Dogecoin Adds Another Zero, Peter Brandt Makes Important Bitcoin Correction Statement, 187 Million XRP in 24 Hours: Crypto News Digest by U.Today
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Take a closer look at the weekend's top three news stories with U.Today.
Dogecoin (DOGE) adds another zero
The market has recently seen Dogecoin dropping below the important $0.10 level, which raised concerns among its holders about whether it will be able to recover. The decline in DOGE's value was accompanied by low trading volumes, suggesting that investors now lack buying interest, which makes a bounce back seem unlikely. Besides, a potential death cross between the 200-day and 50-day EMAs may signal an even more severe correction ahead. The inability to hold above the $0.10 price mark and the lack of support from the larger market environment are worrying signs for those favoring the dog-themed coin. In general, Dogecoin's technical indicators point to continued bearish momentum, unless there is a renewed surge in interest or an endorsement from renowned crypto influencers.
Legendary trader Peter Brandt makes important Bitcoin correction statement
Peter Brandt, seasoned commodities trader, took to X platform to comment on Bitcoin's nearly 6% plunge, demonstrated on Sept. 6. As a result of this correction, the largest crypto declined from the $56,500 zone to $53,200; as noted by Brandt, the last time BTC had closed at that low a level was Feb. 25 this year. The analyst also shared a chart, which shows a steady decline since mid-March, following an all-time high of $73,750, with the asset down 26.39% since reaching that historic peak. The expert pointed out "two dimensions to drawdowns – price and duration." In Brandt's opinion, prolonged corrections can inflict more emotional damage than sharp declines. The correction was not left unnoticed by vocal Bitcoin supporter Samson Mow; in his X post, he confidently stated that "everyone that thinks Bitcoin will go lower is wrong."
Tomiwabold Olajide187 million XRP in 24 hours - What's happening?
On Friday, Sept. 6, Whale Alert blockchain tracking service spotted several large XRP transactions made over the course of 24 hours, with a significant transfer by Ripple Labs among them. According to the service's data, there were four large transactions, which cumulatively carried 187 million XRP. The largest of them was executed by Ripple Labs; it moved 100,000,000 XRP worth $54,594,473. This specific transfer raised concerns within the XRP community about Ripple's intentions with the large lump of XRP; however, XRP-focused explorer Bithomp later clarified it was an internal transaction to one of Ripple's wallets. Additionally, an anonymous whale withdrew over 31 million XRP worth $16,908,702 in fiat to their wallet, while two other transfers sent 29.1 million and 26.8 million XRP to exchanges Bitso and Bitstamp. Notably, these exchanges collaborate with Ripple to facilitate its payment services using XRP tokens.
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