XRP Holds $0.50 As Talks Of Spot Ripple ETF Emerge

Posted on May 27, 2024 by Dalmas Ngetich

XRP is moving sideways at press time, and price action has been mixed. Buyers seem to have control in the short term following the leg-up on May 20. However, from a top-down preview, sellers of April 12 and 13 define the current trend. Technically, the coin is within a bear breakout formation as long as prices are below the liquidation line set at around $0.55.

At spot rates, XRP is stable and consolidating horizontally. This state of affairs reflect in the boring price action. There are higher highs, looking at price action in the last month. For now, prices are firm, with the coin up 3% in the last week. Despite minor gains, the average trading volume on the last day is low at slightly over $490 million.

The following XRP and Ripple news developments are worth tracking:

As the United States SEC set the process for the eventual launch of spot Ethereum ETFs, Standard Chartered analysts think a similar product for XRP will be approved by 2025. The global bank first invested in Ripple in 2016.
Until Ripple stops dumping XRP through programmatic sales, one analyst says, prices will remain low. Ripple, the blockchain company, holds over 4.8 billion XRP. They regularly sell to finance operations and finance research and development.

XRP Price Analysis

[[XRP/USD]] is moving sideways inside a large triangle at spot rates.

There are a series of higher highs following gains from mid-April.

While prices have been see-sawing in the past week, gains of May 20 weren’t reversed.

Even so, there will be a clear break if prices surge past $0.55. In that case, Ripple might soar to $0.60 or higher.

Conversely, losses below the support trend line and $0.50 weaken this bullish outlook.

Ethereum Springs Higher As ETH Adds 25%: Next Stop $4,100?

Posted on May 27, 2024 by Dalmas Ngetich

Ethereum is on an upward trajectory, as indicated by the formation in the daily chart. After a period of sideways movement, the coin surged on May 26, with buyers firmly in control. This could signal the continuation of last week’s gains. The potential for further gains is evident, with a clean close above $4,100 or March 2024 highs paving the way for fresh 2024 levels.

The current state of price action reveals that buyers are in the driving seat. In the past trading day, Ethereum is up 4%. At the same time, the coin is also up 25% in the previous trading week. The leg up has seen trading volume swell to over $12 billion, according to Coingecko. It is highly likely that rising prices will draw more traders into the picture, driving participation to record highs.

The following Ethereum news events are worth watching:

Michael Saylor, the former CEO of Bitcoin, now thinks the eventual launch of spot ETH ETFs will end up being good for BTC, legitimizing crypto as an emerging asset class. This will be the second derivative product approved by the strict United States SEC. With two spot crypto ETFs, investors will have more confidence and options.
Ethereum developers have set the Pectra upgrade for Q1 2025. Pectra will be a huge update for the smart contracts platform and will come after the implementation of Dencun in May 2024. The goal of Pectra is to improve Ethereum’s data availability before Osaka.

Ethereum Price Analysis

[[ETH/USD]] is sprinting higher at spot rates, closing in on $4,000.

From the daily chart, the sideways movement after May 22 is proving to a period of accumulation. Since the close above the local resistance (now support) at $3,800 is with expanding volumes, traders can look to buy the dips targeting March 2024 highs of $4,100.

Further gains above this liquidation level might force further gains toward $4,900.

Any dip below $3,600—or May 20 high—invalidates this bullish outlook.

Bitcoin Capped Below $72,000 Despite Donald Trump’s Crypto Endorsement: What’s Next?

Posted on May 27, 2024 by Dalmas Ngetich

Bitcoin is up at press time, recovering from last week’s pits. Even though the uptrend remains, there should be a strong follow-through, confirming the gains of early last week. For now, there is weakness, and trading volume is also muted, following the gains of May 20. In the short term, BTC has resistance at around $72,000 while support is at $66,000, a region of interesting support. Any breakout in either direction will shape the short—to medium-term trajectory.

At press time, prices are flat, but encouragingly, Bitcoin bulls have the upper hand. Even though there were flashes of strength, the draw down of the better part of last week slowed down the upward momentum. The coin is stable on the last day and up just 4% in the previous trading week. At the same time, trading volume is at over $17 billion.

The following Bitcoin events are news making:

While prices are relatively higher when writing, analysts expect several weeks of sideways movement. Liquidity is building on either side, creating equilibrium that prevents prices from shooting sharply. Typically, higher liquidity mutes price volatility, explaining the current state of price action.
Former President Donald Trump is now a crypto and Bitcoin supporter. Even though this is positive, at least in the current regulatory climate, Samson Mow thinks it will be bad in the long term. Of note, the involvement of politics could compromise Bitcoin and blockchain’s core ethos.

Bitcoin Price Analysis

[[BTC/USD]] is trending upwards from the top-down preview.

Nonetheless, the pace of expansion is slowing down, at least according to the candlestick arrangement in the daily chart.

Bitcoin prices are still inside the high-volume, wide-ranging bull bar of May 20. Technically, this is bullish from an effort-versus-result perspective.

Still, for trend definition, BTC bulls must break $72,000. If the up-thrust is with rising volume, the coin might flow to all-time highs.

Conversely, losses below $66,000 could further slow down the leg up.

Ethereum struggles to find a bottom, faces an uphill task

Posted on May 25, 2024May 25, 2024 by Olumide Adesina

Ethereum’s price maintained its move below the $3,800 mark on Saturday morning, The $3,605 support level is the next level to be cautious of in the event of a further decline.
Looking more closely at the price study, Ethereum has a significant demand zone between $3,700 and $3,850, where around 1.81 million addresses purchased over 1.66 million ETH, taking into account the Input-Output Model and Profitability statistics.

As selling pressure builds, this range can offer support. The next crucial zone of support is between $3,580 and $3,462, where 3.13 million addresses bought more than 1.50 million ETH, in case this zone fails to hold.

The precise effect on price action is yet unknown as the market gets closer to the debut and start of trading for all eight spot Ethereum ETF applications by the biggest asset managers in the world.
The digital financial space is anxiously expecting the official launch and final approval of S-1 applications before acting, as prices have not yet responded to the approval of the 19b-4 spot ETH ETF filings.

The US Securities and Exchange Commission (SEC) recently approved the Ethereum ETF applications, which has sparked speculation about the next price movements for the market’s second-largest cryptocurrency as the trading launch date draws near.

Nevertheless, there are concerns surrounding large transfers of Ethereum (ETH) to cryptocurrency exchanges, stemming from worries about profit-taking, portfolio rebalancing, and potential market speculation.

Despite the approval of ETFs, they have not yet been given the green light for launch, as this requires a cleared S-1 filing which includes detailed information about the firm’s financials, risk profile, and the securities it plans to offer. VanEck has resubmitted its S-1 filing to the SEC, with experts forecasting that approvals could take weeks to months.

Persistent worries also exist around the possibility of large withdrawals following Grayscale’s disclosure of intentions to transform its Grayscale Ethereum Trust (ETHE) into a spot Ether ETF, akin to what happened to Grayscale Bitcoin Trust (GBTC) after spot Bitcoin ETFs were adopted in January.
Over the past week, the price of Ethereum has increased by 21.82%; in the past month, it has increased by 20.14%; and over the past year, it has increased by 108.63%.

Forex Signals Brief May 24: Durable Goods Orders Close the Week

Posted on May 24, 2024May 24, 2024 by Skerdian Meta

Yesterday began with New Zealand’s Retail Sales report for Q1, which showed a significant increase, keeping the NZD well supported throughout the day. In the European session, PMI numbers were released for the UK and the euro area. The Eurozone figures were positive, with slightly improved readings in Germany offsetting slower readings in France. This led to the [[EUR/USD]] pair closing the day at a low of 1.08.

The demand for durable goods orders expected to fall by 0.9% in April

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Bitcoin Falls Even As Hash Rate Steadily Recovers, Breakout above $72,000 Crucial

Posted on May 24, 2024 by Dalmas Ngetich

Bitcoin extended losses yesterday, plunging below $68,000 as bears pressed on, reversing gains of May 20. Even with the series of lower lows, the path of least resistance, at least when looking at the candlestick arrangement in the daily chart, is upwards. Overall, buyers are in control, especially if the zone between $66,000 and $68,000 holds, soaking up attempts for bears to rewind this week’s gains.

Following the state of price action in the daily chart, Bitcoin is under pressure at spot rates. The coin is down 3% on the last day but up 24% in the previous trading week. The uptrend remains as long as the $66,000 and $68,000 support zone remains. For this reason, traders should also watch participation as prices gyrate inside the May 20 bull bar. In the previous 24 hours, it stood at a decent $43 billion.

So far, the following Bitcoin news events are worth tracking:

Yesterday, the United States House of Representatives passed the H.R.5403 – CBDC Anti-Surveillance State Act. What this means is that the country won’t proceed to launch CBDCs. Representatives cited privacy concerns associated with the mass rollout of this product by central banks.
Even with the drop in hash rate—a measure of Bitcoin’s computing power—the network is recovering. The reading stands above the 632 EH/s level, which is around the multi-month high.

Bitcoin Price Analysis

Bitcoin is under pressure, looking at the performance in the daily chart.

Despite the weakness, the [[BTC/USD]] price is technically in an uptrend. Notably, prices are still inside the May 20 wide-ranging bull bar, pointing to strength.

At the same time, bears have failed to wipe out May 20 gains. The series of recent lower lows are with light trading volume as well.

Aggressive traders can buy on dips above the $66,000 support area. Conversely, risk-on traders can wait for a clean break above $72,000 before considering longs.

In both cases, the first target will be the March 2024 all-time high of $73,800.

Spot Ethereum ETFs Approved, Bulls Must Keep ETH Above $3,700: Here’s why

Posted on May 24, 2024 by Dalmas Ngetich

Ethereum is firm at spot rates, impressively trading above $3,700 at press time. Yesterday, there was a rejection following the printing of the long upper wick. Usually, this means that there was liquidation from peaks, and prices closed much lower. Even so, since the bar ended up green, prices might spring back stronger in the days ahead. For now, $4,100 is a key line to watch.

As mentioned earlier, the coin ended up in green. However, gains aren’t as impressive. To quantify, Ethereum is stable on the last day but up 26% in the previous week. Going forward, bulls must press on. If they do and Ethereum prices expand, participation will also follow suit. So far, it stands at over $46 billion in the past trading day.

Ethereum bulls are upbeat at press time. Excitement is primarily because of the following events:

One researcher thinks that even after the United States SEC approved spot Ethereum ETFs yesterday, the level of “retail Degen” won’t be the same as when spot BTC ETFs launched. Instead, the amendments in the SAB 121 bulletin and the passing of FIT21 represent huge gains for proof-of-stake systems like ETH.
The co-founder of Coinbase also thinks crypto will continue to find tailwinds in the years ahead, primarily because of demographic changes. Old politicians are against the technology, while crypto ownership is mostly concentrated among the young.

Ethereum Price Analysis

[[ETH/USD]] is trading at around new Q2 2024 levels at press time.

Even so, for the uptrend to take shape, $3,700 must hold. Confidence following spot Ethereum ETFs will likely provide the necessary upthrust for the coin.

Yesterday, there was a brief correction below $3,800. Since bulls are in control and bull bars are banding along the upper BB, every low may offer entries for dips, targeting $4,100.

This will only change if there is a sharp drop below $3,700, pushing prices to as low as $3,300—a key support level. This move will invalidate the bullish outlook.

XRP Dips 5%, Will Relisting In New York Rejuvenate Ripple Bulls?

Posted on May 24, 2024 by Dalmas Ngetich

XRP, currently volatile, is under threat from bears pushing prices lower. Technically, sellers hold the reins due to the lack of breakout above $0.55 this week. However, with the coin maintaining its position above the $0.46 and $0.50 zone, there is a glimmer of hope for a resurgence of buyers. For risk-on traders, it may be prudent to wait on the sidelines until a clear trend definition emerges, either in the form of a bullish trend continuation or a drop aligning with the losses of mid-April.

Highlighting the state of XRP and Ripple affairs, the coin is relatively stable. Interestingly, even with the drop and prices moving sideways, the average trading volume shot to over $2 billion in the last trading day. As bears are in control, today’s trend will shape the short- to medium trajectory. A spike above $0.55 will be a welcomed reprieve for upbeat bulls.

The following XRP and Ripple news are worth watching:

In what’s a major boost for XRP trading, Coinbase, one of the world’s largest exchanges, listed the coin for New York residents. The resumption comes after a 9-month break. Still, regulatory clarity, especially on its status, may see more states and countries like Japan permit trading.
The decision by the House of Representatives to pass a bill barring the launch of CBDCs is when Ripple plans to launch a stablecoin. The USDC competitor will deploy on the XRP Ledger, tracking the USD.

XRP Price Analysis

[[XRP/USD]] is trending lower, sinking roughly 5% from this week’s highs.

Traders are nonetheless upbeat.

It is crucial to monitor $0.55 and $0.46 closely. These levels could dictate the future trajectory of price.

A breakout above $0.55 might trigger more demand, rewinding April 13 losses and sparking a lift-off to $0.60 or higher.

Conversely, losses below $0.46 will deflate confidence, possibly accelerating the sell-off to $0.40 in a bear trend continuation pattern.

Ethereum rampages toward $4,000 mark

Posted on May 23, 2024May 23, 2024 by Olumide Adesina

Ethereum’s price tested the 3,800$ mark and then bullishly rebounded, continuing the anticipated short- and intraday-term bullish trend. The next primary stations are situated at $3900 and $4097 respectively. The cryptocurrency appears to settle not far from the $4,000 resistance level. ETH has been able to reposition itself above its 50-day moving average because of these recent bullish swings, which might assuage investors’ concerns about the direction of the cryptocurrency.

The super altcoin didn’t rise until the week before the last deadline for VanEck, 21Shares, and ARK to approve Ethereum spot ETFs. Luckily for Ethereum, on Monday, May 20, expectations turned more hopeful, which helped the cryptocurrency to rise by more than 20%. Ethereum thus overcomes the $3,800 resistance mark.

The oscillators and the price of Ethereum itself show that there has been a significant comeback on the momentum side of the coin. Thus, affirms all of these factors will support the movement’s continued growth.
We might expect a breakthrough above $3,850 if the price of Ethereum stays over $3,500 in the coming days. $4,000 would be the next obstacle. There could be a new high at $4,400 if the bullish trend keeps up. Ethereum might likely breach its all-time high of almost $4,800 if such momentum is maintained
Early-stage applications to introduce spot Ether exchange-traded funds (ETFs) in the US are “as good as done,” according to Consensys CEO Joseph Lubin.
Lubin stated that the U.S. Securities and Exchange Commission (SEC) will approve some 19b-4 petitions submitted by companies like BlackRock. But releasing them to the general public might take longer. Lubin declared, “I think that’s as good as done—these 19-b4s from the exchanges.””However, the S1s—, these new ETFs going public—might take some time. It is unclear if it will. This is probably now a very significant political problem.

Forex Signals Brief May 23: Manufacturing and Services PMI

Posted on May 23, 2024May 22, 2024 by Skerdian Meta

Yesterday started with the Reserve Bank of New Zealand meeting early in the morning. The RBNZ left interest rates unchanged at 5.50% and had a hawkish RBNZ stance. But despite that, the NZD ended up lower after the initial jump higher. The NZD/USD price faced rejection at the 200 daily SMA, leading to a pullback.

Manufacturing remains in recession while Services are expanding in Europe

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