XRP, formerly known as Ripple, faced a decline of over 9% on Wednesday as traders moved to secure recent gains following a ten-week high. On Tuesday, XRP/USD rose to a high of $0.5614, but today’s sell-off sent the token to a bottom at $0.5009. The decline comes as bulls were unable to maintain yesterday’s breakout of a key resistance level at $0.5490. This shift in sentiment occurred as the relative strength index (RSI) retreated to a floor of its own at 52.00, and at the time of writing, the index is tracking marginally above this point at 52.11, with a ceiling of 58.00 being the possible target for bulls. In the event that it reaches this level, it is likely that XRP will once again be trading above $0.5500. This decline in XRP’s price comes amid overall market sentiment remaining bearish, following last week’s actions by the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020, alleging that XRP was an unregistered security, which led to a decline in its price. The SEC’s actions against Ripple have resulted in other cryptocurrencies facing increased scrutiny from regulators. Cardano (ADA) was also another notable token to move into the red on Wednesday, with the price remaining close to a key support point. Following a high of $0.2895 on Tuesday, ADA/USD dropped to an intraday low of $0.2699 today. As a result of the move, Cardano remained near its long-term price floor at $0.2700, which was broken over the weekend. Saturday’s drop sent ADA to its weakest point since January, but this decline was short-lived, with bulls sweeping in to buy the dip. Despite rebounding in recent days, the RSI continues to track below 30.00, which is a sign of current bearish pressure. Bulls are likely looking at the $0.3000 level as a short-term target, but there will likely be a high level of volatility preventing this point from being hit. Source: Bitcoin.com

The Bitcoin Tower in Dubai was formally introduced by Salvatore Leggiero at a prestigious architecture-related event. There will be a physical structure and a metaverse version of the tower. Leggiero has a wealth of real estate development experience, and the pandemic ignited his passion for Web3. He displayed the construction site’s intended location. Leggiero desires a decentralized autonomous organization (DAO) to serve as the project’s decision-making body.The tower’s metaverse design, which will have both a virtual and actual version in Dubai, was unveiled by designer Simone Micheli. Leggiero thinks the project could strengthen the leadership’s stance on cryptocurrencies in the UAE and serve as a hub for the community. News Sorce

The possibility of the United States experiencing its first-ever debt default could have a significant effect on the price of Bitcoin, Ethereum, and other cryptocurrencies. A decline in the standard of government-backed debt would cause short-term pain for risk assets like stocks and cryptocurrencies. In the event of a U.S. default, Bitcoin and Ethereum may react differently, with Bitcoin likely to rebound alongside gold after a brief decline and Ethereum likely to stay in the red. Ethereum has less potential for growth than Bitcoin in the event that the government is unable to pay its debts.If a default occurs, Ethereum will likely perform worse than Bitcoin, but Bitcoin’s disproportionate gains following bank failures point to increased volatility. Grant is confident that lawmakers will come to a consensus, but the more important question is whether incidents like this happen more frequently. News Sorce

To make Solana data and its protocol easier to understand, the Solana Foundation created a ChatGPT plugin. Users will be able to check wallet balances, transfer tokens, and purchase NFTs. It will also give users insights into Solana’s computational infrastructure and its DeFi projects. A ChatGPT plugin has been developed by Solana Labs as an open-source reference implementation. A three-month accelerator programme for university students interested in blockchain and AI has been launched by Solana Labs. A 6.67-inch OLED screen, fingerprint sensor, 512 GB of memory, and two interchangeable rear cameras are all features of the $1,000 Saga smartphone. The “Solana Mobile Stack” (SMS) and a unique “dapp” store with only cryptocurrency-related apps are also included. News Sorce

The market capitalization of Tether is increasing and is getting close to reaching an all-time high of $82.9 billion. Because it is a stablecoin tied to the dollar, its value is more consistent than that of other cryptocurrencies. According to the data, USDT’s market share in comparison to other stablecoins has not significantly increased lately. Trading may have changed from BUSD to other stablecoins as a result of Binance’s promotion of TUSD as a BUSD substitute. Only 20% of non-stablecoin swap volume on decentralized exchanges uses USDT, indicating that the market cap increase is “inordinate” The largest USDT balances are held by Tron, while the biggest USDT balances are held by offshore exchanges like Binance and OKX. While USDT’s market cap and trade volume are not strongly correlated, USDC’s market cap is. Large Tether movements imply a sizeable fund transfer, which could have an impact on the overall cryptocurrency market. These transfers could be connected to a sizable cryptocurrency purchase, a sizable investment by a hedge fund or institutional investor, or both. News Sorce

Two of the biggest movers on Wednesday were Litecoin (LTC) and Dogecoin (DOGE), with LTC/USD falling to a low of $85.87 and DOGE/USD falling to a low of $0.07103. Since May 15, when it last broke out of a floor at $85.00, the price decline has brought Litecoin to its weakest point. The next discernible floor for the relative strength index (RSI) is at the 39.00 point after it dropped below a support level of 50.00. News Sorce

Raoul Pal has high hopes for Solana (SOL) and international stocks. He thinks that Solana has experienced consolidation following the completion of a pattern that denotes a change from a bearish to a bullish trend. Due to the development of a bullish pattern on the All Country World Index (ACWI), global equities are about to rally. Global equities may reach new highs if the ACWI index is breached. News Sorce

For the past 16 days, the price of Ether has been stuck below $1,920, and data indicates that this situation is unlikely to change soon. The bearish trend is supported by three important indicators, but the data is unable to pinpoint an immediate price breakout catalyst. According to Jamie Dimon, CEO of JPMorgan Chase, it is impossible to predict how the Federal Reserve will conduct its monetary policy, and the uncertainty surrounding the Joe Biden administration’s and the U.S. Congress’ standoff over the nation’s debt ceiling is most likely to blame for the worsening sentiment among institutional investors towards cryptocurrencies. However, there is a caveat. Total Ethereum deposits are stable. The network’s total value locked (TVL), which was stable at 15.1 million ETH compared to four weeks earlier, is getting close to its lowest point since August 2020. The DEX market share of the Ethereum network sharply decreased on May 21 from a peak of 75.5% to 22.3%. The biggest gainer was BNB Smart Chain, which increased from 5.6% to 61.1%. The top 12 DApps operating on the Ethereum network saw an 11% decline in active addresses over the past 30 days, which may have been caused by investor dissatisfaction with the high transaction costs. Since there is no impending catalyst to support a sustained rally above $1,920 in the near term, professional ether traders have shied away from leveraged long positions for the past four weeks. News Sorce