heightened market activity and demand. The manipulation inflated token prices, allowing the scammers to sell their holdings at artificially elevated prices. These market manipulators were unaware that the FBI created the token as part of the sting operation.
âThis investigation, the first of its kind, identified numerous fraudsters in the cryptocurrency industry. Wash trading has long been outlawed in the financial markets, and cryptocurrency is no exception,â said Acting U.S. Attorney Joshua Levy. The news comes more than two years after the FBI announced the formation of a cryptocurrency unit within the agency.
The Securities & Exchange Commission has also filed civil complaints against Gotbit, CLS, ZM Quant, Saitama, and other companies, accusing them of securities law violations. NexFundAI token trading has been disabled, but its price was up by over 1,558% when fraudsters were active.
U.S. authorities are cracking down on crypto scammers by turning their own tactics against them. For the first time, the Federal Bureau of Investigation has disclosed that it created a cryptocurrency to bait and capture fraudsters.
The FBI claims the strategy worked, spurring market-manipulation and fraud charges against several crypto companies, including Gotbit, CLS Global, MyTrade, and ZM Quant, as well as 18 individuals. The agency says it seized more than $25 million in crypto, and several trading bots that were allegedly manipulating around 60 cryptocurrencies were shut down.
âWhat the FBI uncovered in this case is essentially a new twist to old-school financial crime,â said Jodi Cohen, the special agent in charge of the FBIâs Boston division.
As part of âOperation Token Mirrors,â the FBI created an Ethereum-based (ETH) cryptocurrency called NexFundAI Token to target fraudulent token developers, promoters, and market makers. The defendants allegedly lured investors with false claims and engaged in wash trading, a deceptive practice where trades are made to create the illusion of heightened market activity and demand. The manipulation inflated token prices, allowing the scammers to sell their holdings at artificially elevated prices. These market manipulators were unaware that the FBI created the token as part of the sting operation.
âThis investigation, the first of its kind, identified numerous fraudsters in the cryptocurrency industry. Wash trading has long been outlawed in the financial markets, and cryptocurrency is no exception,â said Acting U.S. Attorney Joshua Levy. The news comes more than two years after the FBI announced the formation of a cryptocurrency unit within the agency.
The Securities & Exchange Commission has also filed civil complaints against Gotbit, CLS, ZM Quant, Saitama, and other companies, accusing them of securities law violations. NexFundAI token trading has been disabled, but its price was up by over 1,558% when fraudsters were active.
Donald Trump has received criticisms from the hosts of ABC's "The View". This came after the Republican nominee for the US president insulted co-hosts Sunny Hostin and Whoopi Goldberg, as per an AP report.
Ethereum Price Targets a Comeback: Will the Bounce Last?
Ethereum price extended losses and tested the $2,320 support. ETH is now correcting losses and might aim for a fresh increase above the $2,420 resistance.
Ethereum remained in a bearish zone and traded below the $2,360 zone.The price is trading below $2,420 and the 100-hourly Simple Moving Average.There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).The pair must stay above the $2,350 support level to start decent increase in the near term.
Ethereum Price Aims Upside Break
Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.
There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.
Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.
The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.
An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.
More Losses In ETH?
If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.
Technical Indicators
Hourly MACD â The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI â The RSI for ETH/USD is now above the 50 zone.
Major Support Level â $2,320
Major Resistance Level â $2,420
Ethereum remained in a bearish zone and traded below the $2,360 zone.The price is trading below $2,420 and the 100-hourly Simple Moving Average.There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).The pair must stay above the $2,350 support level to start decent increase in the near term.
Ethereum Price Aims Upside Break
Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.
There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.
Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.
The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.
An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.
More Losses In ETH?
If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.
Technical Indicators
Hourly MACD â The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI â The RSI for ETH/USD is now above the 50 zone.
Major Support Level â $2,320
Major Resistance Level â $2,420
XRP Price Teases Fresh Gains: Is a Strong Move Ahead?
XRP price is moving higher from the $0.5220 support. The price could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
XRP price is slowly moving higher above the $0.5320 support.The price is now trading above $0.5340 and the 100-hourly Simple Moving Average.There is a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
XRP Price Aims Higher
XRP price remained stable above the $0.5220 support, unlike Bitcoin and Ethereum. A base was formed and the price started a fresh increase above $0.5350.
There was a test of the $0.5450 resistance before the price dipped back to $0.5240. A low was formed at $0.5239 and the price is again rising. There was an increase within a range and the price climbed above the $0.5320 resistance.
The price cleared the 50% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 low. The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5360 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 low.
The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5680 resistance or even $0.5750 in the near term. The next major hurdle might be $0.600.
Another Decline?
If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5285 level. The next major support is near the $0.5240 level.
If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5050 zone.
Technical Indicators
Hourly MACD â The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) â The RSI for XRP/USD is now above the 50 level.
Major Support Levels â $0.5285 and $0.5220.
Major Resistance Levels â $0.5360 and $0.5450.
XRP price is slowly moving higher above the $0.5320 support.The price is now trading above $0.5340 and the 100-hourly Simple Moving Average.There is a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could gain bullish momentum if it clears the $0.5360 and $0.5450 resistance levels.
XRP Price Aims Higher
XRP price remained stable above the $0.5220 support, unlike Bitcoin and Ethereum. A base was formed and the price started a fresh increase above $0.5350.
There was a test of the $0.5450 resistance before the price dipped back to $0.5240. A low was formed at $0.5239 and the price is again rising. There was an increase within a range and the price climbed above the $0.5320 resistance.
The price cleared the 50% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 low. The price is now trading above $0.5320 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.5360 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5439 swing high to the $0.5239 low.
The first major resistance is near the $0.5420 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5680 resistance or even $0.5750 in the near term. The next major hurdle might be $0.600.
Another Decline?
If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5285 level. The next major support is near the $0.5240 level.
If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5050 zone.
Technical Indicators
Hourly MACD â The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) â The RSI for XRP/USD is now above the 50 level.
Major Support Levels â $0.5285 and $0.5220.
Major Resistance Levels â $0.5360 and $0.5450.
Trumpâs lead over Harris on Polymarket soars to 13% as mystery trader pumps the former presidentâs c
On Polymarket, the odds of Donald Trump reclaiming the U.S. presidency by defeating Vice President Kamala Harris in next month's election surged to as high as 13% on Thursday.
While it's not completely clear what exactly spurred the increased confidence in Trump's chances, a mystery trader on the decentralized prediction platform with the call sign Fredi9999 has recently purchased millions of shares, wagering the real estate tycoon-turned-president will beat Harris.
Earlier this week, Fredi9999 owned about 7 million shares in favor of Trump winning, according to Benzinga. Now, the trader owns nearly 11 million shares, according to Polymarket data. In just the last hour, Fredi9999 bought hundreds of thousands of dollars worth of shares, wagering that Trump would win, according to the platform's data.
The total volume on the wager over who will win between Trump and Harris has so far surpassed $1.6 billion. In 2020, the presidential election generated just under $11 million in wagers on Polymarket.
Snapshot of Polymarket bets on winner of U.S. presidential election. Image: Polymarket
Trump lead widens since Musk proclamation
At the beginning of this week, Trump's lead was considerably less when Tesla CEO Elon Musk took to X to say Polymarket was more accurate than polls. At the time, Trump's odd had risen to 50.6%, compared to Harris' 48.4%.Â
In September, the decentralized prediction platform saw record highs in the monthly categories for trading volume, active traders, new markets and cumulative trading, according to The Block Data Dashboard. Polymarket has raised $45 million in a Series B funding round led by Peter Thielâs Founders Fund and existing investors 1confirmation and ParaFi, with participation from Ethereum co-founder Vitalik Buterin, Dragonfly and Eventbriteâs co-founder Kevin Hartz.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
While it's not completely clear what exactly spurred the increased confidence in Trump's chances, a mystery trader on the decentralized prediction platform with the call sign Fredi9999 has recently purchased millions of shares, wagering the real estate tycoon-turned-president will beat Harris.
Earlier this week, Fredi9999 owned about 7 million shares in favor of Trump winning, according to Benzinga. Now, the trader owns nearly 11 million shares, according to Polymarket data. In just the last hour, Fredi9999 bought hundreds of thousands of dollars worth of shares, wagering that Trump would win, according to the platform's data.
The total volume on the wager over who will win between Trump and Harris has so far surpassed $1.6 billion. In 2020, the presidential election generated just under $11 million in wagers on Polymarket.
Snapshot of Polymarket bets on winner of U.S. presidential election. Image: Polymarket
Trump lead widens since Musk proclamation
At the beginning of this week, Trump's lead was considerably less when Tesla CEO Elon Musk took to X to say Polymarket was more accurate than polls. At the time, Trump's odd had risen to 50.6%, compared to Harris' 48.4%.Â
In September, the decentralized prediction platform saw record highs in the monthly categories for trading volume, active traders, new markets and cumulative trading, according to The Block Data Dashboard. Polymarket has raised $45 million in a Series B funding round led by Peter Thielâs Founders Fund and existing investors 1confirmation and ParaFi, with participation from Ethereum co-founder Vitalik Buterin, Dragonfly and Eventbriteâs co-founder Kevin Hartz.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Trumpâs lead over Harris on Polymarket soars to 13% as mystery trader pumps the former presidentâs chances to win election
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