Ripple price started a rally in response to the news of a $5 million campaign to reduce Bitcoin’s power consumption. Chris Larsen, co-founder of Ripple, believes Bitcoin’s power consumption could match that of Japan in the next five years.
Ripple price is posting gains since the past week, offering investors a 5% profit on their investment over the past seven days. The payment giant’s co-founder Chris Larsen announced the launch of a new campaign to reduce Bitcoin’s power consumption and offered an environmentally friendly consensus model.
The campaign, “Change the code, not the climate,” is aimed at Bitcoin miners and industry leaders like Elon Musk and Jack Dorsey. A change in Bitcoin’s consensus model could reinvent mining through a low-energy protocol and reduce the asset’s negative impact on climate.
Greenpeace, an independent environmental global campaigning group headquartered in Amsterdam, has cited concerns regarding energy required to mine Bitcoin. Greenpeace halted BTC acceptance after accepting Bitcoin donations for seven years beginning 2014.
Greenpeace and Larsen are pushing for a fundamental shift in Bitcoin’s consensus mechanism. Larsen told Bloomberg that,
Now with Ethereum changing, Bitcoin really is the outlier. Some of the newer protocols, Solana and Cardano, are built on low energy.
Larsen revealed his Bitcoin and Ethereum holdings and insisted BTC take a sustainable path ahead.
Analysts have evaluated the Ripple price trend and predicted a rally in the altcoin. @Thecryptomist, a crypto analyst, identified a bullish ascending triangle in the Ripple price chart and predicted a continuation of the XRP rally.
Posted this last week within is bullish ascending triangle.
Broken my downtrend resistance.
This looks ready to take off! pic.twitter.com/HDYMjhOcH7
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Dogecoin (DOGE) price has taken a bit of a step back despite markets rejoicing on what seemed a breakthrough in diplomatic talks between Russia and Ukraine.
Shiba Inu price is currently facing rejection around a crucial hurdle. Overcoming this resistance level will be key to triggering a massive run-up for the Dogecoin-killer.
Cardano price has been on a rampage for over a week now as investors poured massively into the price action, prepositioning for a relief rally.
Bitcoin price action for the last two weeks has caused it to flip some crucial hurdles. This move is likely to translate into another phase of consolidation, allowing Ethereum, Ripple and other altcoins to explode.
Bitcoin price shows a retest of the upper range of its consolidation after rallying for nearly two weeks. This uptrend will now face multiple hurdles that will decide the outlook for BTC in the near future.
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