Daily Crypto Signals: XRP Eyes $3 Breakout, Dogecoin Rallies on Musk’s Latest Post
Major cryptocurrencies showed renewed strength this week as XRP whale wallets hit all-time highs amid Evernorth's $1 billion public listing
Quick overview
- Major cryptocurrencies, including XRP and Dogecoin, showed renewed strength this week amid significant institutional interest and developments.
- XRP whale wallets reached an all-time high as Evernorth plans a $1 billion public listing, signaling confidence in the token's future.
- Dogecoin surged following Elon Musk's social media post, marking a 55% increase from its previous low as bullish technical indicators emerged.
- Both XRP and Dogecoin are showing patterns that suggest potential for further price increases, with XRP aiming for a target of $3 and Dogecoin targeting $0.26.
Major cryptocurrencies showed renewed strength this week as XRP XRP/USD whale wallets hit all-time highs amid Evernorth’s $1 billion public listing plans, while Dogecoin DOGE/USD surged following Elon Musk’s cryptic social media post featuring the memecoin’s Shiba Inu mascot. The developments signal growing institutional interest in digital assets as technical indicators point to significant price movements ahead for both tokens.
Crypto Market Developments
This week, there was a lot of action in the bitcoin market by institutions. Several big changes changed the way digital assets work. Evernorth Holdings, which is related to Ripple, said it aims to go public by merging with Armada Acquisition Corp. II, a special purpose acquisition company listed on Nasdaq. The goal is to generate more than $1 billion in gross proceeds to construct one of the world’s largest XRP treasuries.
A lot of big names in both the crypto and traditional banking industries have backed the deal. Japan’s SBI Holdings, which has a long history with SoftBank, put in $200 million for the project. Ripple, Pantera Capital, Kraken, and GSR are also expected to help. When it’s done, the new company will trade on Nasdaq under the ticker code XRPN, giving investors a way to invest in XRP that is publicly traded.
In addition to business news, there was also a fresh philosophical argument this week about where Bitcoin BTC/USD fits into the larger cryptocurrency ecosystem. Jack Dorsey, the creator of Twitter and a supporter of Bitcoin, caused a stir on social media when he said, “Bitcoin is not crypto.” This led to more than 4,000 responses from the community. Dorsey pointed to Bitcoin’s white paper, which calls it “electronic cash” and doesn’t use the word “crypto.” He said that Bitcoin should be seen as a currency first and foremost, not as part of the larger crypto category.
Former New York Governor Andrew Cuomo is apparently making crypto and artificial intelligence the main issues of his campaign for mayor of New York City. Sources say that Cuomo wants to make NYC “the global hub of the future” by hiring a chief innovation officer and setting up an Innovation Council with advisory committees for crypto, AI, and biotech. This would help bring in investment and make it easier to follow the rules.
XRP’s V-Shaped Recovery to See a Surge Past $3
This week, XRP (XRP) showed great strength, rising from Friday’s low of $2.18 to an intraday high of $2.48 on Monday, a 13% increase. The rise made XRP one of the best-performing major cryptocurrencies, thanks to significant whale accumulation and better technical indicators. According to market intelligence firm Santiment, the number of wallets with at least 10,000 XRP reached an all-time high of over 317,500. This suggests that big holders are still confident in the token’s future, even though it has been volatile lately.
The positive feeling is even stronger because XRP holdings on controlled exchanges fell from 6.12% to 3.9% over the course of 30 days. As the number of tokens on exchanges goes down, the selling pressure goes down as well. This is because tokens on exchanges are easy to sell right away. Black Swan Capitalist, a crypto investor, said that because exchanges have less liquidity, any big spike in demand might cause prices to rise quickly as the market takes in the remaining supply.
XRP seems to be making a V-shaped recovery pattern on daily charts. Bulls need to get back to the $2.59 level, which is where the 200-day simple moving average is. If it breaks through this resistance, it might lead to the supply zone between $2.81 and $2.95, which is between the 50-day and 100-day moving averages. The last goal for finishing the V-shaped pattern is $3.40, which would be a possible 26% increase from where we are now.
The Bollinger Band width indicator has also reached its narrowest position since June, which has historically been an indication that big price changes are coming. Analyst Egrag Crypto said that a closing over $2.55 to $2.65 on the three-day timeframe would be a strong bullish signal that might lead to the expected surge toward the $3 psychological level and beyond.
Dogecoin Rebounds Above $0.20 After Musk’s X Post
Dogecoin (DOGE) saw a big 2.5% leap to $0.20 after Elon Musk posted a picture of the memecoin’s Shiba Inu mascot on social media. This brought back memories of the Tesla CEO’s tweets that sparked DOGE’s huge rise to over $0.73 in 2021. The gain added to Dogecoin’s amazing comeback from its previous low of $0.13, which was a 55% increase in just two weeks as market sentiment improved and technical indicators began to show bullish signs.
The memecoin is currently making an Adam and Eve double-bottom pattern, which is a bullish reversal setup that starts with a severe V-shaped drop and ends with a rounded recovery. This pattern shows that selling pressure is going down and purchasers are taking back control of the price action. The neckline of the pattern is about $0.216. If the price breaks out above this level, it could rise toward $0.260, which would be around 25% higher than where it is now.
The $0.26 goal is even more important because it lines up with the 0.382 Fibonacci retracement level on Dogecoin’s weekly chart. This creates a technical confluence zone that price often moves toward. The token is now bouncing back from a support confluence made up of an ascending trendline and the 0.236 Fibonacci line. This strengthens the idea that buyers are actively defending lower levels while getting ready for higher goals.
Futures market dynamics also support the optimistic view. For example, the liquidation heatmap data shows that there are more short positions between $0.215 and $0.27 than there are long positions below $0.18, when the levels are generally flat. This imbalance means that there isn’t much risk of the price going down, but it might also lead to a short squeeze. A breach over the $0.216 neckline might cause a chain reaction of short liquidations, which would speed up the momentum toward the $0.26 goal as bearish traders are compelled to buy back their positions, making the rally stronger.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save