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Global crypto market cap dips 2.18% to $3.36T, with Bitcoin trading at $107,591 (-1.72%). Top gainers include ARDR (+19%), RVN (+8%), and RESOLV (+7%). Meanwhile, major cryptos like ETH, XRP, and SOL see losses. Key news: a stablecoin bill advances in the Senate, BlackRock eyes crypto dominance, and Brazil considers a Bitcoin reserve. Market watch: ETH $2755.44 (-0.56%), XRP $2.25 (-3.02%), SOL $159.47 (-3.96%), and more.
The recent price action of XRP has been nothing short of remarkable, with a substantial 110% surge sparking considerable interest among traders and investors alike. Following a robust rally in early June that briefly propelled the price above crucial moving averages, XRP is currently undergoing a retracement phase. However, this pullback might actually be laying the groundwork for the next significant upward movement.XRP's price recently broke above its 50-day and 100-day Exponential Moving Averages (EMAs) at $2.28 and $2.26, respectively. Although it stalled slightly below the 200-day EMA at approximately $2.40 USDT on the daily chart, the outlook remains promising. The support levels for today's retracement are positioned near the 100-day EMA, with the 50-day EMA acting as a secondary support floor.If these support levels hold firm,next resistances to watch out for would be the 200-day EMA and the previous descending trendline around $2.60. real narrative driving this price action, however, lies in network usage. According to the Stellar Data API, a record 1,109,289 XRP payments were recorded in a 24-hour period on June 9, marking the highest daily total since early 2024.This surge in transactions signifies more than just speculative trading; it indicates genuine demand and utility for asset. Historically, spikes in on-chain activity have often preceded long-term rallies as new users join network and existing holders accumulate more tokens. A clean retracement that adheres to the 50-day and 100-day EMAs can help consolidate tokens in hands of dedicated investors and eliminate weaker hands, which is why pullbacks often unsettle traders.For XRP to create a solid foundation for a subsequent upward leg, it needs to stabilize above $2.26-$2.28 range accompanied by an increase in trading volume. Conversely, a break below $2.26 would put the long-term 200-day EMA at risk of being retested at $2.08. Maintaining the 100-day EMA at $2.26 USDT is crucial for preserving bullish momentum. On dips, accumulation near the 50-day EMA at $2.28 USDT would be a positive sign.
Eid Mubarak to all! May this joyous occasion bring peace, happiness, and prosperity to your lives. May the spirit of sacrifice and compassion guide us all. Wishing you a blessed Eid filled with love, laughter, and cherished moments with family and friends. ๐โจ
Binance Options RFQ offers various trading strategies to suit different market views and risk levels. These strategies range from simple calls and puts to complex spreads and volatility plays, helping traders capitalize on price movements, manage risk, and optimize costs.
8 Essential Strategies
1. Single Call: Buy an asset at a fixed price; profitable if the market price rises above the strike price. 2. Single Put: Sell an asset at a fixed price; profitable if the market price falls below the strike price. 3. Call Spread: Buy and sell call options with different strike prices; suitable for moderate price increases. 4. Put Spread: Buy and sell put options with different strike prices; suitable for moderate price decreases. 5. Calendar Spread: Buy and sell options with different expiration dates; benefits from time decay. 6. Diagonal Spread: Buy and sell options with different strike prices and expiration dates; offers flexibility. 7. Straddle: Buy call and put options with the same strike price; profits from large price swings. 8. Strangle: Buy call and put options with different strike prices; a lower-cost way to trade volatility.
Key Takeaways
Understanding these strategies can enhance your options trading on Binance. Choose the right strategy based on your risk profile and market expectations. Binance Options RFQ provides the tools for efficient trading.
Reminder: This content is for educational purposes only and should not be considered financial or professional advice. #MyCOSTrade
OKX Alert! SOPH/USDT is on fire with a 33% surge in the last 24 hours, reaching $0.0683 and wicking as high as $0.07498. This kind of volatility is rare and often signals a trend reversal or the start of a massive leg up.
Market Analysis The market structure shows a strong bullish engulfing candle on the daily chart, breaking out from a previous range near $0.050-0.060 with massive volume and momentum. The price is currently consolidating under key resistance at $0.070-0.075, which could be a sign of a potential breakout or a pause before the next move.
Trading Opportunities For traders, a bullish bias is confirmed above $0.07000, with potential targets at $0.08000 and $0.08800. On the other hand, a bearish rejection below $0.06400 could lead to a retracement towards $0.05600 and $0.05000. It's essential to set stop-losses accordingly, with $0.06200 serving as a potential stop-loss for long positions and $0.07000 for short positions.
Market Narrative Given SOPH's recent Binance listing and Layer 1 protocol status, this volatility might be the start of a price discovery phase. The surge in volume and momentum could indicate a new trend emerging, making it an exciting time for traders and investors.
Caution and Next Steps However, with profit-taking already seen at $0.07498, it's wise to wait for a clean retest or breakout confirmation before jumping in. Traders should exercise caution and consider waiting for a clearer signal before entering a position. This one's worth watching closely for potential big gains, and OKX traders should stay alert for further developments.#MyCOSTrade
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President Trump announced plans to raise steel and aluminum tariffs from 25% to 50% starting June 4. This move is part of his administration's efforts to protect domestic manufacturing and impose steep protective tariffs on nearly all goods imported into the US. The average effective US tariff rate has risen significantly, reaching 17.8% as of May 2025.
Impact on Trade The escalated tariffs have sparked concerns about a trade war, particularly with China, where baseline tariffs on Chinese imports have been raised to 145%. In response, China imposed a minimum 125% tariff on US goods and restricted exports of rare earths critical to high-tech industries
Bitcoin Market Update Meanwhile, Bitcoin's value dropped below $104,000, experiencing a 6.2% decline over the past week. Over $1 billion has been liquidated in the past 24 hours, with most liquidated positions being Long trades. Investors are slowly locking in profits.
Trump's Crypto Venture Additionally, Donald Trump's new cryptocurrency, WLFI, is set to launch next month with a market cap of $1.5 billion, according to World Liberty Financial. This move suggests the Trump family is exploring opportunities in the cryptocurrency market.#TrumpMediaBitcoinTreasury $BTC