invezz.com
17 October 2024 11:04, UTC
Cryptocurrencies saw a decent bump in buy pressure this week, with the global market cap surging to above $2.4 trillion.
Bitcoin (BTC) remained above $67,000 and could target $70k, while the market is also upbeat around Ethereum (ETH), Solana (SOL) and Toncoin (TON.)
Here’s the crypto wrap for Asia hours, Thursday, October 17, 2024, with an overview of Ripple’s XRP (XRP), Apecoin (APE), Pundi X (PUNDIX) and Ondo (ONDO).
SEC appears to have missed the deadline for its XRP appeal, with the community pondering what this could mean for Ripple and the XRP cryptocurrency.
According to FOX journalist Eleanor Terrett, commentary from lawyers suggest the deadline for the SEC was Oct. 16, which the regulator missed.
So there’s no Pacer filing and all the lawyers I’ve spoken to, including @Ripple’s General Counsel, said that October 16th was the deadline. I find it really hard to believe the SEC would just let this important deadline sail by but 🤷🏼♀️. I’ve reached out to the @SECGov and…
XRP price initially rose after the news to trade above $0.56 before paring some of the upside to hover near $0.55 at the time of writing.
As this is likely a developing crypto regulation story, the impact on XRP’s short term price movement will unfold amid further clarity.
However, milestones including launch of stablecoin RLUSD and partnerships with key industry players may yet add to bullish sentiment.
Crypto lender Radiant Capital suffered a notable hack late Wednesday, with attackers draining over $51 million from the platform’s Arbitrum and BNB Chain wallets. Radiant Capital also suffered a $4.5 million hack in January.
The platform has halted markets on its mainnet and Base chain.
The RDNT token price fell 10% after the attack to trade at $0.064 at the time of writing.
Bitcoin price spiked to its highest level since July this week, hitting $68,257 across major exchanges.
While it’s below the $68k mark, BTC looks to be poised for another leg up as bulls bounce from below $67k.
Upside momentum could push Bitcoin to $70k and the all-time high reached in March.
On the downside, bears may target $65k and then $60k.
The price of ApeCoin reached $0.88 in late September.
However, bulls have given up all the upside seen to that level as APE hovers near $0.70.
ApeCoin’s downtrend, despite the brief spike this week’ could push buyers to support near $0.65.
On the flipside, a notable breakout could bring the psychological $1 back into focus.
AI and DePIN project PundiX has gained a lot of traction in recent months.
The native token PUNDIX looks poised for a positive flip after the latest announcement related to Pundi AI.
While price is down 1% to $0.41, it’s up nearly 10% in the past month and retesting the support line of an ascending triangle pattern.
If price successfully bounces off this line, a breakout could see bulls swiftly retest highs seen on September 20.
The main hurdle is around $0.5, which bulls reached in late June.
Tokenized assets platform Ondo Finance has expanded its yield-bearing stablecoin USDY to Sui via the NAVI Protocol.
It means further adoption for the treasuries-backed token.
But in the market, ONDO price has struggled in the past 24 hours – the coin’s price fell from $0.75 to lows of $0.71.
While this coincides with the declines for major altcoins, more bleeding could invalidate the bullish outlook of a potential ascending triangle pattern.
In this case, Ondo Finance’s native token could fall to August 5 lows or lower.
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