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XRP is ready for a “big push,” says a top trader
XRP is showing the potential for a major short squeeze against Bitcoin, with the pair currently at 0.00000945, according to data from TradingView. Since the beginning of the year, it is down 35.05%, while also gaining 27% since June. Typically, a short squeeze occurs when the asset experiences a sharp upward move due to a large amount of short betting, which could soon happen with XRP and BTC. The last notable short squeeze occurred in August after the judge issued the final ruling in the case against the SEC, but XRP was unable to sustain its bullish momentum beyond a short-term squeeze. A similar situation took place last year when the court recognized secondary sales of XRP as non-securities.
Coinbase (NASDAQ:) announces new listing: details
According to an announcement on Coinbase’s X handle on September 6, there has been a new addition to its listing roadmap. The newly added asset is ZK, a native token of the ZKSync blockchain; it is a layer-2 scaling solution built on top of which zero-knowledge rollups are used to facilitate faster and cheaper transactions on its network. Coinbase is actively expanding its range of offerings by adding new tokens to its platform. On September 5, the exchange also announced the addition of Moonwell (WELL) to its listing roadmap. Previously, Coinbase spread the information about CORE (CORE), Lido DAO (LDO), Safe (SAFE), and Velodrome Finance (VELO) which are now available to New York residents on the Coinbase iOS and Android apps.
Binance XRP reserves drop to 2.78 billion: what happened?
In its latest proof of reserves report, Binance revealed notable changes in its users’ assets. According to the 22nd monthly report with a snapshot on September 1, Bitcoin holdings among Binance users decreased by 1.27% to 605,000, while Ethereum assets fell by 4.58% to 4.486 billion, showing a loss of 215,000 ETH. At the same time, users’ USDT assets total 22.11 billion, having increased by 4.34%, indicating a trend of declining cryptocurrency holdings and increasing stablecoin holdings. This trend has also affected XRP, as its holdings fell to 2.75 billion XRP, marking a decrease of 174.89 million coins since August. Despite these changes, the move towards stablecoins suggests that users prefer to remain in the cryptocurrency market while waiting for clearer conditions before reinvesting in assets like XRP.
This article was originally published on U.Today
