Daily Archives: March 26, 2024

XRP Open interest crosses $1billion as traders aims $0.75 price rally

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Ripple price broke above $0.66 on March 25 rise 17% within the weekly timeframe latest derivative market trends suggest traders are pining for more climb.

Ripple XRP has been climbed over few past week showing the broader mega cap crypto market trend.

XRP open interest crosses $1 billion for first time in 2 weeks

On March 11 bulls staged a breakout as XRP price climbed 18.5% within a frenetic 24 hour time frame to get the 2024 peak of $0.74.

The profit taking wave that followed triggered a correction below $0.60 within week.

Coin Glass open interest chart shows the real time value of total active futures contracts for specific cryptocurrency.

It is proxy for measuring the underlying asset’s market depth, overall investor interest, liquidity.

XRP open interest reached $1.02 billion on March 26 its highest since March 14. It also marks net capital inflow of $150 million since mega market dip recorded on March 20.

XRP spot prices spiked 19.4% between March 20 and March 26 while open interest has jumped by 15%.

This rare market suggest that current rally is deeply rooted in organic spot demand than speculative trading in futures market.

XRP price forecast: Next target, $0.75?

100% jump in bullish traders leverage activity organic growth in spot demand and potential hedging strategies from short traders, XRP price looks set for another leg up above $0.75.

The relative strength index RSI technical indicator current trend 53.2 affirms this bullish XRP price forecast.

It show 17$ price gains in past week there is room for growth before XRP market approach overbought territories.

XRP can break above mega resistance at $0.70 depicted by upper Bollinger brand a major breakout toward $0.75 could be on cards.

Bearish market downturn the $0.57 support level depicted by lower limit of Bollinger band indicators will be one to watch.

The range could see the bears regain control of market momentum.

Bulls raise leverage 100$ to capitalize on rally

XRP price outpacing open interest growth suggest stronger fundamental factors driving the ongoing rally such as increased adoption and positive ecosystems development like automated market maker AMM function on Ripple backed blockchain network.

 

Crypto Exchange KuCoin Violated Anti Money Laundering Laws US Charges the Exchange

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The exchange was charged under the Bank Secrecy Act.

US federal prosecutors charged crypto exchange KuCoin and two of its founders with anti money laundering laws violation on Tuesday.

Exchange worked in the U.S lied to one of its investors about working in the U.S. and failed to both register with U.S. government entities and maintain an anti money laundering program.

KuCoin did not register with the US Financial Crimes Enforcement Network as money services business.

The U.S. Department of Justice told indictment that KuCoin and founders ChunGan and Ke Tang operated KuCoin as money transmitting business over 30 million customers did not implement a know your customer or AML program until 2023. Its KYC program did not apply to existing consumers.

Neither Tang nor Gan was arrested.

It did not implement any KYC or AML programs KuCoin made itself available to be used and in fact was used as vehicle for laundering the proceeds of criminal activities and suspicious including proceeds from sanctions, violations, darknet markets, ransomware, maware and fraud schemes. the indictment said.

U.S. Attorney Damien Williams said in statement tha KuCoin actively tried to hide that numbers of US users were trading on its platform.

Homeland Security Investigations Special Agent in Charge Darren McCormack called Kucoin an alleged multibillion dollar criminal conspiracy noting it was one of the mega crypto exchanges.

The Commodity Future Trading Commission also filed a suit against KuCoin Tuesday alleging company which offers both futures and spot trading services did not register as future commission merchant swap execution facility or designated contract market.

It suit charged that KuCoin did not implement the CFTC’s equivalent of KYC program.

 

Visa, Mastercard agree to $30 billion merchant fee settlement

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The settlement subject to court approval marks one of the mega antitrust settlements in US history.

Visa Mastercard agreement

Visa and Mastercard have reached a lawsuit settlement projected a $30 billion aimed at curbing debit card fees and credit card fees for merchants.

The step is taken to translate into savings for consumers through reduced prices. The settlement subject to court approval marks one of the mega antitrust settlements in US history addressing claims dating back to litigation started in 2005.

According to court documents the fees reduction and caps alone show a value of $29.79 billion. Visa has estimated that majority of setting merchants exceeding 90 per cent consist of small businesses.

Merchants have criticised Mastercard and Visa for what they perceive illegal swipe fees known as interchanges fees charged to customers using credit or debit cards.

Merchants have objected to anti steering rules preventing them from directing customers towards more cost effective payment methods.

Under the terms of settlement open up on Tuesday Mastercard and Visa have agreed to slash interchange rates by 4 basis 0.04 points within US for a period of three years.

The rates will be capped for 5 years. In a separate case last March The federal appeal courts in Manhattan upheld a related $5.6 billion class action settlement by Mastercard and Visa benefitting almost 12 million merchants.

This previous settlement did not address the specifics of fees imposed by Mastercard and Visa and retailers were not covered by provisions.