XRP Unable To Break $0.46: Is Ripple Preparing For A 34X Surge By 2025?

Posted on July 11, 2024 by Dalmas Ngetich

XRP is holding on tightly when writing, looking at the formation in the daily chart. After recent losses, buyers have been resilient this week, arresting bears and plugging the bleed. The recovery means the coin is back in range, trending below $0.46. Aggressive traders can consider shorts on every pullback towards this reaction level, targeting last week’s lows. On the other hand, there will be a better trend definition that suits buyers if the coin roars above $0.52 and $0.55 on the other end.

The bounce means XRP is in green on the last day, adding 1%. Even so, gains didn’t help reduce losses. In the previous week of trading, the coin is down by 3%. The general inactivity also explains why trading volume is shrinking, dropping below $1 billion.

The following XRP and Ripple news are trending:

Amid the current lull, some traders are confident. If anything, the ruling in the ongoing court case will have a significant bearing on the price. Even as prices consolidate, one trader thinks the coin will soar to $17 by 2025.
While XRP is consolidating, 703 million coins were moved across two exchanges yesterday. The transfer caught the eyes of traders, causing worry. However, according to reports, these coins have not been liquidated.

XRP Price Analysis

[[XRP/USD]] remains under pressure despite being firm.

Traders can consider shorts as long as prices are below $0.46.

The coin is within a bear breakout formation following last week’s losses.

The dump confirmed losses of mid-April.

If prices drop today, the odds of XRP falling to $0.40 will be high.

Meanwhile, the trend will rapidly shift if prices defy the primary trend and float above $0.50.

Further gains above $0.55 will be monumental for the seventh most valuable coin. If the leg up is with rising volume, prices might soar to as high as $0.66 and $0.74.

BONK leads meme rally, most valuable Solana meme

Posted on July 10, 2024July 10, 2024 by Olumide Adesina

Bullish feelings have taken hold of the crypto market as Bitcoin holds the $58K support line. BONK’s recent price uptick increased the market valuation of Solana-based meme assets.
After surging by an additional 10% for the week, BONK now the 48th most valuable crypto asset overtook Dogwifhat (WIF) in 50th position to become the largest Solana meme coin.

In the last 9 days, BONK has gained around 30% amid high pressure in the fast-rising altcoin.

The Solana meme currency has shown that this is not the case, breaking out even though many had projected that BONK would continue its downward trend following a pullback from its surge in early June.

BONK price is about to establish a new upward trend. The price has been in a sharp downward trend within a falling wedge since its rejection in the first few days of June. The price is set up to initiate a 20% upsurge in the next few days, as the pattern often indicates a breakout after hitting the pinnacle.

Santiment’s data indicated, that BONK’s social volume and dominance have also climbed, suggesting heightened interest in the meme currency. BONK’s live events and collaborations with Binance and Heliopay have also contributed to its recent rise.
BONK’s open interest (OI) has increased by almost 13% for the day.BONK may witness a further rise in the coming days due to its increasing OI and growing pricing.

BONK launched on December 25, 2022, is comparable to the meme coins Shiba Inu (SHIB) and Dogecoin (DOGE). According to return percentages, it was the crypto asset with the best performance in 2023, up 77633% in a year.

Since BONK established single-sided staking pools in October 2023, this increase has been strong. Without requiring a secondary asset, these pools allowed holders to receive additional payouts
Its listing on well-known sites like Revolut, Coinbase, and Kraken, along with this innovation, greatly increased its popularity and accessibility and supported a strong price momentum.

The BONK DAO saw tremendous support in April when it decided to burn about 5% of its entire supply or more than 278 billion BONK tokens. 99.9% of the community voted in favor of the move, which only served to accelerate the DAO’s growth.

Bitcoin Bulls Defiant: Sellers in Control, Will BTC Find Rejection At $60,000?

Posted on July 10, 2024 by Dalmas Ngetich

Bitcoin remains firm at spot rates, looking at the performance in the daily chart. Even though there are hopes that prices will inch higher in the coming sessions, there is little proof to confirm the presence of buyers. So far, bulls have reversed losses of July 5 but are still within the bear range of the first week of July. Until there is a conclusive close above this zone, with bulls lifting the coin above $60,000, sellers have the upper hand.

Looking at Bitcoin, the coin is still in red. On the last day, it rose by 3%, though it remains down 4% from the previous week. At the same time, engagement is low, dropping to around $28 billion. If buyers push higher, sentiment will improve, drawing more buyers into the equation. However, should sellers push on, panic selling might grip the market, leading to a fast, discouraging drop to $50,000.

The following Bitcoin news events are trending:

Though there are pockets of strength, looking at price action, some analysts are cautiously optimistic. Pointing to candlestick formation, some predict the coin to dump to as low as $50,000. When this happens, the fair value gap will be closed, leading to price equilibrium.
Binance, after winning against the United States SEC, has been rapidly growing in recent times. So far, BTC reserves in the world’s largest exchange are up 10%, while those of its competitors are down 8%.

Bitcoin Price Analysis

At spot rates, [[BTC/USD]] is stable, moving horizontally, looking at the formation in the daily chart.

From price action, the downtrend remains as long as prices are within the previous support zone, now resistance, between $56,000 and $60,000.

If the bear breakout of last week is valid, every high within this range offers entry for sellers to double down, targeting $53,500 and $50,000.

However, if Bitcoin has found a bottom, bulls must push the coin above $60,000 by the end of the week.

Ethereum Is Down 27%, Traders Upbeat: Will ETH Bulls Build From $2,800?

Posted on July 10, 2024 by Dalmas Ngetich

Ethereum, mirroring the general state of crypto, is choppy. Prices are moving horizontally over the last few trading days after the bounce higher over the weekend. From the daily chart, the $3,000 level is crucial. However, if buyers have to take over, a decisive close above $3,100 and $3,300 is necessary. For now, traders should watch price action keenly, noting that Ethereum is still bearish. Notably, the short-term trend is defined by the sell-off of early July.

At press time, Ethereum is in red, dropping by 27% from May highs. Losses of July confirm the impact of June. If there is a recoil lower, pushing prices below $3,000 by the end of the day, there will be more sell-off. For now, ETH is up 1% in the past day and down 8% week-to-date. The problem is that the sideways movement means most traders stay on the sidelines. The average trading volume in the past 24 hours stood at just $14 million.

Traders are closely monitoring the following Ethereum news:

Though it might be days before a spot Ethereum ETF hits the market, sentiment is at the lowest point in 2024. The negative sentiment primarily stems from the state of price action and the inability of bulls to extend gains of late May.
As of July 10, all spot Ethereum ETF applicants have filed and submitted updated S-1 registration forms with the United States SEC. This means that the derivative product will hit the market within days.

Ethereum Price Analysis

There is nothing major to take home regarding [[ETH/USD]] price performance.

Losses of last week took the coin back to May lows, solidifying the importance of $2,800 as a support level.

If buyers are to take charge, the line must hold. Any confirmation of the July 4 and 5 bears, which could see ETH plunge towards $2,500, is a bearish breakout formation.

Technically, bulls still have a chance. However, for trend definition, a close above $3,900 is necessary.

Before then, fundamental factors, primarily the imminent trading of spot ETFs, provide tailwinds.

Conservative traders can wait on the sidelines for a breakout above or below this range before committing.

A rally above $3,900 opens ETH to $4,100 and $4,500 in the medium term.

XRP Stalls: Ripple Bears Unyielding, Will Buyers Break $0.46?

Posted on July 10, 2024 by Dalmas Ngetich

XRP prices are all over the place. Although holders expect the best, price action talks of another tale. Technically, sellers remain in control, made worse by the sell-off of last week. Buyers don’t stand a chance until there is a decisive close above the current range. If XRP bears flow back, confirming the July 4 and 5 bars, the coin will likely dump toward the $0.30s range in the coming sessions.

Looking at price action, it is evident that XRP is under immense selling pressure. To put in the numbers, the coin is stable, adding 1% on the last day but still down 9% in the past week. Even though traders are optimistic, bulls have been pressed into one corner and are struggling to wriggle out. The sideways movement is why participation is dropping, contracting from around $1.3 billion early this week to approximately $1 billion at press time.

XRP and Ripple traders are watching the following news developments:

Ripple plans to cement its position as a blockchain company. Data shows they have invested nearly $500 million across 60 different companies in crypto. Most of these companies are in Asia, mainly in Japan. Key partners include SBI Holdings and multiple payment processors.
Analysts are convinced the current XRP chop is a diversion before a sharp price break. Prices are inside a wedge as things stand, printing out a bull flag. A close above this triangle could see the coin rally to $1 or higher.

XRP Price Analysis

[[XRP/USD]] is consolidating when writing.

Since the bear bars of July 4 and 5 confine the current range, every high should technically be an unloading opportunity.

This preview is valid from an effort-versus-result perspective. If a dump prints out, backed by rising volume, the next price point traders should look at is $0.35 or lower.

On the other hand, buyers will only think of opportunities once XRP breaches $0.46 and cement its position above $0.50.

This formation will likely set the ball rolling for a retest of $0.55.

The eventual breakout could attract conservative traders targeting $0.74 and $0.95.

Bitcoin Turning Around: Will BTC Break $60,000 Today?

Posted on July 9, 2024 by Dalmas Ngetich

Bitcoin is balanced at spot rates but remains under pressure. If anything, from the daily chart, the coin is moving horizontally, stable, and within a bear breakout formation. Traders should watch the reaction around May and June lows at the $56,000 to $60,000 zone. If there is rejection from this region, BTC might continue with the sell-off with targets below $50,000 in the coming sessions. This preview isn’t news, considering the coin is within a bear breakout formation.

At spot rates, BTC is up 2% on the last day but shaving 9% week-to-date. At the same time, the average trading volume is relatively high, at over $35 billion.

The following Bitcoin trending news events are worth watching:

Bitstamp has an existing contract with Mt. Gox trustees. Under their deal, the exchange has only two months to distribute Bitcoin and Bitcoin Cash to victims. Before this, Mt. Gox had contracts with Bitbank and Kraken.
The German government is dumping coins, looking at on-chain data. Yesterday, they transferred over 9,600 BTC to several exchanges, including Coinbase and Kraken. Their continuous dumping could cap gains, heaping more pressure on the coin.

Bitcoin Price Analysis

[[BTC/USD]] is in red, gauging from price action over the last trading month.

Despite the recent recovery, the path of least resistance is southwards.

Of importance is that Bitcoin is below the May and June lows in a bear breakout formation.

Every attempt towards $57,000 to $60,000 might offer entries for sellers targeting $53,500—or last week’s low—and $50,000.

If sellers persist, BTC could plunge to the $45,000 zone, retesting the January 2024 highs.

Any uptick above $60,000, building on July 8 gains, invalidates this position.

Ethereum Resurgence: Will Spot ETF Tailwinds Lift ETH Above $3,300?

Posted on July 9, 2024 by Dalmas Ngetich

Ethereum remains bearish, per the formation in the daily chart. Though there has been a recovery following the discouraging close below $2,800 last week, the push higher over the weekend is impressive. The July 8 bar closed bullish, with rising volume. Even if buyers are back in the equation, bears have the upper hand since the bear breakout of July 4 and 5 remains. A close below $2,800 will cancel out bulls, paving the way for more losses.

Presently, Ethereum is stable in the last day but down 11% week-to-date. The path of least resistance is southwards, and a crucial support that must be broken is the $2,800 level. Any break below this line could see ETH crash even further, igniting a price dump towards $2,500 and $1,800. So far, the average trading volume in the past day remains at over $21 billion.

The following Ethereum news events are worth tracking:

Yesterday, VanEck officially filed for S-1 registration forms for its spot Ethereum ETFs. It remains to be seen when the United States SEC will okay the product. However, many are confident the derivative will launch in the next few days.
According to Galaxy Digital, spot Ethereum ETFs will see roughly $1 billion in monthly flows, a massive boost for the coin. Even so, price sensitivity will be enhanced by ETH staking. Currently, billions worth of ETH remain locked, earning holders passive rewards.

Ethereum Price Analysis

The path of least resistance is southwards despite the consolidation at around $3,000.

Technically, [[ETH/USD]] is weak and in red, falling roughly 30% from March 2024 highs.

As long as prices are below $3,000 and, most importantly, $3,300, sellers might offload on every attempt higher toward this liquidation zone.

Aggressive sellers will target $2,800.

However, if Ethereum dumps below last week’s low, sellers can double down. Their immediate target would be $2,500.

Any unexpected spike above $3,300 at the back of rising volume invalidates this outlook.

XRP Down 9%: Ripple Bears Dominate As Smart Money Sell

Posted on July 9, 2024 by Dalmas Ngetich

XRP is volatile and bearish but moving horizontally at spot rates. There are pockets of strength, considering the wide-ranging doji bar of July 8. Though prices turned to green, partially reversing those of July 7, buyers don’t stand a chance, at least for now. Technically, the downtrend set in mid-April remains unless there is a decisive close above $0.55. In that event, XRP could float to $0.75, especially if there is a spike in trading volume.

So far, XRP is in green in the past day, adding 3%. The problem is that the coin is still deep in red, dropping by 9% in the previous week. As things stand, the average trading volume is unusually higher, nearly 2X in 24 hours, rising to over $1.3 billion. It remains to be seen whether there is an accumulation in progress or if sellers are preparing to offload in a distribution. If the latter is the case, there will be more pain for holders.

Traders and investors are closely monitoring the following XRP and Ripple news:

From sentiment analysis, though the “crowd,” mainly made up of retailers, is bullish, it is emerging that the smart money or institutions are slightly bearish on XRP. Usually, smart money or institutions win, questioning the current strength of buyers.
A Ripple partner, Contact, has partnered with Accenture to utilize the XDC Network in their quest for tokenization. The blockchain company is at the forefront of tokenization, believing the XRP Ledger will be a top tokenization platform in the coming months.

XRP Price Analysis

Despite recent gains, [[XRP/USD]] is bearish.

The sell preview holds as long as prices trend below $0.46, a resistance level, and previous support.

In the short-to-medium term, every high may offer entries for aggressive sellers, targeting $0.40 and last week’s lows.

Note that last week’s loss represented a decisive, comprehensive breakout from the multi-week consolidation after the April sell-off.

This will be reversed ideally if prices break $0.75.

However, XRP bullish momentum will take shape if prices expand above $0.55 in the medium term.

Germany adds pressure on Bitcoin Bulls, sells half of its BTC stash

Posted on July 8, 2024July 8, 2024 by Olumide Adesina

Bitcoin bulls hit by high selling pressure. Blockchain data indicates that the German government removed assets valued at more than $900 million from its Bitcoin holdings, exerting pressure on the cryptocurrency.

According to blockchain data platform Arkham Intelligence, about 16,309 Bitcoin were sent in many batches by Bitcoin wallets thought to be associated with the German government to external addresses, including Bitstamp, Kraken, and Coinbase, the cryptocurrency exchanges.

The German government is halfway through its selling binge with the most recent transfers. Since it began unloading tokens last month, holdings have dropped to 23,788 BTC worth $1.3 billion from 50,000 BTC.

Bitcoin’s value dropped by 3% and as low as $55K shortly after the last batch of blockchain transactions totaling 8,700 BTC. Later on in the day, it rose to slightly over $56K, although it was still down 1.2%. Bitcoin’s price faced resistance on Saturday at the weekly barrier level of $58.3K, which led to a 4% drop the following day. It closed on Sunday below the $56.5Klow from May 1 and trading at roughly $56K

Should the digital asset encounter resistance at its weekly level of $58,375, it may experience a 5% loss, returning to the $52.3K daily support level.
This bearish thesis is supported by the Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart, both below their respective neutral thresholds of 50 and zero.
.Furthermore, if bears are active and the prognosis for the cryptocurrency market is poor, BTC may drop 3.3% more to retest its bottom of $50,521 from February 23.

Following a decline to the lowest price since February last week, some price movement occurred. Market watchers noted that the German and US governments appeared to be selling confiscated assets at a time when the now-defunct cryptocurrency exchange Mt. Gox began to make repayments, indicating a significant supply overhang entering the market during the comparatively calm and low-volume summer season.

Bitcoin Under Pressure; Will BTC Fall To $50,000 Or Worse?

Posted on July 8, 2024 by Dalmas Ngetich

Bitcoin is under immense selling pressure but relatively stable. After dropping to $53,500 and recovering over the weekend, bulls are relieved. However, looking at price action, the path of least resistance is southwards. Technically, sellers remain in charge. Every high could offer entries for sellers to double down, targeting last week’s lows and $50,000. From the candlestick arrangement, if sellers press on, there is a high probability of the coin sinking to as low as $50,000 in the coming sessions.

So far, Bitcoin is down 3% in the past day and 12% in the previous week of trading. At the same time, the average trading volume is lower, at over $26 billion. The contraction in participation is expected, considering the low capital inflow over the weekend. Even so, this will likely increase today and throughout this week as traders try to re-balance their portfolios.

Traders are watching the following Bitcoin news today:

After Germany decided to offload thousands of BTC last week, impacting sentiment, prices tanked—liquidating hundreds of millions, if not billions of longs. The pressure could be on this week as data shows their transfers to exchanges.
More BTC continues to move out of exchanges. According to reports, over 35,000 coins have been withdrawn from BitMEX, a crypto perpetual exchange, in the last week. On-chain data shows that there are only 19,000 BTC.

Bitcoin Price Analysis

[[BTC/USD]] remains under immense selling pressure, down 22% in the past week.

Even as the coin sinks, there are hints of strength.

For instance, the July 4 drop was accompanied by high trading volume, and the bar closed with a long, lower wick pointing to demand.

Nonetheless, since prices broke below $56,500 last week, bears took charge.

Accordingly, traders can short on every high, targeting $53,500 and later $50,000.

Any break above $60,000 will invalidate the downtrend.