XRP Extending Losses, Ripple CEO Rips into Dogecoin

Posted on June 11, 2024 by Dalmas Ngetich

XRP is down, just like Bitcoin, when writing. Even after the rejection of lower lows, prices dumped earlier today. Technically, sellers are in control, and it will be confirmed should XRP drop below the June 6 low.

At press time, sellers have the upper hand, even after the stabilization over the past three days. XRP is down 2% on the last day and 7% on the previous trading week. The dump is with rising volume. Over the last day, it shot above $1.4 billion after staying below $1 billion over the weekend and early Monday.

The following XRP and Ripple news developments should be closely monitored:

Brad Garlinghouse, the CEO of Ripple, thinks Dogecoin, the world’s most valuable meme coin, has been no good for the industry. Out of Dogecoin, there have been multiple iterations where investors have been scammed hundreds of millions if not billions of dollars.
David Schwartz, the CTO of Ripple, has responded to rumors that the blockchain company might, after all, disassociate itself from XRP. There were concerns that the difficulties in the traditional finance scene would hinder the company from achieving its objective.

XRP Price Analysis

[[XRP/USD]] is down, breaking down in early June 11.

Due to the losses of June 6, sellers have the upper hand.

Accordingly, as long as prices are inside the bear bar, every high should be an opportunity to offload the token.

The first target would be $0.46 and later $0.40.

However, considering how XRP price action is, any sudden expansion above $0.55 would, as mentioned before, cancel this bearish outlook.

Thus far, the drop below the narrow range established over the weekend cements the bearish outlook.

In light of this, the odds of the coin even dumping to $0.40 is high.

Forex Signals Brief June 10: Attention Shift to the FED and US CPI

Posted on June 10, 2024June 9, 2024 by Skerdian Meta

Last week, we had two major central banks lowering interest rates, with the ECB cutting the Main Refinancing Rate from 4.50% to 5.25%, while the Bank of Canada cut the Overnight Rate to 4.75% from 5.00%. However, the Euro ended up bullish after the ECB meeting, which delivered a bullish cut, as they didn’t commit to further rate reductions. The CAD has turned bearish, but not overwhelmingly.

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Bitcoin Slips As Hedge Funds Stack Their Shorts, Eyes On $66,000

Posted on June 10, 2024 by Dalmas Ngetich

Bitcoin prices plunged on Friday last week, and there has been no change when writing. As at press time, the coin is moving horizontally, inside the bearish engulfing bar of June 6. However, there could be hope for optimistic buyers. The failure of sellers to press on over the weekend is a net positive. Even so, there should be a complete reversal of recent losses for trend continuation.

With Bitcoin down, there are concerns about the strength of buyers. So far, the coin is decent on the last day and week. Even so, the relatively low trading volume could suggest that traders are pulling out, even taking profit, in light of bulls collapsing below $72,000.

Nonetheless, the following Bitcoin news events could help revive demand, perhaps lifting the coin higher:

Besides public companies like MicroStrategy and Tesla, which hold a large amount of coins, all spot BTC ETFs hold over 1.031 million BTC. The accumulation will only continue rising, meaning scarcity will increase as adoption increases.
Amid the wild accumulation, on-chain data now shows that hedge funds are shorting BTC despite the rising interest from institutions and the masses. CFTC CME data shows that their bearish stance on the coin has been increasing even as prices rally toward all-time highs.

Bitcoin Price Analysis

[[BTC/USD]] is down, looking at the performance in the daily chart.

The collapse of Bitcoin was with a slightly high trading volume, pointing to trader participation.

With BTC finding resistance once more at $72,000 and the bearish engulfing bar printing, aggressive traders might look to short, targeting $66,000.

Any dip below $66,000 will unwind all gains of May 20, signaling a trend shift, favoring sellers.

Conversely, an unexpected sharp spike above $72,000 could trigger a welcomed leg up to $74,000 or higher.

Binance Coin on bullish run despite melting after June 6 all time high

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

Binance coin is still close to tia all time amid recent market correction. The overall asset market worth has increased to about $95 billion, solidifying its supremacy even after a difficult year in which Binance had to pay a record-breaking $4.3 billion fine to resolve a legal dispute with US authorities.

BNB started a correction from $722 on June 6, immediately after Bitcoin broke below the $72K price level, indicating profit-booking by short-term traders. The crucial support to observe on the downside is the 20-day EMA ($639).

Such price action indicates that traders are buying on dips and that sentiment is still bullish if the price bounces back off the 20-day EMA. That will make it more likely that the upward trend will resume. After that, the BNB/USDT pair might rise to $775, the pattern target.

If the price breaks below the $635 breakthrough barrier shortly, such an optimistic assessment will be irrelevant. That could snare the belligerent bulls and pull the pair toward the upward trend line.

The price was dragged below the 20-EMA by the bears, but they were unable to bring the price down to the 50-SMA. This implies that at lower levels, sales stop. The token will likely be pushed back above the 20-EMA by the bulls. Should they take such action, the pair may rise to $695 and then $722.

On the other hand, a price decline from the 20-EMA will indicate that bears are attempting to turn the level into resistance. After that, the pair might fall to the 50-SMA. The next stop might be $635 if this support breaks. Although the price of bitcoin has dropped from its intra-week high of almost $72,000, bulls are still attempting to keep it above $69,000. Bitcoin is expected to maintain the $68K level this week. Traders are stuck with Bitcoin even if it hasn’t been able to break through the overhead resistance.

In addition to being used to settle fees on BNB Smart Chain, the asset is well-liked by many crypto apps like games and exchanges, BNB holders also receive discounts on trading fees on Binance.

Farside Investors data revealed that exchange-traded funds that track spot Bitcoin inflows of almost $1.7 billion this week. As of June 6, the total investments in spot Bitcoin ETFs amounted to $15.5 billion. The robust purchasing indicates that traders believe the upward trend will continue.

Bitcoin’s price has fluctuated between $66,500 and $72,000 for a couple of weeks. A pullback is underway because of the price’s inability to break above the overhead resistance, with support being sought at around $69,000. The price needs to be pushed and held above the 20-EMA by buyers to increase the likelihood of a rise to $72,000.

A closure below $68,420 on the downside will shift the short-term advantage in the bears’ favor. The pair might then crash to $66,500, which is a solid support level.

Although Zhao, the founder of Binance, never revealed the precise amount of BNB he holds, the founding team received 80 million tokens, or around $56 billion, according to a 2017 whitepaper from BNB’s initial coin offering, or ICO. The Binance exchange was started with funds raised through the initial coin offering.

Ethereum Falls 10% Amid ETH Supply Crisis: Will Bulls Hold $3,700?

Posted on June 10, 2024June 10, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is under pressure. As expected, ETH losses are more pronounced considering its relatively low liquidity. Still, the uptrend remains from a top-down preview. Unless there is a rapid shift in trend, lifting prices above $3,900 this week, the path of least resistance, in the short term, is southwards. The June 6 bar will influence the immediate price trajectory, possibly even cementing the position of sellers.

As things stand, Ethereum is sliding, down roughly 10% from its all-time high. Even so, the coin is stable in the previous day but up 4% in the last week. The dump on June 6 impacted sentiment, looking at participation. The average trading volume slipped below $10 billion on the last day. Nonetheless, this will likely pick up as the session progresses.

The following Ethereum news events are worth watching:

Ethereum could be the largest altcoin by market cap. However, one analyst thinks this is rapidly changing with Solana in the equation. If SOL maintains its uptrend, the argument is that the coin will stretch gains versus the second world’s most valuable coin.
ETH withdrawals across most centralized exchanges continue. At spot rates, it stands at an 8-year low. The trend will likely continue, especially once a spot Ethereum ETF is approved in the coming weeks or months.

Ethereum Price Analysis

[[ETH/USD]] is bearish in the short term.

After the upswing from May 20, prices have been stable in recent days before the drop on June 7.

There is a wide-ranging bear bar that clearly defines the short-term trend.

Since prices also closed below the 20-day moving average, traders might look for shorting opportunities.

Thus far, $3,700 is a crucial support that bulls must hold by the end of the day.

Any break below this line today might see Ethereum drop even lower towards $3,500 and $3,300—another reaction point.

An unexpected break above $3,900, reversing recent losses, will validate bulls from May 20.

XRP Drops 15% in a Flash Crash, Ripple Whales with Over 1M Coin Breaks 2,000

Posted on June 10, 2024 by Dalmas Ngetich

XRP is down, following the trend across the crypto scene. Even with the confidence among bulls, prices slipped below $0.50 aggressively, dropping to as low as $0.45 before recovering. Bears will likely have the upper hand in the short term, considering the general inactivity over the weekend. Unless there is an expansion above $0.55 (unlikely), the next reaction point to monitor will be $0.46, the lower limit of the support zone.

Thus far, XRP is down, dropping 5% from the previous week but stable on the last day. At the same time, the average trading volume in the past 24 hours is down to around $720 million, nearly half of the mean of last week.

The following XRP and Ripple news events are worth tracking in the sessions ahead:

Ripple, a blockchain company, and Meld Gold are joining hands to issue gold and silver tokens on the XRP Ledger in the second half of 2024. Each token will be backed in the same portion as real gold or silver and will be fully redeemable.
According to trackers, whales are buying more and more coins. The latest data from Santiment shows that users holding at least 1 million XRP now exceeds 2,000—the highest it has ever been.

XRP Price Analysis

After weeks of holding the line, the flash crash of June 6 was a game-changer in price action dynamics.

Though there are hopes, the [[XRP/USD]] price is under immense selling pressure.

There was a long lower wick on June 6, suggesting buyers at the close of the sessions. Even so, aggressive sellers can look to align with the emerging trend, targeting $0.45. On June 6 alone, the coin fell 15%.

This preview will only change if bulls flow back, reversing losses of last week and pushing XRP above $0.55.

Binance hosts 200 million users worldwide

Posted on June 9, 2024 by Olumide Adesina

The largest cryptocurrency exchange in the world based on daily volume, Binance, revealed that it has 200 million users worldwide. It is important to note that these numbers are self-reported.
The business’s legal problems are likewise mostly in the past. It seems like Binance has come off largely unscathed, with founder and former CEO Changpeng “CZ” Zhao serving a fourth-month sentence on fraud charges.

Binance celebrated the milestone by presenting the 200 million user mark as a turning point in the company’s journey to onboard a billion users on all of its social media channels, or one in every eight persons on the planet.
We are celebrating 200 million today, and YOU are the reason behind it all! Our quest to reach one billion users depends on your support. Cheers to you, the stars of our tale! the exchange added.
As of 2022, there were only about 130 million users on Binance. The exchange reached 170 users in 2023 after adding 40 million new users. In the meanwhile, at least 30 million more had been added as of six months into 2024. If the company’s and the industry’s current trends continue, Binance is expected to achieve 300 million users by 2026.

According to a Triple-A study, the global cryptocurrency consumer installation base reached 562 million persons in 2024, an increase of 142 million over 420 million users in 2023. Based on these figures, almost 36% of all cryptocurrency users worldwide are Binance users.

Following yet another industry record for the company in the cryptocurrency space, Binance has reached 200 million users. In March, Cointelegraph reported that Binance has amassed $100 billion in user assets under management. On average, each user has assets in custody valued at approximately $500.

The research division of Binance digital assets exchange claims that since the beginning of the year, the amount of money entering the cryptocurrency industry has increased by double digits.
Decentralized finance, or DeFi, is one of the main benefactors of the “resurgence of markets,” according to a recent analysis by Binance Research.
“Notably, a significant capital inflow into DeFi has coincided with the overall market rally, driving the total value locked to US$94.9 billion this year, up from US$54.2 billion at the beginning of the year, indicating a strong 75.1% year-to-date rebound.”

147,070 traders sent on early retirement as Bitcoin breaks $70K support level

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

What was first perceived as a test of all-time highs for Bitcoin turned into a sharp decline, with the largest cryptocurrency in the world just holding onto a weekly gain. Bitcoin’s recent collapse below the $70K support level led several other crypto assets to experience huge losses. The decreases in Ethereum (ETH), BNB, Solana (SOL), and XRP were 2.6%, 3%, 3.9%, and 5%, respectively.

Unsurprisingly, the meme coin category saw a downturn following the release of GameStop’s disappointing earnings report and the lack of interest from investors in Keith Gill’s, aka Roaring Kitty, first YouTube livestream in years.

Bitcoin was trading at $69,300 at the time of publication, a decrease of 3% over the previous day. Double-digit losses have been experienced by Pepe, Dogwifhat (WIF), and Bonk, while Dogecoin (DOGE) and Shiba Inu (SHIB) are down 7% and 6%, respectively.

147,070 traders were liquidated in the last 24 hours, for a total liquidation value of $409.51 million. The greatest single liquidation order, worth $5.2 million, was placed on OKX – ETH-USD-SWAP.

Forcibly terminating a trader’s position in the crypto market is known as “liquidation.” It happens when there is not enough margin to cover maintenance expenses or when a trader experiences large losses to the point that their margin accounts were unable to sustain their open positions.

After breaking beyond $72K earlier on Friday, Bitcoin began to decline momentarily after the release of the government’s much stronger-than-expected May employment data, which showed an increase of 272,000 jobs. That appeared to crush expectations of an impending Federal Reserve interest rate drop, driving up interest rates and the dollar’s value

Despite the robustness of the labor market, Federal Reserve Chairman Jerome Powell stated earlier this month that inflation has significantly decreased from a multi-decade high in 2022. In the past, officials thought some easing could be required to drop inflation to their objective of 2%, with a decline in job demand relieving upward pressure on wages.

Higher interest rates negatively impact the value of so-called risk assets, such as stocks and cryptocurrency, because storing cash or US Treasuries offers comparatively higher returns.

The worldwide cryptocurrency industry saw significant changes after the Securities and Exchange Commission (SEC) approved Bitcoin ETFs in January 2024 and Ethereum ETFs months later. Despite recent meltdowns in the crypto market, sentiments are still mostly positive for the long term.
Crypto firms that have filed or submitted draft registration statements for initial public offerings (IPOs), which might happen this year, include stablecoin issuer Circle and blockchain provider Chia Network. Moreover, eToro, a trading platform, is deliberating going public, and Animoca Brands has some IPO prospects lined up for 2025 or 2026.

Forex Signals Brief June 7: Will the NFP Save the USD or Plunge It Lower?

Posted on June 7, 2024June 7, 2024 by Skerdian Meta

Yesterday the economic data was light until the ECB meeting just before the US open. The ECB implemented a widely anticipated 25 basis point reduction in rates, reducing the main refi rate to 4.25% from 4.50%. This marks the first rate cut in five years and comes amidst concerns about lower inflation.

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Bitcoin is Bullish: Standard Chartered Bank, Robert Kiyosaki Think BTC Will At Least 2X

Posted on June 7, 2024 by Dalmas Ngetich

Bitcoin barely moved on June 6. At spot rates, bulls are expectant. They expect prices to not only break $72,000 but confirm the Bull Run from May 20. However, this needs determination, especially from buyers. As things stand, what’s needed is a decisive, wide-ranging bull bar closing above the immediate local resistance. When this prints out, the odds of BTC flying, as most traders predict, will be high—and welcomed.

From the daily chart, Bitcoin prices remain inside a narrow range, considering yesterday’s drab performance. Currently, BTC is stable on the last day but up a decent 4% in the previous week. Even so, engagement is low, just over $26 billion. As mentioned, sharp price movements tend to push the average trading volume (a gauge of measuring sentiment) higher.

The following Bitcoin news events might influence prices today:

Standard Chartered Bank analysts are convinced that if Donald Trump, the former United States president, wins this year’s election, the coin will not only breach $74,000 but will double to over $150,000 in the coming months. Trump has declared his support for crypto and plans to make the country an innovation hub.
Meanwhile, Robert Kiyosaki has said even if the wild predictions of BTC reaching $350,000 is a suckers’ bait, it is not a lie or a speculation. Based on his outlook, this is a real possibility.

Bitcoin Price Analysis

[[BTC/USD]] is in a clear uptrend at press time.

Even so, prices are moving horizontally, below $72,000.

As reiterated above, there will be clear loading opportunities once there is a sustained breach of $72,000.

A breakout will lift Bitcoin to $74,000 in a buy trend continuation formation; a huge boost for optimistic bulls.

Before then, aggressive traders can look to buy on dips above $66,000.

Any dump below $66,000 cancels this outlook.