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  • Hungary to Decriminalize Crypto Trading Post-Orban

    Hungary to Decriminalize Crypto Trading Post-Orban

    Hungary Moves to Decriminalize Cryptocurrency Trading Following Orban’s Exit

    Nearly two months after pivotal elections that saw Viktor Orban’s 16-year tenure conclude and signaled a clear shift toward the West, Hungary’s new government is taking steps to dismantle controversial policies of the former administration, potentially benefiting the local cryptocurrency sector.

    The previous government, under Orban, introduced stringent regulations on cryptocurrency trading in 2025. These rules mandated approved validation for transactions converting digital assets to traditional currency and for crypto-to-crypto exchanges. More controversially, the regulations included the possibility of prison sentences for certain violations. At the time, a Forbes report indicated that transactions exceeding $140,000 (50 million forints) could result in up to three years imprisonment, with larger transactions over $1.4 million (500 million forints) potentially leading to five-year sentences.

    These strict measures forced many popular trading platforms to either exit the country or significantly restrict services for Hungarian residents. While the European Union launched an investigation into whether these restrictions adhered to its regulations, local trading volumes had already plummeted prior to the change in administration earlier this year.

    A new report from Bloomberg indicates that the current government has decided to remove the threat of jail time and criminal charges associated with using unauthorized exchanges or conducting non-compliant crypto-to-crypto and crypto-to-fiat transactions.

    Anita Kobol, a government spokeswoman, stated that Hungary will abolish the requirement for transaction-level “validation certificates” and intends to align its local market with the European Union’s Markets in Crypto-Assets (MiCA) framework.

  • IMF Warns Nepal on Crypto Amid Rising Usage

    IMF Warns Nepal on Crypto Amid Rising Usage

    Crypto Adoption Thrives in Nepal Despite Official Ban, IMF Warns

    KATHMANDU, Nepal – Despite a nationwide ban on cryptocurrency transactions, adoption of digital assets is growing in Nepal, prompting the International Monetary Fund (IMF) to urge authorities to enhance monitoring of the sector to safeguard financial stability and prevent illicit financial flows.

    In a report released Tuesday, the IMF noted a “marked growth” in stablecoin and unbacked crypto asset flows between 2019 and 2024. While acknowledging that adoption remains modest compared to regional peers, the Fund emphasized that the trend “warrants close monitoring” given the legal prohibition on crypto activities.

    This finding was part of the IMF’s 2026 Article IV Consultation, published as its Executive Board concluded its seventh and final review of Nepal’s Extended Credit Facility on June 5. Nepal officially banned all cryptocurrency transactions in 2021, with the central bank declaring trading, mining, and related activities illegal.

    IMF staff calculations indicate that crypto inflows, which were negligible in 2020, surged to over $2.6 billion in 2021, briefly representing more than 13% of Nepal’s Gross Domestic Product (GDP). By 2023, these volumes had decreased to approximately 4% of GDP, before climbing back to around 8% in 2024, with stablecoins constituting the larger and expanding portion of these flows.

    Regarding cross-border flows, the IMF estimated Nepal’s crypto engagement at around 5% of GDP in early 2025. This places Nepal ahead of countries like Bangladesh and Myanmar but significantly behind Vietnam, which stands at approximately 26%.

    The IMF advocates for a regulatory framework that aligns with international standards. Such a framework, the Fund stated, “would help safeguard financial stability and integrity and consumer protection, while limiting circumvention of capital controls or large-scale deposit outflows.” Additionally, the IMF pressed Nepal to finalize its action plan with the Financial Action Task Force (FATF) and be removed from the FATF’s grey list.

    Musheer Ahmed, founder and managing director of Finstep Asia, suggested that the debate between banning and regulating crypto stems from a fundamental misunderstanding. “The technology is not regulated. The use cases may be regulated,” Ahmed explained, noting that countries with strict crypto bans are still exploring tokenization for real-world assets and traditional finance. He argued that the persistent use cases, such as trading and remittances, are precisely those that merit regulation.

    “On the trading front, it does make sense to bring in regulations” for consumer and investor protection, Ahmed said. He also highlighted the need for regulators to balance oversight of cross-border payment systems with existing concerns about monetary risks and capital controls.

    The IMF has consistently urged governments to regulate the cryptocurrency sector. A notable instance involved El Salvador, which scaled back its Bitcoin experiment in December 2024 to secure a $1.4 billion fund facility. The IMF maintains that El Salvador ceased its Bitcoin purchases, with a spokesperson previously stating that “the total amount of government-owned Bitcoin has not increased and that the increase in the Bitcoin Reserve Fund corresponds to movements across government wallets.”

    However, El Salvador’s President Nayib Bukele has offered a different account, asserting that the nation continues to purchase one Bitcoin daily and tweeting, “No, it’s not stopping…..it won’t stop now, and it won’t stop in the future.” Blockchain data indicates a daily growth of approximately 1 BTC in El Salvador’s wallets, though analysts caution that public records cannot definitively confirm whether these are new acquisitions or older coins being moved through exchanges.

    Ahmed believes the El Salvador experiment has had limited impact. While it brought the country attention in the virtual asset space and attracted crypto capital, its limited adoption suggests Bitcoin is primarily used as an asset rather than a currency. He pointed to payment rails, particularly stablecoin transactions, as the area demonstrating significant traction.

    The IMF’s warning on crypto comes as Nepal is still recovering from widespread protests in September, which led to the ousting of the Oli government and the installation of an interim administration. The unrest was triggered by the government’s ban on 26 social media platforms, prompting large-scale demonstrations by young Nepalis. The social media ban, in turn, saw a surge in the use of decentralized messaging apps like Bitchat, which operates without internet connectivity. China later ordered the app removed from its App Store due to concerns about its potential for “social mobilization.”

    The IMF plans to continue its engagement with Nepal through post-financing assessments and annual Article IV consultations, with cryptocurrency oversight now a key agenda item.

  • XRP Poised for Surge: 3 Key Catalysts

    XRP Poised for Surge: 3 Key Catalysts

    Ripple’s cross-border token, XRP, has mirrored the broader cryptocurrency market’s downturn, experiencing a roughly 24% decline over the past month to its current price of $1.12.

    Despite prevailing unfavorable conditions and concerns of a further slide, several key indicators suggest a potential recovery may be on the horizon.

    Bullish Signal from Technical Indicator

    The first bullish sign emerged from renowned analyst Ali Martinez, who shared on X that the Tom DeMark Sequential indicator has issued a buy signal for XRP, hinting at an imminent rebound. However, it’s worth noting that Martinez’s post was met with mixed reactions, with some users questioning the indicator’s past accuracy. Earlier this month, Martinez had also highlighted XRP’s $0.90 level, suggesting that a dip to this point could represent a “compelling long-term buying opportunity.”

    Oversold Conditions on Relative Strength Index

    The second factor pointing towards a potential recovery is XRP’s Relative Strength Index (RSI). The RSI recently fell significantly below the 30 mark and is now hovering around this level, indicating that the token is oversold and may be poised for a short-term rally. The RSI operates on a scale of 0 to 100, with readings above 70 typically signaling bearish sentiment.

    Declining XRP Holdings on Binance

    Thirdly, data from CryptoQuant reveals a declining trend in XRP tokens held on Binance, the world’s largest cryptocurrency exchange. The amount has dropped to a four-month low of approximately 2.68 billion XRP. This development suggests that investors are moving their holdings from the exchange to self-custody solutions, thereby reducing immediate selling pressure.

    Sustained Institutional Interest

    Furthermore, sustained institutional interest in Ripple’s native cryptocurrency warrants attention. Over the past several weeks, inflows into spot XRP exchange-traded funds (ETFs) have consistently surpassed outflows. This trend indicates that more conservative investors, including pension and hedge funds, are increasing their exposure to XRP. Consequently, financial institutions such as Bitwise, Canary Capital, Franklin Templeton, 21Shares, and Grayscale have been compelled to purchase actual XRP to back the shares of their respective ETFs. Since their introduction towards the end of 2025, these products have collectively seen net inflows of nearly $1.45 billion.

    In contrast, spot Bitcoin and Ethereum ETFs have recently experienced outflows, suggesting a reduction in institutional investment in these two leading cryptocurrencies.

  • Crypto Giants Back FIFA World Cup 2026

    Crypto Giants Back FIFA World Cup 2026

    The FIFA World Cup 2026, commencing today, is poised to be the most crypto-integrated tournament in history, featuring 48 teams, 104 matches, and 16 host cities across Canada, Mexico, and the United States.

    Crypto Integration Takes Center Stage

    Kraken has been named the Official Crypto Exchange Supporter, while ADI PredictStreet is launching the tournament’s first-ever official prediction market, powered by Chainlink oracle infrastructure. Additionally, Chiliz fan tokens are now live on Solana and Base, with all these platforms already experiencing heightened on-chain activity. This marks a significant expansion of cryptocurrency’s presence in the World Cup, far exceeding any previous iterations.

    Kraken’s Landmark Partnership

    Kraken’s role as the Official Crypto Exchange Supporter is the sole exchange-level deal within FIFA’s sponsorship structure for this cycle. The partnership encompasses fan activations and product experiences across North America and Europe throughout the tournament’s seven-week duration, from June 11 to July 19. The initiative aims to reach a cumulative global audience exceeding six billion people.

    Kraken, operating in over 190 countries and with over a decade of experience in building exchange infrastructure, views this FIFA deal as an unprecedented opportunity for distribution at a scale rarely accessible to crypto firms.

    Arjun Sethi, Co-CEO of Kraken and Payward, emphasized the global unifying power of football, stating, “Football is the one thing that moves the whole planet at once. Over seven weeks, six billion people will watch the same game, across every border and every language. Money should work the same way.”

    FIFA Chief Business Officer Romy Gai highlighted a shared commitment to innovation and technology as the foundation for the partnership. This collaboration builds upon Kraken’s existing sports sponsorships, including Tottenham Hotspur FC, Atlético de Madrid, RB Leipzig, and the Williams Racing Formula 1 team, but the World Cup’s exposure is expected to dwarf these individually.

    It is important to note that Kraken holds the Supporter tier, positioned below FIFA’s Global Partners such as Adidas, Coca-Cola, Visa, and Hyundai-Kia. No cryptocurrency exchange has yet achieved FIFA’s top sponsorship tier, a distinction that carries structural significance despite the broad and tangible on-the-ground presence of crypto initiatives.

    ADI PredictStreet and Chainlink Powering Prediction Markets

    ADI PredictStreet is serving as FIFA’s first-ever Official Prediction Market Partner for the World Cup, with Chainlink providing the exclusive oracle infrastructure. This integration allows Chainlink oracles to retrieve verified match results from authoritative sources, feed them onto the blockchain via the Chainlink Runtime Environment, and automatically settle prediction markets without manual intervention or reliance on trusted intermediaries. This represents a significant architectural advancement compared to centralized prediction platforms where settlement can be discretionary.

    ADI PredictStreet CEO Dimitrios Psarrakis cited the necessity for transparent outcomes and efficient, large-scale settlement as key factors in selecting Chainlink. Johann Eid, CBO of Chainlink Labs, described the integration as a potential catalyst for evolving fan engagement with live sports, positioning prediction markets as a core engagement layer rather than a peripheral product. The mechanics of this integration offer valuable insight into how crypto prediction markets for real-world events function at the infrastructure level.

    A Multifaceted Crypto Ecosystem

    The FIFA World Cup 2026 is hosting five distinct cryptocurrency verticals simultaneously: exchanges (Kraken), oracle infrastructure (Chainlink), prediction markets (ADI PredictStreet), fan engagement and tokens (Chiliz), and on-chain ticketing (Avalanche). This comprehensive integration far surpasses any previous World Cup.

    In contrast, the Qatar 2022 World Cup featured Algorand handling NFTs and a digital wallet, a partnership that was subsequently scaled back amid the market downturn of 2022-2023. FIFA 2026’s approach is structurally different, involving multiple independent operators, various blockchain networks, and diverse use cases, rather than a singular blockchain partnership dictating the entire crypto narrative.

    The current sponsorship tier structure remains a limiting factor for the extent of crypto adoption’s narrative. While crypto integration is deeply embedded across five verticals in this World Cup cycle, it has not yet reached the Global Partner tier occupied by major brands like Visa, Coca-Cola, and Adidas. The coming seven weeks will serve as a crucial proof-of-concept period, potentially paving the way for a crypto company to bid for top-tier FIFA status in 2030 if the engagement data proves compelling.

  • XRP Price Support Tested: Transaction Demand Plummets 90%

    XRP Price Support Tested: Transaction Demand Plummets 90%

    XRP Price Stabilizes Amidst Collapsed On-Chain Activity

    XRP’s price has begun to stabilize, but its on-chain activity has plummeted to levels not seen since prior to 2025. Network fee volume, a key indicator of transaction demand, has fallen by 91.5% from its February peak.

    On-Chain Metrics Signal Capitulation

    Data from Glassnode reveals that the 90-day simple moving average of total fees paid on the XRP network has dramatically decreased from 5,900 XRP in February to just 500 XRP currently. Concurrently, XRP’s 90-day realized profit-to-loss ratio has dropped to 0.38, a significant decline from its peak of 50 when XRP traded at $3.40 in January of last year. This ratio indicates that for every $0.38 in profits realized by participants, $1 is being realized in losses, a characteristic often associated with capitulation selling. Further data suggests that large-wallet transfers of 1 million XRP or more to Binance have also declined since the 2025 peak, implying that major holders are not currently engaged in aggressive distribution.

    Technical Analysis Points to Consolidation

    The current price action is consolidating within a narrow decision zone, with the technical structure reflecting a tension between exhausted sellers and hesitant buyers. XRP is trading below its 100-hour simple moving average, with price action fluctuating between $1.10 and $1.15, following a recent unsuccessful attempt to maintain levels above $1.30. This trend mirrors the broader cryptocurrency market.

    Immediate support is identified at the $1.05–$1.10 range, with a secondary demand pocket at $1. Resistance is observed at $1.20–$1.25, followed by $1.30–$1.40. A decisive reclaim of the $1.50 level would signal a shift in short-term momentum, potentially paving the way towards the mid-$1.60s. While bearish momentum persists, the decrease in exchange inflows from large holders suggests that distribution pressure may be easing.

    Potential Price Scenarios

    Should support at $1.10 hold and trading volume increase, XRP could see a near-term recovery towards $1.20, with a potential to reach $1.30. The cryptocurrency might also continue to consolidate between $1.10 and $1.15 for the upcoming sessions, absorbing sell pressure before any significant directional move. However, in a less favorable scenario, a close below $1.10 could lead to a test of the $1 target, with the $1.00–$0.65 band identified as a macro support zone if the correction deepens. Historically, a profit-to-loss ratio of 0.38 has preceded XRP price recoveries, though timing a bottom amidst a 91.5% contraction in fee volume presents a challenging environment.

    Shift Towards Infrastructure Development

    XRP’s compressed activity data is indicative of a familiar mid-cycle narrative: the speculation phase has concluded, and the infrastructure phase is commencing. This rotation, moving away from price-momentum strategies towards fundamental utility, is precisely the area that early-stage infrastructure projects are aiming to address.

    LiquidChain, a Layer 3 infrastructure project, is positioning itself as a cross-chain liquidity layer, integrating liquidity from Bitcoin, Ethereum, and Solana into a unified execution environment. Its core value proposition centers on a Unified Liquidity Layer with Single-Step Execution and Verifiable Settlement, enabling developers to deploy applications once and access all three ecosystems without the complexities of fragmented bridging or multi-step routing. The $LIQUID token is currently priced at $0.01468, with its presale having raised $830,000 to date. The ongoing raise is in its early stages, reflecting significant traction without the saturation that typically closes early-entry opportunities.

  • Cardano Whales Awaken: Turning Point Imminent?

    Cardano Whales Awaken: Turning Point Imminent?

    Cardano Sees Surge in Dormant Coin Activity Amid Price Decline

    On-chain data indicates a recent uptick in transactions involving dormant Cardano coins, suggesting that the cryptocurrency’s price drop has prompted long-term holders to re-engage with the market.

    “Age Consumed” Metric Spikes

    Analytics firm Santiment highlighted in an X post that large dormant Cardano wallets have become active recently. The key metric in question is “Age Consumed,” which quantifies the total number of tokens moved on the blockchain multiplied by the duration since their last transaction. A high value for this metric signifies the movement of a substantial quantity of older tokens, while a low value suggests that recently acquired coins are being transacted, or that older tokens are being moved in smaller volumes.

    Santiment’s analysis, presented in a chart tracking Cardano’s “Age Consumed” over the past month, reveals that the metric remained at relatively low levels throughout May. However, the price decline experienced in June has coincided with several notable spikes in this indicator. These spikes appear to have emerged mid-way through the price downturn, implying they are a reaction to the bearish market conditions rather than a catalyst for the decline itself.

    These surges in “Age Consumed” naturally suggest that some long-term holders have become active again. This could signal panic selling from committed investors or indicate other forms of activity, though the precise intent is difficult to ascertain from the “Age Consumed” metric alone.

    Mean Dollar Invested Age Shows Impact

    Alongside the “Age Consumed” data, Santiment also presented the “Mean Dollar Invested Age” metric. This indicator measures the average age of invested dollars within the cryptocurrency. The accompanying graph shows a steady increase in “Mean Dollar Invested Age” throughout May, suggesting that Cardano’s market capitalization was consistently aging.

    However, the recent spikes in “Age Consumed” have disrupted this trend. While not a complete reversal, the growth rate of “Mean Dollar Invested Age” has slowed, indicating that the movement of dormant coins has been significant enough to influence the metric. A particularly pronounced pause in the indicator’s growth occurred alongside a spike in “Age Consumed” on June 9th, which was the largest observed on the Cardano network since April.

    “Historically, clusters of ‘Age Consumed’ spikes paired with a pause (or downturn) in ‘Mean Dollar Invested Age’ have often appeared around key market turning points,” Santiment explained.

    ADA Price Performance

    At the time of writing, Cardano (ADA) is trading around $0.16, marking a decline of over 26% in the past week.

  • DOGE Buy Signal Flashes: Analyst Sees Rare Opportunity

    DOGE Buy Signal Flashes: Analyst Sees Rare Opportunity

    Dogecoin Poised for Potential Reversal as Key Indicator Flips Bullish

    Dogecoin, the pioneering meme cryptocurrency, may be on the cusp of a significant price rebound, according to a metric that accurately predicted its recent descent to a 14-month low. Concurrently, market analysts express optimism that Dogecoin’s current price levels represent a favorable zone for accumulation, a sentiment echoed by recent activity from large token holders, often referred to as “whales.”

    In mid-May, Dogecoin experienced an impressive surge, climbing from $0.092 to a multi-week peak near $0.12. However, a subsequent market-wide correction and prevailing bearish sentiment led to substantial price declines for the digital asset.

    One of the technical indicators that signaled a more pronounced downturn for Dogecoin was the Tom DeMark (TD) Sequential. In early May, this indicator flashed a significant sell signal for the cryptocurrency on the 3-day chart. While the impact was not immediate, Dogecoin’s price subsequently plummeted from $0.113 to below $0.08, marking its lowest point in over a year.

    Analysts See Opportunity in Current Price Range

    Now, the same TD Sequential indicator, which is designed to identify market exhaustion in either direction, has shifted to a bullish outlook, according to analyst Ali Martinez. Following a 30% correction, Martinez suggests that a “rebound could be around the corner” for Dogecoin.

    Adding to this optimistic perspective, fellow analyst MikybullCrypto has indicated that the meme coin is currently situated in a “good level for accumulation.” This aligns with recent reports that Dogecoin whales have begun to capitalize on these lower prices, accumulating over 200 million tokens within the past week.

    Historical Patterns Suggest Potential Upside

    Another prominent cryptocurrency commentator, Daan Crypto Trades, has also weighed in on Dogecoin’s recent price movements. He noted that the token typically retraces to the $0.06-$0.08 range during bear markets, a zone where it has historically shown a notable price reaction.

    This particular price level was tested in February and held firm. Daan Crypto Trades emphasized that while it remains “good to watch,” Dogecoin has recently fallen out of the spotlight for many investors. However, he pointed out that this does not preclude the possibility of it repeating past historic rallies, many of which originated from similar current levels.

    A tweet from Daan Crypto Trades on June 10, 2026, stated: “$DOGE Not one that many people are trading or looking at, but I do always like to watch high timeframe sweeps/supports on majors like these. DOGE does tend to move back to this $0.06-$0.08 zone during its bear markets and usually gets some kind of reaction. Obviously this level…”

  • Japan to Regulate Crypto Like Stocks, Paving Way for ETFs

    Japan to Regulate Crypto Like Stocks, Paving Way for ETFs

    Japan to Regulate Crypto Like Stocks, Potentially Paving Way for ETFs

    Japan’s parliament is on the verge of enacting legislation that will bring cryptocurrencies under the same regulatory framework as traditional stocks. The bill cleared the lower house of Parliament today and is anticipated to become law next year, following approval by the upper house.

    The proposed legislation could classify cryptocurrencies as financial instruments, subjecting assets like Bitcoin and Ethereum to more stringent trading rules. Concurrently, it may offer a reduced tax burden for investors. This development follows a previous government approval of a bill that already granted crypto the status of financial instruments, signaling an effort to bring digital assets under closer oversight, akin to securities.

    A key aspect of this legislative reform is its potential impact on taxation. Historically, cryptocurrency gains in Japan have been taxed as miscellaneous income, with rates potentially reaching as high as 55%. Under the new framework, these gains could be taxed at a rate closer to 20%, aligning with the tax applied to stock market profits. This shift is expected to significantly enhance the attractiveness of Japan’s cryptocurrency market for both retail and institutional investors, particularly in contrast to the current system, which industry participants have long criticized for being overly restrictive.

    Furthermore, the move could facilitate the introduction of new regulated products, such as spot cryptocurrency exchange-traded funds (ETFs). Reports indicate that the bill may help clear the path for ETFs, offering investors a regulated avenue to gain exposure to cryptocurrencies like Bitcoin without the need for direct ownership.

    However, the proposed legislation is not solely focused on market expansion. By integrating cryptocurrencies into the regulatory sphere governing stocks, Japan is also establishing stricter safeguards for trading activities. This includes enhanced controls over insider trading, more robust disclosure requirements, and broader restrictions.

    These measures are designed to align the cryptocurrency market more closely with Japan’s existing financial market structure, where investor protection and market transparency are paramount. The next crucial step will be the upper house’s approval of the bill and the subsequent detailed definition of regulations before the anticipated implementation next year.

  • 1win’s World Cup Mega Tournament: Football, Crypto, and $5 Million in Rewards

    1win’s World Cup Mega Tournament: Football, Crypto, and $5 Million in Rewards

    1win Launches $5 Million USDT Rewards Tournament for FIFA World Cup 2026

    Willemstad, Curaçao – June 11, 2026 – Online entertainment platform 1win has announced a major rewards tournament for its users, offering a total of 5,000,000 USDT during the FIFA World Cup 2026. The “Football World Cup tournament” will run from June 11 to July 19, 2026, coinciding with the global football spectacle.

    The tournament allows registered users to compete for prizes by participating in online games and placing bets on their favored teams. The top-ranked players stand to win rewards of up to 500,000 USDT. With a substantial prize pool of 5,000,000 USDT, thousands of participants will have the chance to earn rewards based on their performance and leaderboard standings.

    How to Enter the Tournament

    Participation in the tournament is based on accumulating points, which are awarded according to wager amounts and tournament multipliers. Users who earn more points will climb higher on the leaderboard.

    The Football World Cup tournament is accessible in regions where 1win operates and where local laws permit participation. However, regional restrictions are in place for users in Australia, the United Kingdom, Hong Kong, Israel, Iran, Kazakhstan, Malaysia, North Korea, Singapore, the United States, Taiwan, and the Philippines.

    Winners are scheduled to be announced by August 7, 2026, after the tournament concludes and results are verified. Comprehensive details regarding tournament rules, eligibility criteria, prize distribution, and any applicable restrictions are available on the official 1win website.

    About 1win

    Established in 2016, 1win is a global online entertainment platform with a focus on cryptocurrency. The company provides a diverse array of gaming products tailored to various regional markets. 1win has forged collaborations with prominent international figures, including actor Johnny Sins, martial artist Jon Jones, and Olympic champion and UFC fighter Gable Steveson. In 2026, the platform also welcomed UFC champion Ilia Topuria and rapper Tyga to its VIP community.

  • XRP Faces Continued Downside Risks

    XRP Faces Continued Downside Risks

    XRP Price Faces Downside Pressure, Potential for Further Decline Below $1.080

    XRP has entered a period of correction, trading below the $1.150 mark and showing bearish signals that could lead to further declines, potentially testing the $1.080 level.

    XRP Price Turns Red

    The cryptocurrency struggled to maintain its position above the $1.1550 zone, initiating a downward correction that mirrors movements seen in Bitcoin and Ethereum. XRP’s price has fallen below key levels, including $1.150 and $1.1420, and has even dipped below the 50% Fibonacci retracement level of its recent upward move from a swing low of $1.050 to a high of $1.1862.

    Despite the bearish trend, bulls are currently defending the $1.10 support area. However, a bearish trend line has formed on the hourly chart of the XRP/USD pair, with resistance identified at $1.120. The price is currently trading below $1.1350 and its 100-hourly Simple Moving Average, suggesting continued downward pressure.

    Should XRP attempt a recovery, it may encounter resistance near the $1.120 level. The first significant resistance barrier lies around $1.1350. A decisive break above this level could propel the price towards $1.1420, and a sustained move beyond that might target the $1.1550 resistance. Further gains could then aim for the $1.1650 resistance, with the next major hurdle for buyers anticipated near $1.1840.

    Downside Continuation?

    Conversely, if XRP fails to overcome the $1.1350 resistance zone, a fresh decline could ensue. Initial support is observed around the $1.10 level. The next critical support is situated near $1.080, which also corresponds to the 76.4% Fibonacci retracement level of the recent upward swing.

    A breakdown below the $1.080 level, accompanied by a sustained close beneath it, could trigger further losses, pushing the price towards $1.0650. The subsequent major support is located in the $1.050 zone, and a break below this could lead to a test of the $1.020 level. Any additional downward momentum might see XRP retesting the $1.00 mark.

    Technical Indicators

    • Hourly MACD: The Moving Average Convergence Divergence for XRP/USD is currently losing momentum within the bearish territory.
    • Hourly RSI: The Relative Strength Index for XRP/USD has fallen below the 50 level.

    Major Support Levels: $1.1000, $1.0800
    Major Resistance Levels: $1.1200, $1.1350