XRP Rejects Bears, Defends $0.55, Over $744 Million Traded On Binance Spot Market

Posted on September 3, 2024 by Dalmas Ngetich

XRP is firm and steady, like most top altcoins. Although it remains perched at seventh in the market cap leaderboard, the short-term trend favors sellers more. The downtrend of the last week of August was deflating for optimistic traders. Nonetheless, as long as prices are above $0.55, buyers stand a chance. What’s needed is a conclusive close above the triple top, ideally with a rapidly expanding volume. When this happens, it will signal the continuation of the buying trend, a continuation traced to July 2024.

Traders are confident, but this hasn’t translated into massive gains on the chart. For now, XRP is consolidating again. It is in green on the last day but down 4% in the previous week. Moreover, the average trading volume is below $1 billion, meaning engagement is generally low. A strong expansion in price would require rapidly rising trading volume, pointing to trader involvement.

The following XRP and Ripple trending news could shape price action:

One trader remains bullish on XRP. From his analysis of X, the coin’s medium to long-term trajectory would be shaped in the next six months. However, for this trend to take shape, bulls must reject any attempt to push prices below $0.54 in the short term.
According to Coinglass, over $744 million worth of XRP has been traded on Binance, the world’s largest exchange, in the past week of trading. While Bybit is a choice perpetual exchange for leveraged traders, it comes at second, enabling the trading of $405 million worth of XRP.

XRP Price Analysis

[[XRP/USD]] bulls are confident.

The local support is at around $0.55, a level buyers have managed to defend.

Even though the uptrend of July remains, prices are consolidating.

It could be a chance for accumulation should XRP prices expand above $0.60.

If there is confirmation of yesterday’s gains, aggressive traders can buy on dips above $0.55, targeting $0.66.

Gains above $0.66 would fuel the FOMO-rally to $1—or better.

Conversely, there will be panic selling if there is a sharp drop below $0.55, mirroring losses of September 1.

In that case, XRP could plunge to $0.45—or worse.

Crypto industry drums support for Kamala Harris

Posted on September 3, 2024 by Olumide Adesina

A group of well-known personalities in the cryptocurrency industry are organizing a fundraiser in honor of U.S. Vice President Kamala Harris to sway her views on cryptocurrencies should she be elected president in November.

The fundraising event, scheduled for September 13 in Washington, D.C., has a $100,000 goal. The price range for tickets is $500 to $5,000. The Blockchain Foundation-led campaign shows that some members prefer Harris over her opponent, Donald Trump.

Notwithstanding the outcome, some well-known personalities within the cryptocurrency community remain optimistic regarding the prospect of advantageous crypto laws under the incoming government.

Brian Armstrong, the CEO of Coinbase, at an Aug. 1 earnings call, expressed optimism that the Republican and Democratic candidates would take a pro-crypto position.
Harris’s Democratic backers discussed the dangers of turning cryptocurrency into a political football amid not being present at the Bitcoin 2024 conference in Nashville,
Trump, on the other hand, claimed that Harris was “against crypto,” using her affiliation with the Biden administration as support.

The Democratic Party has been pushed by House lawmakers, under the leadership of Representative Nickel, to adopt a more progressive stance on digital assets.

According to FiveThirtyEight, Harris is leading Trump by just 3 points 2 percent in national polls. Since President Joe Biden declared on September 1 that he would not run for reelection and endorsed Harris, she has been able to hold the lead.

The Blockchain Foundation’s executive director, Cleve Mesidor, said that the purpose was to convey to Democrats the significance of cryptocurrencies, particularly in light of the possibility of a new administration taking office. Mesidor stressed that the occasion might start discussions about how a Harris administration could help the cryptocurrency industry and increase capital access, especially for people of color.

Under the Biden administration, the cryptocurrency industry has encountered numerous regulatory obstacles, with the Major companies being the target of enforcement actions by the Securities and Exchange Commission (SEC) for alleged violations of securities laws.

Well-known businesses like Coinbase and Ripple have invested $120 million in 2024 to sway the election’s outcome via super political action committees like Fairshake, which has been actively working against Harris’ Democratic Party.

The Harris campaign met with executives from the cryptocurrency business in July and August, demonstrating some level of involvement with the sector. Brian Nelson, a senior campaign adviser for Harris, stated during the Democratic National Convention that Harris would favor laws that encourage the development of cutting-edge technologies like cryptocurrencies.

Pump.fun mints money, critics unhappy

Posted on September 3, 2024 by Olumide Adesina

Solana’s Pump.fun has generated over $100 million in revenue since launching in January, but users are unsure whether this is a good thing for cryptocurrencies and decentralized finance.

The platform, introduced in January, gained popularity fast and doubled its income from $50 million in July to $100 million in September.

For a $2 fee and a 1% commission on transactions, users can create and list meme currency on the Raydium decentralized market with Pump.fun. It has grown to be a prominent participant in the decentralized exchange market for Solana, making up a sizeable amount of the overall volume of transactions.

Solana emerged as the preferred memecoin chain in DeFi. following the service’s launch in early 2024, Developers once used the platform to generate over 500,000 meme coins in a single month. Some praise pump. fun’s novel approach to token manufacturing as a breakthrough.

The launchpad made it easier than ever to create tokens with a few clicks, which led to oversaturation in the Solana ecosystem. According to a crypto.news study, less than 1% of Pump.fun wallets saw profits of $1,000 or more.

Many have questioned whether this is better for DeFi and the cryptocurrency space despite Pump.fun’s quick ascent to $100 million in sales. Opponents assert that it encourages fraud because numerous projects have allegedly used “rug pull” fraud.

A user contended that the platform encouraged celebrity money grabs that were at odds with the principles of cryptocurrency. Some well-known people, including Iggy Azalea and Andrew Tate, introduced Pump.fun meme coins. The majority of tokens have plummeted significantly below their peak prices.

The Solana-based platform is still under regulatory review, the U.S. Securities and Exchange Commission maintains that SOL and its ecosystem breach federal securities laws.

This mistrust has kept rival blockchains like TRON from implementing comparable methods; TRON’s Sunpump has emerged as a rival. About 70,000 meme tokens have already been released by Sunpump, and the company has made almost $4 million in sales.

Bitcoin and Solana Look Tempting to Buy, As Support Holds for Both

Posted on September 2, 2024September 2, 2024 by Skerdian Meta

Cryptocurrencies such as Bitcoin and Solana have been making lower highs since March, but they might be gearing up for another bullish run. BTC, SOL, and other digital coins have been in a consolidation period for several months, but they have formed a support zone where they are trading now, which seems very enticing for BTC buyers and Solana buyers.

Continue reading “Bitcoin and Solana Look Tempting to Buy, As Support Holds for Both” →

Forex Signals Brief September 2: BOC Rate Cut and NFP Week

Posted on September 2, 2024September 1, 2024 by Skerdian Meta

Last week the attention was on the US PCE inflation report, which is the FED’s preferred inflation measure, however until Friday there were many data releases. US Durable Goods Orders posted a massive jump in July, but the core number showed a -0.2% decline. The prelim GDP report for Q2 beat expectations, coming at 3.0%, with prices also showing some upside pressure, however, the PCE report on Friday leaned on the soft side, however, the USD ended the week higher after retreating during most of August.

The BOC is expected to deliver another 0.25% rate cut this week

Continue reading “Forex Signals Brief September 2: BOC Rate Cut and NFP Week” →

Bitcoin Sellers Dominate: Analyst Doubts The Uptrend, Is $50,000 Inevitable?

Posted on September 2, 2024 by Dalmas Ngetich

Bitcoin is yet to recover after the slump last Tuesday. For the better part of last weekend, prices were moving in a tight range. Overall, sellers remain in control, and the coin is capped below the $60,000 level. Every high might offer entry sellers targeting $50,000, though a clean break below $56,500 could be safer. On the flip side, a rally above $66,000 with rising volume will signal a welcomed shift in trend where buyers will be in control.

In the short term, sellers remain in control. The consolidation of the past few days means conservative traders should stay on the sidelines until there is a trend definition. For now, the coin is stable on the last day, pushing weekly losses to over 9%. At the same time, participation continues to shrink, dropping to as low as $26 billion in the last 24 hours.

Traders are closely monitoring the following trending Bitcoin news:

Peter Schiff thinks falling upward momentum could stall or even swap price action in favor of sellers.
Rhodium Enterprises, which recently filed for bankruptcy, can now borrow USD or BTC. Following a court ruling, Galaxy Digital by Mike Novogratz will offer 500 BTC or up to $30 million at an annual interest rate of 9.5% I BTC or 14.5% in USD terms.

Bitcoin Price Analysis

[[BTC/USD]] remains under immense selling pressure.

A look at the daily chart shows that the coin is trading below $60,000.

At the same time, the short-term price action is defined by the bear bar of August 27.

As long as prices are below or within this bar, and trending below $66,000, every high may offer selling entries.

In this event, the first bear target would be $56,500.

Sustained losses could see the world’s most valuable coin plunge to August 2024 lows of around $49,000.

Ethereum Drops 10%: Is $2,400 The Last Stand For Optimistic ETH Bulls?

Posted on September 2, 2024 by Dalmas Ngetich

Ethereum is flat at press time. Even though there is hope that bulls might flow back, lifting sentiment and prices, sellers are in charge. The immediate support is at $2,400, or last week’s low. This local buying zone is the last loading zone for optimistic buyers. If broken, there could be more losses for ETH in the short to medium term. As things stand, not even supporting fundamentals seem to be rejuvenating bulls. If this remains, impatient, short-term holders might choose to exit, cutting losses or booking early profits.

The sideways consolidation means there have been no meaningful gains in the past few trading days. This assessment shows from Ethereum’s performance. To put in the numbers, the coin is flat in the last 24 hours and down nearly 10% in the past trading week. Meanwhile, engagement is below average at just $12.4 billion.

Traders are closely monitoring the following trending Ethereum news:

Vitalik Buterin has responded to critics who said the co-founder has sold millions of dollars worth of ETH for selfish gains. Buterin admitted to selling coins but only to support multiple promising projects and charities.
Historically, September has been a tough month for crypto and Ethereum. Still, investors are optimistic about what lies ahead. The coin could float even higher if prices expand above immediate local resistance.

Ethereum Price Analysis

[[ETH/USD]] is stuck in a momentum-reducing consolidation, per events in the daily chart.

Even though the uptrend is shaky at spot rates, a recovery from around $2,400 would be a shot in the arm.

As things stand, aggressive sellers can consider shorts on every attempt higher below $2,800. The first bear target will be $2,100 and $1,800.

Conversely, if there is a welcomed push higher, unwinding losses of August 27, Ethereum might find the strength to break $2,800.

Before then, conservative traders can stay on the sidelines.

XRP Uptrend Losing Steam: 400 Million Coins Moved, Will $0.55 Hold?

Posted on September 2, 2024 by Dalmas Ngetich

XRP is weak when writing. However, this is not to say the coin is the exception. Almost all other coins are moving sideways, struggling for gains after losses in the last week of August. Bulls have the upper hand, and this will be the state of affairs as long as XRP remains above $0.55. Unless there is a welcomed push higher, ideally above July highs, conservative, risk-on traders can stay on the sidelines. For now, bulls are optimistic, but losses below $0.55 would pour cold water on the uptrend.

Reflecting the sideways chop is the lackluster and near-boring performance. XRP is down 2% on the last day and 8% in the previous trading week. Meanwhile, trading volume is fast falling, dropping to as low as $780 million on the last day.

The following XRP and Ripple news are worth watching:

As part of the monthly release of coins and decentralization strategy, 400 million XRP were transferred from Ripple and locked in escrow. The whale transfer shouldn’t be a concern for coin holders.
Coinciding with the slip of last week, XRP holders choose to move their coins to exchanges. Technically, when coins are moved to exchanges, holders are willing to sell—a net bearish signal.

XRP Price Analysis

[[XRP/USD]] is down but bullish at press time.

From the daily chart, the uptrend of July is still intact.

The immediate liquidation line is at $0.66. It is a level that must be broken for the uptrend to continue, possibly to $1.

On the lower end, the region around $0.55 is a crucial loading area for optimistic buyers.

Every low, considering the strength of buyers, may offer entries for buyers targeting $0.66.

If not, and losses of August 27 continue, XRP might drop in the short-term toward $0.50 and even August lows of around $0.45.

Ethereum ETF outflows shake $2,450 support line

Posted on September 2, 2024 by Olumide Adesina

Price action affirms recent Ether ETF outflows and a whale has shaken the Ethereum market. Lookonchain data highlighted that a certain whale sold 6,900 ETH for a total transaction value of about $ 18 million.

The whale made this move following a phase in which it actively collected Ethereum, having earlier this year acquired 65,000 Ethereum for a total value of about $200 million.

This whale has been cutting back on its holdings since July, even during this most recent sale. Massive Whale trading often signals significant changes in market sentiment.

Technical indicators and the price of Ethereum suggest that the market is currently in a bearish mood. The Relative Strength Index (RSI), below 40, indicates that Ethereum is in a bearish phase. Ethereum price trades near the $ 2,450 support level. The technical analysis supports the bearish theory. The RSI level indicates strong selling pressure and a bearish trend.

The MACD Convergence Divergence ( MACD) indicators also indicate a negative outlook. Since the MACD lines are below 0, there is still a lot of negative momentum.

The MACD histogram is above zero, suggesting potential momentum swings, but the overall outlook remains pessimistic.

According to data from Galaxy Research, Ethereum ETF volume is much lower than expected ratios when compared with its market valuation and trading volumes on centralized exchanges, and also lower than the volume of Bitcoin ETFs. Bitcoin ETFs have consistently seen high trading volumes, while Ethereum ETFs have struggled to attract the same interest.

The sharp variations in trading volumes between ETFs and more general market elements, such as Ethereum’s share of Bitcoin’s market capitalization and CEX volumes, are also brought to light by this dynamic.

The fact that Ethereum ETF volumes are a small portion of those of Bitcoin ETFs indicates that, in actuality, these ETFs are underperforming. There are some reasons for this underperformance. The fact that Ethereum ETFs cannot be traded on margin, which severely limits their appeal to institutional investors and traders, is one of the primary causes.

This is because major trading desks, essential to ETF liquidity and trading activity, do not currently offer margin on these products, they are less appealing for large-scale trading. Finally, the lack of leverage options has made the volume difference even more pronounced, probably discouraging many would-be traders from working with Ethereum ETFs.

Ethereum’s founder claims XRP better than Bitcoin

Posted on September 2, 2024September 2, 2024 by Olumide Adesina

Vitalik Buterin, one of the co-founders of Ethereum, surprised the cryptocurrency community recently when he tweeted, “XRP is better sound money than Bitcoin!” XRP may quickly see higher gains as investors become enthused about such a bold claim.

Recent price action, however, showed the token recently dropped toward the lower bound of its current range, nearly lining up with the 200-day moving average at $0.55 after the cryptocurrency experienced rejection at the crucial resistance level of $0.64.

He restated that XRP would always be regarded as sound money. His comments challenge Bitcoin’s hegemony and highlight XRP’s potential as a more powerful alternative. XRP’s Growing Uptake.

Buterin claims that XRP is used by institutions globally. Large numbers of financial institutions and payment companies are adopting Ripple’s technology. Because of this, XRP is becoming well-liked as a convenient and economical choice for cross-border transactions.

The digital asset might see some upsides in the coming days amid its recent decline, continuing its sideways consolidation in this range. Upon closer inspection of the daily chart, it is evident that Ripple experienced substantial selling pressure at the $0.64 resistance level, precipitating a notable decline. However, the price has now pulled back toward the lower bound of its trading range, which is $0.55, the crucial 200-day moving average.

Sellers may be trying to push the asset below this significant moving average, as indicated by the bearish divergence between the price and the RSI indicator on the daily timeframe, which highlights the waning bullish momentum.

The possible demand, however, should cause XRP to rebound at this point, which can lead to further sideways consolidation in the near run. A rapid decline toward the $0.53 level could occur if the unexpected breach of the $0.55 support occurs.

Growing adoption positions XRP as a strong competitor to Bitcoin, particularly in t. Overall, sideways price movement is anticipated, with XRP staying in the $0.55–$0.64 range. A bearish continuation, however, might drive the price down to the crucial support area between the $0.52 (0.5 Fibonacci level) and $0.48 (0.618 Fibonacci level) if the $0.55 support fails.