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📉 Why did XRP price drop after Garlinghouse’s 60 Minutes interview? XRP price suffered a harsh reversal on Dec. 9, mirroring the performance of Bitcoin and other altcoins. Ripple (XRP) dropped to a low of $2.40, down by 16.2% from its highest level this year, bringing its market cap to $138 billion. Its retreat followed Brad Garlinghouse, Ripple Labs’ CEO, appearing on 60 Minutes, the popular program on CBS. In an X post after the interview, he noted that it was edited to exclude some of the details. Specifically, Garlinghouse highlighted that 60 Minutes did not mention XRP’s status as not being a security, a position confirmed by a federal judge in 2023. He also criticized the program for implying that XRP had no utility, likening this perspective to early criticisms of the internet. Garlinghouse maintained that Ripple Labs handles billions of dollars in KYC-compliant transactions for institutional customers. 💬 Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.A few things I do want to comment on after watching:I spoke with Margaret…— Brad Garlinghouse (@bgarlinghouse) December 9, 2024 In its most recent results, Ripple said that the network handled over 172 million transactions in the third quarter, a 99% annualized increase. The network burned 598,477 XRP tokens generated from transaction fees, a 21% increase from the same period last year. XRP price has performed strongly over the past few months, becoming one of the best-performing cryptocurrencies. It surged 382% from its lowest level in November, positioning it as the third-biggest cryptocurrency in the market. This rally was fueled by optimism that Donald Trump’s Securities and Exchange Commission would adopt a more crypto-friendly stance compared to Gary Gensler’s tenure. #XRP #Ripple
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🤔 Is Chainlink ($LINK ) Ready for a 40% Surge Toward Its $52 All-Time High? Chainlink (LINK), the decentralized oracle network token, seems to show signs of moving towards reaching its all-time high record at $52. Recently, LINK price has gained over 26% in a week and nearly 85% in a month. Hence, analysts are now expecting the LINK token to attain a fresh all-time high in 2025, per the CNF report. 🔸 #Chainlink Price Technicals Indicate Bullish Momentum Powered by technical indicators and an increase in institutional interest, LINK’s price stands at $24.93 and appears to be nearly 50% below its peak, an opportunity for a big push. Currently, despite the slight pullback today, the Chainlink price chart is showing increasing bullish momentum. The token’s 20-day moving average (MA) is at $19.32, which may serve as a support level for lower price levels. Market observers are watching for the “golden cross,” a technical pattern in which the 100-day MA is about to cross over the 200-day MA, typically considered a strong bullish sign. Meanwhile, LINK’s Relative Strength Index (RSI) stands at 74.24. This metric shows that the token is almost at the overbought level but has scope to move higher. Moreover, the Average Directional Index, at 52.83, depicts a strong trend in the price movement. Furthermore, the Moving Average Convergence (MACD) Divergence histogram depicts a strengthening of positive momentum. It signifies sustained buying for Chainlink’s native token as investors look forward to an upward momentum, guaranteeing significant profits. 🔸 Market Trends Show Mixed Picture This weekend, the LINK price managed to see a 9% price pump while the trading volume dipped by around 11%. The trend of high prices against low volume and decreased activity is often bullish and reflects steady accumulation with little speculative trading. More often than not, a pattern like this is believed to be a bullish phenomenon, highlighting the growing level of interest in LINK. #LINK #Chainlink
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📊 $RENDER Crypto Breaks Trendline: Is it Headed for $31 Target? Render crypto on the weekly timeframe revealed bullish activity. As the RENDER/USDT pair breaking through a descending trendline that previously capped price advances since its peak in October 2023. This breakout indicated a strong reversal from bearish to bullish sentiment. From October 2023 to April 2024, RNDR was trapped below a resistance level. Its price was trapped at approximately $6.50, which aligned with the descending trendline. The breach occurred on volume, confirming the breakout’s legitimacy. After the break, price escalated sharply, moving past several minor resistance levels without retracement, indicating strong buying pressure. The price stood near $10.90, having just surpassed the $10 resistance level, which was a previous high in July 2024. The next major target according to the analysis was around $31. This target was optimistic, assuming that the current momentum continued without significant pullback. If Render maintains the trajectory, breaking past intermediate resistances at $15 and $24 (both key psychological and technical levels) it could indeed reach the $31 mark. However, traders should watch for any signs of volume decline or bearish divergence on the RSI. It could signal a temporary pullback or consolidation before further upward movements. 🔸 #RENDER Crypto Reduces Drawdown from its ATH The breakout made RENDER’s substantial recovery reducing its current percentage drawdown from the all-time high (ATH), to just -21.10%. The price of RENDER crypto saw dips with drawdowns plunging as low as -90%. This depicted severe market downturns for the crypto. The price trajectory on the chart showed a consistent upward movement. The price line moving closer to the zero drawdown mark, highlighting a reduced gap from its ATH. This improvement suggested a resurgence in investor confidence and market valuation of RENDER. 💬 RENDER Percentage Drawdown From ATH — Into The Cryptoverse (@ITC_Crypto) December 8, 2024
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💧 Sui Blockchain Soars to $12B: Memecoins & Scalability Challenge Solana The Sui blockchain (SUI) has become one of the standout performers of the past year, driven largely by the growing popularity of memecoins within its ecosystem. The platform’s market capitalization has soared to $12 billion over a relatively short period, propelling it into the top 20 cryptocurrencies by valuation. The growth of the SUI ecosystem is mirrored in the performance of its native token, which experienced a remarkable 1,178% surge, reaching an all-time high of $4.49 over the past 14 months, making it one of the most profitable cryptocurrencies in the current dispensation.. According to CoinGecko, memecoins within the Sui network now account for $492 million of the blockchain’s total valuation. The platform hosts 49 memecoins, with Sudeng (HIPPO) leading the pack by market capitalization. Other notable tokens include MemeFi (MEMEFI), LOFI, BLUB, and AXOL. These assets have played a significant role in driving trading volume and overall value within the network. 🔸 Lower-Ranked Memecoins Outshine Market Leaders In the meantime, recent data showed that some lower-ranked memecoins performed better, especially in the past seven days. For instance, Suijak (SUIJAK) ranked thirteenth on the Sui network memecoins categorization but gained 1,874% in the past week, against the HIPPO’s 15% drop in value. SUICAT, a memecoin that falls further down in the market cap rating category gained 589%, while DAK made a 459% profit during the same period. Sui’s ability to handle up to 120,000 transactions per second (TPS) through parallel execution has drawn significant attention from developers. This scalability positions the platform as a strong competitor to Solana and, by extension, Ethereum, in the race to dominate blockchain technology. Sui’s $12 billion market cap milestone shows how memecoins can favorably impact a blockchain infrastructure; and in a way showcase it as its utility. #SUI #Solana
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