This article will analyze the latest news and prices of the crypto assets Dogecoin, Ripple (XRP) and Zcash.
Crypto analysis of Dogecoin, Ripple (XRP) and Zcash
The meme dog token stands today at $0.073 losing 1.01% from yesterday’s close but it is only a momentary pause considering that the currency has a bullish market structure contrary to all analysis.
However, in the long term the bearish trend is confirmed but that does not detract from the fact that it is still a very interesting currency going forward, more so for what it represents.
Dogecoin had jumped +20% after the announcement made by Elon Musk so it became the official currency for Twitter exchanges and this beyond the value in the market gives it a function that can only do the currency good over time.
DOGE during the holidays has been the subject of many investors’ interest and is considered among the most market-valuable meme coins.
The combination of these features has caused the digital currency to touch important support areas, which has led to a significant rebound in the price in recent days.
Indicatively over the past week, the price of the meme coin has made a remarkable leap forward.
On 19 December, DOGE touched $0.07 and kicking off the crypto’s moment of grace.
Open Interest on the digital currency also rose relentlessly and the funding rate was more positive than anything else.
In the last days of 2022, analysts give the crypto as bullish by analyzing the trend of the last few days that have already brought gains to investors’ pockets.
However, there are those who do not applaud the decision to use Twitter as a currency in the canary social, among them is the Co-founder of blockchain software company Jelurida who commented as follows:
“Even if they succeed in popularizing cryptocurrencies on Twitter, there are much better blockchain solutions than Dogecoin in terms of security, privacy, smart contracts and scalability.”
Of the same opinion is also TideFi CEO Daniel Elsawey, who has been critical of it, citing as an argument that the currency is still too incomplete to rise to such a role:
“Limited by its original design, DOGE cannot directly interact with smart contracts: I would argue that unless it is specifically used as a payment option, the associated use cases will continue to remain speculative.”
Zcash, like Monero, is considered by industry experts to be a secure token i.e., a crypto that makes privacy protection its workhorse.
The digital currency aims to safeguard users’ privacy in transactions by ensuring anonymity.
The protection of personal data is the mission of Zcash; transaction data is never published within the blockchain thanks to a sophisticated system.
The cryptocurrency in essence conceals sensitive data by hiding it from an untrained eye such as that of a programmer and takes strength from an ad hoc algorithm designed to fulfill this role.
Zero Knowledge Proof is the algorithm that makes it possible to conceal users’ sensitive information in order to have 100% privacy.
As of today, ZEC trades at $37.37 with a change of +$0.35222406 from yesterday’s close while the trading volume is about $24 million.
The market capitalization of the security is 500 million US dollars against a total circulating ZEC of 21 million.
After a week that saw it gain 1.51%, the Ripple Labs token suffers a setback.
The token comes to a halt at $0.36, down slightly after the SEC posed a question about whether or not certain evidence and testimony was admissible at the trial pitting the SEC and Ripple against each other.
In essence, the Securities and Exchange Commission argues that the video featuring the former chairman of the SEC’s finance committee (Hinman) is not presentable as evidence because the identity is unclear.
The Spin company has provided enough evidence to refute this justification, and the legal case is headed for a conclusion.
The outcome of the case could give a boost to the price of XRP in case of a ruling in favor of the company.