Take a closer look at the latest crypto events with U.Today’s news digest!
Here are the top three news stories over the past day presented to you by U.Today.
XRP forms golden cross: Details
Yesterday, Nov. 7, Ripple-affiliated token XRP was spotted printing a “golden cross” pattern on its daily chart. This is the second golden cross that XRP formed this year; the first one was registered earlier in April. As a rule, this pattern is seen as bullish and often interpreted as a portent of an imminent upswing. The current golden cross may attract further buying pressure from traders who pay attention to market trends, leading to further price rises. However, one should always follow the DYOR (“do your own research”) principles instead of blindly relying on chart patterns; traders can get trapped on the wrong side of the market, as it may have been overbought at the time and is due for a correction before the cross emerges.
SHIB partner Bad Idea AI (BAD) plans to leverage Elon Musk’s Grok AI bot
In a recent X post, Bad Idea AI, a partner of Shiba Inu project, spread the word about a few developments in the AI field that piqued its interest. The BAD team mentioned the latest releases by the two AI-centered competing products – Elon Musk’s Grok-1 model and Open AI’s ChatGPT-4 Turbo for developers. The team then wrote that it plans to leverage both to expand their machine-learning database and to compare Elon Musk’s product to that of Open AI. As a reminder, earlier this year, Musk set up his own AI company called xAI, which presented its first AI chatbot Grok last week.
Ripple transfers 60 million XRP to unknown wallet as XRP price finds ceiling
As reported by Whale Alert, yesterday, Ripple transferred 60 million XRP worth $42.83 million to an undisclosed wallet. Meanwhile, following a parabolic growth spree over the last three weeks, XRP is changing hands at $0.68, which led to speculations regarding whether XRP has finally reached its price ceiling. This massive transfer might have surprised the crypto community. However, upon closer inspection, the wallet is not as mysterious as it seemed at first. Per Bithomp’s analysis, the unknown wallet is connected to Ripple, with the company activating it in 2021. It is interesting to note that the 60 million XRP tokens transferred have remained stagnant within the wallet, which already contains 114.47 million XRP worth about $79.33 million.