Forex Signals Brief October 23: Can the BOC Send USD/CAD Above 1.40?

Posted on October 23, 2024October 22, 2024 by Skerdian Meta

Despite a quiet economic calendar, the European Central Bank (ECB) released a full list of speakers on Tuesday, and their key message was one of heightened caution on interest rates. There was also growing confidence that the inflation target would be achieved. While a 50 basis point rate cut wasn’t explicitly discussed, the market is now pricing in a 35% chance of such a move, supported by weak growth data.

Bank of Canada is expected to ease its monetary policy by 50 bps today

Continue reading “Forex Signals Brief October 23: Can the BOC Send USD/CAD Above 1.40?” →

XRP Retreats From $0.55, Analyst Predicts Doom for Ripple: What’s Next?

Posted on October 23, 2024 by Dalmas Ngetich

XRP is down at press time, looking at the formation in the daily chart. Although there are high expectations that the seventh most valuable coin will overcome the current wave of resistance, sellers seem to be unyielding. From the daily chart, the immediate support is at $0.50—and this might be broken should sellers press on like they are doing. On the upper end, resistance is at $0.55. For the uptrend to resume, mirroring impressive gains from July to September, there must be a high volume spike, ideally above $0.66. However, there are few fundamental factors to spur growth in the short to medium term, casting doubt on the strength of bulls.

As XRP prices print lower lows, the coin remains bound inside a horizontal consolidation. At press time, it is down 2%, losing the same over the past week. Meanwhile, the average trading volume down, falling to $1 billion.

XRP and Ripple traders are tracking the following news developments:

Over 85% of all XRP traders are bullish despite the series of discouraging lower lows. If there is a contrarian move, prices could tumble sharply.
At press time, the rejection from the upper limit of the resistance could spell doom for holders. One analyst expects a strong pullback, forcing the coin toward the $0.40 region or lower.

XRP Price Analysis

[[XRP/USD]] is moving lower at spot rates and is stuck inside a horizontal channel.

As it is, the path of least resistance is northwards from a top-down preview.

However, for this to be validated, bulls must break $0.66.

In the short term, sellers dominate.

How prices pan out depends on the reaction at $0.50 or $0.55.

Losses below $0.50 will confirm the drop of early October, possibly forcing the coin to $0.45 or lower.

Meanwhile, a spike above $0.55 will boost optimistic traders as they angle for $0.66.

Ethereum Forms A Triple Trop At $2,700: More Trouble For ETH Bulls?

Posted on October 23, 2024 by Dalmas Ngetich

Ethereum is falling, forming a triple top. With sellers in charge, confirming losses of October 21, the second most valuable coin is printing lower lows, slipping toward $2,600. Unless there is a bounce lifting ETH above $2,700 and ideally $2,800, the coin is under the grasp of determined sellers. The primary support is around $300, away at $2,300. Therefore, provided prices trend above this zone, Ethereum buyers have a chance, although sellers of Q3 2024 are still in control. For the trend to shift, there must be a high volume close above the triple tops defined by the local resistance. In that event, ETH would easily float to $3,000 and higher.

Looking at the candlestick arrangement in the daily chart, it is evident that ETH is struggling for momentum. The coin is down 1% in the past 24 hours and flat on the previous week. Meanwhile, the average trading volume over the previous day is at around $14 billion, down from last week’s averages.

The following Ethereum news developments are worth watching:

In 2025, spot Bitcoin and Ethereum ETFs, the United States SEC says, will be an examination priority. The goal is to focus on existing crypto asset-related services and risks. After pressure, the regulator approved spot Bitcoin ETFs in January before following through with a similar product for Ethereum.
Ethereum layer-2 gas fee is on the way up, months after the Dencun Upgrade. The expansion in blob fee to over $4 is due to the scramble for the Scroll airdrop, which started on October 22.

Ethereum Price Analysis

[[ETH/USD]] is bearish despite the high hopes among holders.

The reaction from the lower limit of the resistance zone at around $2,700 meant sellers are in control.

Still, after last week’s gains, bulls cannot be dismissed.

Bulls can closely monitor price action as long as Ethereum finds support at $2,300. A recovery from around this loading zone could see the coin resume the uptrend.

There are clear entries above $2,800, especially if the leg up is with rising trading volume.

Spot Bitcoin ETFs Post Outflows: Do BTC Bull Have What It Takes To Break $70,000?

Posted on October 23, 2024 by Dalmas Ngetich

Bitcoin dropped yesterday and remains under pressure at spot rates. Even though there are pockets of weakness, traders are looking for opportunities to double down on their longs, targeting all-time highs. The short-term favors bulls, but only if prices are maintained above the support at $66,000. If prices trend above this reaction level, there is a high possibility that BTC is changing hands at a discount when writing and could, in the coming sessions, bounce strongly above last week’s highs. As some executives believe, a decent close above $70,000, sparked by supportive fundamentals, could be the basis of a strong leg up to $100,000.

The drop on October 21 and the inability of bulls to wipe out losses yesterday means the coin is flat at press time. At the same time, engagement is below average, signaling possible caution among traders. If the average trading volume is to rise, then prices must rip higher (or drop lower) below key resistance (support) levels.

As traders wait for directions, the following Bitcoin trending news developments are worth tracking:

Despite falling prices, Bitcoin traders are overly bullish. Over 70% of holders believe the coin will print higher highs in the coming sessions.
After days of consecutive inflows, all spot Bitcoin ETFs in the United States posted a net outflow of around $79 million on October 22.

Bitcoin Price Analysis

[[BTC/USD]] is firm at press time.

There is a chance that bulls will flow back if prices steady above $66,000

Since Bitcoin edged higher last week, every low may offer entries for traders targeting $70,000 and $72,000.

However, if there is a follow-through of October 21 losses, prices will drop below $66,000, and the coin could retest for $60,000 in a retest.

Accordingly, risk-off traders can wait for clear trend definition above $70,000 or below $66,000 before committing.

Sui Blockchain connects with Google Cloud

Posted on October 23, 2024October 23, 2024 by Olumide Adesina

ZettaBlock has enabled a new interface between Sui and Google Cloud. Developers can access real-time blockchain data using Google Cloud’s Pub/Sub service.

It aims to enable innovative applications such as AI-powered fraud detection and fast gaming transactions. ZettaBlock hopes to expand its platform by providing developers with more tools to build AI models using real-time data. The Sui blockchain is a distinct network that manages validation and transaction processing.

This most recent advancement makes it basic to access Sui’s blockchain information via Google Cloud, providing programmers the means to produce more precise and responsive apps.

The price of SUI has increased by around 500% in the last 12 months. With a market valuation of $5.3 billion, it is among the top twenty-one digital assets SUI is down 5% over the past day, trading at $1.93, at the time of publication

Developers can have real-time data from the Sui blockchain. This is especially helpful for AI systems that need continuous access to new data to work efficiently.
For example, unlike traditional systems that typically rely on past data, AI models for fraud detection can highlight questionable transactions as soon as they occur.

ZettaBlock’s post disclosed such integration can also transform online gaming. Games may be able to adapt dynamically in response to player actions or blockchain events using real-time data from the blockchain, resulting in more engaging gameplay.

For instance, a game might use blockchain real-time data to modify non-player character behavior or difficulty settings.

Forex Signals Brief October 22: BOE, FED and ECB Speech Today

Posted on October 22, 2024October 21, 2024 by Skerdian Meta

Yesterday, with no major economic reports to focus on, attention shifted to rising yields, which continued to push the USD higher. The 10-year yield climbed 12 basis points, reaching 4.19%. Before the Fed’s 50 basis point rate cut in September, the yield had dropped to a low of 3.605%. Since then, it has risen by 59 basis points. The [[USD/JPY]] surged by 2 cents, nearing 151, while the EUR/USD edged closer to last week’s low of 1.0809.

Continue reading “Forex Signals Brief October 22: BOE, FED and ECB Speech Today” →

XRP In A “Boring” Range: Will Ripple Bulls Prevent A Collapse Below $0.50?

Posted on October 22, 2024 by Dalmas Ngetich

XRP is flat, looking at the candlestick arrangement in the daily chart. Even with Q3 2024 gains providing leads of what lies ahead, the coin cannot shake off the bear grip of early October. For this reason, unless there is a sharp expansion lifting XRP above $0.55, the path of least resistance will be southwards. The situation is even worse, with the United States unwilling to accept the loss. It is appealing the court of appeal ruling. If they succeed, it could see Ripple pay more, with an injunction against selling XRP to payment processors as a severe blow to global expansion.

At press time, the seventh most valuable is moving sideways. It is flat in the past day and week albeit with decent trading volume above $1.1 billion. Depending on the direction of the final breakout, the current consolidation could end up being a region of consolidation or distribution. If buyers win, reflecting the improvement of Q3 2024, XRP may rally towards $1.

Possible demand catalysts for this leg up include the following XRP and Ripple news:

In Japan, where Ripple has a significant presence, the country’s leader of the Democratic Party for the People (DPP) is proposing a crypto tax overhaul to spur NFT and web3 growth. Specifically, he is calling for the reduction of the 20% crypto capital gain tax.
Mark Cuban is also fighting against Kamala Harris’ proposal to tax unrealized capital gains. Cuban, a pro-crypto billionaire, thinks if their proposal goes through, it would kill the economy.

XRP Price Analysis

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

XRP price action remains uneventful as the coin oscillates between $0.50 and $0.55.

Bears of early October are still in control as long as prices are pinned below $0.55.

Accordingly, despite the impressive surge from July through to September, every high might allow aggressive, risk-on traders to short, targeting $0.50 and $0.45.

However, if there is an unexpected spike, confirming the current sideways chop as an accumulation, XRP could easily climb to as high as $0.74, printing fresh 2024 highs.

Ethereum Weak: Institutions Favor BTC, When Will ETH Break $3,000?

Posted on October 22, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is slipping, reacting from the $2,700 and $2,800 resistance zone. The retracement confirms the strength of bears over the past few trading months. Unless there is a bounce lifting prices above this liquidation area, Ethereum will likely struggle in the short term. However, buyers can still counter these relentless sellers should the coin remain above the $2,300 support. If so, and coupled with the general optimism across the DeFi scene, ETH might find the much-needed momentum to edge higher, shaking off the recent weakness and aligning with last week’s impressive gains.

As of this writing, the second most valuable coin is under pressure and could give up gains from last week. All the same, since sentiment is improving and buyers expect rapid gains in Q4 2024, ETH could benefit. Although the coin has been in the red in the past day, it was steady last week. Amid this, the general trading volume is up, rising to nearly $20 billion.

Ethereum holders are closely monitoring the following trending news events:

Last week, ETH posted gains. However, looking at inflows, less than 1% of institutional cash flew to Ethereum. According to CoinShares, of the over $2.3 billion, spot Ethereum ETFs received $58 million, with the bulk, $2.13 billion, going to Bitcoin.
ETH prices remain inside a symmetrical triangle, looking at the candlestick arrangement in the daily chart. Since there are higher highs, a close above the resistance trend line of this triangle could see the coin float to over $3,500.

Ethereum Price Analysis

[[ETH/USD]] is posting weakness, albeit the high optimism of price gains.

After the series of higher highs, as the weekly chart shows, Ethereum holders expect favorable sentiment to lift prices above $2,800 and $3,000.

For this to remain valid, prices must stay above $2,300.

If ETH bulls find the much-needed momentum and break above last week’s highs of near $2,800, the coin might rally to $3,000 and $3,500.

Still, traders should be cautious with risk-off holders waiting for clear signals before committing.

Any dump below $2,300 today cancels this bullish outlook.

Bitcoin Slips but Bitwise CIO Predicts a Rally to Over $100,000

Posted on October 22, 2024 by Dalmas Ngetich

Bitcoin failed to break higher yesterday, recoiling from over $69,000 to below $68,000. With this pattern printing out in the daily chart, there is a double bar bear formation signaling weakness. If buyers are in charge, these losses will easily be contained, and the coin can resume the uptrend. However, if prices continue printing lower lows, the immediate support to closely monitor is $66,000. It is a reaction level that, if broken, may trigger a sharp sell-off, effectively slowing down buyers of last week. For now, traders are watching $70,000 and $72,000 as the immediate liquidation level that must be decisively broken.

As BTC recoils, the coin risks dropping as prices remain range-bound as they did in June and July. Bitcoin is down 2% in 24 hours at press time, though gains over the last week stand at over $3%. At the same time, the average trading volume is up, expanding to over $37 billion.

The following trending Bitcoin news events are worth watching:

Despite the correction, the CIO of Bitwise is upbeat. In his assessment, the world’s most valuable coin could break above the $100,000 level in the coming sessions. Drivers will include inflows from spot Bitcoin ETFs and economic instability.
Germany’s prime minister thinks that if the United States adds BTC as its strategic reserve, all European countries will FOMO, pumping prices to new levels.

Bitcoin Price Analysis

[[BTC/USD]] is in an uptrend but is down at press time.

The dump of October 21 saw the coin move lower from around $70,000 below $68,000.

The result is a double-bar bearish reversal formation. Interestingly, the bar had a high trading volume, signaling interest from traders and the likelihood of the coin sliding.

Still, buyers have a chance since last week’s gains have not been reversed, and prices are above $66,000.

Accordingly, traders can look for opportunities to buy the dip above $66,000, targeting $70,000 and $72,000.

This outlook will be null should Bitcoin drop below $66,000.

Ripple Co-Founder donates $10 million cash to Kamala Harris’ Presidential Campaign

Posted on October 21, 2024October 21, 2024 by Olumide Adesina

Co-founder of Ripple Chris Larsen sent significant sums of money to Future Forward last month, a super PAC that backs Vice President Kamala Harris. Larsen gave the PAC $9.89 million in cash in three different donations. Additionally, evidence indicates that a $1 million XRP donation was made in August, bringing the total donation to over $10 million.

Larsen’s contributions have exploded at a pivotal juncture, as the 2024 election cycle caps a stake on crypto regulation. Even if his donation seems to be an attempt to support a candidate, it’s still unclear what his true motivations are.

Speculation heightened that Kamala Harris may have met Chris Larsen to talk about her plans for cryptocurrency in the future. While Republican opponent Donald Trump vows to shield the cryptocurrency business from governmental actions, Harris has committed to encouraging cutting-edge technology like artificial intelligence (AI) and digital assets, because cryptocurrencies will likely be a major topic in the 2024 U.S. elections.

Larsen’s Ripple and the U.S. Securities and Exchange Commission (SEC) continue their legal struggle. as both sides appeal a previous August verdict This donation emphasizes Larsen’s open support of Harris as a pro-innovation candidate and illustrates the increasing significance of cryptocurrency in US political elections.

This donation, however, is the subject of intense social debate and has drawn criticism from cryptocurrency fans who believe the Biden-Harris administration, along with its nominated SEC chief Gary Gensler, have unfairly attacked the sector in general and Ripple Labs in particular.