XRP Patience: XRPL Activity Spikes, Ripple CEO Expects Pro-Crypto Laws From 2025

Posted on October 25, 2024 by Dalmas Ngetich

XRP has strong support at $0.50. On multiple occasions, price has rebounded strongly, rejecting any attempt of lower lows. After the dip on Wednesday, prices recovered, printing a long lower wick by the day’s close. The follow-through on October 24 is welcomed but not enough. The sideways consolidation and the general apprehension among traders, seen from flat trading volume, could explain why this chop is taking longer. For proper trend definition, what’s needed is a decent close above $0.55, or a disappointing dip below $0.50. If this happens, a direction will be established that could shape the short-term trend.

Traders are confident of what lies ahead, but there is nothing to show if price action over the last three weeks is anything to go by. XRP is confined inside the $0.50 and $0.55 range, struggling for momentum. For now, engagement is decent, standing at over $1 billion in the past 24 hours.

XRP and Ripple traders are closely monitoring the following events:

There is a spike in AMM pools on the XRP Ledger. Over a week, nearly 60% of all liquidity pools were launched. After years of being strictly a transaction layer, the platform now supports smart contracts.
Regardless of the November 4 winner, Ripple CEO Brad Garlinghouse thinks the United States will be more pro-crypto going forward. Since 2022, the United States SEC, DoJ, and other regulators have been cracking down on rogue crypto platforms and users.

XRP Price Analysis

[[XRP/USD]] is still in a flat consolidation, looking at the formation in the daily chart.

Even though the confidence is through the roof as politics influence price action, there is nothing to show.

For more than 14 days, XRP remains inside a range, capped inside $0.50 and $0.55.

What’s needed is a close in either direction.

Presently, the drop of early October could shape price action, forcing the coin to $0.45.

However, if Q3 2024 bulls are on top, it will easily float to $0.55 and $0.66 in a buy trend continuation formation.

Ethereum Free-Falling As ETHSOL Ratio Flies To All-Time High: Why Are ETH Holders Selling?

Posted on October 25, 2024 by Dalmas Ngetich

Ethereum bears are unyielding. At spot rates, the coin is underperforming Bitcoin and may slide below $2,300. Overall, sentiment and emerging concerns about the extractive nature of layer-2s are net negative, denting holder confidence. The technical candlestick arrangement also doesn’t support bulls for now unless there is a close above $2,800. Before then, the probability of ETH hitting $2,100 is higher than bulls shaking off sellers and forcing prices to $3,000. In light of these developments, risk-off traders can wait until there is a clear trend definition, aware that losses below $2,100 would usher in a new phase for the second most valuable coin.

Not only is ETH within a narrow range when writing, but sellers of October 23 are dominant. Ethereum buyers are struggling to contain sellers, explaining the dip over the past week to over 5%. Since prices are falling and trailing Bitcoin and even Solana, capital is flowing away. In 24 hours, the average trading volume is around $15 billion.

Amid deteriorating sentiment, traders are keeping track of the following trending Ethereum news events:

Ethereum is trailing Solana, as SOL stretches ETH to all-time highs. On the other hand, the ETHBTC ratio is at a 3-year low, and likely bottoming.
After Uniswap, Kraken plans to launch its new Ethereum layer-2, Ink. While positive, the question of whether validators will benefit from this Offchain boom tapping on Ethereum’s superior decentralization and security is yet to be seen.

Ethereum Price Analysis

[[ETH/USD]] is printing discouraging lower lows.

ETH is down, breaching $2,500. A confirmation of the October 23 dip is likely to trigger a sell-off to $2,300.

Aggressive traders may be aligned with Wednesday’s drop, selling on every attempt to reach a high but below $2,600, targeting $2,300.

This stance will only change if Ethereum flies above September highs, buoyed by expanding trading volume.

Bitcoin Bounce: Tesla’s Diamond Hands, Donald Trump’s Hopes to Trigger a Run To $92,000?

Posted on October 25, 2024 by Dalmas Ngetich

Bitcoin surprisingly reversed losses of October 23, building on gains of late Wednesday to revive hopes for bulls. Even though there is much more from buyers, the rejection of lower prices and the close above $66,000 is critical. For the uptrend to take shape, there must be a convincing close above $70,000 or September highs. If this leg up is with expanding volume, the probability of Bitcoin clearing March highs will be elevated. Overall, sentiment is positive, and a lot is expected from Uptober, the upcoming general election, and Donald Trump. A Trump win, some executives claim, could easily turbocharge gains to over $100,000.

At press time, Bitcoin is flat in the daily and weekly charts. The local resistance remains at around $68,000. If it is broken, not only will it trigger a mini bull run, but engagement will swell above the $40 billion level. For now, prices are firm, but trading volume is muted.

The following Bitcoin news could shape price action:

Bitcoin prices are flat but steady at the back of rising difficulty and record high hash rate. What this signals is general miner confidence and their expectation of higher prices in Q4 2024.
Executives think if Donald Trump wins, prices will soar above $74,000 and as high as $92,000. If that is the case, and coming with news of Tesla not selling their BTC haul, the coin has more room for growth going forward.

Bitcoin Price Analysis

[[BTC/USD]] found support from October 23 lows.

The immediate support is at $66,000.

Resistance is at $70,000 and September highs.

Aggressive buyers may load the dips as long as prices remain above $66,000.

However, better entries will be once Bitcoin climbs above $70,000. In that event, it would easily reclaim all-time highs.

Any dip below this week’s low, backed by rising volume, would ignite a sell-off toward $60,000.

Ripple bets strong on U.S Economy

Posted on October 25, 2024 by Olumide Adesina

Brad Garlinghouse, CEO of Ripple, says that regardless of the outcome of the US election, the crypto industry will undergo a reset. Garlinghouse called the current Biden administration “hostile” to the cryptocurrency industry in his remarks at the 8th Annual Washington DC Fintech Week.

He said a “reset” is expected regardless of whether Donald Trump or Kamala Harris is elected president. The CEO of Ripple voiced optimism about better crypto regulations after the US election. Garlinghouse foresaw a “reset” in the cryptocurrency industry regardless of the election outcome. The CEO emphasized that the two presidential candidates, Donald Trump and Kamala Harris, have different views on the crypto industry. Although Harris is a native of Silicon Valley and generally pro-technological, Garlinghouse asserts that Trump has actively supported the cryptocurrency industry.

Garlinghouse disclosed at the same event that Citibank had canceled their banking arrangement with him because of his involvement in the cryptocurrency sector. He clarified that he had been a Citibank customer for 25 years, but they had only given him five days to transfer his money. Garlinghouse linked the larger problem of “de-banking” in the United States to his own experience. S. . the cryptocurrency sector. He said, “People in the cryptocurrency sector are being de-banked; I was de-banked myself, and they gave me five days to transfer my funds.”.

The XRP ETF’s approval may cause the cryptocurrency market to soar, and Bitwise’s updated Ripple ETF filing bolsters investor confidence. Experts predict that this decision will affect the price of XRP and the cryptocurrency market overall.

Despite the complexity of the ongoing Ripple v. SEC litigation, Brad Garlinghouse, the CEO of Ripple, voiced confidence. Attorney Fred Rispoli recently reprimanded Garlinghouse and Chris Larsen, the chairman of Ripple, for their partial settlement with the SEC. They were denied the opportunity to ask for the full withdrawal of all charges.

Criminals allegedly stole $20 million from US government crypto wallets

Posted on October 25, 2024 by Olumide Adesina

Experts in on-chain analysis warned the public about strange on-chain transactions, raising concerns that US government crypto wallets may have been compromised.

Arkham claims that anonymous hackers may have stolen $20 million worth of seized cryptocurrency, including USDT, USD coin, and Ethereum, from crypto wallets owned by the U.S. government
After breaking into U.S. government wallets, the hackers started selling and laundering the money, according to transactions, Arkham said in a statement about the suspicious activities on October 24.
“The funds are currently being traded to ETH after being moved to wallet 0x348. We believe the attacker has already begun to launder the profits using suspicious addresses linked to a money laundering firm.
Arkham observed that the FG removed over $6.5 million in cryptocurrencies from the decentralized Aave precinct long before the blockchain analytics service drew attention to the transactions on the US government wallet. Furthermore, as per the data by Etherscan, one entity/ US government wallet managed to transfer as much as $100,000 worth of cryptocurrency but had to settle up to $1000 in Ethereum fees for the transaction.

ZachXBT, an on-chain detective on Telegram, has confirmed the emerging story, which may even involve money seized from the Bitfinex hackers. According to Arkham, at least one wallet listed in the Bitfinex court case documents contained seized assets sent to wallet 0xc9E”.

The blockchain intelligence firm TRM reports that in the first half of this year, the amount of cryptocurrency stolen through hacks and network exploits more than doubled to US$1.38 billion. Seventy percent of all crypto stolen was the result of five major attacks. Most of last year’s and prior years’ thefts were caused by a few attacks.

But this year’s looted cryptocurrency was lower than the nearly $2 billion stolen in the first half of 2022, the year with the highest number of crypto thefts.

The second half of 2021 saw cryptocurrency prices soar to all-time highs, just like this year. According to TRM, higher prices might likely lead to more instances of cryptocurrency theft. The most common ways that hackers stole cryptocurrency were by illegally obtaining seed codes and private keys, which are the cryptographic strings of numbers that grant access to a cryptocurrency wallet.

Forex Signals Brief October 24: Services and Mfg. PMI Day

Posted on October 24, 2024October 23, 2024 by Skerdian Meta

Yesterday the economic calendar was light in the Asian and European session, however the UD continued to push higher. Gold was also bullish early in the day, printing a new record high at $2,758, but then made a sudden reverse lower, perhaps on comments that Blinken could broker a deal between Iran and Israel. As a result, Gold price dived $50 lower, but remained above $2,700.

Continue reading “Forex Signals Brief October 24: Services and Mfg. PMI Day” →

XRP Crashes Despite Ripple CEO’s Confidence on Spot Ripple ETFs

Posted on October 24, 2024 by Dalmas Ngetich

XRP is down, looking at the formation in the daily chart. Even though sentiment remains bullish, favoring optimistic buyers, the short-term aligns with sellers. For now, the coin is fast approaching $0.50, a crucial support and round number. Overall, the seventh most valuable coin remains inside a narrow range. However, this will change if bears dominate, forcing prices below the round in line with losses of early October. In the near term, traders will closely monitor how prices react at $0.50, only finding relief if there is a decent bounce towards $0.55.

As of writing, XRP is sliding, shedding nearly 5% in the last week. Despite sellers taking charge, engagement is decent, at just $1 billion, steady over the past day. A break below the $0.05 range will be a severe blow for bulls since it opens up the coin for more losses in the coming sessions.

The following XRP and Ripple news events are making headlines:

Brad Garlinghouse, the CEO of Ripple, thinks the approval of spot XRP ETFs, similar to those of Bitcoin and Ethereum, is inevitable. Bitwise–a top digital asset manager–has applied for this product.
In a recent interview, BlackRock executive Samara Cohen said crypto investors are emerging as the new Wall Street. The asset manager has since changed its stance on crypto, even tokenizing United States Treasuries on Ethereum.

XRP Price Analysis

[[XRP/USD]] is under immense selling pressure.

After days of sideways movement, the coin broke down early this week.

Yesterday’s confirmation could see XRP drop below the local support at $0.50 if the selling pressure is sustained.

Technically, this means that sellers in early October are back. In that case, prices can easily sell off hard to $0.45 in a bear trend continuation pattern.

However, if the coin finds support, a break above $0.55 will be a massive endorsement for Ripple.

Still, risk-off investors would have to wait for the coin to clear September highs before considering longs.

Ripple: XRP ETF is “inevitable”

Posted on October 24, 2024October 24, 2024 by Olumide Adesina

Brad Garlinghouse, CEO of Ripple Labs, stated that XRP inclusion in a spot exchange-traded fund (ETF) in the United States was “just inevitable.”
“It is demonstrating there’s demand from institutions, and retail to access this asset class,” he said, referring to the more than $21 billion that has poured into spot Bitcoin (BTC $67,191) ETFs since January.

“Interest in XRP has increased,” Garlinghouse stated. “You’ve seen two or three ETF filings around XRP, and I think it’s just a given that you’ll see an XRP ETF in addition to Bitcoin and Ether.”
SEC has received applications for spot XRP ETFs from asset managers Bitwise and Canary Capital.

Garlinghouse highlighted that an XRP fund would “do quite well” because the cryptocurrency has a “very interested and active community” in the US and overseas.
He also stated that “more and more institutionalized participation in the crypto industry” is a trend that includes crypto ETFs.

He stated, “I think we’ll continue to see that, it puts upward pressure on the prices of different crypto assets including XRP.”

Brad Garlinghouse, the CEO of Ripple Labs, acknowledged that his company should have contacted US regulators sooner. As a result, the crypto sector and Ripple Labs are catching up after facing legal enforcement actions.

Additionally, he claimed that Ripple has been “very active” in its political contributions. The business has donated around $50 million to the pro-crypto FairShake PAC, which supported Democratic and Republican candidates. Chris Larsen, a co-founder of Ripple, announced on October 21 that he had contributed $10 million to a PAC that backed Democratic presidential candidate Kamala Harris.

Ethereum Drops As August Bears Press On: Time To Fade Aggressive Sellers?

Posted on October 24, 2024 by Dalmas Ngetich

Ethereum is falling, looking at the formation in the daily chart. In three days, the second most valuable coin lost nearly 10. The confirmation of the double bar bear formation of October 20 and 21 means that sellers are in control. So far, the immediate support is at $2,300, but for this to be valid, buyers must contain these unyielding sellers. Before then, risk-off traders can wait on the sidelines for either bear trend continuation or a welcomed reversal above $2,800 and even July high.

The series of lower lows of the past day has seen Ethereum lose double digits in three days. On the last day alone, ETH is down a discouraging 3%, compounding the misery of holders. Interestingly, the sell-off is with light engagement, standing at around $19 billion in the past 24 hours.

Traders are keeping track of the following trending Ethereum news events:

Even with the proliferation of Ethereum layer-2s and dropping mainnet gas fees, analysts believe ETH has a bright future. In the scramble for decentralization, Arbitrum, Scroll, and other popular rollups will have to buy decentralization from mainnet validators, lifting revenue and, thus, prices.
Uniswap has launched a permissionless cross-chain bridging that supports, among other things, Ethereum and most of its layer-2s. The DEX is one of the largest generators of fees and, by extension, pulls ETH demand.

Ethereum Price Analysis

[[ETH/USD]] is under pressure when writing.

There is hope that buyers will flow back and contain losses, especially after the close of the October 23 bar with a long lower wick.

Bullish as this is, Ethereum is bearish from a top-down preview.

For now, bulls must defend $2,300 to keep hope alive.

If broken, sellers may force ETH to $2,100 in a bear trend continuation pattern aligning with early August losses.

This preview will only be invalidated when there is a decisive close above August 5 highs at around $2,800.

Bitcoin Bullish Breakout Valid Despite Drop: Will BTC Reclaim $70,000?

Posted on October 24, 2024 by Dalmas Ngetich

Bitcoin ended up trading lower yesterday. After the consolidation of October 22, prices fell, confirming losses of early this week. From the daily chart, sellers have the upper hand. This overview will remain until there is a satisfying recovery, lifting sentiment and prices from this week’s pits. Technically, a close above $66,000 by the end of the day would catalyze demand, but what’s truly needed is a leg up above $70,000. If this is the case, spurred by supportive fundamentals, Bitcoin can easily float to as high as $74,000 in a buy trend continuation formation.

The path of least resistance swings in favor of determined sellers, at least in the short term. Although some expect prices to rally, there is stiff resistance. In the past day, the world’s most valuable coin remained stable amid expanding trading volume, which stood at over $34 billion.

Traders are watching the following trending Bitcoin news:

The market remains uncertain ahead of the United States General Election. A Donald Trump win, one analyst said, could see BTC rally– even breaking all-time highs.
Despite the sell-off, Bitcoin is within a bullish breakout formation. Looking at the daily chart, the drop could turn out to be a retest. If prices find support from around August and September highs, bulls will likely push back toward $70,000.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure, looking at price action in the daily chart.

Prices are cooling off after the strong leg up in the second half of September.

Even as prices drop, the uptrend remains. If anything, the coin is within a bullish breakout formation after the close above August highs.

If Bitcoin finds support at $66,000, prices can steadily recover, soaring to over $70,000 and all-time highs.

If not, sustained losses could push the world’s most valuable coin back to October lows of around $60,000.