WASHINGTON, DC – Thanksgiving week saw a crypto analyst’s prediction of XRP’s fall spreading across the community. While others hope that Black Friday can help Bitcoin recover, China and Russia reiterate their warnings about cryptocurrency.
The XRP ended the month at $0.23. Ripple’s digital currency made a slight recovery from its previous low of $0.20. However, crypto trader and analyst Magic claims that it will be for nothing as XRP will likely drop to $0.03.
Magic predicted that Bitcoin (BTC) will enjoy a brief rally and then plunge to the 1,000 range. The analyst told his more than 30,000 Twitter followers that the fallout from BTC would was the crypto markets in red. It would also hammer XRP and cause it to reach $0.03.
Meanwhile, a Bloomberg analysis gave a different prediction. According to the news site’s report, Bitcoin will hit $8,000 shortly. Its analysis was reportedly based on the GTI VERA Convergence Divergence indicator. It uses the usual moving average convergence divergence (MACD) and tries to determine the additional volatility while reducing excess noise.
There’s a good chance that BTC could finally put its losses from the past few weeks behind it and start recovering. The token has gone from a low of $7,325 to start trading again at $7,780 on Saturday. The BTC/USD pair ended the week with a gain of more than three percent since last week. However, it remains down by 19% when taken on a month-by-month basis.
Hackers decided to celebrate Black Friday early by hacking South Korean cryptocurrency exchange UPbit. The company confirmed that it was hacked on Nov. 27, and Ethereum (ETH) and BTC coins worth 58 billion won ($49 million) was taken from the Upbeat Ethereum Hot Wallet and transferred to a still unknown wallet.
The exchange platform moved all currencies to its Cold Wallet as soon as the suspicious transactions registered on their system. Unfortunately, it was already too late. The company has temporarily stopped all operations and gave assurances that affected users will be compensated for their losses.
Lastly, China and Russia have once again sent warnings about the cryptocurrency market this week. The Russian government is pushing for a blanket ban on all crypto payments. The country’s regulating body claimed that Russia will never accept digital currency as legal tender.
Meanwhile, China continued its aggressive stand against crypto trading. The country recently published a financial stability report that stated 173 crypto trading platforms have been shut down without any major consequences or risks. While the Chinese government admitted to its war against digital trading, it also highlighted that the focus on blockchain tech development and expansion doesn’t include digital assets.