1. Blockchain-related projects

To improve the Cardano network, frequent backend enhancements are underway. The Performance and Trace teams have been engaged in benchmarking activities for version node 8.2.1 and setting up benchmarks for GHC 9.6 and UTXO-HD. They have also successfully reduced the memory footprint, contributing to network performance enhancement. The LACE team has been working on bug fixes, user-owned token filtering, testing custom liquidity pools for decentralized exchanges, issuing native tokens, conducting end-to-end tests for token swaps, and performing load performance tests. Network activity is on the rise, with the number of new projects doubling compared to the previous week. Long-term holders are increasing, and it’s intriguing that the holding period for ADA is the second longest compared to other cryptocurrencies.

2. Ripple SEC Lawsuit News

Ripple is opposing the SEC’s appeal request, claiming that XRP is not a security, and the legal proceedings appear to be extending. Additionally, there are suggestions that Amazon may use XRP as a backbone for international remittances, which could potentially lead to a surge in XRP prices. XRP holders should stay tuned for further updates.

3. ADA Market Analysis

ADA’s price is currently following the Elliott wave triangle structure for 2023. The price hit the low of the third wave on December 30th and is currently consolidating within the A, B, C, D, and E structure. To confirm this structure and the triangle, a further high is expected in the E wave, after which the price is likely to head towards new lows. A bullish scenario is possible if there is an ascent beyond 38 cents, but this is currently considered to have a low probability. If the price surpasses 38.5 cents, there may be more consideration for a bullish scenario, but at present, a downward trend is being observed.

Quoted URL

https://youtu.be/xe-qSP2hpdc?si=tu2zEYgBOIlTU60d
https://youtu.be/73XNl0ymwXs?si=V0BRhz2VW4S737zz
https://youtu.be/tt1Eoke18zM?si=HBuQjli8fqyWY5up