Crypto News Key Highlights:

Karl Sebastian Greenwood, a cryptocurrency marketer and co-founder of the OneCoin scam, received a 20-year prison sentence. The scheme, which generated $4 billion in revenue, victimized 3.5 million people globally. Greenwood profited $300 million, indulging in lavish purchases before facing justice. OneCoin lacked a #blockchain  or genuine cryptocurrency, making it a massive fraud. Meanwhile, Ruja Ignatova, the "Cryptoqueen" and OneCoin co-conspirator, remains on the run, with a $100,000 bounty on her head.

Ripple Labs plans to conduct 80% of its hiring outside the U.S., citing more favorable regulatory environments in places like Hong Kong, Singapore, the UK, and Dubai. Ripple's CEO, Brad Garlinghouse, voiced optimism amid their ongoing legal battle with the SEC, emphasizing the substantial legal expenses incurred by the company.

CoinEx, a #cryptocurrency exchange, faces a security breach involving hot wallets, with estimated losses of $28 million. The exchange vows to compensate affected users and continues strategic expansion despite legal challenges. Enhanced security measures are crucial for rebuilding trust with its user base.

Project Sela, a collaboration between the HKMA, BOI, and BISIH Hong Kong Centre, aims to develop an efficient and secure central bank digital currency (CBDC) ecosystem. It divides tasks between central banks and private intermediaries, introducing "Access Enablers" to enhance competition. Cybersecurity is a priority, leveraging Israel's expertise. This initiative may serve as a model for future CBDC implementations worldwide.

#Ripple's  President, Monica Long, has stated the company's intention to persist in its legal battle against the U.S. SEC over the classification of XRP as a security. While some clarity has emerged from the lawsuit, Ripple aims to prove the SEC's inconsistencies as it prepares for a trial in 2024, with plans for global expansion of its business and XRP use cases in cross-border transactions.

Republican House Speaker Kevin McCarthy has instructed three GOP-led committees to launch an impeachment inquiry into President Joe Biden, alleging that Biden lied about his family's international business dealings. The move reflects increasing political polarization and echoes past impeachment proceedings in American politics.

FTX's planned $3.4 billion sale of its crypto holdings, including Solana, Ethereum, and Bitcoin, has increased market volatility. #FTX  aims to repay creditors but can only liquidate a portion of the holdings at a time, reducing the immediate impact on the market. However, overall market sentiment remains cautious, exacerbated by #Bitcoin's technical challenges.

EGRAG CRYPTO, a respected market analyst, has drawn the XRP community’s attention to an intriguing development on the XRP Average Sentiment Oscillator (ASO). This development hints at the likelihood of a significant price rally over the next 275 days.
The Average Sentiment Oscillator is a market indicator that tracks the collective sentiment of market participants by calculating the average percentages of bullish and bearish sentiments.
This indicator consists of two lines: a blue line representing bullish sentiment and a red line representing bearish sentiment. The line with the higher value indicates the prevailing market sentiment.
XRP’s ASO Indicator History
EGRAG CRYPTO has long recognized the ASO’s potency in forecasting XRP’s price movements, with its initial report dating back to February 25. In that report, he unearthed two distinct instances where the ASO indicator precisely foreshadowed XRP’s price surges and declines through bullish and bearish crosses.
The bullish cross forms when the blue line rises above the red line, and a bearish cross forms when the red line goes above the blue. XRP experienced a bullish cross in March 2017 while trading between $0.00525 to $0.02254. Following this cross, XRP embarked on an astonishing rally, ultimately reaching its all-time high.
XRP experienced a bearish cross in September 2018, which caused a drop to $0.1747 in December 2019. Another bullish cross followed less than 2 years later, propelling XRP to $1.96 in April 2021. XRP was pushed back down in May after a bearish cross.
XRP’s Bullish Cross
EGRAG CRYPTO’s latest update from November 3 shows that the gap has closed. He stated, “I’ve been eagerly awaiting the #Bullish crossover of the ASO (Average Sentiment Oscillator) since February 2023. And guess what? It’s finally here!”
He pointed out that, historically, it has taken around 275 days, equivalent to nine months, for XRP to reach the top of its bull run after each bullish cross. He wrote, “If this pattern holds, the next 7-10 months could be filled with some spectacular fireworks!”
EGRAG CRYPTO did not provide a target in this prediction, but this update is a confirmation of an August update, backed by the ASO technical analysis, which had a target of $144. Considering the current price of XRP standing at $0.61, the target price would represent a 23,238% rally.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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