Ripple CTO Defiant, Will XRP Extend Its 15X Surge by Breaking $0.66?

Posted on April 24, 2024 by Dalmas Ngetich

XRP is firm, and bulls are in charge, looking at price action in the daily chart. Even though the upside momentum faces strong roadblocks at $0.66 and $0.74, there are fundamental drivers that could help propel bulls above these barriers. Thus far, prices remain muted but defined by the April 22 bar. At the same time, since prices are above the middle BB and April 13 highs, the odds of even more gains in the short term remain.

Coin trackers point to a solid performance by XRP in the past few trading days. On the last day alone, the coin is stable but up 11% week-to-date. However, the inactivity on April 23 allowed optimistic bulls to accumulate. So far, the average trading volume stood at over $1.3 billion.

Crypto investors are keeping an eye on the following XRP and Ripple news:

As prices rise, on-chain data reveals that addresses holding at least 1 million XRP are near record highs. From a price standpoint, the more users accumulate, the more bullish it is for the coin. This could lay a solid foundation for more price gains in the days ahead.
Despite the general lull in the XRP price action, David Schwartz thinks its performance has been nothing short of impressive. In a recent tweet, the CTO said prices are up 15x, soaring from over $0.03 in 2017 to $0.55 when writing.

XRP Price Analysis

[[XRP/USD]] is on an upward trajectory, looking at price action.

The unwinding of April 13 losses is a big boost for bulls. However, further gains, ideally above $0.60, could be the basis for a sharp expansion above $0.66 and $0.74 in the days or weeks ahead.

Even so, the outcome of the Ripple-United States SEC case is crucial and would shape price action.

As we advance, a break above $0.66 will invalidate the current bear breakout formation of April 12.

If not, a sharp rejection from around $0.58 to $0.60 zone will force the coin back to April 2024 lows of $0.41.

Ethereum Targeting $3,700 despite Blow from the U.S. SEC

Posted on April 24, 2024 by Dalmas Ngetich

Ethereum bulls might be aiming for $5,000 in the medium term, but price action in the daily chart shows that they are struggling. At spot rates, ETH is stable but trending below $3,300 and $3,700. These are immediate resistance levels that traders are closely monitoring. For the uptrend to continue, they must be decisively broken, helping shake out sellers of April 13. In that case, the bear breakout formation the coin currently finds itself in will be nullified. Before then, optimism is high but ETH bears remain in charge.

When writing, Ethereum is stable on the last day, adding 3%. At the same time, the coin is up 6% in the previous trading week. Despite the general confidence, traders must flow in, injecting momentum. Looking at coin trackers, the average trading volume in the previous day is muted at just $11.3 billion, down 7%. At this level, it remains below average versus those registered in March when the coin roared to $4,090.

Amid concern about dwindling participation and cautious traders, the following Ethereum news events are worth watching:

Yesterday, the United States SEC delayed the decision on Franklin Templeton’s spot Ethereum ETF application. With this, the focus will be on what the regulator decides on similar applications made by, among others, BlackRock in May. Still, rulings will likely be postponed to Q4 2024.
Standard Chartered remains bullish on Ethereum, expecting prices to reach $8,000 by the end of the year. While lofty, ETH, unlike Bitcoin, is yet to break its 2021 all-time highs. As such, the possibility of the coin roaring to fresh highs, even towards $10,000, cannot be dismissed.

Ethereum Price Analysis

There are a series of higher highs on the [[ETH/USD]] chart.

While impressive, the coin remains inside the April 13 bar with caps at $3,300.

A break above the middle BB and $3,300 might trigger more engagement, lifting the coin to $3,700.

Conversely, should bears take over, wiping out gains from April 20, ETH could tumble to April 2024 lows of around $2,900.

Bitcoin Gains But Sellers Still Have The Upper Hand: Will BTC Break $68,000?

Posted on April 24, 2024 by Dalmas Ngetich

Bitcoin prices were restricted within a tight range on April 23. Even though the prior bull bar was trend-defining, breaking above local resistance levels, the failure of a firm confirmation should be a concern. The prices are now trading above the middle BB, and yesterday’s bar had a long lower wick suggesting strong demand. At spot rates, BTC is back within the multi-week range, where a key resistance level to watch is $74,000.

Currently, Bitcoin is stable, up roughly 1% from the previous day. At the same time, the coin is up 6% in the last week of trading. If this momentum remains, the trading volume will expand some more. Over the last 24 hours, trading volume stands at $24 billion, down 3%. Should prices expand higher today, building on April 22 gains, participation will likely increase, fueling optimistic bulls.

The following Bitcoin news events will influence price action:

PayPal plans to reward efficient Bitcoin miners for proactively conserving the environment. In partnership with other firms, the payment processor will distribute BTC, among other rewards, to verified green miners.
The leg up, on-chain data shows, was due to whales accumulating coins when prices temporarily fell towards the $61,000 level. Their engagement helped pushed prices to spot levels. Even so, whether this momentum will be sustained remains to be seen.

Bitcoin Price Analysis

[[BTC/USD]] is technically bullish from a top-down review.

Though traders expect prices to expand, the failure of bulls to engage yesterday should be a concern.

When writing, it is evident that Bitcoin is back in the March to April trade range.

At the same time, prices are below the immediate resistance level at $68,000. This formation favors short-term sells since the coin is still inside the April 13 high.

If prices drop below the middle BB today, BTC might slip towards April lows of around $61,000.

Conversely, a sharp expansion above $68,000 will thrust the coin into the range whose cap is at all-time highs.

Forex Signals Brief April 24: Canadian Retail Sales Next After Australian CPI

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

The PMI numbers for manufacturing and services were in focus yesterday, with mixed results observed in Europe and a decline in both sectors in the US. European services continued to show improvement, while manufacturing sank deeper into recession. Conversely, the US saw a decline in both manufacturing and services PMI, signaling a potential slowdown in the economy.

Australian CPI showed another decline in March

Continue reading “Forex Signals Brief April 24: Canadian Retail Sales Next After Australian CPI” →

Forex Signals Brief April 23: Will Services and Mfg. Show Global Improvement?

Posted on April 23, 2024April 23, 2024 by Skerdian Meta

Yesterday saw a relatively quiet news cycle ahead of an eventful week filled with PMI and earnings reports, as well as other important economic data releases. The Federal Reserve’s blackout period further reduced market chatter. As a result, the volatility was reduced, particularly in currency markets.

Will manufacturing finally get out of contraction?

Continue reading “Forex Signals Brief April 23: Will Services and Mfg. Show Global Improvement?” →

XRP Flying As Sentiment Improves Ahead Of Ruling: Next Stop $0.66?

Posted on April 23, 2024 by Dalmas Ngetich

XRP has been one of the top performers in the past trading day. Looking at the daily chart, the coin has not only broken above $0.52 but is currently trading above $0.55, backed by decent trading volume. For the uptrend to continue, bulls must confirm yesterday’s gains. Accordingly, prices will likely close decisively above the dynamic resistance level or the 20-day moving average.

As it is, XRP is up 3% in the past trading day and a massive 11% in the previous week. Bulls are upbeat, looking at trading volume which is up by over 45% to over $1.5 billion in the last 24 hours. If prices continue floating higher, participation will likely expand, an indicator that traders are positioning for even more gains.

The upside momentum will be sparked by the following XRP and Ripple news in the sessions ahead:

XRP is rallying after Ripple filed its response to the United States SEC’s remedies-related opening brief. This response was highly anticipated since it reveals to the community how the blockchain company thinks about the $2 billion penalty the regulator wants paid. The report will be made public on April 24.
Ahead of the report, two United States SEC lawyers who handle the Debt Box case have resigned after being reprimanded by a federal judge. The judge claims the case presented lacked solid evidence to back their allegations.

XRP Price Analysis

[[XRP/USD]] is tracking higher, buoyed by expectations of a favorable settlement in the multi-year case pitting Ripple with the strict United States regulator.

From the daily chart, XRP is within a bullish breakout pattern with clear support levels at $0.55 and $0.52.

Since losses of April 13 have been reversed, traders can look for entries on dips. Their first targets will be $0.60 and $0.66 in the days ahead.

Any uptick above these resistance levels should ideally be with above-average trading volume.

If there is an unexpected contraction, losses below $0.46 will invalidate this bullish outlook.

Ethereum Floats Higher As Whales Accumulate: Why Are Bulls Weak?

Posted on April 23, 2024 by Dalmas Ngetich

Ethereum is moving higher and struggling for momentum per the price action in the daily chart. There were hints of strength over the weekend, but buying pressure failed to materialize. Thus far, there is strong rejection at around the $3,300 level and the 20-day moving average. Technically, the uptrend remains. However, buyers must strongly reject these attempts of lower lows from early April.

Currently, Ethereum is stable in the past 24 hours and week. Though the upside momentum appears to be building, sellers are firm. The April 22 bar, for instance, has a long upper wick, suggesting intense liquidation pressure. Nonetheless, the uptick in participation to $10 billion—which is still lower than average—is a net positive. Any uptick in price above $3,300 could thrust the coin towards $3,700 and back into the range.

The following Ethereum news events are noteworthy:

The Tron co-founder, Justin Sun, has been accumulating Ethereum over the past few weeks. On-chain data shows that Sun now owns over $405 million of ETH, bought via Binance and multiple DEXes. That the co-founder is staking ETH is huge for sentiment, and shows confidence of what lies ahead.
Besides this, whales appear to be moving USDT to Ethereum. Recently, Tether Limited, the issuer of USDT, minted $318 million of the stablecoin and moved it to several addresses on Ethereum. Typically, the inflow of stablecoins to Ethereum is considered a bullish development that could push demand.

Ethereum Price Analysis

[[ETH/USD]] is technically bullish at spot rates.

Even though Ethereum is within a bearish breakout formation, any confirmation of recent gains might shift price action in favor of bulls.

As it is, ETH has resistance at $3,300. A breakout above this line with rising volume opens the coin to $4,000.

Conversely, should ETH find rejection from spot rates, the coin will likely dump in alignment with sellers of April 13.

In this event, the reaction at the immediate support zone of between $2,800 and $3,000 is key.

Bitcoin Gains But Snaps Back To Boring Range below $74,000

Posted on April 23, 2024April 23, 2024 by Dalmas Ngetich

Bitcoin is grinding higher, looking at price action in the daily chart. After a relatively inactive weekend, bulls appear to be flowing back. Still, the liquidation level at $68,000 remains unconquered despite an encouraging trickle of demand. So far, buyers are watching at whether gains of April 22 will be confirmed. Any uptick toward the immediate liquidation zone must be with rising volume, invalidating the current bear formation.

At spot rates, Bitcoin is stable on the past day and week. However, what’s interesting is the emergence of traders. From trackers, the average trading volume in the past 24 hours stands at over $24 billion.

Possible catalysts for the next leg up will be from the following Bitcoin news:

Analysts think BTC is grossly undervalued at spot rates. They project the coin to surge above $100,000, considering the current low cost of electricity versus the high Bitcoin miner price post-Halving. It remains to be seen whether the miner price will drop. However, what’s clear is that miners are incentivized to mine, explaining the rising hash rate.
Bitcoin transaction fees continue to rise after activating the Runes protocol in the Halving block. Runes allow developers to launch fungible tokens on the Bitcoin network. Its creator says the platform is more efficient than Ordinals and would expand use cases.

Bitcoin Price Analysis

[[BTC/USD]] is firm when writing.

Even though prices are inching higher, approaching the $68,000 level, sellers have the upper hand in the short term. Note that prices are still inside the high volume bear bar of April 13.

If prices soar above this level, it could mean the bar was climactic, marking the bear run of April 12 to 17.

Risk-averse traders waiting for a clear trend can wait for a clean breakout above all-time highs. If the bar is wide-ranging and with rising trading volume, BTC could soar to as high as $100,000.

Conversely, an unexpected dump below April lows invalidates the current bullish preview, paving the way for more losses to $53,000.

Forex Signals Brief April 22: Manufacturing and US Q1 GDP This Week

Posted on April 22, 2024April 21, 2024 by Skerdian Meta

Last week the moves weren’t too large as most forex pairs traded in a tight range, including Gold, which refrained from making new record highs, but it stayed close to $2.400 as uncertainty remained high. However there were many twists and turns as geopolitics and central bankers kept the volatility on.

Continue reading “Forex Signals Brief April 22: Manufacturing and US Q1 GDP This Week” →

XRP Rising, Outperforms Bitcoin: Will Bulls Break $0.55?

Posted on April 22, 2024 by Dalmas Ngetich

XRP is unexpectedly firm following gains over the weekend. From the daily chart, prices are trickling higher, slowly reversing last week’s losses. At over $0.53 when trading, the breakout on April 20 may anchor gains that will thrust XRP above $0.55 in the days ahead. Till development, there will be a massive confidence boost for traders expecting a sharp turnaround toward $0.74 in the sessions ahead.

At press time, XRP is stable on the last trading day but up an impressive 3% in the previous week. Even with expanding prices, the average trade volume remains low, around $1.1 billion. At this level, it is lower than average, attributed to a decrease in weekend activity.

Today, the following XRP and Ripple news events might influence price action:

Crypto regulations in the United States are being refined. As they are, some analysts think it restricts innovation, giving an edge for other countries to take over. For this reason, Brad Garlinghouse, the CEO of Ripple, is banking on XRP to benefit from the adoption in countries beyond the United States.
XRP prices will be shaped by how the court rules. However, the rate at which the coin rises will be accelerated by BTC gains post-Halving. Currently, Bitcoin is flat, but the trading community remains bullish.

XRP Price Analysis

[[XRP/USD]] is firm, adding 3% in the last week of trading.

At over $0.53, the coin is moving higher, trading above a local resistance, now support.

As it is, aggressive traders can load on dips, targeting $0.54—or April 13 highs—and later $0.57.

If bears flow back, reversing the weekend’s gains, a breach below $0.46 will mark the continuation of the April 13 bar—which remains the dominant trend even with the current signs of strength.