Since November 6, XRP has rallied over 450%, one of the best-performing cryptocurrencies. Through market declines, the cryptocurrency has outperformed most of the market for two months, maintaining above critical support zones.
For most of December, the cryptocurrency traded between $1.9 and $2.7 after reaching its multi-year high of $2.9. The cryptocurrency retained the range's bottom zone, confirming it as a major support level despite market retraces.
Despite start-of-year pullbacks, XRP has traded between $2.1 and $2.6 for two weeks, maintaining above $2.2. According to observers, the cryptocurrency has been trying to break out in recent days.
XRP was retesting the descending resistance of a one-month symmetrical triangle pattern, which aimed a rise to December highs, according to analyst Carl Runefelt.
XRP rose 30% from Monday's lows to break above resistance and hit a multi-year high on Wednesday. Bitcoin recaptured the $98,00-$99,000 price range and rose 17% in the daily period to temporarily reach $3 for the first time since 2018, hovering only 12% below its ATH of $3.4.
After reaching the milestone, XRP retraced to $2.9 and is testing resistance as support.
New ATH Rally ‘Just Started’ for XRP
As large-scale transactions increased on XRP, analyst Ali Martinez said whales noticed its velocity. According to the article, 341 transactions exceeding $1 million occurred in the last 24 hours.
Santiment also found that wallets with 1 million to 10 million XRP had been accumulating the cryptocurrency. The company said that these wallets had contributed $3.8 billion in XRP since November 12, up 37%.
Crypto trader Miky Bull said that the cryptocurrency had broken a multi-year downturn versus BTC. The report states that the Bitcoin broke above the trendline in November and has stayed above it for two months.
How Do Countries Around the World Tax Cryptocurrency?
The cryptocurrency market is one of the sectors that faces heavy taxation from various countries, but there are also some "friendly" nations that offer a more welcoming environment for crypto activities. Cryptocurrencies are typically taxed as either Income Tax or Capital Gains Tax. However, the specific application varies depending on the country you live in and the types of transactions you perform. Let’s explore how different nations handle cryptocurrency taxation. United States Cryptocurrencies are treated as property and subject to either Income Tax or Capital Gains Tax. Transactions like selling, swapping, or spending cryptocurrencies are subject to Capital Gains Tax.Income from activities such as mining or staking is subject to Income Tax.Buying crypto with USD, holding crypto, transferring crypto, and gifting crypto are tax-free.Donations of crypto to qualifying charitable organizations may be tax-deductible.Tax rates:10%-37% for short-term gains or income.15%-20% for long-term gains or 28% for NFTs considered collectibles.You can offset losses against gains, carry losses forward, and deduct up to $3,000 in losses from ordinary income annually. Australia Cryptocurrencies are classified as property and subject to either Capital Gains Tax or Income Tax. Transactions like selling, swapping, spending, or gifting crypto incur Capital Gains Tax.Staking rewards are subject to Income Tax.Buying crypto with AUD, holding it, and transferring it are tax-free.Donations of crypto to deductible gift recipients may be tax-deductible.Tax rates:Up to 45% for short-term gains and income.Long-term gains receive a 50% Capital Gains Tax discount.Losses can offset gains and be carried forward. United Kingdom Cryptocurrencies are considered property and subject to either Capital Gains Tax or Income Tax. Transactions such as selling, swapping, spending, or gifting crypto incur Capital Gains Tax.Gifting crypto to a spouse is tax-free.Income from mining, staking, or other activities is taxed under Income Tax.Buying, holding, and transferring crypto with GBP are tax-free.Tax rates:10%-20% on capital gains, depending on your Income Tax band.Up to 40% on income from crypto.A £3,000 tax-free allowance for capital gains will apply starting in 2024.Losses can be offset against gains and carried forward. France Cryptocurrencies are classified as moveable assets and subject to Income Tax. Buying crypto with EUR, trading, holding, or transferring it is tax-free.Occasional traders pay a flat 30% tax on profits from selling crypto, staking rewards, and other activities.Professional traders face a 45% BIC tax.Crypto mining is subject to a 45% BNC tax.Capital losses can only offset gains within the same fiscal year and cannot be carried forward. Japan Cryptocurrencies are considered property and generally taxed as Miscellaneous Income. Income from crypto is taxed at rates up to 55%.Taxable transactions include selling crypto for JPY, trading, spending, mining rewards, and more.If annual crypto profits are below 200,000 JPY and no tax deductions are claimed, reporting is not required.Losses are not deductible.Buying crypto with JPY, holding it, and transferring it are tax-free. India Cryptocurrencies are classified as Virtual Digital Assets (VDAs). Profits from selling, swapping, or spending VDAs are taxed at a flat 30% rate.Losses are not deductible.A 1% TDS (Tax Deducted at Source) applies when buying crypto. Indian exchanges automatically deduct it, but P2P and international transactions require buyers to deduct TDS themselves.Income from mining, staking, or airdrops is taxed up to 30%.Holding, transferring, and receiving crypto gifts are tax-free. Brazil Cryptocurrencies are considered moveable property. Profits from selling or exchanging crypto are subject to Capital Gains Tax of up to 22.5%.Transactions exceeding R$35,000 in a month are taxed.Current rules only apply to assets within Brazil, but international assets may soon be included.Mining rewards may incur Income Tax of up to 27.5%. While most countries impose taxes on cryptocurrencies, a few stand out as “tax havens” for crypto enthusiasts, including El Salvador, Singapore, Malaysia, and Belarus. #ReboundOutlook
My Crypto Trading Journey: From 50,000 to 20 Million in 2 Years!
I'd like to share my crypto trading experience with you. Here are some key takeaways that helped me achieve a 400x return on my investment:
1️⃣ *Risk Management*: Divide your funds into 5 parts and only enter one-fifth each time. Set a stop loss of 10 points to limit your losses.
2️⃣ *Follow the Trend*: Improve your winning rate by following the trend. Every rebound in a downward trend is a buying opportunity, and every decline in an upward trend creates a golden buying opportunity!
3️⃣ *Avoid Skyrocketing Coins*: Don't touch individual coins that have skyrocketed in the short term. It's difficult for them to continue rising after a short-term surge.
4️⃣ *Use MACD for Entry and Exit Points*: Use MACD to determine entry and exit points. A golden cross below the 0 axis is a steady entry signal, while a dead cross above the 0 axis is a signal to reduce positions.
These strategies helped me achieve a 400x return on my investment. Remember, risk management and following the trend are key to success in crypto trading!
Crypto Bloodbath: $581M in Derivatives Liquidated Amid Bitcoin’s Fall
Bitcoin (BTC) is having a rough time, slipping below the $91,000 mark and hitting an intraday low of $90,742. The global crypto market has taken a 3.24% dip, bringing its total value down to $3.16 trillion as of Tuesday afternoon.
Crypto Traders Reeling as $113M in Bitcoin Longs Wiped Out The last 48 hours haven’t been kind to bitcoin (BTC) and its crypto companions. By 5:30 p.m. ET on Tuesday, BTC was trading at $91.7K to $92.3K per coin, reflecting a 2.5% drop from the previous day and a 1% decline over the past week. Despite this dip, bitcoin remains up by more than 35% compared to its value 30 days ago.
At present, BTC boasts a trading volume of $106.35 billion, with a market capitalization of $1.81 trillion. Leading exchanges for trading today include Binance, Bybit, and Coinbase. The most popular trading pairs for bitcoin are USDT, USD, FDUSD, USDC, and KRW, in that order. Interestingly, bitcoin is trading at a slight premium in South Korea, priced at $91.8K compared to the global average of $91.7K. The market downturn has triggered a wave of liquidations in crypto derivatives. A total of $581.98 million in positions were wiped out, impacting 189,525 traders. Bitcoin long positions accounted for $113 million of the total liquidations, while ether longs added another $77 million to the tally. Tuesday’s market looked undeniably red across the board. The current dip in bitcoin reflects how even the leading cryptocurrency remains susceptible to shifts in global trading sentiment. As both institutional and retail players react to these changes, the intricate connections between spot prices, trading pairs, and derivatives markets are coming into sharper focus for investors charting their strategies in this trillion-dollar sector. While the short-term outlook may seem grim, bitcoin’s performance over the past 30 days signals its resilience in the broader crypto economy. These swings present an opportunity for market participants to reassess their strategies while emphasizing the need for caution when leveraging positions. In this unpredictable environment, staying nimble and attuned to global trends will be essential for both traders and investors. #binance #wendy #bitcoin $BTC
💸 Turn $50 Into $1,000 in Just 7 Days with 5-Minute Candle Patterns! 💸 🚀
Think turning $50 into $1,000 in just 7 days is impossible? Think again! With the right strategy and sharp focus, it's not only possible – it's within your reach. By harnessing the power of 5-minute candlestick patterns, you can turn small investments into massive profits in no time. Ready to turn the market into your personal playground? Let’s dive in!
🔥 Why 5-Minute Candlestick Patterns Are a Trader’s Secret Weapon
In the fast-paced world of trading, timing is everything. Here’s why 5-minute candlestick patterns are essential for any trader looking to capitalize on quick market movements:
💡 Fast-Paced Action: These short time frames allow for rapid entries and exits, giving you the chance to make quick profits in volatile markets.
💡 Frequent Setups: Unlike longer timeframes, the 5-minute chart offers multiple opportunities every session, so you’re never short on chances to win.
💡 Small Start, Big Potential: Start small, but with consistent wins, you can compound your profits fast and watch your account grow exponentially.
Master these patterns, and you’ll be able to spot the perfect entry and exit points, turning the market into your own personal profit machine!
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📊 Essential Candlestick Patterns for Explosive Results
To maximize your returns, you need to understand the most powerful candlestick patterns. Here’s a breakdown of the key patterns to focus on:
1️⃣ Reversal Patterns – Catch the Trend Shift Early
The goal is to spot when the market is about to reverse and get in before the big move. Here are the top reversal patterns to watch for:
Bullish Engulfing: Signals a bullish reversal, giving you a strong buy signal.
Bearish Engulfing: Indicates when the uptrend is weakening, signaling a potential sell.
Morning Star & Evening Star: These powerful patterns forecast major trend shifts, allowing you to catch the reversal at the perfect moment.
Hammer & Inverted Hammer: Ideal for pinpointing support and resistance zones, making them perfect for entry points.
2️⃣ Continuation Patterns – Ride the Momentum
When the trend is strong, don’t fight it! Stay on the winning side and let the momentum carry you:
Tweezers (Bullish/Bearish): These confirm the strength of the trend, giving you the confidence to continue riding it.
Spinning Tops: A great indicator to time breakouts or confirm trend persistence.
3️⃣ Momentum Patterns – Gauge Market Strength
Measuring the market’s intensity is key to boosting your profits:
Three White Soldiers: A sign of strong bullish momentum, signaling a sustained uptrend.
Three Black Crows: Perfect for spotting sharp bearish momentum and getting ahead of the downtrend.
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💰 The Blueprint: Turning $50 Into $1,000
Here’s the step-by-step formula to make $1,000 from $50 using 5-minute candlestick patterns:
1️⃣ Spot the Trends
Utilize powerful tools like RSI or Bollinger Bands to identify market momentum. This will give you the upper hand in spotting the best trades.
2️⃣ Nail Perfect Entries
Combine candlestick patterns with market indicators for precise entries. Look for confirmations that align with the trend you’re chasing.
3️⃣ Manage Your Risks
Place tight stop-losses to protect your capital. Never risk more than 5% of your capital per trade, and always know when to walk away.
4️⃣ Lock in Profits
Set clear profit targets and let your winning trades ride. Be disciplined in taking profits and never let greed cloud your judgment.
5️⃣ Reinvest Smartly
Once you’ve made profits, compound them wisely. Reinvest some of your earnings while pulling back a portion to safeguard your capital.
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🛡️ Risk Management: Your Trading Shield
Trading without risk management is like diving into a pool without knowing how to swim. Here’s how to keep your capital safe:
✅ Position Sizing: Never risk more than 5% of your capital on a single trade.
✅ Double Check Entries: Always confirm your patterns with additional tools like MACD and volume indicators for maximum accuracy.
✅ Avoid Overtrading: Focus on quality setups, not quantity. Overtrading is a surefire way to lose your edge.
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⚡ Why This Strategy Works
🔑 Scalable: Start small, but as you perfect your strategy, you’ll be able to scale up your profits over time.
🔑 Precise: The 5-minute chart is a goldmine for quick, actionable insights, allowing you to make strategic moves in real-time.
🔑 Proven: These candlestick patterns have been trusted by expert traders worldwide for decades. They’re tried, tested, and proven to work.
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📈 Ready to Start?
Every successful trader started with a small step. This could be your moment to shine. Mastering 5-minute candlestick patterns will transform the way you trade and bring you closer to your financial goals.
💬 Share your progress or thoughts in the comments below!
🙏 Like, share, and spread the word to empower more traders to reach their full potential.
🌟 The market is waiting. Take charge today and watch your profits grow! 🌟 #USGDPUpdate #MarketBuyOrHold? #BinanceHODLerTHE #XRPMarketShift #candlestick_patterns