XRP Flat After A 80% Rally In Q3 2024: Are Ripple Bulls Accumulating Targeting $1?

Posted on October 14, 2024 by Dalmas Ngetich

XRP is flat, per the formation in the daily chart. Even though the downtrend remains, the decision for Ripple to cross-appeal the United States SEC decision briefly lifted prices. Presently, the coin is back within the early October trend. Unless there are sharp changes in momentum, lifting XRP above $0.55 and September highs, the downtrend remains. As prices move sideways, there is a high probability of the coin sinking below $0.50, a round number. If this happens, and even with Ripple taking on the strict regulator, XRP may tumble, retesting July lows.

The path of least resistance is northwards, as defined by the Q3 2024. All the same, cracks are forming. The sell-off in early October dented momentum, forcing holders to dump. However, the coin is recovering, buoyed by supportive fundamentals. After the sell-off on October 13, XRP is flat, and trading volume is even lower, below $800 million over the past day.

XRP and Ripple traders are watching out for the following news:

In the monthly chart, one analyst notices that the coin is inside a large symmetrical triangle. From this arrangement, a positive breakout could see XRP roar to $1.30 in a buy trend continuation formation. Such a pattern represents a 120% surge from around the spot rates.
Sentiment remains unchanged despite the recent sell-off in early October. Over 80% of XRP holders expect the coin to recover and rally hard in alignment with Q3 2024 impressive gains.

XRP Price Analysis

[[XRP/USD]] is flat at press time and struggling for momentum after the sell-off in early October.

The first support is at $0.50 while resistance is at $0.55.

After an 80% surge in Q3 2024, traders are bullish.

If prices recover, a close above $0.55 may provide entries for risk-on traders.

However, a high-volume rally above $0.66 and September highs might trigger even more gains. This expansion will be the confirmation bulls have been waiting for.

In that event, XRP can easily rally to $0.74 and $1.

Any unexpected dump below $0.50 cancels this forecast.

Ethereum creator sells $1.6 million worth of meme coins

Posted on October 14, 2024 by Olumide Adesina

Vitalik Buterin, a co-creator of Ethereum, has turned an additional $1.6 million in meme coins sent to him into Ether, which he had previously stated would be donated to charitable organizations. Additionally, Buterin sold off stakes in Vitalek Buteren (VITALIK), Fwog (FWOG), and Popcat (POPCAT).

Over the past nine days, he has now donated $884,000 to charity and changed $2.78 million worth of meme coins into Ether, according to a report published by Spot On Chain on October 13.

Buterin commended meme coin issuers for sending him coins to donate though he showed some pessimism. He has often criticized meme coins with celebrity themes that aim to benefit early investors and the celebrity.

An X posted on October 7 that he was giving all 10 billion meme-coin tokens he had been given to a company that develops technology to prevent airborne diseases.
On August 15, Buterin gave all of the animal-themed meme coins he had acquired in the previous 12 months to the Animal Welfare Fund of Effective Altruism Funds.

Spot On Chain data reveals his $700 million crypto portfolio still includes $2.4 million in MOODENG tokens, $144,000in Neiro (NEIRO), $117,000in MSTR, and $80,000 in Degen (DEGEN).

Buterin has long maintained that meme coins can benefit society by providing funds for significant public initiatives or enabling individuals from low-income nations to make a life.

Meanwhile, Vitalik Buterin, a co-founder of Ethereum, recently tackled the complex problem of transaction costs on the network’s levels 1 and 2. He suggests creative strategies to balance expenses and preserve the allure of the cryptocurrency ecosystem in the face of growing congestion.

Buterin stresses the importance of balancing Ethereum’s Layer 1 and Layer 2 cost structures. It is necessary to keep tiers’ fees consistent and non-zero while ensuring the ratio between them varies as little as possible. This strategy seeks to guarantee the best possible user experience while avoiding erratic swings that can upset the environment.

Odds still favor XRP amid regulatory attack

Posted on October 13, 2024October 13, 2024 by Olumide Adesina

Market actions believe Ripple has a promising future despite obstacles from regulatory fireworks.

The token’s price might skyrocket to $1.50 within months. This exponential increase would, however, factors such as heightened institutional investment, and wider market acceptance will determine such a bullish projection.

Price action highlights that XRP has been trading c between $0.53 and $0.6 for a while and at $0.49 for a while now. The nearest resistance level is $0.64. The next challenge is $0.72 if the previous resistance line is breached

The 10-day average for the short term is $0.59, which is somewhat higher than the $0.58 100-day short term is $0.59, which is higher than the $0.58 100-day average. It is getting close to an overbought zone, as indicated by its Relative Strength Index (RSI) of 62.34, but the MACD and Stochastic indications point to bullish momentum.

If the 200-day EMA and the daily support level at approximately $0.544 hold, XRP can maintain its upward trajectory and reach its daily resistance level at $0.626.
XRP’s price faced strong headwinds in the past due to its legal dispute with the US Securities and Exchange Commission (SEC); but, following a recent court decision that required a $125 million penalty.

Judge Torres’ ruling determined that Ripple’s programmatic sales of XRP to retail investors did not violate securities regulations, even though previous institutional sales were considered unregistered securities transactions.

The financial watchdog filed a notice of appeal this month in its lengthy litigation against Ripple, which the regulator first started in December 2020. Chief Legal Officer Stuart Alderoty stated that Ripple’s cross-appeal is intended to ensure that the company upholds its positions and arguments in the case, but did not provide further details about the company’s position.

An ETF approval typically indicates a favorable prognosis for an asset, the timing, investor activity, and market sentiment will all play a significant role in how XRP responds.

XRP has established itself as a major participant in the cryptocurrency market, a price decline could occur owing to profit-taking and unfulfilled expectations if many traders are already set up for a favorable outcome. With a market capitalization ranking of eighth, XRP has been a top cryptocurrency for almost a decade.

The company developed the token to revolutionize global money transfers. Ripple aims to offer a practical and affordable replacement for the current SWIFT financial system.

Ripple hopes to make money transfers via XRP as simple as sending an email by enabling quicker, less expensive international transactions.

Since digital assets were developed to eliminate financial intermediaries like banks, XRP has generated controversy over time. The project has a cult-like following, with supporters eager to shut down critics and stand by their faith in XRP, though some exaggerated claims about how quickly it could expand.

Coast clear for Bitcoin to run once again?

Posted on October 12, 2024 by Olumide Adesina

Bitcoin surged beyond $63,000 mid-trading session on Saturday as investors relaxed following Mt Gox’s decision to postpone settlement until 2025. According to CryptoQuant statistics, long-term Bitcoin liquidations reached a record high of $300 million on Thursday—a figure not seen since 2022.

Bitcoin lost about 10% of its value between October 1 and October 11, causing holders of long positions to liquidate heavily.
Thankfully, the bulls recovered quickly enough to go on a strong rebound that peaked at about $63,1K this afternoon. Even if the price has subsequently somewhat reversed to where it is now trading, BTC has increased by 2% over the last day.

The appetite for risk remains relatively elevated. The S&P 500 and Dow Jones Industrial Average closed the week at all-time highs, After sharply rising during the previous week, the U.S. dollar index stalled around 103 index points as traders recalculated expectations of additional Federal Reserve interest rate cuts in the wake of strong U.S. jobs data and higher inflation readings.

According to a paper released on Friday by Coinbase analysts David Duong and David Han, the outcome of the US election is now the primary macroeconomic factor driving cryptocurrency values rather than monetary policy.

Chinese finance minister’s anticipated briefing on China’s fiscal policies, scheduled for Saturday may be the main driver of cryptocurrency volatility. Coinbase Research, expects investors greater financial support for the struggling Chinese economy and financial markets, which impacts the digital asset market.

Since the April halving event, Bitcoin has been ranging sideways for almost 200 days. According to Ki Young Ju, CEO of CryptoQuant, this will be the longest sideways period following half of Bitcoin if a bull market isn’t initiated within 14 days.

However, the continuous sideways movement in Bitcoin caused STH’s realized share to decline throughout this period, according to information provided by CryptoQuant. Short-term holders are more likely to react to future price movements given that this percentage has dropped from 55% to 40% in just three months.

Telegram game: X Empire reveals airdrop date

Posted on October 12, 2024October 12, 2024 by Olumide Adesina

X Empire is drawing media interest by formally confirming the date of its airdrop and Token Generation Event (TGE). Though the press release addressed some concerns, one important question remains in the dark, how many tokens will be distributed during the airdrop?

X Empire, a Telegram game with an Elon Musk theme that operates on The Open Network (TON), was once known as Musk Empire. Players “tap” to gather rewards.
The statement was made after the Telegram tap-to-earn game requested that its 2.7 million players on X mark October 24th on their calendars.

X Empire will hold its token generation event (TGE) for only two weeks, and issue an undisclosed amount of X tokens.

The statement was made shortly after the mining phase completion of the X Empire game concluded on September 30. X Empire released the requirements for those who qualify for the airdrop. To begin with, token distribution necessitates a wallet connection.

In the game, players must also track a particular amount of earnings each hour, which indicates how involved each player is with the game. This is one of the variables that the gameplay assesses. Users can increase their passive revenue by modernizing their avatars and turning their companies into Elon Musk-style enterprises

Another requirement is sending invitations to friends, with significant rewards for “quality” recommendations. , Further criteria exist but have not been released to prevent bot activity.
There are over 50 million users on X Empire, and tap-to-earn games on Telegram are still a major source of income for the platform. It provides a plethora of tasks and quests that let players earn X money or tokens, just as other games of a similar nature. Throughout the game, you can use this money to level up by developing your talents and earning more coins every hour.

After ending the game, players can earn coins inactively for up to three hours. The currency rate per hour grows when you upgrade your office and team in the game, although it does not affect the player’s level. In addition to increasing cash per “tap,” the mining option in the “upgrade” section also boosts energy and powerups for more effective gameplay.

Ripple Chairman donates 1.7 million XRP to Kamala Harris

Posted on October 11, 2024October 11, 2024 by Olumide Adesina

Chris Larsen, a co-founder and Chairman of Ripple, gave $1 million worth of XRP coins to Future Forward PAC, a political action group that backs the Vice President’s bid for president.

According to the Federal Election Commission’s records, the 1.7 million XRP coin donation was sent on August 14. Fox Business disclosed this was the first cryptocurrency donation made to Harris’s campaign.

Future Forward PAC automatically converts cryptocurrency donations into the stablecoin USDC through Coinbase Commerce.

Major contributions from well-known individuals including venture capitalist Reid Hoffman, cryptocurrency exchange Coinbase, and former New York City mayor Michael Bloomberg, the PAC has raised more than $200 million

Larsen’s open support of Harris coincides with a pivotal moment in Ripple’s ongoing legal dispute with the SEC.

The dispute started in 2020, and both parties contested recent decisions from an August final verdict.
Larsen’s support of Harris is all the more noteworthy given Ripple’s ongoing legal battle with the SEC and the growing prominence of cryptocurrency in political discourse.

Cryptocurrency has emerged as a key topic for Democratic presidential candidate Kamala Harris and Republican presidential candidate Donald Trump in the 2024 presidential contest.

The vice president has tried to “reset” ties with crypto businesses and their backers, many of whom had defected from the Republican party.

Even though Donald Trump recently changed his strategy and started courting the crypto guys for support, Joe Biden, Treasury Secretary Janet Yellen, and SEC Chair Gary Gensler have all been extremely skeptical of digital assets and essentially view them as a massive speculative fraud.

Harris recently announced that her administration would embrace cutting-edge technology like digital assets and artificial intelligence.

Forex Signals Brief October 11: US Inflation PPI and Canada Employment Closing the Week

Posted on October 11, 2024October 10, 2024 by Skerdian Meta

After a quiet start to the morning, the U.S. session saw a surge in market activity, spurred by several key data releases. In the foreign exchange market, the dollar initially rose on the back of higher-than-expected CPI inflation figures but then dipped following jobless claims data. However, a closer look at these data points revealed some caveats that effectively dampened their impact.

Continue reading “Forex Signals Brief October 11: US Inflation PPI and Canada Employment Closing the Week” →

Bitcoin Recovers after Scare: Inflation Firm, Will A Trump Win Propel BTC To $97,000?

Posted on October 11, 2024 by Dalmas Ngetich

Bitcoin is steady at press time. Even with rising inflation in the United States, prices couldn’t tick higher considering its role as a store of value asset. At press time, sellers remain in charge and would require prices to not only close above $64,000 but the leg up must be decisive, preferably at the back of rising trading volume. As it is, buyers are hopeful, recovering after dropping below $60,000. However, how Bitcoin performs in the short to medium term depends on whether bulls maintain prices above the support at $60,000, a psychological level of importance—at least for now.

Traders are confident of what lies ahead. Now that the dump wasn’t as sharp as last week, Bitcoin stands a chance. All the same, how this week’s bar closes will likely shape the short to medium-term formation. Technically, BTC is stable amid decent trading volume at around $30 billion.

The following trending Bitcoin news developments are worth tracking:

Bernstein, a wealth manager controlling over $37 billion worth of assets, thinks BTC can easily float to over $90,000 if Donald Trump wins. According to Polymarket, voters in the United States are placing their bets in support of the former president.
Inflation in the United States rose to 2.4%, not the 2.3% expected. Risk-on assets like Bitcoin tend to perform better in an inflationary environment.

Bitcoin Price Analysis

[[BTC/USD]] is steady and recovering after yesterday’s scare.

The preview of this week remains unchanged.

Bulls still have a chance since prices are inside the $60,000 and $64,000 zone.

A close above $64,000, peeling back October 1 losses, is a massive endorsement for buyers.

However, if Bitcoin slips and $60,000 is broken again, the coin might extend losses, aligning with last week’s losses.

In that case, BTC can easily dump to $50,000.

Ethereum In A Boring Range: Will China Push ETH Below $2,000?

Posted on October 11, 2024 by Dalmas Ngetich

Ethereum continues to chop horizontally, denting bulls’ sentiment. As ETH is below $2,800 but encouragingly above $2,300, risk-off traders can wait on the sidelines. The coin is bearish and inside a descending channel, observed from higher timeframes.

In the short term, the reaction between $2,300 and $2,800 will shape the upcoming trajectory. After the retracement from $4,100, ETH may edge higher, closing above the local resistance, especially if buyers are committed. If not, and the crypto market dumps, Ethereum will sink to below August lows.

Traders are upbeat, but there is nothing to show in the daily and weekly charts. Prices have been consolidating for weeks now. The coin is flat in the past day and week while the average volume in the previous trading day is low, at just $15 billion.

The following trending Ethereum news events could impact prices:

Ethereum is hanging on a thin thread, and the oversupply from authorities could press the coin lower. Yesterday, the Chinese government sent 7,000 ETH to exchanges. They still control over 542,000 ETH.
The net inflow to spot Ethereum ETFs as of October 9 is zero. This is only the third time investors in the United States didn’t get ETH exposure since the product launched. Amid this, value continues to flow from Grayscale’s ETHE.

Ethereum Price Analysis

[[ETH/USD]] is uneventful when looking at price action in the daily chart.

Technically, there is nothing to look forward to unless there are sharp movements in either direction.

As prices consolidate, sellers have the upper hand as long as prices are below $2,800.

The local support is at $2,300.

If bulls break above the liquidation line (highly unlikely for now), ETH may soar to $3,000.

On the other hand, the probability of Ethereum sinking below $2,300 is elevated.

Should sellers take over; the coin can easily melt below August lows.

XRP Bouncing From $0.50, Ripple CEO Claims SEC Wants to “Create Havoc”

Posted on October 11, 2024 by Dalmas Ngetich

XRP is surprisingly firm at press time, looking at the formation in the daily chart. Even though the downtrend remains, at least considering the sell-off in early October, the bounce is massive for sentiment. According to a CMC poll, over 80% of XRP holders think the coin will recover steadily, rising above the immediate local resistance. Before then, prices need to pierce above $0.55 and $0.60. If sellers are unyielding and there is a turnaround from spot rates, a close below $0.50 could spell doom for optimistic holders.

After days of sideways movement, XRP edged higher yesterday, extending by 2% and pushing weekly gains by nearly 3%. Accompanying this uptick is more engagement, which saw the average daily trading volume rally to over $1.2 billion.

The following XRP and Ripple news developments could explain why sentiment is improving:

Ripple, the blockchain firm, is diversifying. After releasing plans to launch an institutional stablecoin that runs on Ethereum and the XRP Ledger, they are now looking at banks. The company said it plans to launch a crypto custody service for banks.
The United States SEC, Brad Garlinghouse claims, is unwilling to take the loss and move on—explaining their decision to appeal the recent ruling. In his view, the regulator, the Ripple CEO said, is only “interested in creating havoc.” The blockchain company said they were cross-appealing the regulator’s appeal to counter this.

XRP Price Analysis

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

The decision by Ripple to cross-appeal is boosting sentiment, supporting XRP as a result.

Although it is too early to call, sellers remain dominant despite the high optimism.

Therefore, as long as XRP is below $0.55, there may be entries for sellers targeting $0.50 and $0.40.

Any unexpected spike above $0.50 and even $0.60 over the weekend nullifies this bearish outlook.

In that event, Ripple prices will swing back bullish in alignment with buyers of Q3 2024.