Is XRP Preparing For Massive Gains? Bullish Divergence Prints Amid Settlement Hopes

Posted on June 5, 2024 by Dalmas Ngetich

XRP is trending higher at spot rates, following Bitcoin and Ethereum. Even though sentiment is neutral but with a bearish leaning, the consistent rejection of any low, breaking $0.50, is welcomed. Thus far, bulls are back in the equation, bouncing higher and currently inside the ascending wedge. The series of higher highs could signal what traders should expect in the coming few trading days.

As XRP trends above $0.50, there have been no sizeable gains in the past trading day. Bulls are confident, but that needs to translate to worthy price expansions above the local liquidation lines. In the past day and week, prices remain stable, with trading volume rising marginally to over $1.2 billion.

XRP daily chart for June 5

As bulls wait expectantly, the following XRP and Ripple news are worth tracking today:

The Ripple versus the United States SEC case will likely end this summer. Brad Garlinghouse said the regulator will not receive the $2 billion fine. Instead, the penalty will be in millions. The settlement will greatly relieve the payments company and coin holders.
One analyst thinks XRP could tear higher, considering the current bullish formation printing out in the weekly chart. There is a mega-bullish divergence formation in progress. Therefore, if buyers have their way, the coin could surge, mirroring the events of the last bull market.

XRP Price Analysis

[[XRP/USD]] is moving in a nearly straight line, sideways.

Even though holders have confidence, bulls must break above $0.55 and the ascending triangle for a chance.

If not, the odds of XRP crumbling as it did in mid-April remain high.

Today, traders should closely watch $0.55 and $0.46.

A breakout in any direction will shape the short-term trajectory.

Bitcoin Uptrend Getting Started? BTC Retests $70,000 As Retailers Accumulate

Posted on June 4, 2024 by Dalmas Ngetich

Bitcoin closed higher yesterday, printing a green bar after days of consolidation. Even though prices didn’t break and close above $70,000, the resurgence is morale-boosting for optimistic bulls. In the days ahead, how prices react, preferably aligned with the events of June 3, will shape the short-term trend. Ideally, a close above $72,000 is welcomed. However, for this to happen, there must be positive fundamental triggers.

Thus far, Bitcoin prices are relatively stable, per the formation in the daily chart. The coin is stable, adding 2% in the past day. However, it is down 1% in the previous week. Encouragingly, there is a boost in participation. The average trading volume is over $30 billion, which is a decent expansion.

Further price gains might draw more capital to the world’s most valuable coin. As things stand, the following Bitcoin developments might influence price action:

On-chain data shows that retailers are beginning to position themselves. Data from CryptoQuant reveals that the realized cap of short-term holders, those who have bought BTC within the last 30 days, is rising. Historically, this shift in trend prints out before sharp price gains.
The State of Wisconsin owns over $160 million of BTC through spot ETFs offered by BlackRock and Grayscale. Even so, analysts think this could just be an entry point.

Bitcoin Price Analysis

[[BTC/USD]] is floating higher at spot rates.

The bounce from the 20-day moving average is a relief for bulls.

Though the June 3 bar closed with a long upper wick, suggesting weakness at close, the uptrend remains.

Aggressive traders can consider buying the dips as long as prices trend above $66,000.

However, considering historical performance, especially at around the $72,000 mark, conservative, risk-on traders can wait for a conclusive, high-volume close.

If the May 20 bar is confirmed, the probability of Bitcoin floating to $74,000 or higher will be elevated.

Ethereum In A Bull Flag: Massive ETH Withdrawals Ahead Of Super Cycle To $4,900?

Posted on June 4, 2024 by Dalmas Ngetich

Ethereum is a mixed bag when writing. Even so, the uptrend remains for now. While bulls might be loading up, buying on every correction, traders should be wary of what happens at the $3,700 level. This line is an immediate support zone that bulls must reject for uptrend continuation. Considering the formation in the daily chart, the path of least resistance is upwards, but buyers must convincingly close above $4,000. If not, ETH prices might consolidate horizontally in continuation of last week’s formation.

The general inactivity in price action means bulls seem to be slowing down. For now, Ethereum is stable in the past 24 hours but down 3% in the past week. Since prices are quite literally stuck, engagement is also low. At the time of writing, the average trading volume in the last 24 hours is around $14 billion, which is way lower than expected.

Nonetheless, traders are closely monitoring fundamental events. The following Ethereum developments are noteworthy:

Following a hack, Linea, an Ethereum layer-2 platform, chose to shut down the sequencer to prevent more losses. Critics are now raining down on its developers, claiming it is not a blockchain but a centralized scaling solution.
Analysts think ETH bulls are preparing for a super-cycle in the coming weeks. As the United States SEC prepares to approve spot ETFs, over 800,000 ETH have been withdrawn from top exchanges.

Ethereum Price Analysis

[[ETH/USD]] prices are consolidating inside a wedge, printing a bull flag.

Still, even with the lower lows, the uptrend remains.

Optimistic bulls can look for entries to buy on dips above $3,700.

However, as mentioned earlier, the accumulation might provide a spring for a decisive breakout above $4,000.

This development will align with the May 20 bull bar that continues to shape the current price action.

A close in either direction ($3,700 or $4,100) is crucial for trend definition.

If bulls succeed, Ethereum would quickly explode to as high as $4,900.

XRP Struggling As April Bears Fail to Loosen Grip: What’s Next Ripple?

Posted on June 4, 2024 by Dalmas Ngetich

XRP is unmoved above $0.50 as the extended consolidation/distribution continues. Regardless of what prints out in the short term and as long as prices are within the current ranges, traders expect a sharp breakout. Thus far, the bear breakout of mid-April shapes the current trend. In that case, XRP traders should closely monitor how prices react at $0.55 or April 13 highs. A breakout above this line might trigger more demand, lifting the coin to new highs.

The path of least resistance is southwards, even with optimism running high. At press time, XRP is stable in the past day and week. Interestingly, trading volume remains high, breaking above $1 billion. That participation is swelling without impacting prices suggests that whales are doubling down on either their longs or shorts. This preview is why the breakout direction above $0.55 or below $0.46 will be crucial.

When writing, the following XRP and Ripple news events will impact prices:

Ripple is expanding. After announcing plans for a stablecoin in the coming months, the team is setting its eyes on an oracle. With this, Ripple will be taking on Chainlink in the oracles space. Currently, the XRP Ledger AMM is live.
Ripple CEO Brad Garlinghouse has revealed that the blockchain company, though interested in conducting an IPO, will take their business elsewhere, away from the United States, as long as Gary Gensler is the chair of the SEC. Gensler has been criticized for stifling crypto innovation.

XRP Price Analysis

Looking at the [[XRP/USD]] price action, bulls are struggling.

Ripple is at May 20 lows, but the coin is firm above $0.50.

Even with the breakout below the ascending wedge, there is hope for buyers.

Aggressive traders might look to short on every retest below $0.55. This outlook is because the April 12 and 13 bear bars still shape the current price action. Therefore, even with May 20 gains and the absence of a confirmation, bears have the upper hand.

Even so, if buyers flow back, any surge above April 13 and $0.55 might ignite demand, lifting XRP to $0.60.

Forex Signals Brief June 3: ECB and BOC Rate Cuts Coming This Week

Posted on June 3, 2024June 2, 2024 by Skerdian Meta

Last week the attention was on inflation figures, with Australian and Eurozone CPI (Consumer Price Index) showing an increase, which kept the AUD supported. However, the Euro didn’t benefit much from that, as the ECB brushed it under the carpet, preparing for a 25 basis point rate cut this week.

Continue reading “Forex Signals Brief June 3: ECB and BOC Rate Cuts Coming This Week” →

Is Bitcoin Preparing to Flash Crash Or Soar To $73,800?

Posted on June 3, 2024 by Dalmas Ngetich

Bitcoin bulls expect prices to spike in the next few days. However, looking at the performance in the daily chart, the path of least resistance in the short-term is southwards. Sellers are still resilient, capping gains.

The dynamic support line and $66,000 on the lower end provide immediate support. Unless gains sharply spike above $70,000 by the end of the day, the odds of BTC slipping below immediate buying zones remain elevated.

The sideways movement in price action is shown in the performance on the last day and week. Bitcoin is stable, up roughly 1% in the previous week. Due to the large inactivity, the average trading volume is below average, at just $22 billion at press time. Unless there is a sharp spike in prices above resistance (preferably), engagement will remain lower.

Bitcoin traders are closely keeping tabs on the following news developments:

Even as BTC bulls keep sellers at bay, there has been a sharp decrease in exchange reserves. At press time, trackers show that it is at a 5-year low with notable outflows from Binance, the world’s largest exchange by trading volume.
Though prices are stuck in a sideways range, macro events, especially in the United States, could catalyze the next wave higher. Recently, the Treasury Secretary Janet Yellen said the Federal Reserve raised the interest rate forecast, making keeping deficits low a challenge.

Bitcoin Price Analysis

As mentioned earlier, sellers are in control in the short term, even with the bounce earlier today.

Conservative traders can stay on the sidelines unless there is a sharp surge above $72,000 or below $66,000.

Aggressive and upbeat traders, on the other hand, may continue loading dips above $66,000, targeting $72,000 in the short term.

Meanwhile, if there is a price dump below $66,000 and the 20-day moving average today, the uptrend forecast will be nullified.

Ethereum in a Boring $200 Range: Are ETH Bulls Preparing For a 5X Spike?

Posted on June 3, 2024 by Dalmas Ngetich

Ethereum is moving horizontally at near Q2 2024 highs at spot rates. Even though the upward momentum is fizzling out, the path of least resistance is northwards. This upbeat preview will be valid unless there is a clear shift in structure. Before then, Ethereum bulls should be looking to break $4,000 and March highs. On the lower end, the zone below $3,300 and $3,700 is a worthy support area to watch.

Ethereum is moving within a tight trade range when writing, and sellers seem to be positioning themselves for a leg down. The consolidation means gains of the last week of May have been replaced with marginal gains. In the past 24 hours alone, Ethereum is flat and even down 2% in the previous week. The choppy price action, in an uptrend, also means most traders are keeping away. On the last day alone, the average trading volume is down to over $11 billion.

The following Ethereum news developments are worth tracking:

Should the United States SEC approve all S-1 registrations and green-lighting a spot Ethereum ETF this year, analysts think it would be a huge milestone for the second most valuable cryptocurrency. With the passing of the FIT 21, observers believe the United States is moving in the right direction in crypto matters.
Some analysts think Ethereum could spike by as much as 5X from spot rates in the upcoming bull cycle. The approval of a spot ETF will be incredibly huge.

Ethereum Price Analysis

[[ETH/USD]] is moving inside a tight range, as mentioned earlier.

The local resistance is at around $3,950, while support is at $3,700.

Since the bull bar of May 20 defines the current trend, every low should be a loading opportunity.

However, considering the current state of consolidation, traders should wait for a clean break out for confirmation.

A dip below $3,700 will nullify this outlook, allowing sellers to take over in the short term.

Conversely, a confirming, high-volume break above $3,900 may be the base for a retest of $4,100 or better in the sessions to come.

XRP Dips but Ex-Ripple Executive Defiant Even As Dogecoin Closes In

Posted on June 3, 2024June 3, 2024 by Dalmas Ngetich

XRP is under pressure, and sellers have taken over, looking at how prices have evolved over the past few trading days. Although the coin might be hanging above $0.50, the recent breakout below the ascending wedge and the support trend line is bearish. Therefore, for optimistic bulls, the reaction at the $0.46 and $0.50 area will be crucial in the short term.

As XRP prices print discouraging lower lows, dashing expectations, the coin remains at seventh in the market cap leaderboard. Still, it could lose the spot to the resurgent Dogecoin. In the past day and week of trading, the coin remains stable. Falling prices are impacting sentiment, as visible in the average trading volume, down from the $1.1 billion average of last week to slightly above $850 million.

The following XRP and Ripple news might dominate news headlines today:

The blockchain company Ripple usually offloads coins to meet rising operation costs. However, in June, they might offload 400 million XRP, the largest liquidation since 2017. The firm has capped monthly sales at no more than 350 million XRP for seven years.
A former Ripple executive, citing favorable pro-crypto regulations in the United States, thinks XRP is priming for a sharp breakout. Besides the impact of the ongoing court case, the robustness of Ripple as a payments company could play a major role.

XRP Price Analysis

From a top-down preview, XRP is within a bear breakout formation.

Thus far, [[XRP/USD]] is below the ascending wedge but is hanging above $0.50.

The breakout means sellers of mid-April 2024 are still in control.

Aggressive traders might align their entries with the emerging trend, targeting $0.46 or the lower limit of the support zone.

Conversely, any uptick lifting XRP above $0.55 will be a foundation for the next leg up to $0.60.

Forex Signals Brief June 20: Attention on the SNB and the BOE

Posted on June 2, 2024June 20, 2024 by Skerdian Meta

Yesterday the big event was in the European session, with the UK CPI (Consumer Price Index) inflation report being released. The headline consumer inflation lost three points and fell to 2.0% for the first time in three years, while core CPI inflation lost four points falling from 3.9% to 3.5% in April, however the GBP didn’t blink.

Continue reading “Forex Signals Brief June 20: Attention on the SNB and the BOE” →

Bulls under house arrest at 68K levels despite high inflows in Bitcoin spot ETFs

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

Bitcoin posted a 7% decline, closing at $67,7K after nearly hitting $72K on May 21. Although given that Bitcoin is still roughly 9% below its all-time high, such a loss does not portend a pessimistic trend. Investors are perplexed about why there hasn’t been a greater uptick in optimistic sentiment despite the recent inflows into Bitcoin spot exchange-traded funds (ETFs).

Even though the U.S. spot Bitcoin ETF market has more than $50 billion in assets under management, bitcoin bulls are under tremendous pressure amid evolving uncertainty in the regulatory space, However, price action indicates that the flagship cryptocurrency asset showed a brief positive trend, with higher highs and lower lows, and a top of $70,601.

The main resistance level is located at $70.5K, while support is at the $67.1K mark. At these levels, notable jumps in volume indicate significant trading activity, which traders should keep a close eye on.
Oscillators give contradictory information. The Stochastic oscillator is at 42, the commodities channel index (CCI) is at 38, and the average directional index (ADX) is at 22, all pointing to a lack of significant momentum in either direction. The relative strength index (RSI) is at 55, indicating a neutral position.
Prominent exchanges and middlemen, such as Binance, Coinbase, Kraken, KuCoin, and Robinhood, are facing legal action from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.

In addition, Roger “Bitcoin Jesus” Ver faces accusations from the US Department of Justice for alleged seven-year tax evasion and fraud, and the co-founders of Tornado Cash and the creators of Samourai Wallet for money laundering. While these incidents have no direct bearing on Bitcoin, they damage the industry’s reputation and deter institutional investors from investing in it.

This is not only a US problem. For example, exchanges dealing with cryptocurrencies and not yet registered to operate in the region have been given a deadline by Hong Kong’s Securities and Futures Commission. Only 18 exchanges had submitted license applications as of May 31. Large firms including Gate, Huobi, and OKX have chosen not to apply because of Hong Kong’s strict regulations.

These elements do not establish a hard cap on Bitcoin at $70,000 or comparable levels, nor rule out the influence these factors may have on cryptocurrency middlemen and the potential selling pressure resulting from the distribution of Mt. Gox coins. It is advised that traders stay alert for indications of a decline because the market consolidation and lower volume may portend continued sideways movement or a pullback.