XRP Shrinks: Will This Grayscale Request To The SEC Drive Ripple To $0.66?

Posted on November 1, 2024 by Dalmas Ngetich

XRP is firm when writing, rejecting attempts to push lower, looking at events in the daily chart. Sellers are in control, and should the coin drop below $0.50, the local support could trigger a massive sell-off, forcing the coin to the $0.45 and $0.40 region. From a top-down preview, the path of least resistance is northwards, shaped by the bulls of Q3 2024. Bulls have a lot to prove at the moment. If there is resumption of September gains, XRP must close above $0.53 and $0.55, reversing losses from October 30.

At spot rates, sellers are in control. If price action remains unchanged today, the bears of early October could flow back, not only forcing XRP below $0.50 but also triggering a possible sell-off that may reverse all Q3 2024 gains. Over the last day, the coin has been down, losing 2%. The average trading volume is around $1.1 billion, which is decent.

Traders are keeping track of the following XRP and Ripple news:

Although prices are down, one analyst thinks technical candlestick arrangements favor bulls. If anything, the analyst continued, this is the last time to buy cheap.
The United States SEC has acknowledged a file in which Grayscale is seeking to convert a fund into an ETF. Among the assets held is XRP, though Bitcoin and Ethereum constitute a big part of the product.

XRP Price Analysis

[[XRP/USD]] is flat when writing.

The support is at $0.50.

However, with losses on October 31, there is a risk of a follow-through despite the strong rejection earlier today.

Still, clearer buy signals will print should XRP close above $0.53 and $0.55.

If the breakout is with expanding volume, the coin could rally to $0.66 in a buy trend continuation.

On the flip side, any dump below $0.50, with equally high trading volume, is a precursor to losses to $0.45—or worse.

Ethereum Dips, Over $44 Million Liquidated: Will ETH Dump Or Break Above $2,700?

Posted on November 1, 2024 by Dalmas Ngetich

Ethereum, following price action across the crypto board, fell yesterday. The result is a three-bar bearish formation, forcing the second most valuable coin far from the key liquidation level at $2,800. With prices closer to $2,500, which is discouragingly near $2,400 and $2,300, bulls need to flow back, propping up the uptrend. If not, confirmation of yesterday’s losses could wreak havoc on determined bulls. In the coming days, traders should closely watch the reaction at the $2,300 and $2,400 support band, and the $2,700 and $2,800 resistance region on the upper hand.

At press time, confidence remains, though the coin is trading within a known bearish range. Technically, prices could rip if bulls push higher, breaking out from the Q3 2024 bearish zone. As it is, Ethereum is down 5% in the past day, unwinding gain over the previous seven days. Amid this contraction, engagement is down, shrinking to around $21 billion in 24 hours.

Traders are monitoring the following Ethereum news events:

According to trackers, spot Ethereum ETFs in the United States posted inflows of $13 million. Although positive, it is lower than the average of the past few trading days. Grayscale’s ETHE continues to post massive outflows.
Falling prices, in a bullish backdrop, translate to millions of liquidation. In the past day alone, falling ETH prices saw over $44 million of leveraged positions closed. The majority were longs.

Ethereum Price Analysis

[[ETH/USD]] is back to the Q3 2024 range.

There is clear support at $2,300, while liquidation is seen at $2,700.

The 3-bar bearish formation of the past three days forces a reassessment for bulls.

Although there might be opportunities to consider buying the dip, losses below $2,470 or today’s low is a massive dent in confidence.

If prices break above $2,700, reversing October 31 losses, Ethereum might find the wings to fly to $3,000.

Conversely, losses will precede a worrying dump to $2,300—or worse.

Bitcoin Dips and BlackRock Is Buying: Will BTC Reclaim $72,000?

Posted on November 1, 2024 by Dalmas Ngetich

Bitcoin fell yesterday, following through with what was printed on October 30. Technically, the uptrend remains, but buyers need to reclaim $70,000 today. A sharp dump below today’s lows at around $68,800 could heap even more selling pressure on bulls, forcing a possible collapse. All the same, there are other key metrics to watch that may help catalyze demand in the days to come. Top of the list is the inflow of capital from spot Bitcoin ETFs and macroeconomic conditions, especially in the United States. Traders are looking at the Federal Reserve and whether they will continue announcing even more accommodative policies.

In the short term, price action swings to favor buyers. However, the uptrend is firm and could shape the short to medium-term. At press time, the coin is down 4% but up 3% in the previous week. At the same time, there is an expansion in trading volume to over $44 billion over the past day.

Traders are keeping tabs on the following trending Bitcoin news:

Bitcoin closed October strongly, surprisingly extending gains of September. Against all odds, prices turned green by the end of Q3 2024. Over the last month, BTC added nearly 14%, almost half of what was seen last year.
BlackRock clients doubled down, buying the dip. Onchain data shows that IBIT, its spot Bitcoin ETF, added 4,550 in the past day. Currently, the product manages over 400,000 BTC.

Bitcoin Price Analysis

[[BTC/USD]] is firmly in an uptrend.

A surprising dip confirming losses of the past two days could shake the confidence of optimistic traders.

In that event, there will be massive liquidation—a flush out—and late October highs would be a crucial local top.

If BTC prints above $70,000 and even reclaims $72,000, the coin can easily breach $74,000 in the coming sessions.

Losses below $68,800 at the end of the day cancel out this bullish outlook.

XRP Showing Weakness, Dumps 80% Versus Bitcoin: Will Ripple Hold $0.50?

Posted on October 31, 2024 by Dalmas Ngetich

XRP ticked lower on October 30, and there has been follow-through in the Asian session. Technically, sellers are in a commanding position and likely to stretch gains in future sessions. This outlook will rapidly shift if momentum drives prices above $0.53 and $0.55. From the daily chart, this zone is the upper limit of the range and needs to be decisively broken for the uptrend of Q3 2024 to continue. If not, and reiterated before, the downtrend set in motion by losses of early October could spill over in November and the last month of the year.

Overall, XRP is in a bad spot, and price action could worsen if prices range between $0.50 and $0.55. On the last day, prices slid 1% amid dropping engagement. The average trading volume is down to around $855 million, lower than the $1 billion average of the past two days. As prices deteriorate, traders will likely stay on the sidelines, waiting for trend definition.

Traders are actively watching out for the following trending XRP and Ripple news:

As XRP prices weave horizontally, the seventh most valuable coin is being hammered by BTC. The seventh most valuable coin is down by over 80% versus Bitcoin.
In the ongoing court case, Ripple is contesting the prior court ruling on Howey Test. The regulator is appealing, but the blockchain company’s lawyers maintain that XRP is a commodity, similar to BTC.

XRP Price Analysis

[[XRP/USD]] is down when writing.

Cracks are printing out, but the key levels to watch out for are $0.50 and $0.55.

Conservative, risk-off traders can stay on the sidelines. A favorable breakout above $0.55 could trigger their participation, targeting September highs.

However, any drop will only extend the correction from Q3 2024 highs.

In that case, if the uptrend remains, bulls will be loading the coin at a decent discount.

Presently, XRP is down nearly 22% from September highs.

Ethereum Inches Closer To $2,700 Despite Reddit Offloading ETH in Q3 2024

Posted on October 31, 2024 by Dalmas Ngetich

Ethereum printed higher highs yesterday but was unable to break $2,700. Even though there is hope among holders that the second most valuable coin has what it takes to reclaim the $2,800 level, bulls are yet to show. For this reason, despite the optimism, only time can tell. For now, the key levels to watch going forward have to be the upper limit of this range, at $2,800, while the support ranges between $2,300 and $2,400. As long as prices trend inside this zone, there is a possibility of Ethereum building on gains from August lows, shaking off weaknesses.

Although the general trend is bearish, shaped by price action for the better part of Q3 2024, ETH bulls are showing strength. Over the last day, the coin is up nearly 1%, extending weekly gains to approximately 5%. However, there has been a worrying drop in engagement to around $21 billion over the last day at press time.

Traders are actively monitoring the following Ethereum news:

Sentiment is balanced and skewed in favor of bears, but it is better than it was a few days ago. According to CMC data, 59% of traders are bearish, while there is a slight increase in bulls to over 40%. If prices break out from the stubborn range, the resulting FOMO could change the coin’s outlook, propping up bulls.
In Q3 2024, Reddit sold most of its crypto holdings, including BTC and ETH. This stash was used for financial reserves. When launching its IPO, the social media company said it purchased digital assets using excess cash.

Ethereum Price Analysis

[[ETH/USD]] is firm when writing.

Since the coin is still inside a $400 range, capped at $2,300 and $2,700, conservative traders can only watch.

As it is, there is a series of higher highs after the plunge in early August. As such, there is a bullish divergence printing.

Aggressive, risk-on traders may ride the improving sentiment by buying the dip as long as Ethereum is above $2,300.

However, clearer entries exist above $2,800.

When buyers take over, the breakout could see ETH violently break $3,000.

Bitcoin Stalls Above $70,000: Crypto Hedge Fund Manager Eyes $176,000 By 2026

Posted on October 31, 2024 by Dalmas Ngetich

Bitcoin stalled yesterday, pulling back lower temporarily before closing firmly. The result was a bar with a long lower wick pointing to rising demand at the day’s close. Whether buyers will continue adding to their longs, stacking in the hopes of breaking this week’s highs remains to be seen. Altogether, what’s clear is that the uptrend remains, and every low above $70,000 may offer entries for determined buyers targeting March 2024 highs. Interestingly, institutions are still in the equation, looking at inflows from spot Bitcoin ETFs over the last day. Although the number is lower than that seen on October 29, their involvement is a general sentiment booster.

The path of least resistance is northwards, with Bitcoin stable over the last day but up an impressive 8% in the previous week. Due to yesterday’s drop, engagement is also low, at around $39 billion. However, with bulls in charge, any uptick above $73,500 will be the primer for even more gains in the coming sessions.

The following trending Bitcoin news could shape price action today:

Antony Scaramucci, a hedge fund manager and BTC commentator, thinks the world’s first crypto will soar to $176,000 by 2026. Many analysts also predict Bitcoin to breach $100,000 by the end of the year.
Despite yesterday’s pullback, prices are within a breakout formation favoring bulls. Accordingly, every low may represent an undervaluation for buyers to load at a discount.

Bitcoin Price Analysis

[[BTC/USD]] is flat over the last day but the uptrend remains.

The immediate support is $70,000.

Conversely, traders can expect resistance at around $73,100.

Since the primary trend is upward, every low above the support and even inside the October 29 bar offers opportunities for buyers.

The next ideal target is $74,000 before Bitcoin moves to price discovery, perhaps to $100,000.

XRP Down 20% In 4 Weeks: Will Meme Coins Save Ripple Bulls?

Posted on October 30, 2024 by Dalmas Ngetich

XRP is printing encouraging higher highs, looking at price action in the daily chart. Even though traders expect more, the seventh most valuable coin is trapped in a bearish bar. Ripple bulls are confident, per CMC market sentiment data, but there is nothing much to show in the daily chart. The local support and resistance remain at $0.50 and $0.53 in the short term unless there is a clear close in either direction. Moreover, since bulls are yet to reverse recent losses, the path of least resistance is southwards.

The mix of consolidation and occasional dips places XRP bulls in a difficult position. Technically, there is no clear trend, and this chop means sellers of early October are still in control. To quantify, XRP is down 20% from September highs but stable over the last day and week. Overall, the coin is firm amid rising trading volume, now exceeding $1 billion.

How prices print in the short term can be influenced by the following XRP and Ripple news:

The altcoin season is not yet in, analysts say. However, once buyers are in the equation and the rally starts, XRP could breach $1 and rally toward all-time highs.
Yesterday, a user accidentally burned 10,000 XRP. The action, which took place on the XRP Ledger, is when meme coin trading is picking up on the blockchain.

XRP Price Analysis

[[XRP/USD]] are bullish, even with prices moving sideways.

The local support is $0.50 while resistance is at$0.53.

If bulls build on gains of the last few days, reversing October 25 losses, Ripple may break $0.55.

Before then, the path of least resistance is southwards.

Accordingly, risk on traders may consider shorting, targeting $0.45.

The only time this outlook changes is when prices fly above $0.55.

Ethereum Picking Up Momentum, Capital Flowing To ETH: When $3,500?

Posted on October 30, 2024 by Dalmas Ngetich

Ethereum is rejecting lower lows at spot rates, which is an encouraging development. Still, the growth rate is not exactly what traders want to see. If anything, the surge, aligning with gains of, say, Bitcoin, should be faster, considering its relatively low liquidity. Nonetheless, aggressive traders can look to buy the dip in anticipation of price gains. The safer option is to wait until there is a complete detachment of price action from the current range. If that happens, then the current sideways chop is nothing more than accumulation. Ideally, a firm, high-volume close above the $2,800 and $3,000 zone will be perfect for trend definition.

The second most valuable coin is stable when writing, adding nearly 2% on the last day. Encouragingly, engagement is picking up, lifting the average trading volume to over $20 billion. If this trend continues, Ethereum could be bottoming up, rising from its Q3 2024 lows.

The following Ethereum news events are worth tracking:

Trackers show that October is the first month when spot Ethereum ETFs registered positive net flows. Capital flowing into ETH products could support bulls, lifting prices from Q3 2024 pits.
Despite criticism, mostly on layer-2 fragmentations and demand for onchain scaling, Vitalik Buterin believes Ethereum is building the future. Coinbase, Kraken, and technology companies like Sony are keen on launching layer-2 solutions for their businesses.

Ethereum Price Analysis

[[ETH/USD]] appears to be gathering momentum at spot rates.

While the uptrend is doubtful, the series of higher highs from early August is a net positive.

Aggressive and confident Ethereum traders can look to buy the dips, riding the “undervalued” coin.

However, as mentioned, this preview holds as long as the zone between $2,300 and $2,400 is not breached to the downside.

Clearer entries are present above the upper limit at $2,800.

In that case, determined Ethereum bulls can push higher, even retesting $3,500 and $4,100.

Bitcoin Approaching $74,000: Coinbase BTC Premium At 2-Year Low, What’s going on?

Posted on October 30, 2024 by Dalmas Ngetich

Bitcoin is racing higher at press time, looking at price action in the daily chart. At this pace, not only is the coin likely to ease above $74,000, but it is also set to register new all-time highs. Technically, buyers are in control, offering both sets of traders, risk on and off, and the opportunity to consider longs. Catalysts for the next growth phase lie in the speed at which institutions buy spot Bitcoin ETFs and the outcome of the upcoming elections. Although monetary policy shifts across the globe play a role, politics will be crucial in the short term.

Buyers are in the driving seat, looking at the evolution of price action over the past day and week. The world’s most valuable coin is up 2% in 24 hours, buoyed by rapidly expanding trading volume, now at over $53 billion in 24 hours. Overall, confidence is high, and buyers will likely extend gains today, breaching the liquidation zone at $74,000.

The following Bitcoin news developments are worth watching:

A golden cross has been printed for the first time in over 12 months. Although formed by a lagging indicator, it could suggest that the uptrend is taking shape. As a result, smart traders can search for entries expecting major gains in the coming sessions.
The Bitcoin Coinbase premium index is at a two-year low. This data could suggest that BTC demand is not as high in the United States compared to other jurisdictions where Binance is the choice ramp.

Bitcoin Price Analysis

[[BTC/USD]] is trending upward at press time.

Buyers are confident, expecting prices to breach $74,000 today or this week.

The primary support remains at $70,000.

Every low may offer buyers an opportunity to buy the dip, aiming for all-time high and better.

A close above $74,000 will especially accelerate the lift-off above the March high towards $80,000 and then $100,000.

XRP Absorbs Selling Pressure As Ripple Lawyers Submit New Evidence

Posted on October 29, 2024 by Dalmas Ngetich

XRP is trading inside a very narrow range and is bearish, trapped inside the bearish breakout bar of end of last week. Overall, sellers have the upper hand, trading inside a bear formation. For now, the general sentiment is bullish, favoring buyers of Q3 2024. However, any alignment with the wide-ranging bear bar of October 25 could fast-track the dump below $0.50, forcing the seventh most valuable coin to fresh October 2024 lows. The uptrend of Q3 2024 remains, and bulls will have better opportunities above $0.55 and $0.66.

The path of least resistance is southwards. This outlook will only be invalidated if there is a bounce from around spot rates, completely rewinding losses of late last week. Before then, XRP is stable in the past day but down over 4% in the previous trading week. The average trading volume is rising but still below the $1 billion mark.

Traders are closely monitoring the following XRP and Ripple news:

In the ongoing court case, Ripple has provided new evidence that could strengthen its defense on what precisely constitutes a security or a commodity. If their lawyers succeed, XRP will be the biggest beneficiary, printing out massive candles, as seen in July 2023 and early August 2024.
XRP, the CTO of Ripple, maintains that despite the launch of RLUSD on the XRP Ledger, the coin is needed to secure the blockchain against spam attacks.

XRP Price Analysis

[[XRP/USD]] is attempting to reverse last week’s losses, which are visible in the daily chart.

The only time there was movement is on October 24 when prices fell below $0.50.

Afterward, the coin snapped back to range. The local resistance is $0.53, while support lies at $0.48.

Since the short-term trend is defined by the losses of early October, every high below $0.55 and $0.53 could present entries for aggressive sellers.

Their target would be $0.48 and $0.45.

However, any breakout, with the same volatility of October 24, forcing prices above $0.53, XRP can easily float to $0.55 and $0.66 in the coming sessions.