Published
4 weeks ago on
May 27, 2024
Table of Contents
- Ripple's XRP Slumps 18%, Consolidates Above $0.51
- Coinbase Launches Avalanche (AVAX) Staking Amid Price Decline
- Algotech (ALGT) Presale Raises $5.6M, Attracts XRP and AVAX Investors
The crypto market had another new flame just flare up and caught the attention of many investors: Algotech (ALGT). The decentralized algorithmic crypto trade platform seems to take command of the focus with the last bonus round as the key players in the game, Ripple (XRP) and Avalanche (AVAX), ensue. For the longest time, the cryptocurrency market has been dominated by a few major players, although change appears to be in the air and Algotech is situated to be the truly disruptive force.
Ripple's XRP Slumps 18%, Consolidates Above $0.51
Recent market movements have seen Ripple's XRP price slump by almost 18% from the highs of $0.6431 set on April 9. However, the altcoin is consolidating after the drop, having broken above the sticky resistance at $0.51 several times this week. As of now, Ripple is trading at $0.5282, testing the resistance around $0.5310, which allows for the 50% retracement of the decline from April 9 to its April 13 low.
Other technical indicators also affirm a bullish momentum underneath the Ripple uptrend, with the Moving Average Convergence Divergence moving further above its zero line in recent trade and the Relative Strength Index moving back above the neutral line for what looks like a potential crossing.
Coinbase Launches Avalanche (AVAX) Staking Amid Price Decline
Meanwhile, Avalanche (AVAX) is also facing a price decline, but a recent announcement from one of the giant exchanges has triggered a wave of optimism. Coinbase Exchange annouced launching Avalanche (AVAX) staking this week. The decision is a pivotal moment for the Avalanche protocol and the exchange because the mechanism of staking has been the subject of debate in the United States. That means, apart from the annual percentage yield of 4.47%, Coinbase will start offering staking services for Avalanche.
However, the choice of Avalanche by Coinbase is, without a shadow of a doubt, with the realization that its status as a Layer-1 blockchain network remains one of the fastest to hit the TPS neighborhood of 4500 compared to Bitcoin's 7. With AVAX added to the staking options on Coinbase, it means further major validation of the protocol, increased demand, and a price boost in the long run. At the time of writing, AVAX is down by 3.5% in the last 24 hours, priced at $38. One wouldn't be surprised if, over the next few days, staking news triggers a turn in price action.
Algotech (ALGT) Presale Raises $5.6M, Attracts XRP and AVAX Investors
Algotech (ALGT) has been a silver lining in the actions of investors in their lost hope toward gaining new and innovative approaches, performing trading, and investing in the market. With the last Algotech presale round bonus in place, investors from Ripple (XRP) and Avalanche (AVAX) are taking the chance to diversify their potentially lucrative portfolios. The platform has already raised over $5.6 million, with massive demand from investors looking for the next moonshot.
Additionally, Algotech has spent a total of $1.2 million on H100 GPUs to reinforce and cultivate their speed, accuracy, and capability. Algotech is setting new standards for crypto trading, growing from existing Ripple's XRP and AvaLanche (AVAX) established projects, attracting investors using its leading-edge automation and other avant-garde technologies.
Algotech features a technically robust infrastructure that can handle significant trade volumes, making it smooth, low-latency, reliable, and easy to use. The platform also utilizes advanced strategies with risk management methodologies to minimize losses and enhance general trading performance by real-time analysis of relations at the market and reacting to probable risks.
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Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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