U.Today – Take a closer look at the top three stories of the weekend with U.Today.
(DOGE) adds another zero
The market has recently seen Dogecoin fall below the important $0.10 level, raising concerns among its holders as to whether it will be able to recover. DOGE’s drop in value was accompanied by low trading volumes, suggesting that investors now lack buying interest, making a rally seem unlikely. Furthermore, a potential death cross between the 200-day and 50-day EMAs may signal an even more severe correction ahead. The inability to sustain above the $0.10 price mark and the lack of support from the broader market environment are worrying signs for those who favor the dog-themed coin. Overall, Dogecoin’s technical indicators point to continued bearish momentum unless there is a renewed surge in interest or an endorsement from well-known crypto influencers.
Legendary trader Peter Brandt makes an important correction statement
Peter Brandt, a seasoned commodity trader, took to the X platform to comment on Bitcoin’s nearly 6% drop, which occurred on September 6. As a result of this correction, the largest cryptocurrency dropped from the $56,500 area to $53,200; as Brandt noted, the last time BTC had closed at that low level was on February 25 of this year. The analyst also shared a chart showing a steady decline since mid-March, following an all-time high of $73,750, with the asset falling 26.39% since reaching that all-time high. The expert pointed out “two dimensions of declines: price and duration.” In Brandt’s opinion, prolonged corrections can inflict more emotional damage than sharp drops. The correction did not go unnoticed by Bitcoin proponent Samson Mow; in his post on X, he confidently stated that “everyone who thinks Bitcoin will go lower is wrong.”
187 Million XRP in 24 Hours: What's Going On?
On Friday, September 6, blockchain tracking service Whale Alert detected several large XRP transactions taking place over the course of 24 hours, including a significant transfer from Labs. According to the service’s data, there were four large transactions, which in total amounted to 187 million XRP. The largest of these was executed by Ripple Labs; it moved 100,000,000 XRP worth $54,594,473. This specific transfer raised concerns within the XRP community about Ripple’s intentions with the large amount of XRP; however, XRP-focused explorer Bithomp later clarified that this was an internal transaction to one of Ripple’s wallets. Additionally, an anonymous whale withdrew over 31 million XRP worth $16,908,702 in fiat to his wallet, while two other transfers sent 29.1 million and 26.8 million XRP to exchanges Bitso and Bitstamp. Notably, these exchanges collaborate with Ripple to facilitate their payment services using XRP tokens.
This article was originally published on U.Today
