XRP Under Pressure And Ranging: Has XRPL Failed As Claimed?

Posted on March 29, 2024 by Dalmas Ngetich

XRP remains in a consolidation with no meaningful progress. The coin is down 2% on the last day and 4% on the previous week. However, gains or losses remain very narrow since prices are within the $0.59 and $0.66 range. From the daily chart, buyers have a chance, but losses will rapidly swing in favor of sellers.

With price action moving in favor of sellers, participation is shrinking. In the past day, trading volume is down 17% to $1.6 billion. At the same time, the market cap is at $33.5 billion, down roughly 2% in the same period. A breakout taking prices out of this range must be with rising volumes.

Traders are watching the following XRP news:

Though Ripple developers are putting in effort to work on its ledger, Forbes now claims the XRPL is ineffective and has failed up to its expectations. The publication also said all its tokens are nothing more than speculative. Even so, Charles Hoskinson of Cardano thinks Forbes is wrong in their assessment.
The protracted Ripple versus the United States SEC case might be coming to an end. As settlement, the blockchain company could be penalized. However, the size might be reduced since the regulator will likely find it hard to prove individual investor losses.

XRP Price Analysis

[[XRP/USD]] is under pressure and likely to post losses in the sessions ahead.

Despite gains in early March, the coin has been edging lower in the better part of the month.

So far, key resistance is at $0.66.

On the other hand, support is at $0.59.

Therefore, traders can adopt a wait-and-see approach unless there is a conclusive close above this zone.

If buyers take charge, XRP might rally to $0.74 in a buy trend continuation pattern.

Forex Signals Brief March 28: Canada and US GDP Unlikely to Move Markets

Posted on March 28, 2024March 28, 2024 by Skerdian Meta

Yesterday markets saw minor changes as the quarter comes to a close, with anticipation building for significant economic data releases, apart from Gold which made some decent gains and tested the $2,200 level. The economic calendar was relatively quiet, apart from oil inventories and a seven-year auction. However, a substantial fixed-income sale exerted downward pressure on rates, leading to some selling of the dollar, which offset previous gains.

Continue reading “Forex Signals Brief March 28: Canada and US GDP Unlikely to Move Markets” →

Bitcoin Targets $74,000: Will Former FTX Boss Get 40 Years In Prison?

Posted on March 28, 2024 by Dalmas Ngetich

Bitcoin remains relatively stable even after the whipsaws of March 27. At the time of writing, the path of least resistance remains northwards, at least from a top-down review. For now, buyers have a chance, but prices must edge higher, breaking above the current choppy, above $72,500.

From trackers, BTC is up 5% in the previous week and steady on the last trading day. Even though buyers are confident of what lies ahead, the failure of bulls to confirm the uptrend might slow down the uptrend. Trading volume in the past 24 hours is up 22% to over $41 billion.

The following Bitcoin news events might influence price action:

On March 29, Deribit will settle Bitcoin contracts worth over $9.5 billion. According to data, most of these contracts will expire in the money. BTC prices might edge higher, benefiting in the process.
Today, Sam Bankman-Fried will be sentenced. After being convicted of fraud and money laundering charges last year, prosecutors are now seeking for the former co-founder to be sentenced to between 40 to 50 years in prison.

Bitcoin Price Analysis

[[BTC/USD]] remains bullish despite recent losses and consolidation.

At press time, BTC is steady, adding roughly 1% in the previous trading day.

Beyond this, traders are looking for trend continuation above $73,800.

There are attempts for higher highs when writing. Accordingly, Bitcoin traders can buy on dips above the middle BB and $69,000. The immediate target remains at $73,800, or an all-time high.

Unexpected losses below $66,500 cancel this outlook, swinging price action in favor of sellers. In this eventuality, BTC might dip to $60,000 or lower.

Ethereum May Break $3,700: BlackRock Bullish on Spot ETH ETFs

Posted on March 28, 2024 by Dalmas Ngetich

Ethereum is stable at press time, moving horizontally, as visible in the daily chart. Even though there are hints that buyers might jump back, driving the coin higher, prices remain flat. Traders can interpret this rejection as a positive show by bulls, especially if there is a convincing close above $3,700.

According to coin trackers, ETH is flat in the past day and trading week. However, trading volume remains high, expanding by 30% to over $20 billion in the past 24 hours. Technically, buyers can cement their position and lead price action. Rising volume might draw demand, rejuvenating optimistic traders.

The following Ethereum news might shape price action in the coming sessions:

The debate on whether the United States SEC will approve a spot Ethereum ETF continues. Traders are optimistic, expecting the strict agency to proceed. Now, Larry Fink, the CEO of BlackRock, claims the agency can green-light the product even if it is a security.
To ensure Ethereum staking is decentralized and reliable without validator collusion perpetuating fraud, Vitalik Buterin thinks the network can penalize correlated failures. If multiple validators controlled by the same actor fail all at once, they will receive a bigger penalty.

Ethereum Price Analysis

[[ETH/USD]] is moving sideways when writing, trading below $3,600.

Buyers have a chance from a top-down preview in the daily chart.

Even so, sellers are in control in the short term, considering the recent breakout below the middle BB—the dynamic support.

Technically, unless there is a close above the current consolidation, propelling prices above $3,700, ETH might fall.

If bulls take charge, the coin might float to $4,000. Specifically, hopes of the United States SEC approving a spot ETH ETF might fan demand.

In the short term, Ethereum has support at around $3,400. A break below this level might see ETH drop to $3,200, confirming the bear breakout in recent days.

Ripple-SEC Case Ending: Will XRP Break $0.74?

Posted on March 28, 2024 by Dalmas Ngetich

XRP is flat-lining when writing, with prices in a very narrow range. Even though buyers expect a breakout above the current consolidation, triggers are mostly fundamental-driven. As it is, prices are still bullish and moving higher relative to events in early February 2024.

At press time, the coin is steady in the daily and weekly range. In the short term, the path of least resistance is northwards. How XRP prices evolve depends on how strongly the immediate reaction levels are broken. For now, trading volume is building up, adding 6% in the last 24 hours to over $1.9 billion.

The following XRP news events might influence prices:

As crypto prepares for what analysts say is an “altcoin season,” some say this is the time to accumulate XRP. One analyst says the coin is ready for an explosive run above $1 to even $6 in the coming weeks. Anchoring this optimistic preview is that prices have bottomed up. The coin is ready for a leg up.
The United States SEC lawyers recently filed for an appeal, asking the presiding judge to make a ruling in their ongoing case versus Ripple. Amid this, one whale transferred 300 million coins in two batches.

XRP Price Analysis

[[XRP/USD]] price action remains dull.

However, traders expect an explosion from current levels once the judge makes a ruling in the ongoing court case.

Before then, traders can watch out for the reaction at $0.66 and $0.59.

A breakout, in either case, either nullifies the bullish preview or cements the forecast.

A close above $0.66 might lift XRP above $0.74 in a buy trend continuation. If this happens, the coin might reach $0.83 or higher.

Conversely, losses below $0.59 will confirm the double top in the daily chart. In that case, XRP might collapse to as low as $0.50 as sellers press on.

Is There A Top in Place in Bitcoin for Now?

Posted on March 27, 2024March 27, 2024 by Skerdian Meta

The Bitcoin price climbed above $70,000 again today, after having a great rally since October. But, BTC buyers are having trouble keeping the price above $70K, so it seems like a near-term top might be in place. The daily chart setup is also forming a bearish reversing pattern, so we might see a decent retreat. Continue reading “Is There A Top in Place in Bitcoin for Now?” →

Forex Signals Brief March 27: Inflation Holds Steady in Australia

Posted on March 27, 2024March 27, 2024 by Skerdian Meta

Yesterday was a relatively calm day in the markets, with no major dramatic events occurring. Despite weak economic data and a robust Treasury auction, the US dollar managed to gain ground. USD/JPY experienced significant buying interest during the London fix, while other currency crosses saw mixed movements.

Australian CPI inflation on the spotlight today

Continue reading “Forex Signals Brief March 27: Inflation Holds Steady in Australia” →

XRP Will Fly Above $0.74 If Ripple Lawyers Win versus SEC

Posted on March 27, 2024 by Dalmas Ngetich

XRP is, as expected, flat at press time. Prices are still moving inside a tight trading range, and bulls are still expecting a breakout. Though there are flashes of strength, primarily driven by fundamental factors, the absence of buy momentum in the daily chart should worry optimists.

XRP is stable in the daily and weekly charts. Still, prices remain inside the bull bar of March 11 and moving sideways. For the uptrend to continue, buyers must see sharp gains above $0.66. Triggers will likely stem from participation. Currently, trading volume remains muted, falling 10% in the past 24 hours. The contraction has also seen the market cap drop by 4%.

The following news developments might rejuvenate bulls in the coming sessions:

The United States SEC has asked the presiding judge to make a final ruling against Ripple. Notably, the regulator insists the blockchain company violated existing securities laws and should pay a hefty fine of nearly $2 billion.
David Schwartz, the CTO of Ripple, now thinks it is virtually impossible for someone not to sell XRP even if they wish to continue holding. Ripple has been selling the coin to cover operation costs.

XRP Price Analysis

From a top-down preview, the path of least resistance is bearish.

Still, even with [[XRP/USD]] being bullish in the immediate term, buyers must break out convincingly.

A key zone traders should watch for now is how prices react within the $0.66 to $0.74 area. A convincing breakout might send the coin to $0.84 or higher, invalidating sellers.

However, if XRP fails to generate momentum, collapsing below the $0.57 to $0.59 support, the odds of further losses to $0.50 won’t be discounted.

Ethereum Is Still Bearish, Push For Regulatory Clarify Might Spur Demand

Posted on March 27, 2024 by Dalmas Ngetich

Ethereum appears subdued when writing. Even though there are hints of strength, the failure of buyers to cement their position is concerning. The presence of buyers is necessary for prices to pull higher, above the current chop. So far, the uptrend remains from a top-down preview. However, in the short term, sellers are in control.

At press time, Ethereum is down roughly 2% on the previous trading day. The good news is that the coin is up 14% in the last week. There must be a convincing, high-volume close above $3,700 for bulls to take charge. This participation is lacking when writing because trading volume in the last 24 hours is down 20%.

The following Ethereum news event might shape price action in the coming hours:

While there are talks of the United States SEC classifying ETH as a security, what’s turning out from Kucoin charges is relieving for Ethereum supporters. The CFTC, another key regulator in the country, classifies Ethereum and LTC as commodities.
Similarly, lawmakers in the United States, including the chairpersons of the House Financial Services Committee and House Committee on Agriculture, want the SEC to provide clear guidance on the status of ETH.

Ethereum Price Analysis

[[ETH/USD]] is struggling to ignite demand, looking at the formation in the daily chart.

Confidence among holders isn’t translating into quantifiable price movements.

The coin remains in a bearish formation as long as prices are below the middle BB.

Immediate resistance and trigger line is $3,700. A high volume close above this line might see ETH roar to $4,000.

On the other hand, clear support is at the March 20 lows, around $3,200. Losses below this line might cause Ethereum to collapse to $2,600 or lower.

Bitcoin Is Flat, Venture Firm Backs BTC to Shine

Posted on March 27, 2024 by Dalmas Ngetich

Bitcoin prices are flat at press time. Even though bulls pushed higher in the first half of the weekend, there should be a comprehensive follow-through. A close above the current consolidation might be the base for the next leg up above $73,800 in the coming sessions.

At press time, BTC is firm at around $70,000, up 13% in the past trading week. Looking at price action in the past trading day, there hasn’t been any substantial price movements. As a result, this formation suggests possible accumulation or distribution depending on breakout direction. So far, trading volume remains low, dropping by 16% to over $35 billion in the past 24 hours.

The following Bitcoin news could influence prices in the coming few trading sessions:

QCP Capital is bullish about Bitcoin, saying the asset can be used to diversify portfolios. So far, the coin, despite the consolidation, maintains a strong upside momentum in their analysis. Additionally, there continues to be high demand for spot BTC ETFs.
KuCoin has been charged by a United States court of breaching the Bank Secrecy Act and not implementing satisfactory anti-money laundering measures. Following this, on-chain data from Nansen reveals that over $200 million of assets were moved from the exchange.

Bitcoin Price Analysis

[[BTC/USD]] is within a bullish breakout formation when writing but flat.

Even though buyers are confident, prices need to clear immediate resistance levels for trend continuation.

For now, the March 26 low is a critical support level.

Conversely, a break above $71,700 might ignite demand, lifting the coin towards all-time highs.

If sellers flow back, pushing prices below $67,000, Bitcoin might slip to March lows of around $60,000.