Dogecoin Adds Another Zero, Peter Brandt Makes Important Bitcoin Correction Statement, 187 Million XRP in 24 Hours: Crypto News Digest by U.Today

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As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I can’t help but feel a mix of emotions when I look at the weekend’s top stories.

Take a closer look at the weekend’s top three news stories with U.Today.

Dogecoin (DOGE) adds another zero

Lately, Dogecoin has dropped below the crucial $0.10 threshold, causing worry among its owners about whether it can regain its footing. The drop in DOGE‘s worth was coupled with low trading activity, hinting that investors are no longer keen on buying, making a rebound seem improbable. Additionally, a possible ‘death cross’ between the 200-day and 50-day Exponential Moving Averages could indicate a more significant correction in the offing. The failure to maintain above $0.10 and the absence of backing from the broader market conditions are concerning for those who support the meme coin. Overall, Dogecoin’s technical signals suggest ongoing bearish trends unless there is renewed enthusiasm or endorsement from influential figures in the crypto world.

Legendary trader Peter Brandt makes important Bitcoin correction statement

Experienced trader Peter Brandt voiced his thoughts on Bitcoin’s nearly 6% drop, observed on September 6, via a specific platform. This correction led to Bitcoin losing ground from around $56,500 to $53,200; as Brandt mentioned, the last time Bitcoin closed at such a low level was February 25 of this year. The analyst also provided a chart illustrating a steady decrease in value since mid-March, following an all-time high of $73,750. According to Brandt, Bitcoin has dropped by 26.39% from its historic peak and highlighted that drawdowns (price declines) can have two dimensions – price and duration. In his view, extended corrections can cause more emotional distress than sudden drops. This correction didn’t go unnoticed by vocal Bitcoin advocate Samson Mow; in a post on the same platform, he expressed confidence that anyone predicting Bitcoin will fall further is mistaken.

187 million XRP in 24 hours – What’s happening?

Last Friday, September 6th, the Whale Alert blockchain monitoring system detected numerous substantial XRP transactions within a 24-hour period, including one by Ripple Labs. As per the service’s findings, there were four major transactions that collectively transferred 187 million XRP. The transaction handled by Ripple Labs moved 100,000,000 XRP, equivalent to approximately $54,594,473. This action sparked speculation in the XRP community regarding Ripple’s motives for holding such a large amount of XRP. However, it was later confirmed by an XRP-focused platform, Bithomp, that this transfer was an internal transaction within one of Ripple’s digital wallets. Moreover, an anonymous user withdrew over 31 million XRP worth around $16,908,702 into their personal wallet, while two other transactions moved 29.1 million and 26.8 million XRP to the exchanges Bitso and Bitstamp respectively. It is worth mentioning that these exchanges work closely with Ripple to provide its payment services using XRP tokens.

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2024-09-09 19:57