XRP Gains 53% in 2 Weeks, Ripple Spends $150 Million On Lawyers

Posted on July 23, 2024 by Dalmas Ngetich

XRP is trending higher, outperforming Bitcoin, Ethereum, and top altcoins. As the coin floats higher, cementing its position in the top 10. Though it needs more than double its market cap to break into the top 5, yesterday’s gains were massive for the coin. In the sessions to come, traders can look at riding the current trend, targeting $0.66 in the short term. Looking at the daily chart, this will be the case as long as prices are above the multi-week support at $0.55.

Technically, XRP is bullish, as shown by its performance in the last day and week. The coin is up 2% in 24 hours and 11% in the previous week amid an upswing in trading volume to over $2 billion. As prices rally, more traders will likely continue pouring in, funneling even more millions.

The following XRP and Ripple news are trending:

As the crypto community waits for the multi-year case to settle, it is emerging that Ripple has spent over $150 million. The company has continued to pay top draw battery of lawyers to take on the United States SEC.
Brad Garlinghouse, the Ripple CEO, has also hinted that the case is coming to a close following a private meeting with the regulator on July 25. Ripple lawyers continue to maintain that XRP is a commodity, like Bitcoin.

XRP Price Analysis

[[XRP/USD]] is up 53% in the past two weeks.

As bulls press on, traders can look to ride the trend, loading on dips as long as prices trend above $0.55.

This means the coin is within a bullish breakout formation, following gains above $0.55 on July 24.

The first target would be $0.66 and later $0.74, with the upside momentum expected to be accelerated once last week’s highs are cleared.

Ethereum Preparing For A Historic Moment: Will Spot ETFs Propel ETH Above $3,700?

Posted on July 23, 2024 by Dalmas Ngetich

Ethereum surprisingly closed lower yesterday, preceding a historic day. As it is, the coin might appear weak. Still, the uptrend remains, and buyers have a chance to not only breach immediate resistance levels but close at 2021 highs in the coming weeks. For what it is, the approval of spot Ethereum ETFs for trading today could set the base for more gains. However, from what happened with spot Bitcoin ETFs, prices might cool off first before rallying.

The coin remains in a bullish formation, but sellers were in control yesterday. At press time, ETH is stable, down roughly 1%, while up 6% in the previous trading week. The contraction yesterday also saw trading volume rise slightly to over $19 billion. Since today will be a huge milestone for ETH, prices will likely be volatile, forcing engagement higher.

In light of investor expectations, traders should closely track the following trending Ethereum news:

Yesterday, the NYSE cleared the listing of Bitwise and Grayscale Ethereum Trust’s spot Ethereum ETFs. What this means is that trading begins today, allowing investors to gain exposure to ETH. With institutions driving ETH, analysts predict other quality altcoins will receive major tailwinds.
Ahead of this planned listing and trading, implied volatility in top crypto exchanges, mostly Deribit, has been rising steadily. In the past week, it rose from 56% to 70%, meaning traders expected high volatility post-launch.

Ethereum Price Analysis

At spot rates, [[ETH/USD]] is down, but the uptrend remains.

Depending on sentiment, the cool-off could be reversed today as buyers flow back, loading the dips and aligning with the primary trend set in motion last week.

Notice that Ethereum remains above the immediate support at around $3,300.

Besides considering the dip, conservative, risk-on traders can wait for a clean break above last week’s highs or $3,700 before aligning with the emerging trend.

In the event, the first target would be $3,900 and 2024 highs of $4,100.

Any close below $3,300 will cancel this bullish outlook, at least in the short term.

XRP Rejects Sellers Amid Rapid Whale Accumulation: Is Ripple Angling For $1?

Posted on July 22, 2024 by Dalmas Ngetich

XRP is volatile at press time, per the formation in the daily chart. Even though prices cooled off at the tail end of last week, the expansion over the weekend is massive for buyers. Of note, prices bounced off from the $0.55 support level, cementing the importance of this reaction line. For now, traders can look at every attempt lower as an opportunity to buy. The rally, confirming last week’s breakout, would be accelerated by fundamental factors.

Traders are upbeat, and there could be more room for growth, looking at current events. Before then, XRP is largely stable, adding 2% in the past day, and a massive 13% in the previous week. Even with the upswing, the average trading volume is down to $1.5 billion, down from the over $3.3 billion registered when XRP rose above $0.55.

The following trending XRP and Ripple news are worth watching out for:

In the past two months, whales have been accumulating. Over 250 million of the coins have been bought. At this pace, if $0.74 or March highs are broken, it could trigger a massive rally, taking the coin closer to $1.
A combination of regulatory developments and fundamental factors, mostly expectations of the ongoing Ripple versus SEC case being settled, are primers for buyers. Undoubtedly, regulatory clarity on the status of XRP could see the coin soar, even reclaiming its position in the top five.

XRP Price Analysis

[[XRP/USD]] is in an uptrend.

Since prices are inside the July 16 and 17 bull bars, every low could offer entries for buyers. Their immediate target is $0.74 from an effort versus result perspective.

Note that the July 18 bear bar had lighter trading volume.

This preview will remain as long as prices are trending above $0.55.

A breakout above $0.74 could open the door for a retest of $0.93 and $1.

Any unexpected dip below $0.55 will slow down buyers, with a confirming bar canceling the bullish preview.

Ethereum Ready To Rocket: ETF Approval The Catalyst For $4,000

Posted on July 22, 2024 by Dalmas Ngetich

Ethereum is steady, but the bulls are not as robust as expected. Earlier today, ETH prices fell, though the upside remains for now. Overall, the coin remains within a bullish breakout formation after the gains of July 15. After the bull bar, there have been generally “weak” follow-through, as seen in the daily chart. Even so, there must be a sharp close above $3,700 and $4,100 for buyers to be in fresh 2024 territory, breaking out from the current chop.

Buyers are confident of what lies ahead. However, Ethereum is choppy, moving sideways despite expectations of spot ETFs hitting the market this week. As things stand, Ethereum is stable on the last day and up roughly 4% in the previous week. Additionally, participation is low, nearly half of what was registered when prices tore higher last week. Over $15 billion of ETH was traded on the last day.

The following trending Ethereum news events are worth watching:

According to Google Trends, a tool analysts use to gauge interest, interest in Ethereum is rising. Over the past few weeks, more people appear to be searching for the term “Ethereum” signaling interest. During this time, prices have been ticking higher.
Some analysts predict ETH to fly to as high as $4,000 this week once all spot ETFs are approved and permitted for trading. Before then, aggressive optimists might consider accumulating before the expected lift-off.

Ethereum Price Analysis

[[ETH/USD]] is firm at press time, looking at the formation in the daily chart.

Even though the uptrend remains, conservative traders might look to hold off for now.

Every low above $3,300 may present opportunities for aggressive traders to buy on dips.

The immediate target would be $3,700 and $3,900.

However, if there is a sharp close above $3,700, preferably with rising volume, ETH might fly to 2024 highs of $4,100.

There will be concerns should there be losses below $3,300, unwinding recent gains and nullifying the breakout of July 15.

Bitcoin Roaring: BTC Bulls Aim for $72K After Biden Bows Out

Posted on July 22, 2024 by Dalmas Ngetich

Bitcoin rose yesterday on news of President Biden dropping out of the 2024 presidential race. Though prices have cooled off at press time, the uptrend remains, and buyers might consider taking advantage of the retracement to double down. In the days ahead, buyers might extend gains now that prices are above the previous resistance at $66,000. Looking at the daily chart, the immediate target will be $72,000 and all-time highs if buyers push on.

The path of least resistance is northwards. As it is, Bitcoin is stable at press time, adding 1%, but is up 7% in the previous trading week. At the same time, the average trading volume is decent, at over $29 billion. With prices increasing and the current momentum strong, Bitcoin will likely continue posting impressive gains in the days ahead.

As buyers take charge, traders are looking at the following trending Bitcoin news:

With President Biden dropping out of the 2024 presidential race, BTC is firm as the probability of Trump taking over the Oval Office continues to rise. Thus far, analysts think the former president will win in a landslide. Trump has reiterated his support for crypto and Bitcoin and is scheduled to speak at an upcoming Bitcoin conference.
Billionaire Mark Cuban is bullish on Bitcoin, saying the coin will rally should the greenback decline as a reserve currency. With its fixed supply, BTC may act as a safe haven and a choice currency for everyone across the globe.

Bitcoin Price Analysis

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

Looking at the daily chart, prices are banding along the upper BB, pointing to high upswing momentum.

Since the trend is clear and prices are above $66,000, aggressive traders might look at buying the dip, targeting $72,000 in the short term.

This preview holds as long as Bitcoin holds steady above the all-important support level at $66,000.

Conservative traders might wait for a clean break above $72,000 before loading on dips. This will be especially so if the breakout bar has a high trading volume.

Crypto market volatility burns $172 million

Posted on July 22, 2024July 22, 2024 by Olumide Adesina

Bitcoin’s price quickly sunk on Sunday following Joe Biden’s announcement that he would not run for president in 2024. Th sudden drop resulted in the liquidation of millions of dollars in long positions, though it was only temporary.

According to data from Binance, Bitcoin’s value fell from $67.4K to $65.8K in just 30 minutes, with sales likely being prompted by the uncertainty surrounding such a significant election upheaval.

The price charts of other popular digital assets like Ethereum and Solana, also show similar short-term declines, Over the previous day, 59,044 traders were liquidated, a total of $172.12 million. The biggest liquidation order was placed on Binance, $11 million worth of BTCUSDT.

According to CoinGlass data, most of those liquidations were long positions, totaling $110 million, most of which occurred during the significant market decline following Biden’s remark. At $49 million throughout that time, Bitcoin has been the most liquidated, followed by Ethereum at $31 million.

But since then, the values of Bitcoin and other valuable assets have increased to levels not seen in over a month, especially after Biden endorsed Vice President Kamala Harris to succeed him as the Democratic nominee.

Bitcoin reached a peak of $68,284, a level not seen since June 12; however, as of this writing, it has somewhat decreased. Furthermore, Solana is now at its highest price in the past two months at almost $185.

Popular political meme coins, such as KAMA, the most expensive meme currency featuring Kamala Harris, are manufactured on Solana. On Sunday, KAMA surged to a new all-time high price, surpassing $0.025 before beginning to decline. On the other hand, the most popular Biden token, “Jeo Boden” (BODEN), has dropped 52% today and is currently over 99% below its April peak price.

Ethereum takes spotlight, 5 ETH Spot ETFs set to begin trading

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

Traders’ expectations are focused on how long the current bullish reversal in Ethereum’s price will endure, given the introduction of ETHer spot ETFs.

Five-spot Ethereum exchange-traded funds (ETFs) will begin trading on the Chicago Board Options Exchange on July 23 “pending regulatory effectiveness,” according to a July 19 announcement from the CBOE.

The US Securities and Exchange Commission (SEC) approved rule changes that permit numerous spot ETFs for the super altcoin. Before the new products could be sold, the regulator was still required to approve each fund issuer’s S-1 registration statements.

The five spot Ether ETFs that are set to open for trade include Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, Franklin Ethereum ETF, Fidelity Ethereum Fund, and 21Shares Core Ethereum ETF.

Nearly every issuer of an ETH ETF has stated plans to temporarily eliminate or decrease fees to fight for market share once the products begin trading. This is an attempt to get an early market edge.

The rise in the Taker Buy/Sell Ratio above 1 indicates a noteworthy positive mood among traders, per CryptoQuant. An increase in this indicator coincides with the most recent price rebound, affirming market players are growing more positive about Ethereum’s future. The Taker Buy/Sell Ratio may indicate a steady mid-term bullish trend and push prices higher if this upward trend in the ratio holds.

The recent price reversal of Ethereum and a spike in the Taker Buy/Sell Ratio point to an optimistic outlook for the futures market. A mid-term bullish trend may be confirmed if this ratio climbs, indicating strong buying demand. Traders will be keen to see if this trend continues, with the potential to drive up the price of Ethereum.

A thorough examination of Ethereum’s daily chart shows that the cryptocurrency started a bullish surge, breaking above the 200-day ($3152) and 100-day ($3340) moving averages, following a noticeable increase in purchasing pressure close to the significant $3K support area.

In addition, ETH has recovered the $3.5K resistance zone, a major challenge for buyers in recent months. This price movement suggests buyers are actively participating in the market and trying to set a new yearly high.

Ethereum has developed a sideways wedge pattern in the past few months. After a brief period of market consolidation, it is anticipated to resume its upward trend to surpass the wedge’s upper boundary at $3.7K. If that resistance line is broken, a new annual high above $4K might result.

Bitcoin shows resilience, hold $66K support line

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

Bitcoin is up for the day after making a remarkable comeback from its previous dip to $63K during yesterday morning’s trading session. On the Binance exchange, it managed to chart a local daily high of $67,400 but dropped to where it is trading at $66.5K.

Even so, this is still a strong performance, and the bulls may be now consolidating ahead of a fresh rally toward the $70K mark.

The selling pressure from bitcoin whales is decreasing as the price of Bitcoin has risen over the last seven days and is now above $66.5K. Large Bitcoin sellers are running out of steam, and valuation metrics affirm a bullish momentum.

There is conjecture on whether it can reach $69,000, but traders are closely watching to see if it can remain above the long-monitored important support $65,000 mark.
Before the recent rally, Bitcoin hadn’t touched $67,000 since June 12, and traders seek further bullish signs pointing to a potential increase.

The bitcoin price has recovered to the Short-Term Holder Realized Price, a crucial metric for traders since it represents the total expense incurred by more speculative holders of the cryptocurrency—wallets holding it for 155 days or fewer.

This follows a turbulent month for Bitcoin, which dropped below $60K to $53.9K on July 5 before climbing again. The CryptoQuant Network Value to Transactions (NVT) Ratio is a crucial instrument for examining changes in the market. It generates either short- or long-term signals by comparing the short- and long-term NVT patterns.

A market top is indicated by an NVT value above 2.2, but a market bottom is suggested by a value below -1.6, which indicates overselling. Currently, local bottoms are indicated by an NVT value of less than -1.8. In the near term, there may be positive action if the 111-day moving average (DMA) remains above $65,000. These indicators confirm an oversold market that might be ready for a reversal.

Bitcoin on a rampage, highest levels since June 17

Posted on July 20, 2024July 20, 2024 by Olumide Adesina

A fresh wave of volatility hit the crypto market, pushing up the price of Bitcoin by almost $3,000 within a day.

Bitcoin’s price increased by more than 14% this week, and on Friday it broke above a key trendline. Right now, it’s trading at just over $66K. On-chain statistics indicate that Bitcoin is in an oversold position, suggesting that the market may be nearing a bottom.

BTC started to rise from $64,000 during early U.S. trading hours on Friday, it surpassed $67,000 for the first time since June 17. The price increase was accompanied by high trading volumes for BlackRock’s spot bitcoin ETF (IBIT). At the time of publication, the largest cryptocurrency asset was trading for just over $66.5K on the Binance exchange

Still, this resurgence was triggered by the event many regard as one of America’s worst days. The assassination attempt on US presidential candidate Donald Trump served as the impetus for the market’s recovery. Many believe that the events in the past week have improved Trump’s chances of winning the US presidency.

Coinglass data shows that U.S. spot Bitcoin ETF inflows reached $84.80 million on Thursday, marking the fourth consecutive daily inflow. By this Thursday of this week, the total amount of these inflows had reached $861.50 million, suggesting growing investor confidence and maybe pointing to a 5.5% short-term increase in the price of Bitcoin.

It is essential to watch these ETFs’ net inflows to understand investor mood and market trends. These 11 U.S. spot Bitcoin ETFs owned $52.22 billion in total Bitcoin reserves as of Thursday.

Despite a modest uptick in the cryptocurrency market this week, favorable feelings about Bitcoin have drastically decreased, per Santiment’s data on the cryptocurrency funding rate and positive sentiment.

At the same time, many traders are opening short bets on sites like Binance in anticipation of a further drop in Bitcoin. The possibility of higher volatility in the bitcoin market is heightened by these reasons taken together.

Binance latest major entrant to U.S Treasury Bills market

Posted on July 20, 2024 by Olumide Adesina

An American judge granted Binance permission to invest some of its customers’ fiat money in US Treasury bills. The court ruling allows cryptocurrency exchange to permit customers to put fiat money into US Treasury bonds.

The District Court of Columbia’s court filing disclosed that the exchange is limited to investing in specific customer holdings under BitGo’s control.

Additionally, the exchange must guarantee that the investments come from corporate assets acquired from other companies or investors. Additionally, the business must submit its investment data every month.
According to court documents that disclose the approval, the approved US Treasury Bills “will mature on a rolling four-week basis,” with no third-party inclusion.
The court’s ruling, which permits Binance to invest client funds in US Treasury Bills, portends the potential role of cryptocurrencies in supporting the US dollar against the BRICS countries’ de-dollarization initiatives.

More precisely, collateralized stablecoins have been proposed as a way to hold US debt instruments, potentially extending US dollar dominance by decades. This would help offset some of the massive inflation caused by years of quantitative easing, subpar monetary policy, and reckless fiscal policy.

Many in the cryptocurrency world expressed optimism upon hearing the news, seeing it as a significant victory for Binance and the sector as a whole. Others predict that the action will boost the value of the BNB token.

On the X platform, discussions have surfaced indicating that the permission may impact Ethena’s USDe stablecoin. Some investors think that USDe holders may switch away from the stablecoin due to Binance’s fresh US Treasury bill investments.