XRP Price Surges; Crypto Tax Evasion Investigations To Rise

Armando Pantoja, a renowned crypto analyst, predicts a Ripple (XRP) price surge which leaves the crypto market on a buzz. Two other altcoins, Toncoin (TON) and KangaMoon (KANG) are also showing signs of growth, with KANG predicted to become the next $1 altcoin in 2024.

CoinMarketCap shows that the price of XRP has gone from $0.58 to $0.61 in just one week. Its market value went up from $32.29B to $33.87B. Pantoja thinks that XRP will soon trade between $10 and $20.

Based on technical analysis, this upward movement in the altcoin’s price will continue. Ripple is also trading above its 100-day and 200-day rapidly moving averages. Given this scenario, crypto experts think that it will go up to $0.81 in the second quarter of 2024, much to the delight of the crypto Evolution game players.

At the same time, TON becomes another major player in the altcoin market with its value going through the roof, rising from $2.84 to $6.79. Its market value also rose from $9.96B to $23.58B. A crypto analyst named Paxton says that TON needs to stay above $6.75 for a strong run to happen.

The technical study of the TON also supports this prediction with 27 technical signs that it is in the ‘buy’ zone. Well-known market analysts consider these factors to predict its value, coming up with a prediction that TON will go up to $7.55 before the end of Q2 2024.

In the same way, KANG has risen as one of the best altcoins in the market with a community of 20,000 users and 5,800 token holders. This pre-sale star has raised more than $4.5M and it can hit $6M before the end of April 2024.

Traders are becoming more intrigued by KangaMoon (KANG) with its upcoming release of a play-to-earn (P2E) game, where users can buy in-game items or improve their characters. KANG holders can also look forward to new tasks every week, month, or three months that can earn them extra tokens or in-game items.

With ties to the P2E gaming market, which could hit $885M by 2028, KANG has a huge chance to grow more. Market experts think that its price will go up to $1 when a Tier-1 CEX, a popular crypto exchange, lists KANG in the second quarter of 2024.

IRS investigation chief predicts a spike in crypto tax evasion

The US Internal Revenue Service (IRS) expects a big rise in crypto tax crime cases in the future, with April 15, 2024 as the last day for Americans to file their taxes. Guy Ficco, head of criminal investigations for the IRS said that his agency is getting ready to deal with a rise in tax fraud and avoidance cases.

He said that it’s to be expected that more is to be charged for Title 26 crypto cases in 2024. A Title 26 tax code refers to people who knowingly don’t pay their taxes by lying on or hiding their tax forms.

Before, Ficco said that crypto was mostly used in financial crimes like fraud, scams, and money laundering. But recently, he said that his agency had seen a huge rise in ‘pure crypto tax crimes’, and they expected even more shortly.

‘This could be purely not reporting income generated from crypto sales, it could be hiding the true basis of crypto and that’s an area I anticipate an increase in’, Ficco mentioned. He said that to fight crypto crime effectively, his agency has teamed up with Chainalysis, a company that analyzes blockchains, and other law enforcement agencies.

‘My IRS special agents are phenomenal at tracing and following money, but some of the tools and applications that are needed in the crypto world — that’s where the experts at Chainalysis come in’, Ficco added.

Many crypto users including Evolution game players see the efforts of the IRS doubling their effort in tracking tax evasion cases as a good sign. They think this is just one of the steps that will propel crypto regulations and help the market grow.