XRP Retraces After $0.55 Rally: Are Ripple Bulls Losing Steam?

Posted on October 18, 2024 by Dalmas Ngetich

XRP rallied strongly on October 17 before recoiling below $0.55. With the drop, Ripple is trading inside the narrow range from October 3. For now, the downtrend remains, and prices might slip below the immediate support, confirming losses of early this month. If this happens, the coin may fall sharply, even to $0.40, in the coming sessions. Technically, buyers stand a chance and if there is strength, the recovery will be in confirmation of Q3 2024 gains. Fundamentals will play a role in shaping this move higher, especially if there is positive news around the Ripple—United States SEC case.

The uptrend remains as XRP consolidates inside the $0.50 and $0.55 zone. In the short term, the coin is flat, losing 1% in 24 hours but remaining up 2% in the previous week. Interestingly, engagement is high after yesterday’s spike, rising to over $1.4 billion in the previous day.

The following XRP and Ripple news developments are worth watching:

Ripple is joining forces with Mercado Bitcoin to boost payments in Brazil. Through this deal, the payment platform will leverage Ripple’s technology, enhancing global remittance.
The United States SEC missed a key deadline yesterday when it failed to file an appeal in its tussle with Ripple.

XRP Price Analysis

[[XRP/USD]] is flat at press time.

Ripple holders are bullish.

All the same, the path of least resistance follows the October 1 and 2 bear bar.

If the coin loses $0.50, sellers will double down, targeting $0.45.

As it is, aggressive, risk-on traders can short on every high below $0.55 with targets at September and August lows.

The trend will change should there be a sharp expansion above $0.55, preferably with rising trading volume.

U.S more interested in Bitcoin than Stablecoin

Posted on October 17, 2024October 17, 2024 by Olumide Adesina

The US has seen record levels of Bitcoin activity since spot BTC exchange-traded funds (ETFs) were introduced. However, according to a Chainalysis report released on October 17, stablecoin usage in the US has slowed in 2024 compared to global markets.

Stablecoin activity on US marketplaces has significantly decreased this year; in 2024, less than 40% of stablecoin transactions on US-regulated exchanges, compared to nearly 50% in 2023.

In contrast, the percentage of stablecoin transactions on platforms not governed by US law has grown since 2023 and surpassed 60% in 2024, per Chainalysis’ most current examination of cryptocurrency adoption trends in North America.

Chainalysis underlined that the change does not necessarily signify a steep drop in US stablecoin activity but rather the fast-growing significance of stablecoins in non-US countries and emerging markets.

The increasing popularity of stablecoins outside the US reflects a larger trend: stablecoins backed by the US dollar are becoming very popular in international markets as a store of value and less expensive adopting stablecoins is the regulatory ambiguity surrounding them and digital assets.

According to Chainalysis, Circle, a top stablecoin firm has seen that financial centers in Europe and the United Arab Emirates have been able to draw stablecoin projects with more hospitable legal frameworks because of the US’s unclear crypto laws.

A Circle representative cautioned that “the lack of a US regulatory framework for dollar-referenced stablecoins represents a threat to American interests.”
US politicians are facing mounting pressure to take action as more nations create regulatory frameworks that promote the adoption of stablecoins.

Forex Signals Brief October 17: Dovish ECB Rate Cut Expected!

Posted on October 17, 2024October 16, 2024 by Skerdian Meta

With profit-taking in USD/CAD continuing yesterday, the Canadian dollar emerged as the strongest major currency by day’s end, closely followed by the USD. The UK’s CPI inflation report revealed a notable drop to 1.7%, dipping below 2% for the first time since 2021, which contributed to a sharp weakening of the pound.

Continue reading “Forex Signals Brief October 17: Dovish ECB Rate Cut Expected!” →

USDT users reach 330 million

Posted on October 17, 2024October 17, 2024 by Olumide Adesina

Tether’s USDT user growth experienced its peak quarter in Q3 and has risen by 9% on average over the previous twelve months, boosting the company’s potential foray into more conventional finance markets.

36.25 million new on-chain Tether wallets and users interacted with the largest cryptocurrency stablecoin in the third quarter of 2024, setting a new quarterly milestone for the industry leader in digital payments. The USDT operator disclosed that the investigation did not include off-chain users, mainly found on centralized platforms such as Coinbase or Binance.

330 million on-chain wallets interacted with USDT in the third quarter, indicating high cryptocurrency adoption. That number is equal to the population of the United States! Furthermore, our partners estimate that several tens of millions more USDT users exclusively use centralized systems.

The digital payment service provider turned its attention to other ventures through its investment arm as its USDT business reached new heights. According to reports, the business plans to finance billions of dollars from its record profits to conventional lenders and commodities trading companies.

The increasing demand for US dollar-backed assets globally, especially in nations with limited access to stable currencies, is one factor propelling the shift in the use of stablecoins.

According to official estimates by the US Federal Reserve, as of late 2022, more than $1 trillion in US dollar banknotes—roughly half of all US dollar banknotes were kept outside of the US.

A larger trend is seen in the increased usage of US dollar-backed stablecoins by international markets as a cheaper means of transacting and as a store of value.

MoonPay partners with Ripple on XRP dealings

Posted on October 17, 2024 by Olumide Adesina

MoonPay, a cryptocurrency payments company, has partnered with Ripple to provide its customers with direct XRP purchases.

MoonPay announced the cooperation on X on October 16, stating that its clients may now “buy, manage, and store” the XRP XRP coin directly within their MoonPay accounts.

MoonPay users may purchase and sell XRP alongside other popular cryptocurrency assets such as Bitcoin and Tether directly from the app. Customers can also use the app to swap specific coins, including those across chains.

Users can buy cryptocurrency with credit cards, Apple Pay, and Google Pay. The site also works with PayPal to enable cryptocurrency purchases in permitted regions.

The agreement was disclosed after Ripple announced MoonPay as one of its exchange partners ahead of RLUSD’s introduction. MoonPay launched support for PayPal USD (PYUSD), the US-based digital payments giant’s stablecoin,

MoonPay claims to be the first supplier to link with PayPal for both on- and off-ramp services, emphasizing that the integration is available to users across all of MoonPay’s partner platforms. This distinguishes MoonPay from other crypto exchanges with PayPal integration, such as Coinbase.

PYUSD, backed by US dollar deposits, short-term US Treasury bonds, and cash equivalents, is one of the first consumer-facing stablecoins introduced by a major financial services company.

PayPal has actively pushed to increase its footprint in the digital asset market, most recently announcing intentions to enable U.S. corporate customers to buy, sell, hold, and transfer cryptocurrency.

Meanwhile, the business received essential approval from Australian regulator AUSTRAC last month. The registration enables MoonPay to provide cryptocurrency trading services in the country.

XRP Shakes Off Weakness: Are Q3 2025 Ripple Bulls Back And Targeting $0.66?

Posted on October 17, 2024 by Dalmas Ngetich

XRP is surprisingly firm and moving higher in alignment with the gains of October 14. The likelihood of the coin closing above $0.55 by the end of the day is elevated for now. Nonetheless, there must be evidence. The leg up must be pushed by active traders angling to reverse the losses of early October. Improving crypto sentiment, rising Bitcoin prices and Ripple’s willingness to tackle the United States SEC are the primary sources of strength. Any sustained breach of $2,800 could spark a wave of demand, driving the seventh most valuable coin to $1 in the medium term.

Traders are confident of what lies ahead. In the past day, XRP added 3% while volume rose to over $1.3 billion. Conservative traders can stay on the sidelines unless there is a convincing close above the reaction levels at $0.55 or below $0.50. Technically, the downtrend remains after the slide from September highs.

The following XRP and Ripple trending news are worth watching:

Sentiment remains bullish, with over 85% of XRP holders expecting prices to shake off weakness and soar higher. It comes as institutions shift their attention to quality altcoins, including XRP.
Ripple and the International Rescue Committee are collaborating to innovate on cash relief and cross-border aid transfer using the XRP Ledger. The blockchain will also power the RLUSD, which is set to launch in the coming weeks.

XRP Price Analysis

[[XRP/USD]] is under pressure, but bulls are not yielding.

Technically, the coin is bullish from a top-down preview, looking at price action throughout Q3 2024.

The problem is the dump of early October.

For prices to increase, there must be a firm close above $0.55, preferably with rising volume.

Before then, XRP can easily dump below $0.50 in alignment with October 1 and 2 sell-off.

Any expansion above $0.55 might be the base for trend continuation, targeting $0.66 and $1 in the coming sessions.

Binance invests in a Bitcoin liquid staking project

Posted on October 17, 2024October 17, 2024 by Olumide Adesina

Binance’s venture capital and innovation arm invested in Lombard, the cryptocurrency initiative that created the Bitcoin liquid staking token LBTC.

The investment round will allow Lombard to spread LBTC onto new chains. Jacob Phillips, Lombard’s co-founder and head of strategy, stated that the goal is to expand the decentralized finance landscape on Bitcoin by providing new opportunities to BTC holders.

Lombard released its liquid staked token in August and is one of several companies attempting to offer Bitcoin investors the benefits of decentralized finance.
According to Dune statistics, Lombard’s total LBTC holdings are worth over $600 million. Meanwhile, the liquid staking token has over 13,000 holders.

The platform’s DeFi on Bitcoin solution has seen LBTC power yield strategies, institutional borrowing, and lending through Pendle, Maple Finance, and Morpho, respectively.

The platform’s growth has coincided with Bitcoin’s market capitalization soaring to more than $1.3 trillion.

However, the Bitcoin DeFi ecosystem is currently only valued at slightly more than $1.3 billion. This is around 10% of the market capitalization and indicates that the decentralized finance business on the flagship blockchain network still needs to be explored.

To unleash this idle Bitcoin cash, projects like Lombard and Solv Protocol enable BTC holders to participate in staking, yield creation, and lending, among other services.

Ethereum Struggling Despite Confident Bulls Aiming For $2,800: Will Grayscale Succeed?

Posted on October 17, 2024 by Dalmas Ngetich

Ethereum is in green but has been moving inside a tight range, looking at the formation in the daily chart. Despite the high hopes, bulls must confirm their presence by closing above the immediate liquidation zone at $2,800. There are several catalysts that might move prices, including the rapidly growing Ethereum ecosystem marked by a spike in the number of layer-2s launching. Although some analysts think these off-chain solutions are extractive, their role in scaling the legacy chain is evident. Unless there is a sharp turn in trend, reversing Q2 and 3 losses, sellers will still have the upper hand.

After the refreshing surge on October 14, bulls have failed to follow through. At present, support is at $2,300, while resistance is at $2,800. Even though ETH might benefit from rising Bitcoin, sellers are strong, and on-chain, layer-1 developments are not as exciting as far as incentives to validators are concerned. For now, the average trading volume of the last day is decent at over $16 billion.

The following trending Ethereum news could shape price action:

Larry Fink of BlackRock thinks Ethereum will continue to play a crucial role. The asset manager is already tokenizing treasuries on the largest smart contracts platform.
After finding success in spot Bitcoin and Ethereum ETFs, Grayscale is now seeking to convert its blended fund into an ETF.

Ethereum Price Analysis

[[ETH/USD]] is steady at press time.

As it is, ETH prices are still inside the bull bar of October 14—a net positive.

Traders can consider longing the dip provided prices stay above $2,300. If bulls take over, the first target will be $2,800, and later, $3,000.

If not, and prices collapse below $2,300 after unwinding Monday gains, Ethereum might easily slide to August lows.

Before then, risk-off traders can wait on the sidelines until there is trend definition.

Bitcoin Floats Higher, Tesla Moving Coins But BTC Bulls Unfazed: Up Next $72,000?

Posted on October 17, 2024 by Dalmas Ngetich

Bitcoin continues to maintain its uptrend, steadily approaching the round number at $70,000. With bulls flowing back and the coin growing in strength, traders are searching for entries amid improving sentiment. At press time, the path of least resistance is northwards. Traders expect the coin to not only breach $70,000 but climb above all-time highs. Some primary catalysts for strength include favorable fundamentals, including inflows to spot Bitcoin ETFs. Additionally, with the odds of Donald Trump winning the presidency increasing, crypto supporters think prices will edge even higher with the former president at the helm.

Bulls have the upper hand at press time. The world’s most valuable coin is up 11% in the previous week amid expanding engagement that’s over $36 billion in 24 hours. Further gains today will lift sentiment, shifting the Fear and Greed Index deeper into the green territory.

Traders are tracking the following trending Bitcoin news:

Tesla, the electric car manufacturer, recently moved BTC for the first time in over two years. Whether they will sell remains to be seen. If the car manufacturer resumes accepting BTC, prices could rip even higher.
Although optimism is high that prices will continue expanding, analysts note that the coin remains within a multi-month range. Of note, bulls have yet to decisively close above the resistance level. If this happens, prices could easily print fresh all-time highs.

Bitcoin Price Analysis

[[BTC/USD]] bulls are in control.

The local support is at $66,000, while the resistance is at $70,000 and $72,000.

As long as buyers are in charge, every low above the support may offer entries for optimistic traders targeting June highs.

If there is a welcomed spike above $72,000 today, Bitcoin can easily float to register fresh all-time highs.

Forex Signals Brief October 16: UK CPI Inflation Highlighting the Day

Posted on October 16, 2024October 15, 2024 by Skerdian Meta

The day started off quietly, but risk sentiment weakened during the US session, with the dollar generally strengthening. However, it wasn’t as strong as other safe-haven assets like gold, the Swiss franc, and the Japanese yen. Remarks from Mary Daly of the Federal Reserve attracted some attention, as she hinted at a potential pause this year and the possibility of one or two rate cuts through the end of 2024. This statement was unexpected, given her typically dovish stance, and it helped boost the dollar.

Continue reading “Forex Signals Brief October 16: UK CPI Inflation Highlighting the Day” →