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.

Bitcoin inches near all-time high

Posted on October 29, 2024 by Olumide Adesina

Bitcoin reached $73,500 on Tuesday, only a few hundred dollars within its peak, which was reached in March. The pioneer crypto asset has more than doubled from a year ago and is currently up about 75% this year.

Positive triggers include the spot ETFs’ explosive performance and new monetary easing cycles in major nations. The rise was also fueled by fresh monetary easing cycles that almost all of the major Western central banks started in 2024, significant fiscal and monetary stimulus from China, and the growing likelihood that Donald Trump, the crypto-friendly GOP contender, would win the presidency.

Bitcoin jumped to within a few dollars of a new all-time high price in the U.S. trading session reaching as high as $73,500 before slightly declining. On March 14th of this year, the record high of $73,798 was reached.

Bitcoin has been in a consolidation phase for several difficult months March 14 peak. Although it dropped slightly under $50,000 during the summer, it has primarily been trading in the $60,000–$65,000 range.

The action tested investors’ patience, and many were concerned that the bull market cycle that began in early 2023 had already peaked. On multiple attempts to hit new highs, long-term investors and bitcoin miners sold significantly, and crashes were quickly halted and bought up.

Even if it is unlikely that the Bulls will lose control at this point, as indicated by recent price action, key market indicators show we might still witness high-$40Ks per the most bearish for the Bulls at today’s open (~$70K). However, we do not show it since we believe it to be the least likely alternative. It is merely a “policy of insurance.”

FTX sues KuCoin over $50 million

Posted on October 29, 2024 by Olumide Adesina

Alameda Research, a part of the now-defunct cryptocurrency exchange FTX, has sued KuCoin to recover more than $50 million in locked assets.

According to a filing dated October 28, cryptocurrency exchange KuCoin has frozen the funds after FTX’s demise in November 2022. The complaint was filed with the United States Bankruptcy Court for the District of Delaware, which oversees FTX’s Chapter 11 case.

The petition claims that KuCoin has reportedly failed to provide the funds amid numerous conversations. The assets, originally valued at $28 million, are now worth over $50 million due to market fluctuations. According to the statement, “KuCoin has declined to give the debtors access to the assets in the account,

Alameda contends that KuCoin violated the Bankruptcy Code by refusing to disclose the assets, the company is requesting the money back and possible damages for the delays. According to the complaint, the money should be returned to creditors for repayment because it is part of the FTX estate.

The FTX bankruptcy estate also settled a similar action against the Bybit exchange. According to a filing on October 24, the agreement asks for the withdrawal of $175 million in digital assets held on Bybit and the transfer of more than $53 million worth of BIT tokens to Mirana Corp, the Bybit exchange’s investment unit. The agreement will add $228 million to FTX’s repayment efforts.

FTX filed a $1 billion lawsuit against Bybit and Mirana in November 2023, alleging that the companies had used “VIP” access and a close relationship with FTX management to withdraw over $327 million in cash and digital assets before the exchange crashed.

Forex Signals Brief October 29: Looking at US JOLTS Jobs for Clues on Employment

Posted on October 29, 2024October 28, 2024 by Skerdian Meta

Today the economic calendar is heating up, while yesterday it was empty and price action was slow, with most assets trading in a tight range, apart from the Yen, which continued to display immense volatility. General elections in Japan didn’t produce a clear winner, which sent USD/JPY close to 154, but it retraced lower again.

Continue reading “Forex Signals Brief October 29: Looking at US JOLTS Jobs for Clues on Employment” →

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.

Ethereum Rises But Revenue Falling: What’s Next for ETH?

Posted on October 29, 2024 by Dalmas Ngetich

Ethereum is firm but grossly underperforming other top altcoins, including Solana and BNB. As it is, the coin is stable in the past day but down 2% in the previous week of trading. Technically, sellers are in control, crushing any attempt for buyers to build momentum. Even though traders can wait for a close above $2,600 to consider longs, better entries can open up once the coin breaches $2,800 and August highs. Before then, the August 2 to 6 bear range defines the medium-term price trajectory.

From the daily chart, bulls are back, but prices are struggling for momentum. There are hints that ETH bulls might find the momentum to break higher. If bulls are to take control, a break and close above $2,600 by the end of the day is necessary. This will be especially so if the leg up is based on rising trading volume.

Amid flat price action favoring sellers, the following Ethereum news events are worth watching:

The Hong Kong Stock Exchange is innovating and plans to launch an index for digital assets, including ETH. Reports indicate that the product will launch in mid-November.
Falling gas fees mean Ethereum is no longer the largest protocol in terms of daily revenue generated. Instead, Tether and Circle, two of the largest stablecoin issuers, generate more fees than the layer-1.

Ethereum Price Analysis

[[ETH/USD]] is firm at spot rates, following Bitcoin.

Even though some analysts expect prices to rise sharply, bears are not bulging.

As long as $2,600 is resistance, traders can consider shorts, targeting $2,300 in the short term.

If sellers press on, breaching this reaction level, the second most valuable coin may collapse to $2,100.

This formation will align with the losses of early August, and the trend will continue.

In that event, Ethereum may crash below $2,000.

This will only change if the coin floats above $2,600 by the end of the day with even better entries or bulls when ETH breaks $2,800.

In that case, the coin may find the much-needed momentum to float above $3,000.

Phantom Wallet faces service disruption

Posted on October 29, 2024 by Olumide Adesina

Phantom Wallet has reported a downtime incident and requested patience from its users while the team attempts to fix the problem. The Phantom Wallet team announced an “uptime incident” with the Solana web3 wallet on X.

The team’s developer of the multi-chain wallet claims that there were brief outages on the platform. “If users need to conduct urgent transactions, they have been recommended to use decentralized applications.
“An uptime incident is presently occurring, and there may be a brief interruption in some services. The post on X further stated, “Please disregard simulation errors and try using a dapp if you are in urgent need of making a transaction.”

Phantom recommended utilizing a decentralized app (dApp) to prevent disruptions and advised users to disregard any simulation failures during the outage.
Thankfully, Phantom reported that the problems had been fixed and that all services operated as intended. “Our team will continue to actively monitor the situation

The Phantom Wallet downtime is caused by a backend problem with the Grass Airdrop One.

On October 28, 2024, Grass, an artificial intelligence data layer found in Solana, began its much-awaited airdrop. The site’s token distribution led to its listing on well-known cryptocurrency exchanges, such as Bybit, Bitget, KuCoin, and Crypto.com.

Solana network remains operational. In contrast to the frequent failures in the past, the SOL blockchain network has shown resilience by maintaining 100% uptime at the time of writing.

Bitcoin Breaks $70,000, Confident BTC Bulls Eye All-Time Highs And $100,000

Posted on October 29, 2024 by Dalmas Ngetich

Bitcoin continued its march higher yesterday, decisively breaking above $70,000 and $71,000. With the rejection of bears and prices moving above September highs, the uptrend remains. Accordingly, traders can choose to load the dips on every attempt lower, expecting a breakout above $72,000 to all-time highs. Multiple factors can spark the wave of higher highs, politics being one of them.

At spot rates, the world’s most valuable coin is printing higher highs. The coin is up 4% in 24 hours amid decent trading volume, expanding to over $47 billion on the last day. If the solid start of the week continues today, the odds of Bitcoin floating above $72,000 will be high.

Traders are keeping close tabs on the following Bitcoin news events:

The series of higher highs from the end of last week has seen sentiment improve. For now, over 70% of BTC traders expect a lift-off, preferably above $72,000.
As Bitcoin rejects lower prices, the total number of Bitcoin whales now stands at over 1,675, the highest since early 2021. This indicates that confident, high-net-worth individuals are accumulating.

Bitcoin Price Analysis

[[BTC/USD]] is bullish when writing.

Yesterday, buyers reversed losses of October 25—a massive vote of confidence for buyers.

The decisive explosion, reversing these worrying losses, and breaking above September highs is massive for BTC holders.

If buyers succeed today, breaching $72,000, every low may offer entries for traders targeting $74,000 and, later, $100,000.

The immediate support is $70,000, a round number that can act as a springboard for optimistic bulls.