Review of cryptocurrencies for "X": XRP, Dogecoin and REEF. News and growth potential
The Bitcoin correction, during which traders' positions of $ 533 million were liquidated across the entire cryptocurrency market, may be a good opportunity to invest in cryptocurrency in November 2021.
Today, in the selection at the request of Coin Post readers, we are considering such altcoins as XRP, Dogecoin and REEF. We analyze the latest news for each of the cryptocurrencies, and also make a price forecast based on the current market situation.
Immediately with good news - Ripple has them, and although the court with the SEC is a key event, in practice it does not interfere with the development of the company's business outside the United States. So, XRP has another use as an asset in cross-border transfers using the liquidity on demand service, in partnership with Pyypl, these services will become available in the Middle East. For Ripple, this is actually entering another new market.
Now with regard to the trial and why there were rumors again that Coinbase would resume XRP trading . These are speculations based on a statement by Coinbase CEO Brian Armstrong, who has publicly spoken out in support of Ripple:
“The Ripple case appears to be doing better than expected. Meanwhile, the SEC understands that the attack on cryptocurrency is politically unpopular (because it hurts consumers). "
That is, he believes that Ripple has a good chance of winning and this was interpreted in such a way that as soon as the court ends in favor of Ripple, Coinbase will re-list XRP. We completely agree with this statement, we think other exchanges and crypto funds will do the same, but this is unlikely to be until the final decision. Because not so long ago, the SEC, under threat of a court, banned Coinbase from launching the USDC stablecoin deposit service and the exchange complied with this requirement, so they are unlikely to decide on an open confrontation with the regulator.
Legal expert John Deaton is also optimistic that he is participating in the court on behalf of the XRP holders. He believes that he was able to correctly convey to the court the position that the SEC is wrong in the matter that they are putting forward various requirements for XRP and Ethereum, and that the regulator is hurting by its actions the owners of XRP, which it allegedly intends to protect.
Very positive, but we want to remind you that Deaton is actually on the side of Ripple and even if the news is bad, it will be presented as good to the public. In addition, the final decision will be up to the court, and we will not be surprised if at the last moment the SEC will lay out new "trump cards", this is still a state regulator and they would hardly get involved in a case in which they do not see a chance of winning.
Now, as for the price, the bitcoin correction fell below $ 1, and the exit from the triangle was controversial in terms of the strength of bulls and bears, it was the mood of the entire market that decided.
The fall was at a decent volume, so the bulls were shaved well, but the rate went into the oversold zone and received support at $ 0.9, the drawdown was quickly bought back. The daily chart is slightly worse, the coin has not yet reached the buy zone, plus a downtrend since April this year.
The current price will be kept, but if bitcoin continues to decline, we can retreat by $ 0.9 and even by $ 0.75.
And the answer to the main question is when there is growth in XRP, which many predict every week. We need a victory in court and a parabolic growth in bitcoin, then the price can really surprise, until this moment, unfortunately, the trend is downtrend, so if we break it, then we will talk about growth.
The second will be Dogecoin . What's the news about the main meme-cryptocurrency? So Dogecoin was # 1 for searches in the US. Unfortunately, this news contradicts the fact that SHIBA INU is in the first place by requests in the world, so in this aspect she has already killed the Great Danes.
Dogecoin recently became available to pay for tickets on the American cinema chain AMC, and another startup that deals with real estate agrees to sell shares in houses for a meme-cryptocurrency. Not bad news, but much more interesting is the quarterly report of the online broker Robinhood, which reported a drop in profits from cryptocurrency trading from $ 233 million to $ 51 million, or 78%. What was expected happened, interest in Dogecoin trading decreased, and it was this coin that accounted for the bulk of the volumes. So Dogecoin is temporarily not a favorite of the public, and this can be seen in the decrease in the number of transactions.
Elon Musk, of course, continues to support Dogecoin via Twitter, calling it the popular currency.
— SlumDOGE Millionaire (@ProTheDoge) October 23, 2021
But he has not announced any global events for the Great Dane for a long time, so such statements do not work well.
Dogi corrected after bitcoin, now the coin is struggling to maintain the uptrend, which was launched at the end of September.
Although, if Bitcoin suddenly twitches by $ 53,000, and there is such a chance, then we will buy dogs at $ 0.2. But most of all, we do not like the downtrend since August of this year, when in August, September and October the market should have gradually increased following Bitcoin, the trend was down in Dogecoin and it is still relevant.
So either we write to Elon Musk that it is time for him to do something, or we are waiting for $ 100,000 in bitcoin, there are no other chances for the Dogecoin price to rise at the moment.
This coin is asked very often, it is a 1inch liquidity aggregator, only in the Polkadot network, while the Ethereum, Binance Smart Chain, Avalanche and Cosmos blockchains will be supported. The idea is cool, but it is unlikely that many people love this project so much for it, maybe for a low price of a coin?
But there is no news on the project, more precisely, not so, they are not on crypto-sites, and this is bad, marketing in the current market is an extremely important thing, again remember SHIBA INU, created a hype and made money on it. But we've found some great news for you on their social media - the biggest update to the Reef Chain mainnet is expected next week, and such events could be a reason for growth.
Next week, Reef Chain v8 is activating on mainnet. It is the biggest upgrade on Reef Chain since mainnet launched. Stay tuned!
— Reef Finance - The Gateway to DeFi 🐠 (@ReefDeFi) October 26, 2021
We would like to note that earlier the Reef price quite accurately followed the movements behind the Polkadot, but now this correlation has broken somewhat, because if the DOT almost returned to the May high, then Reef did not reach it by as much as 100%. But even so, we really like the deal for the price of this coin here and now.
So, MACD shows the growth of bullish strength, and RSI can repeat the history of August and early September, that is, there is a potential for a bullish momentum. Also on the chart is a "pennant", breaking through which will simultaneously stop the downtrend, which has been going on since April and go above the resistance by $ 0.04.
Also note that during the current correction, the price has not yet been released below the lower border of the "pennant" and the figure is still in force. Of course, bad news on Bitcoin can cross everything out and then the price may retreat by $ 0.02, but then the market decides. Still, the main trend in bitcoin is still bullish, albeit through a correction, and we remind you that Polkadot will soon start auctions of parachains, which in the future may push it to the TOP-3 in terms of capitalization and Reef, by tradition, will follow.