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Did JPMorgan Secretly Buy 7.5 Million XRP? Here’s What We Know

The crypto rumor mills have been abuzz lately with talk of JPMorgan, a US megabank, secretly buying XRP tokens. This rumor has gained ground and in the course of its spread, has garnered the attention of the crypto community as they dissect it.

JPMorgan Reportedly Buys 7.5 Million XRP

The first reports of this rumor emerged after a news report citing a leaked report, claimed that the investment giant had actually bought 7.5 million XRP tokens. This rumor quickly made its way to social media where users on platforms such as X (formerly Twitter) have spread it widely.

One of the most prominent reposts of the article includes that of Amelie, a German influencer with over 27,000 followers on X. As the rumors gain more popularity, it has also come under scrutiny due to its lack of evidence and the fact that the numbers do not add up.

For example, one X user points out that the article says that the 7.5 million XRP reportedly bought by JPMorgan makes up 7.5% of its portfolio. However, this would mean that JPMorgan’s total portfolio would have to be worth $6.2 billion as opposed to its actual $440 billion value.

There have also not been any official statements from JPMorgan about buying XRP or actually holding any cryptocurrency in their portfolio. Interestingly, JPMorgan actually launched its own JPM Coin which will reportedly be used to carry out $10 billion in daily transactions.

XRP price chart from Tradingview.com (BlackRock JPMorgan)

Adding BlackRock To The Debate

The rumors have also included BlackRock showing an interest in XRP but so far, there has been no indication that this is the case. The only time that BlackRock has been heavily mentioned around XRP communities is when a fake filing of a BlackRock XRP ETF showed up on the Delaware Corporation website.

This fake filing has since been taken down and the Delaware authorities have reportedly begun their investigations to figure out the party or parties that were behind the fake filing.

XRP influencer CryptoInsightUK also took to X (formerly Twitter) to debunk the rumors of BlackRock buying the token. He referred to it as a “stupid rumor” and that it is untrue, advising investors to not be distracted by the “noise.”

Although JPMorgan and BlackRock are not going in on XRP, banks all around the world are reportedly trying to tap into the potential. A new report from the Basel Committee on Banking Supervision (BCBS) revealed that the token currently ranks third in the list of digital assets held by global banks. XRP reportedly makes up 2% of the 9.4 billion euros that these banks have invested in digital assets, meaning they hold around 188 million euros worth of XRP.

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Analyst Predicts Chainlink Rally To $20 Based On This Pattern

An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20.

Chainlink Is Escaping Out Of A Bull Flag Pattern Currently

In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart. The relevant technical pattern here is the “bull flag,” which, as its name implies, looks like a flag on a pole.

This pattern forms when the asset’s price goes through a pullback after seeing a sharp rally and consolidates inside a region. The initial trend acts as the “pole,” while the parallel trendlines of the consolidation region make up the “flag.”

The flag’s length (the distance between the parallel trendlines) is always at most half the length of the pole. If it’s not, then the pattern isn’t that of a bull flag.

Inside the flag, the price feels resistance at the upper line and support at the lower one. A successful break out of the resistance zone generally indicates that the asset is ready to continue the initial uptrend.

According to the analyst, the chart below shows that such a pattern is forming for Chainlink.

Chainlink Bull Flag

As displayed in the graph, Chainlink had earlier been consolidating inside what seems to have been a bull flag, but with the recent surge, the asset has seen a break out of the pattern.

When Ali shared the chart, LINK had been trading just under the $15 mark. The analyst had noted that a retest of the breakout zone could happen soon, around $14.

The cryptocurrency has indeed made such a retest since then, as its price has observed some retrace. Ali believes the price could rally towards the $20 mark, continuing the bullish momentum from earlier. From the current asset price, such a jump would imply profits of almost 42% for Chainlink.

It remains to be seen whether the bull flag pattern holds for the cryptocurrency this time and if a return to a bullish trend occurs.

LINK Has Seen A Rally Of 185% In The Past Month

Regardless of the recent pullback that the asset has seen from above the $16 mark, its returns for the last 30 days are still incredible, as they currently stand at a whopping 85%.

The below chart shows what the performance of the asset has looked like during this period.

Chainlink Price Chart

With such large returns, Chainlink has naturally outperformed most of the other top assets recently, and it’s no wonder that the cryptocurrency has also significantly improved its standing in the market cap list.

Chainlink Market Cap

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Did The OpenAI and Microsoft Saga Just Trigger Massive Interest in AI Tokens?

The recent saga surrounding OpenAI and its co-founder Sam Altman has sparked a surge of interest in AI tokens, with total weekly trade volume surpassing $2 billion for the first time since March, fresh data from Kaiko, a blockchain analytics platform, shows.

According to statistics, WLD, the native token on Worldcoin, a project co-founded by Altman, and other tokens, including FET, the primary coin behind the AI-reliant blockchain, Fetch.ai, appear to be primary gainers. Even so, WLD prices remain below November 2023 lows when writing.

Trading volume of AI tokens | Source: Kaiko on X

WLD Remains Volatile 

Even so, looking at market data, the spike in crypto AI trading volume seems driven mainly by WLD activity. Looking at the project’s share, trading volume comprises over 33% of all related crypto AI trading volume. 

While there is a noticeable spike in activity, it remains below the all-time high of above $4 billion in Q1 2023. Then, traders and investors were keen on AGIX, the SingularityNET token. However, over the months, Worldcoin has since taken over as investor interest shifted to WLD, evidenced by the gradual rise of trading volume.

Worldcoin price trending upward on the daily chart | Source: WLDUSDT on Binance, TradingView

Looking at WLD price action over the past three days, prices have been volatile, though trading volume has been mostly up from November 13. Following news of Altman’s removal as CEO of OpenAI, prices fell before slightly expanding with news of negotiations to return to the role, followed by his appointment to lead Microsoft’s AI team. 

All these events have contributed to the market’s heightened interest in WLD. Accordingly, trading volume across the broader crypto AI scene stands above the $2 billion level for the first time since March.  

The Sam Altman And OpenAI Drama Turns Attention To Worldcoin

Though there is no direct connection between OpenAI and Worldcoin, crypto participants focus on events at OpenAI and how the board handled Altman as a factor catalyzing WLD’s activity. 

The general lack of clarity on why the board ousted Altman as CEO worsens the situation, sparking speculation that this could also impact WLD’s prices and how Worldcoin is governed, considering the former CEO is also behind the crypto AI project.

Looking at the co-founder’s previous role as the team leading Worldcoin’s developments, Altman also holds significant sway, contributing to discussions on how the government should regulate AI at the end of the day. 

Altman’s influential role has impacted Worldcoin and its prices since the blockchain project aims to create a global identity system. Worldcoin’s operations would rely on AI, including fraud prevention, data analysis, verification, and more. 

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Fetch AI Breakout Confirmed: Analysts Reveal Bullish Targets For FET Price

Fetch AI (FET) has been riding the bullish artificial intelligence (AI) narrative following Sam Altman being ousted from OpenAI. Its native FET token has seen an impressive move upward since then, maintaining its bullish headwinds at the same time. But even after the altcoin has grown so much, crypto analysts are convinced that the coin is only at its starting level, and will continue to rise.

Analyst Who Called FET Initial Rise Is Back Again

Crypto analyst Tony The Bull, Founder of CoinChartist, was one of the most vocal voices for buying FET when the price fell to $0.09 back in 2022. The coin has since risen more than 5x from this level but even this has not deterred the analyst, who believes that there is more to come.

In a recent analysis, Tony presented the reasoning behind why he is still bullish on the FET price. The analyst had previously expected a retracement. But from the current level, expect the price to increase once more.

The chart shows an initial bounce above the $2.5 mark before a retracement that takes it back down to around $0.55. Then from here, there is another bounce upward to over $4 once more. If this plays out as expected, then the FET price could be looking toward multiple bounces of over 500% from here.

Fetch AI On Bulls’ Radar

In the same vein as Tony The Bull, another crypto analyst has predicted that the price of FET is headed for more rallies. The analyst who goes by TradingShot posted the analysis on TradingView where they revealed their target for the price.

Similar to Tony’s first target, TradingShot expects a rally that will bring the price above $2. The analyst identified a Golden Cross on the 1-day (1D) chart, noting that this is the fourth bullish pattern that has shown up in the FET long-term channel.

Fetch AI FET price chart from Tradingview.com

According to the crypto analyst, whenever such a bullish pattern emerged, the price had already started moving up. But actually, it is just the beginning as the main rally often happens after this 1D Golden Cross on the price chart is noted.

“The 1D RSI’s similarities of the November 2020 – February 2021 Bullish Megaphone are a testament that we are on a similar pattern, which then peaked just below the 1.5 Fibonacci extension. As a result, we remain buyers on FET, targeting 1.8000,” TradingShot said.

FET is currently in a downtrend after a tremendous run. According to data from CoinMarketCap, the altcoin’s price is sitting at $0.5 after falling 11.62% in the last 24 hours.

Fetch AI FET price chart from Tradingview.com

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From Cool-Off To Takeoff: How XRP’s Current Value Signals An Imminent Market Triumph

Ben Armstrong, a well-known crypto analyst and YouTuber has recently offered an intriguing perspective on XRP’s current trading value.

XRP, a token closely watched in the crypto community, particularly after its legal battle with the US Securities and Exchange Commission (SEC), currently trades at around $0.60. While this figure might not represent an all-time high, Armstrong highlights why this price point might be pivotal for XRP.

The Bigger Picture: Institutional Interest And Market Dynamics

Armstrong’s analysis begins with the “adamantium” support level of $0.60 for XRP. Drawing an analogy with the fictional character Wolverine, who famously recovers from severe damage, Armstrong sees XRP’s resilience at this price as a sign of robustness.

Each time XRP’s value dips, it seemingly rebounds from this critical support level, suggesting a strong market faith in the token.

Armstrong goes beyond price analysis to consider broader market dynamics in his video. He notes that XRP’s previously traded price level of $0.62 has become particularly attractive to institutional and corporate investors.

Whale transactions involving substantial quantities of XRP have increased significantly, indicating heightened interest from large-scale investors. This trend aligns with a broader global crypto market cap increase, suggesting ample liquidity for significant investments.

Armstrong also touches upon the strategic aspect of XRP’s price following Ripple’s legal victory over the SEC. He posits that a post-verdict price surge might have limited the token’s accessibility to a broader audience.

However, the current steadier price range, a retrace of the previously seen $0.72, allows for a more extensive accumulation of XRP, potentially setting the stage for a bigger bull run.

XRP Latest Price Action

XRP’s market performance has recently shown a notable decline, with its price falling by over 10% in the past two weeks. At the time of writing, XRP is trading at approximately $0.605, reflecting a 2.3% decrease in the past 24 hours.

XRP price chart on TradingView.com

Despite a significant bullish trend earlier this year, where it surged by 70.3% year to date, XRP remains substantially lower, down by 82.20%, from its all-time high of $3.40 in 2018.

This downward trend extends beyond just XRP’s price. The past two weeks have also decreased the asset’s daily trading volume, descending from highs of around $2.5 billion early last week to roughly $1.1 billion in the past 24 hours.

This decline in trading volume may signal a decrease in investor interest or market activity surrounding the asset, contributing to its reduced price.

Moreover, the broader crypto market has seen a mix of volatility and bearish trends, which might influence XRP’s performance. So far, Bitcoin has also declined by 2% in the past 24 hours, resulting in the drawdown of the global crypto market cap of 1.3% over the same period.

Featured image from Unsplash, Chart from TradingView

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Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down

In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.”

The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far.

CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines

Earlier today, the US Department of Justice revealed it would be announcing action against a cryptocurrency company. The most dominant cryptocurrency exchange, Binance, was the target of the enforcement action, and was ordered to pay $4.3 billion in fines.

Binance CEO Changpeng “CZ” Zhao stepped down as a result, and plead guilt to US anti-money laundering charges. The crypto market sank in the earlier hours today in anticipation of the news.

However, as soon as the Wall Street Journal revealed the information publicly, Bitcoin price bounced back and so did the altcoin market. Moments later, most of the upside price action was wiped out. Price as traded within roughly a 4% range today, but has traded across that several times since the news broke, highlighting powerful intraday volatility.

Binance BTCUSDT

The Crypto Market Reacts To The Binance News

While the market tries to price in what just occurred, volatility will continue to ensue in the near term. On X (formerly Twitter), notable figures are speaking out in regards to CZ’s departure from Binance.

On-chain analyst and market commentator Will Clemente points out it is “just a matter of weeks until Bitcoin ETF approval now” with Binance out of the way. The company has long been cited as a key reason for the SEC remaining hesitant to pull the trigger on a spot BTC ETF application approval.

Messari Crypto CEO Ryan Selkis calls it one of the “biggest catalysts we could have in crypto” between ETFs, crypto-friendly legislation, and this $4 billion settlement helping crypto be viewed as a “real industry.”

Economist Alex Kruger reveals that the settlement is ranked the 7th in financial compliance history, next to names like JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, and several others.

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Celsius Network’s Shift Towards Bitcoin Mining Plan

Bankrupt crypto lender Celsius Network has revealed that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan.

Celsius Transition To Mining NewCo

Celsius Network‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing.

In September, Celsius filed for a reimbursement plan as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of Celsius’ creditors voting in favor of this reimbursement plan.

According to the recent court filing, the cryptocurrency company intends to convert its services into Bitcoin mining operations exclusively and the new company will be known as Mining NewCo.

In addition, the company seems to have forsaken its initial plan for the company’s future with Fahrenheit Group. The firm asserted that the transition was the primary business of the new company to be formed with Fahrenheit, LLC. 

This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the “Fahrenheit NewCo”).

The new company which was supposed to be known as Fahrenheit NewCo was formed after it purchased Celsius this year after it purchased Celsius in a bidding war.

Celsius and the Fahrenheit Group initially came to a deal that the group would provide the firm with funds and operational expertise. Fahrenheit successfully acquired the firm’s assets this year. 

In the meantime, the firm is in touch with certain parties in order to organize the management of the Bitcoin mining company.

Celsius

The SEC’s Imparted The Transition Move

The firm’s plan to switch to a Bitcoin mining company was triggered by the United States Securities and Exchange Commission’s (SEC) feedback after the court confirmed its plan. The company also highlighted that the new mining company will be owned by its customers.

The filing stated:

Celsius received feedback from the Securities and Exchange Commission (the “SEC”) on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the “Mining NewCo”).

Additionally, the feedback seems to have also imparted the initial plan of transferring the firm’s assets to the Fahrenheit Group. As noted in the filing, Celsius estates will retain certain of the assets in order to be monetized by the plan administrator. 

However, based on the SEC’s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the “Committee”), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius’s estates to be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors.