Russia will begin trialing cross-border crypto payments next week in an effort to circumvent international sanctions – but this effort may not work, several policy and legal experts told CoinDesk. Legislation passed at the end of July and swiftly signed into law by President Vladimir Putin does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia, but instead allows cross-border payments with crypto. How the law will allow such payments remains unclear because the legislation doesn’t specify rules for such transactions. Instead it hands power to Russia’s central bank to oversee an “experimental” regime, experts said. Russia's economy has been hit hard by a suite of sanctions imposed by the U.S. and other nations following its invasion of Ukraine. Since Russia’s invasion of Ukraine in Feb. 2022, it’s faced 16,500 sanctions from the U.S., U.K., European Union, Australia, Canada and Japan.
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An in-depth analysis of XRP’s daily chart shows that after a resurgence in demand near the critical $0.43 support region, the price experienced a notable surge, reaching the significant $0.63 resistance zone. This level has previously acted as a robust barrier, rejecting price advances and pushing Ripple lower. Recently, the cryptocurrency was rejected again from the $0.63 mark due to prevailing selling pressure, leading to a retracement toward the substantial support region at $0.55. Currently, XRP appears confined within this decisive range, bounded by the $0.63 resistance and $0.55 support. A period of sideways consolidation here is expected in the short term, with a breakout in either direction likely to determine Ripple’s next move. The cryptocurrency’s next potential targets are either the $0.71 resistance or the $0.48 critical support.
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Other than the potential selling from the recent Mt. Gox distributions, Bitcoin is generally looking at more tailwinds than headwinds. The Spot Bitcoin ETFs are continuing to see net inflows, and technical price indicators are favouring a continuation of the upward trend; perhaps in the next few days. The Bitcoin 2024 conference opens later today, and a list of stellar speakers are likely to have Bitcoin bulls salivating in anticipation. Headline speaker Donald Trump is not up until Saturday, the final day of the conference. Other speakers include Senator Cynthia Lummis, who is expected to outline how she is preparing a bill, which will require the Federal Reserve to hold Bitcoin as part of the US strategic reserve. Perhaps with this conference in mind, Samson Mow, CEO of Jan3, tweeted that in his view “super bullish Bitcoin news coming out over the next few days.”
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