CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, RIPPLE News
oday, the price of Ripple (XRP) is in a downward correction as the cryptocurrency peaks at $0.46. Yesterday, the altcoin fell to the low of $0.33 as the bulls bought the dips. Buyers defended the current support from further decline in the last 24 hours.
Nonetheless, Ripple is trading in the downside zone and the upside correction is likely to face resistance at the recent highs. For example, XRP is likely to encounter resistance at $0.47 or the 21-day line SMA. XRP/USD will rally above the moving averages if the resistance levels are broken. The altcoin will also regain the psychological price level of $0.50. Conversely, the downtrend will resume if XRP turns from the recent high and falls below the support at $0.33. The market will then drop further to the low of $0.15.
ccording to CoinMarketCap data, large-cap altcoins Cardano, Dogecoin and Shiba Inu were seen posting double-digit gains at the time of publication. Cardano was up as much as 30%, while meme cryptocurrencies Dogecoin and Shiba Inu posted gains of 18.18% and 25.39%, respectively.
However, the altcoin market had started to rebound elsewhere. Tether, the biggest stablecoin used in cryptocurrency exchanges to facilitate trade, has recovered from a previous mini-drop, assuaging fears on the general cryptocurrency market.
Tokens underpinning key DeFi protocols also recovered as several altcoins posted significant gains. Shiba Inu’s recent listing on the Dubai exchange, Rain, has also contributed to the positive sentiment surrounding the meme cryptocurrency.
Dogecoin is also enjoying continued support from Tesla CEO Elon Musk, who again stated that the Bitcoin parody has the potential to become a currency in a recent tweet.
Bitcoin rose above $30,000 on Friday despite significant concerns about stablecoin TerraUSD, which has sparked fear on the crypto market. According to CoinMarketCap data, the first and largest cryptocurrency was trading at roughly $30,268, up 9.07% in the last 24 hours after dropping to levels not seen since late 2020 earlier this week. On a weekly basis, though, the leading asset and the majority of altcoins were still trading lower.
The crash of TerraUSD or UST stablecoin, which is intended to maintain parity with the U.S. dollar, has prompted the latest crypto meltdown that saw billions of dollars wiped off the market. The broader crypto market lost as much as 16% of its overall capitalization on Thursday alone, putting investors at risk.
Earlier this week, Bitcoin and the rest of the market plummeted due to inflation fears and the potential of contagion from the fall of UST. Bitcoin hit a low of $25,338 on May 12 before beginning to recover.
The Metaverse – Facebook’s Virtual World
The term “metaverse” is a futuristic concept for the virtual world of the future. This platform aims to provide shared virtual spaces and the BLOK cryptocurrency as its primary medium of exchange. While the term is not new, its cultural adoption is relatively new. The Metaverse has been hosted by Zoom since 2012. Robby Yung, the CEO of Animoca Brands, which has also invested in blockchain games like CryptoKitties and NBA Top Shot creator Dapper Labs, is a leading investor in this project.
The concept of a metaverse has been used in video games, including the popular Fortnite, which has 350 million users. One recent example was a Travis Scott virtual concert in Fortnite that was watched by more than 12 million gamers. While the concept is relatively new, the possibilities for its development are very exciting. For example, metaverse technology could be used to create an online social community and could eventually be accessed through VR headsets. The metaverse would enable virtual work and real estate websites.
Facebook’s recent announcement of its metaverse has put many blockchain games on a growth trajectory. The Axie Infinity token has gone from $3.22 to $136, and the price of Axies has skyrocketed by 200% in the last three months. With Facebook’s announcement, the metaverse is rebranding itself as Meta to promote its focus on augmented and virtual reality. While the announcement has been welcome, it remains unclear how Facebook’s future plans will play out.