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XRP jumped 36% — what's going on?

XRP rose more than 30% on Monday on the back of positive news and the overall growth of the crypto market.

Foreign regulators have refused to help the U.S. Securities and Exchange Commission (SEC) in the case against XRP. The agency sent appeals after the company did not provide documents on the transfer of XRP tokens abroad.

At the end of last week, the fourth cryptocurrency was able to hold above the landmark level of $1, from which there was an upward rebound.

SEC has asked nine foreign regulators to obtain documents from 14 trading platforms and five companies. Two agencies refused to help the US authorities, and three forbade disclosing the details of the discussion. The rest rejected the request.

The commission has previously analyzed wallet addresses associated with Ripple CEO Brad Garlinghouse and its co-founder Chris Larsen. The SEC found that hundreds of millions of XRP tokens were transferred to the accounts of unregistered crypto exchanges in the United States.

Recall, on April 7, Judge Sarah Netburn granted Ripple's request for access to SEC documents revealing the regulator's "interpretation and views" regarding Bitcoin and Ethereum. On April 11, the court rejected the SEC's request to disclose the personal financial statements of the company's top managers. Against the background of these events, XRP reached $1.96.

From other news. Last week, institutional investors increased the flow of funds to XRP. According to the weekly CoinShares report, approximately $33 million were invested in XRP.

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Прогноз курса Индекса Доллара США
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06.05.2021 Avatar SoftTrade Read
XRP (Ripple) collapses after new SEC charges
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05.05.2021 Avatar SoftTrade Read
The Bank of Japan kept the interest rate at minus 0.1%
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27.04.2021 Avatar SoftTrade Read
Dow Jones took the lead in fight against NASDAQ Composite
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Financial markets. Daily review.
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02.04.2021 Avatar SoftTrade Read
3 Trillion Dollars Will Cover the World Markets
The US is preparing a new $3 trillion economic support package.The new plan could be presented to President Biden as early as this week.It is proposed to finance the measures, including by raising taxes.Advisers to US President Biden are developing a plan to stimulate the US economy, which will involve the allocation of about $3 trillion, in particular for the needs of science, education and the fight against climate change.According to the sources of the publication, this plan has been discussed for several months. Administration officials said that the details of the plan are still unknown. But they stressed that the goals set out in the new package — the creation of national infrastructure and the transition to a low — carbon future-are inseparable.Biden's advisers recommend splitting the package of new measures into two parts for consideration in Congress.The first part of the measures will focus on infrastructure development, including clean energy and other "fast-growing industries of the future" such as 5G communication technology.The second part of the package will affect the development of "human infrastructure — students, workers and unemployed people.Some of the costs under the new package could be covered by higher corporate taxes, including raising the corporate income tax rate from the current 21% and measures to force multinational corporations to pay taxes in the United States on income they earn abroad.Earlier, on March 11, Biden already signed a package of measures to help the economy and Americans in the amount of $1.9 trillion. It includes direct payments of $1400 to most Americans, $25 billion to support businesses in utility and rental payments, and about $10 billion to help mortgage borrowers.
24.03.2021 Avatar SoftTrade Read
Gas Demand in Poland May Grow by 60% in 10 Years
The operator of the Polish gas pipeline network Gaz-System, developing a ten-year plan for the development of Poland's gas infrastructure, estimated that over the next 10-13 years, the demand for gas in the country can grow by 60%.According to his estimates, in the winter months, demand can jump by 100%. Such a rapid increase in demand will be facilitated by the implementation of the state investment program for the transformation of the electric power industry, thanks to which new gas-fired power plants will appear. The company points out that due to the planned investments, the probability of returning the dependence of the operator's customers, both current and future, on Russian gas supplies will be completely removed.It is reported that when planning the development of gas infrastructure in Poland, the priority remained the condition of diversification of sources and security of supplies. The Polish authorities have announced that they do not intend to extend the contract with Gazprom, which ends in 2022.
19.03.2021 Avatar SoftTrade Read
Market Analysis 17-Mar-21
US Treasury yields did not change much yesterday and are at 1.63% for ten-year securities. US stock indexes were adjusted - the Dow Jones fell by 0.4%, the S&P500 fell by 0.16%, while the NASDAQ rose slightly by less than 0.1%.Markets are taking a wait-and-see attitude ahead of the outcome of the US Federal Reserve meeting. The US regulator will not agree to changes in monetary policy, so the focus will be on the Fed's comments on rising yields and inflation expectations. So, a survey from Bank of America showed that for the first time since February 2020, the coronavirus has given way to the role of the main market risk. Today, the main concerns for the market are inflation and rising yields. Thus, 43% of respondents noted that overcoming the 10-year treasury securities level of 2% per annum will cause a more than 10% correction in the stock market. And the share of investors expecting higher inflation over the next 12 months increased by 7% over the month and reached 93%. It is also worth noting that the survey showed the highest level of optimism in commodity markets in more than 20 years. The Fed meeting, therefore, will be a turning point for market sentiment - the scale of the market reaction will depend on the regulator's statements on inflation and yields. We expect that the regulator will continue its rhetoric, linking the growth of yields with the high pace of economic recovery and downplaying inflationary risks. Moreover, the Fed will once again note that with strong price growth, the regulator has all the tools to fight inflation. In addition to the main results of the meeting, it is worth paying attention to Powell's press conference, the updated macroeconomic forecast and the "dot plot" - a dot chart of personal expectations of board members, since so far only one person expects a rate hike next year. Markets are also waiting for the extension of the SLR relief for banks, the cancellation of which at the end of the month may lead to the sale of treasury bonds and pressure on yields.Yesterday, data on retail sales in the United States were published, which turned out to be worse than expected. So, in February, the indicator fell by 3% m / m, which was the maximum fall since April 2020, while the market expected a weaker decline of 0.5% m/m. At the same time, January retail sales were significantly revised up – the updated data show an increase of 7.6% m/m against 5.3% m/m, according to the first estimate. Such high values in January, associated with one-time incentive payments of $600, may be one of the reasons for the fall in February sales. Also, the weak activity in the retail trade is partly due to the abnormal cold weather in some regions of the United States. In addition, yesterday, data on industrial production in the United States were published, which also did not add to the positive market. After rising by 1.1% m/m last month, the indicator in February fell by 2.2% m/m, which was also the strongest drop since April last year. Industrial production, thus, also turned out to be worse than expected – the consensus forecast assumed an increase of 0.3% m/m. At the same time, positive data from the February PMI indicate that the reason for the decline in production was primarily the cold weather, and not economic factors. It is worth noting that the March data on both retail sales and industrial production should show significant growth. This will be due to the support measures taken, including one-time payments of $1,400, and to the normalized weather conditions.Today, oil is moderately declining, with Brent futures falling 0.5% in the morning. Oil continues to be pressured by the refusal of European countries to use the AstraZeneca vaccine, which reduces the prospects for a recovery in demand. At the same time, short-term quotes support unexpected data on oil reserves in the United States from the American Petroleum Institute (API). So, after an increase in reserves by 13.8 million barrels. Last week, the API showed a decrease in oil reserves by 1 million barrels. At the same time, the Reuters consensus forecast suggested an increase of 3 million barrels. Bezin reserves also fell by 0.9 million barrels. It should be noted that in addition to the traditional data on reserves from the US Department of Energy, the monthly report of the International Energy Agency will be published today, in which we will see updated forecasts for supply and demand.
17.03.2021 Avatar SoftTrade Read
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