Crypto News: Japan’s SBI Expands Use of the Ripple Remittance Platform
- Sudden Ark Invest pitch for an ETH-Spot ETF is poised to reshape the US crypto regulatory landscape.
- SBI unveils plans to bolster international remittance using XRP and Ripple, targeting Asia’s key markets.
- Google (GOOGL) redefines crypto guidelines, spotlighting advertising norms for NFT-based games.
The Wednesday Overview
Strategic Business Innovator Group (SBI): On Wednesday, the SBI announced plans to expand international remittance services, using XRP and the Ripple remittance product, to the Philippines, Indonesia, and Vietnam. Despite the positive news, XRP ended Wednesday in the red. Uncertainty surrounding the ongoing SEC v Ripple case leaves XRP in limbo.
Google Tweaks NFT Advertising Policies: This month, Google (GOOGL) plans to update policies on cryptos and related products. The tweaks focus on the advertising of blockchain-based games involving NFTs. According to the announcement, Google will permit the advertising of NFT games that do not promote gambling-related content under certain conditions. Promoters can advertise NFT games that allow players to acquire in-game items, including but not limited to virtual characters.
Ark Invest Goes ETH-Spot ETF: On Wednesday, Ark Invest caught the markets by surprise, filing an application for an ETH-Spot ETF, ARK 21Shares Ethereum ETF. Ark Invest and 21Shares aim to be the first to deliver an ETH-spot ETF in the US. The ETF would invest directly into ETH. Despite the positive news, ETH ended the Wednesday session in negative territory.
BTC tested support at the trend line for a third consecutive session on Wednesday. However, BTC broke back above the trend line despite a loss on the day. BTC also tested buyer appetite at the $25,506 support level before steadying.
However, BTC remains below the 50-day and 200-day EMA, sending bearish price signals. A break below the trend line and the $25,506 support level would give the bears a look at sub-$25,000. However, a BTC return to $26,000 would bring the $26,755 resistance level into view.
The 14-Daily RSI reading of 35.09 indicates BTC has the room to return to sub-$25,000 before entering oversold territory.
The Daily Chart showed ETH above the $1,626 support level. A return to $1,650 would give the bulls a run at the 50-day EMA and the $1,746 resistance level. However, a fall through the $1,626 support level would bring sub-$1,600 into play. Barring a crypto-event fueled sell-off, we expect ETH to steer clear of the $1,502 support level.
We expect SEC activity and updates from the ongoing SEC v Ripple and Coinbase cases to continue influencing. SEC Chair Gary Gensler recently threw ETH into the SEC securities basket. Since then, ETH has shown increased sensitivity to SEC activity. The delay to the launch of a crypto-spot ETF remains a headwind.
Looking at the 14-Daily RSI, 36.89 shows room for ETH to revisit sub-$1,600 before hitting oversold territory.