It’s time for another round of fresh crypto news, brought to you by your favorite underwater reporter, Mr. Yabby! He traversed the waters, interviewed people in the know and gathered his sources to bring you this report.
Pressure Mounts on XRP as Traders Bet on a Drop
This crypto currency used by the Ripple Network is struggling to gain momentum, with most traders expecting the price to fall. The data from Coinglass indicates that the long/short ratio has stayed below 1 for nearly two weeks now. This shows that bearish sentiment is dominating the market in their case. While trading volume jumped 35% to $3.28 billion, open interest slightly dipped, suggesting traders are active but mostly betting on a decline. The price is holding just above $2.05, a key support level. If it breaks, a drop to around $2 could follow. Technical indicators like the MACD and moving averages also point to weakness, although Ripple’s fundamentals remain strong after resolving its legal battle with the SEC. Hopes for an XRP ETF in 2025 and broader market shifts could eventually turn things around. For now, at least, the short sellers are in control.
Pi Network Expands its Global Reach with BANXA Approval
Pi Network has approved BANXA under its Know Your Business (KYB) framework. This allows their users in over 100 countries to buy Pi directly with cash. The move removes many of the usual crypto onboarding headaches people faced and was praised as a “game-changer” by analyst Dr. Altcoin. To enhance security and ensure safety, all users must pass identity checks and use non-custodial wallets for peer-to-peer transactions. More exchanges like BitMart and HTX are expected to follow in their footsteps soon with KYB approvals of course. While Pi’s price is holding above the $0.58 support level, trading momentum is still weak and the trend remains flat at the moment. If the $0.58 support holds and interest in Pi’s compliance-first approach grows, a short-term bounce could happen. At this moment it appears, the market remains cautious.
Development of a Blockchain Financial Hub in Maldives
The island nation of Maldives has partnered with Dubai-based MBS Global Investments to build a staggering $8.8 billion crypto and blockchain hub in Malé. It will go under the name of Maldives International Financial Centre (MIFC). The project is set to be completed by 2030 and aims to give them a huge financial boost by tripling the country’s GDP within just four years. The MIFC will be a tax-free financial free zone designed to attract global fintech firms, digital nomads, and financial institutions. It will feature modern office and residential towers, a 3,500-seat conference center, and be fully powered by renewable energy. All of that accompanied by the great view and tropical climate of the region, is bound to attract a lot of interest. Over $4 billion in funding has already been secured, with more expected through a mix of equity and debt. Maldives officials hope the project will help reduce the country’s economic reliance on tourism and ease its growing debt burden. If successful, the MIFC could become a major financial and blockchain hub in the region. Mr. Yabby will be sure to pay them a visit once the project is done.
That’s it for this week’s report folks! Mr. Yabby hopes you had fun reading this and that you found some helpful information as well. Expect to find your perfect dose of crypto news again next week!
