XRP Trading Activity Spikes In The US: Ripple Bulls Eyeing $0.55

Posted on August 7, 2024 by Dalmas Ngetich

XRP edged higher yesterday, containing losses and reviving hope among traders. Technically, the uptrend remains as long as prices are inside the July 2024 trade range. The immediate resistance in the days ahead stands at $0.55. If bulls press on, validating the rally of July, a breakout above $0.62 could see the coin rip higher. Before then, aggressive traders can look to fade the primary bearish trend of late last week, targeting $0.55. Any sharp downturn forcing prices below August 5 lows will cancel this bullish outlook.

For now, bulls are upbeat. The losses of August 6 remain, but buyers are attempting to roll back, posting gains. At this pace, XRP is back in green, stabilizing amid intense liquidation pressure. Notably, the average trading volume remains steady, standing at over $1.5 billion.

The following XRP and Ripple news are worth watching:

Despite yesterday’s recovery, some bearish analysts think it is a dead cat bounce, and the coin will dip even further. Last month, XRP dropped below $0.40 before edging higher. For the uptrend to be validated, XRP must breach $0.62.
Following the court ruling in July 2023 endorsing XRP as a commodity when traded in the secondary markets, Kaiko data shows that trading activity has surged. Over the last year, trading of XRP in United States exchanges rose from a measly 2% to nearly 14%.

XRP Price Analysis

[[XRP/USD]] is firm when writing, and buyers are upbeat.

Despite the sell-off, aggressive traders can choose to buy the dip, targeting $0.62 in the coming months.

The immediate resistance is at $0.55, a key reaction line for now.

On the lower end, support is at $0.43, or August 5 lows.

A drop below this line might see XRP edge even lower as bears reverse July gains.

Bitcoin Shattered, Even With Strength: Will BTC Hold Above $50,000?

Posted on August 6, 2024 by Dalmas Ngetich

Bitcoin pushed higher in the closing hours of August 5 to end with a long lower wick. Even though there is general optimism that yesterday’s drop was climactic, how price action performs today will be crucial. In the immediate term, bears have the upper hand, and the highs of the high-volume bear bar of August 5 will act as the local resistance for optimistic bulls. If the downtrend continues, the first stop would be $50,000 and later $40,000 in a bear trend continuation formation.

From the daily chart, it is clear that sellers are in control. By the first part of the trading session, Bitcoin was down nearly 30% from July highs and at risk of crashing even harder. So far, losses have been contained. Although sellers are slowing down, the drop over the past week is in double digits, sinking by over 16%. Meanwhile, trading volume is skyrocketing, surging to over $75 billion.

The following Bitcoin news events are worth tracking:

Yesterday, BTC fell to as low as $49,000 before bouncing back. Though sellers are still in charge and the coin is in a bear breakout formation, one analyst thinks BTC is cheap, reading from the 90-day market versus the realized price gradient oscillator.
Bitcoin has been shattered, and the downtrend is clear at spot rates. Even so, once prices drop below $48,000, the coin risks falling even harder, possibly to $40,000, in a bear trend continuation formation.

Bitcoin Price Analysis

The path of least resistance is southwards.

The August 5 bar closed with a long lower wick, pointing to strength.

Still, even with the bounce in the [[BTC/USD]] chart, sellers might consider dumping on every attempt higher but below $58,000.

The first local support and target is $50,000 and $48,000.

On the upper end, if prices float above $60,000, Bitcoin might print higher, retesting $66,000 in a welcomed recovery.

Ethereum Headwinds: Outflows from Spot ETFs and Whales Dumping Will Force ETH to $2,000?

Posted on August 6, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is dropping like a rock and under immense selling pressure. After yesterday’s sell-off, which saw the coin nearly retest the psychological round number at $2,000, prices temporarily recovered. Still, the downtrend remains, and Ethereum remains within a bear breakout formation, looking at events in the daily chart. The local resistance will be $2,500 and $2,800 in the short term. If not, and sellers take over, Ethereum might drop below $2,000.

Ethereum might be steady at press time, but the failure of bulls to flow back and push the coin above $2,500 is a concern. From the look of things, sellers are in the driving seat. So far, Ethereum is down 30% from July 2024 highs. However, the meltdown had slowed down at press time, losing 25% in the past week. The average trading volume over the past 24 hours remains high, standing at over $40 billion.

Traders are monitoring the following Ethereum news events:

Amid the sell-off, some whales are spooked. According to on-chain trackers, one whale sold over $48 million of ETH when prices dropped yesterday– worsening the sell-off and dampening sentiment.
The nine spot Ethereum ETFs continue to post discouraging outflows. Over $54 million of ETH were redeemed yesterday with Grayscale’s ETHE leading.

Ethereum Price Analysis

From the daily chart, [[ETH/USD]] is within a bear breakout formation.

It should be noted that the sharp drop below $2,800 is due to rising volume, cementing the bearish outlook.

As it is, aggressive traders may look to short on every attempt high below $2,500 and August 5 highs.

The first target is the psychological round number at $2,000 and later $1,800.

However, if there is a reprieve and Ethereum bulls find strength, a break above $2,800 would ignite demand, improving general market sentiment after the washout of the last three days.

Forex Signals Brief August 6: RBA Meeting Highlights the Day

Posted on August 6, 2024August 6, 2024 by Skerdian Meta

Yesterday’s early sessions saw the market deeply entrenched in negativity, with tech stocks appearing poised to drop over 10% and the USD/JPY plummeting to 141.70. However, U.S. traders managed to stabilize most assets at the height of the sell-off. There was no single headline to halt the downward spiral. Yet, a strong performance by Fed Governor Goolsbee, who redirected focus to the economy and demonstrated a steady hand, helped.

Continue reading “Forex Signals Brief August 6: RBA Meeting Highlights the Day” →

XRP Rejects Bears: Time to Fade The Trend and Buy Ripple Targeting $0.55?

Posted on August 6, 2024 by Dalmas Ngetich

XRP is down but not out. Unlike Bitcoin and Ethereum whose bears saw all gains of July reversed, Ripple bulls are more firm and resilient. Despite the general weakness across the board, yesterday’s re-invigoration has been impressive. As things stand, XRP fell to around $0.43 before bouncing higher, finding support at the 78.6% Fibonacci retracement level of the July 2024 range. This development is a mark of strength and could revive demand in the coming sessions.

From the daily chart, XRP is down 22% from July highs, but the rejection of August 5 losses is a massive endorsement of bulls. So far, the coin is up 10% in the past day of trading though volume is up nearly 2X from yesterday, rising to over $2.8 billion.

As August 5 losses turn out to be possible climactic development, XRP and Ripple traders are closely monitoring the following trending crypto news:

Ripple, the blockchain company backing the development of XRP-centric solutions, is being criticized. In a recent podcast, they were accused of editing a part where Monica Long, the president, claimed they were struggling to find developer momentum on the XRP Ledger.
While there is excitement about the upcoming Ripple stablecoin, the RLUSD, some say there could be regulatory challenges ahead. Its launch, however, will draw the attention of the stringent regulator, the United States SEC. If the stablecoin launches, some argue it would mark the end of the ongoing case against Ripple.

XRP Price Analysis

The impressive bounce from the 78.5% Fibonacci retracement level of the July 2024 range is welcomed.

XRP bulls might load the dip despite the fall, targeting $0.55 in the short term.

Of importance, the August 5 bearish bar has a long lower wick. This points to a firm rejection of selling pressure—a massive boost for momentum.

Any closer below $0.38 and July 2024 lows will invalidate this bullish outlook.

On the other hand, if [[XRP/USD]] soars above $0.55, prices could easily rip higher, flowing to $0.66.

Bitcoin shows sellers exhaustion

Posted on August 6, 2024August 6, 2024 by Olumide Adesina

Bitcoin surged above $56,000 early on Tuesday, amid a general market rebound in Asia as bargain hunters entered the market following Monday’s sharp decline.
According to Binance data, Bitcoin increased by 6% for the day, marking the largest daily gain since May. This led to a broader market recovery.

Risk appetite increased when the yen lost strength against the US dollar, causing Japan’s Topix to jump around 10%. The tech-heavy Nasdaq 100 futures surged 2.1%, while futures tracking the S&P 500 increased 1.5%.

Following Monday’s worldwide market decline, there appears to be a renewed optimism about quicker Fed rate cuts, which has improved risk sentiment. Nevertheless, observers of the cryptocurrency market are still wary about a sustained upswing in the major tokens.

Overall, the recent reduction in Bitcoin’s price is not statistically worse than the decline in the Nikkei index, suggesting that outside causes rather than problems with the cryptocurrency market itself are driving the present attitude.

On the same day, there were varying reports that the Federal Reserve contemplated calling an emergency meeting to evaluate the situation. The sell-side volume significantly reached the Seller Exhaustion levels observed during prior upward price reversals.

While US equities avoided following the example set by their Asian counterparts, bitcoin sellers lost pace and the price of bitcoin strengthened again at the opening of Wall Street.

Binance data revealed that the price of Bitcoin surged to $4,000 after the US trading day began. Bitcoin put traders on edge after falling below $50,000 for the first time since February, with many predicting more declines when TradFi markets opened back up.

Within three days, Bitcoin saw its biggest loss since the FTX crash, falling almost 20% between Friday and Monday AM. With this move, the cryptocurrency market has lost over half a trillion dollars since August 1.

The market was further impacted by a slew of negative headlines, including lower-than-expected Non-farm Payroll (NFP) data, geopolitical tension in the Middle East, the Japanese raising interest rates, and Kamala Harris’s higher odds on Polymarkets. These factors were compounded by a low liquidity weekend.

XRP Hammered, Slides 30% As Ripple Bears Take Charge Eyeing $0.40

Posted on August 5, 2024 by Dalmas Ngetich

XRP wasn’t spared the sell-off, looking at the formation in the daily chart. Even though buyers were optimistic, expecting buyers to flow back strongly and conquer $0.66, this didn’t materialize. Instead, prices have corrected sharply, forcing the coin below $0.55 and $0.50 within days. If sellers double down this week, the breakout that lift the coin above $0.62 will be deemed faked. In that case, nothing will prevent XRP from slowly winding down towards $0.40.

The technical candlestick arrangement still favors bulls, although they are in a dicey position. Immediate resistance is $0.50, and later, $0.55. At spot rates, XRP is down 30% from July highs, pushing weekly losses to over 25%. The drop also means the average trading volume rose to over $2.8 billion.

XRP and Ripple traders are closely watching the following news:

A lawyer supporting Ripple and XRP in the ongoing case versus the United States SEC is convinced a Kamala win won’t be good for crypto. Most industry leaders back Trump to win, saying that Bitcoin and other altcoins will thrive under his administration.
Even as Ripple prepares to tokenize United States treasuries on the XRP Ledger, on-chain data shows that transaction activity is plummeting. In Q2 2024, transaction volume crashed by over 65% as posting on the ledger became even more expensive.

XRP Price Analysis

As it is, XRP is falling, crashing bulls’ expectations.

Aggressive traders can align with the developing trend, shorting on every attempt higher, targeting $0.40.

This outlook will be valid, especially if prices fail to reverse today’s losses and conquer $0.52.

The zone between $0.44 and $0.50 will be critical as it is from the Fibonacci retracement.

Any expected spike lifting [[XRP/USD]] above $0.62 will signal the resumption of the July 14 to 21 Bull Run.

In that case, the coin might fly to as high as $0.66 and $0.74 in a buy trend continuation.

If not, should sellers press on, XRP may fall to $0.40, reversing all July 2024 gains.

Ethereum Meltdown: ETH Flash Crashes, Next Stop $1,800?

Posted on August 5, 2024 by Dalmas Ngetich

Ethereum, mirroring the Bitcoin drop, is flash-crashing. Despite the general optimism among holders that the coin will rip higher, easing past resistance levels, this has not been the case. If anything, the coin risks breaching $2,000, a multi-month support line, and crashing even harder to $1,800 and lower.

The path of least resistance is southwards. After the drop in the second half of last week, Ethereum is down nearly 35% from July 2024 highs. If ETH loses $2,000, there could be more panic selling. Over the past day, the coin has been down 20% amid expanding rising volume that stands at over $50 billion.

Traders are closely monitoring the following trending Ethereum news:

The drop in Bitcoin and increasing spot Ethereum ETF outflows is accelerating the sell-off. By the end of last week, outflows stood at nearly $170 million, most stemming from Grayscale’s ETHE.
BlackRock’s tokenization product on Ethereum, BUIDL, paid out $2.1 million in dividends in July. Through this product, investors can get exposure to tokenized United States Treasuries. The product currently manages over $520 million.

Ethereum Price Analysis

From the daily chart, it is evident that sellers are in control.

As mentioned, [[ETH/USD]] is down 35% from July highs.

The downtrend is clear and will likely continue in the days ahead.

Notice that prices broke the $2,500 and $2,800 levels, signaling bear pressure.

Since sellers are dominant, traders can consider shorting on every attempt higher below $2,500, targeting $1,800.

Bitcoin Black Monday: BTC Losses $53,000, Time for More Pain?

Posted on August 5, 2024 by Dalmas Ngetich

Bitcoin is down, slipping below $53,000 in a move that crashed bulls. As things stand, sellers have the upper hand, and if they press on, the coin could drop to January 2024 lows. Technically, the coin is under immense pressure after slipping below a multi-month support level earlier today. The uptrend momentum is over for now as sellers take over in a bear breakout formation.

As it is, Bitcoin is down 26% from the July peaks and is under immense selling pressure. Following today’s losses, sellers are in control, and the coin may continue contracting. From trackers, Bitcoin is down 25% in the past week as trading volume rises to over $69 billion.

The following Bitcoin news developments are worth tracking:

Even though Bitcoin is down at spot rates, it remains one of the best-performing assets in the world. Data shows that even as it is, BTC only trails Nvidia.
Amid the crypto sell-off, Bitcoin whales, on-chain data shows, are accumulating, taking advantage of the low prices. So far, there are clear buying walls for stablecoin and Bitcoin pairs, which is a net positive for the coin.

Bitcoin Price Analysis

The Bitcoin uptrend, from a top-down preview, is over after today’s losses.

So far, [[BTC/USD]] is under immense selling pressure, dropping by over 25% from the past trading week.

The breakout below $53,500 is crucial. It marks the first time in over three months that prices have broken below this support level.

Considering the current state of affairs, sellers might look to unload on every attempt higher, targeting $40,000 or January 2024 lows.

crypto-armageddon: leveraged traders lose $1 billion

Posted on August 5, 2024August 5, 2024 by Olumide Adesina

The huge liquidation in the crypto market also shows the wider effects of today’s downturn. About $900 million was liquidated in the last 24 hours, with $764 million coming from long positions and $124 million from short positions, according to Coinglass.

Traders exposure to additional risks, including liquidation risks, is constant when they trade on unregulated bitcoin derivative exchanges. The exchange’s risk engine aggressively closes a trader’s position when the trader’s position reaches the liquidation price.

A tiny number of positions being liquidated has little effect on the market. However, the market price may be significantly impacted if thousands of positions with comparable liquidation values are liquidated.

Furthermore, market buy and sell orders brought on by liquidations may result in abrupt price changes, which may have the “cascading effect” of liquidating additional surrounding positions.

After a further dip in price on Monday morning, Bitcoin dropped to $53,000 on Binance, its lowest level since late February of this year.

Uncertainty in the US economy, investors withdrawing money, increased market turbulence by the Bank of Japan’s unexpectedly aggressive posture last week, and the US Federal Reserve’s cautious approach kept crypto traders nervy.

Weak US economic statistics and the Fed’s reluctance to lower rates in September have increased the rush for safe investments, contrary to market projections.
Such action increased concerns that the Fed is running behind schedule in raising interest rates and that dramatic ease in monetary policy would be needed to avert a recession.

Nonetheless, some cryptocurrency traders think the current state of affairs would force the Fed to decrease interest rates in 2024. In the past day, there has been an 11% increase in the likelihood of a Fed emergency rate cut, according to data from the prediction market Polymarket.

Bitcoin lost more than $15K since last Monday, ranking among the worst weekly performances in its 15-year history

On the last day, 229,879 traders were liquidated, for a total liquidation value of $881.76 million. A $27 million Bitcoin liquidation order was issued on Huobi, making it the largest order in history.

The fear and greed index for the cryptocurrency market has dropped below 25, which is seen as a “fear” state. This indicator reflects the overall market attitude, which has turned negative.