updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Renowned market expert with X username CasiTrades has shared an interestingly bullish insight on the XRP market. Notably, this price forecast comes following a broader crypto market correction in the past week, during which XRP has registered a 6.74% price decline.
In an X post on July 25, CasiTrades shows that XRP is on the brink of a major price surge based on the indications of the Elliot Wave Theory – a technical framework that proposes that price movements occur in five repetitive waves.
Amidst the price decline in the last week, XRP failed to hold above the critical $3.21 price level, forcing a retrace to retest the major $3.00 support zone, resulting in a slight price bounce. Despite this bearish event, the analyst notes encouragingly that the altcoin did not form a new price low, suggesting the larger bullish structure remains intact.
Related Reading: XRP To $10? Basketball Legend’s Poll Puts Crypto On Center Court
CasiTrades explains that XRP’s latest retracement reached a deep 0.854 Fibonacci level, a classic reversal zone for second waves in a bullish five-wave structure. This deep pullback, combined with the strong bounce off $3.00, signifies the potential bottom of Wave 2. If bulls can hold the price above this support, this sets the stage for the beginning of Wave 3, the strongest and most explosive leg in the Elliott Wave Theory.
For context, the Elliot wave theory begins with an initial price rise, i.e, Wave 1, followed by Wave 2, a pullback that doesn’t breach the starting point. Wave 3 is usually the strongest and longest, driven by increased participation and bullish momentum. Meanwhile, Wave 4 brings another correction, often less severe than Wave 2, before Wave 5 pushes prices to a final high.
For Wave 3 to commence in the present market, CasiTrades states the next price target lies at the $3.21 region, which represents a crucial resistance. If XRP produces a sustained breakout above this price barrier, it validates the proposed bullish scenario.
In this case, the analyst identifies an immediate price target of $3.82, which aligns with the 2.618 Fibonacci extension of the prior move. Interestingly, this price zone also represents XRP’s all-time high on certain markets. This confluence strengthens confidence in the bullish scenario, especially considering that if the Elliott Wave structure plays out fully, a Wave 5 rally could propel the altcoin into uncharted price territory.
At the time of writing, XRP is valued at $3.20 following a price rebound of 5.52% in the past 24 hours.
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My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
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Tether CEO Paolo Ardoino has recently accused rival stablecoin firms of using regulatory tactics to eliminate the industry leader rather than competing on innovation. His comments came in response to mounting concerns that new US stablecoin regulations could severely restrict access to US Treasuries for international stablecoin issuers which could include the issuer of USDt.
Ardoino noted how USDt, the company’s flagship stablecoin with a market capitalization of $142 billion, serves as a crucial financial tool for millions across Africa, South America, and other developing regions. According to Ardoino, Tether has built an extensive network of both physical and digital distribution points, ensuring widespread accessibility to dollar-backed assets.
“Tether has over 400 million users and is growing at a pace of 35 million new wallets per quarter,” he added. He further explained that Tether holds over $115 billion in US Treasuries, ranking it as the 18th largest holder—making any attempt to curb its access to Treasuries a direct threat to dollar liquidity abroad.
However, Ardoino accused unnamed competitors of attempting to weaponize regulations against the USDt issuer rather than focusing on building superior products. “Every single business or political meeting they have culminates with the intent to ‘Kill Tether,’” he alleged.
Ardoino’s remarks came in response to a tweet from Vance Spencer, co-founder of Framework Ventures, who raised concerns about an upcoming stablecoin regulatory framework. Spencer suggested that a new policy under discussion in Washington D.C. might prevent international stablecoin issuers from holding US Treasuries—a move he called “batshit crazy.”
Spencer argued that such restrictions would weaken the dollar’s dominance rather than strengthen it. He compared the United States’ increasingly hostile stance toward stablecoins including USDt to Europe’s restrictive approach to AI, suggesting it could lead to American firms losing ground on the global stage.
Meanwhile, the United States Congress has recently proposed two new stablecoin bills: the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act in the House and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in the Senate.
They aim to establish clearer regulatory guidelines for stablecoin issuers, requiring them to maintain specific levels of reserves and submit monthly certifications from top executives. While some see the bill as a step toward legitimizing the $230 billion stablecoin market, critics worry that it could impose unnecessary barriers on non-US firms.
Generally, legislative processes involve amendments before any law reaches the president’s desk. However, if enacted in its current form, experts believe these regulations could impact Tether’s reserve structure and overall market stability.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
