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Argo Blockchain CEO Buys 75K Shares in Insider Transaction

Currently serving as the interim CEO of Argo Blockchain, Jim MacCallum recently conducted an insider deal. Specifically, the interim CEO bought 75,000 American Depositary Receipts, representing the Company’s ordinary stock. Details of MacCallum Transaction Argo Blockchain shared the transaction details in a regulatory filing released on Monday, February 3. According to the filing, MacCallum bought 75,000 shares on Nasdaq, ranging from $0.4550 to $0.4700 each, between January 29 and 30. MacCallum paid around $34,625 for the shares at an average price of $0.4617 per ADR. Argo Blockchain disclosed the insider purchase as required by regulations for persons with managerial responsibilities. Following the announcement, Argo’s shares on the London Stock Exchange rose 2.27% to 4.5 GBX. Thomas Chippas Resigns from Argo Blockchain The deal occurred just a few days after Argo Blockchain announced that CEO Thomas Chippas would step down on February 28. MacCallum, Argo’s Chief Financial Officer CFO, has already taken over as temporary CEO while the firm hunts for a permanent replacement. Chippas’ resignation comes at a difficult time for Argo. Chippas, who joined Argo in November 2023, contributed to the company’s financial success, strengthening the balance sheet and early repayment of a Galaxy loan. The crypto mining company is currently experiencing significant financial losses and is under pressure to become profitable. Argo reported a $6.3 million net loss in Q3 2024 and a $7.5 million revenue decline year-over-year. The Genesis of Argo’s Financial Challenges Argo’s financial issues can be traced to a class action lawsuit filed against the firm in 2021 . Investors accused Argo of making false and misleading statements during its Initial Public Offering (IPO) in September 2021. These legal constraints impeded Argo’s capacity to mine Bitcoin (BTC), perform business strategy, meet obligations, and run its flagship facility, Helios. In December 2022, Argo signed a deal with Galaxy Digital Holdings to sell its $65 million Helios plant in Dickens County. The deal included another $35 million asset-backed loan from Galaxy. Argo Blockchain Making Efforts to Overcome its Financial Issues The 75,000 share purchase from MacCallum aligns with Argo’s efforts to build its deflated balance sheet. The mining firm raised $5.3 million in December through a share subscription. The company said it intends to use the funds to relocate or sell mining equipment from the Helios facility in Texas. This is in addition to supporting maintenance operations in Quebec. The post Argo Blockchain CEO Buys 75K Shares in Insider Transaction appeared first on TheCoinrise.com . CoinOtag

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XRP Price Prediction For February 4

The post XRP Price Prediction For February 4 appeared first on Coinpedia Fintech News After a sharp decline across the crypto market, all eyes are on XRP due to its impressive recovery in the last few hours. XRP’s 55% Rally Recovers Recent Fall According to available data, XRP, which had witnessed a massive price drop of 35% in the past 48 hours, has experienced a notable gain of over 55% and has formed one of the biggest bullish candles in the past two years. Looking at the price reversal, XRP appears bullish. Additionally, this rally doesn’t seem to be stopping easily, as pro-crypto United States President Donald Trump paused the tariff on Mexico, which he had earlier announced on his X handle. Following the update, the overall cryptocurrency market has begun recovering, including Bitcoin (BTC), which has witnessed an over 12% price reversal in the past 12 hours, along with other cryptocurrencies. $80 Million Worth of XRP Inflow Amid this record price reversal, long-term holders, investors, and whales who recently bought the dip have been dumping their tokens on exchanges, as reported by the on-chain analytics firm Coinglass . Data from spot inflow/outflow reveals that exchanges have witnessed an inflow of over $80 million worth of XRP in the past 24 hours. This substantial inflow amid this record reversal seems to be a potential sell-off for profit booking and has the potential to cause selling pressure and further price decline. Source: Coinglass XRP Technical Analysis and Key Levels According to expert technical analysis, XRP appears bullish and seems to be forming a large bullish hammer candle. For the rally to continue, XRP needs to close above $2.70 or $2.65. If that happens, a new all-time high may be on the horizon. Source: Trading View If this happens, there is a strong possibility that we could see a new all-time high for XRP. On the positive side, with the Relative Strength Index (RSI) at 44, it appears that XRP has significant room to witness an upside rally. CoinOtag