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How High Could XRP Price Go If An XRP ETF Is Approved?
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4 hours agoon
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adminAn XRP ETF is undoubtedly a huge positive for the XRP Price if the pending applications eventually get approved by the US Securities and Exchange Commission (SEC). Several crypto analysts have weighed in on how the crypto’s price could rise, considering that an ETF would attract more institutional investors in the XRP ecosystem.
XRP Price Could Reach $1,000 With ETF
Crypto analysts like BarriC have suggested that the crypto’s price can rise to as high as $1,000 if the SEC approves an XRP ETF. The analyst cited the success of the Bitcoin ETFs to explain why he is confident the XRP price can reach such an ambitious price target within the next five to ten years. BarriC mentioned how new money would flow into the XRP ecosystem through these funds, leading to massive price rallies.
Crypto analyst CryptoTank also claimed that the XRP price can reach $1,000 thanks to these potential ETFs. The analyst noted how much XRP tokens asset managers like Bitwise and Canary Capital could potentially hold for their respective XRP ETFs. In line with this, he believes that there would be a supply shock as these asset managers accumulate more tokens for their funds.
For context, SoSoValue data shows that the Spot Bitcoin ETFs hold $58.66 billion worth of BTC in net assets, and the Spot Ethereum ETFs hold $6.74 billion worth of ETH in net assets. Therefore, the XRP ETFs could witness a fraction of the demand for the Spot BTC and ETH ETFs, holding millions of dollars in XRP as net assets.
A Rise To Current ATH In The Short Term
In the short term, the XRP price can reach its current all-time high (ATH) of $3.84. This is possible considering the Bitcoin price surged to a new all-time high not long after the Spot Bitcoin ETFs went live. Although the ETH price hasn’t reached a new all-time high since the launch of the Spot Ethereum ETFs, it is worth mentioning that XRP won’t face the kind of selling pressure ETH faced thanks to the Grayscale ETH ETFs.
Grayscale has yet to apply to convert its Grayscale XRP Trust to an XRP ETF, meaning there is no selling pressure if the SEC approves Bitwise and Canary Capital’s applications today. Moreover, the Grayscale XRP Trust holds only about $2.1 million in assets under management (AuM). Therefore, the XRP ETFs are downright bullish for the crypto.
In the meantime, the focus remains on the SEC Ripple appeal, as developments in the case could determine how soon the SEC could approve an XRP ETF. Former SEC official Marc Fagel said the US SEC will appeal XRP secondary sales. This is a positive for the XRP price since it confirms that the Commission agrees with Judge Analisa Torres’ ruling that the crypto isn’t a security in itself.
The only ground on which the Commission could reject the pending applications is if it argues that XRP is a security. However, if the SEC has no objection, this clears the way for the launch of Bitwise and Canary Capital’s ETFs.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin Price Could Rally As This On-Chain Metric Turn Bullish
Published
1 hour agoon
October 12, 2024By
adminRecent on-chain data shows that short-term trading activity for meme coins has been increasing, which could lead the Dogecoin price to rally.
Dogecoin’s recent 65% price retracement aligns with the typical pattern following a breakout from a multi-year descending triangle, setting the stage for a potential bull rally.
Dogecoin Price Surge: 200% Target in Sight
Crypto analyst Ali Martinez has highlighted the potential for a significant movement in Dogecoin price. According to Martinez, the DOGE price is currently breaking out of a multi-year descending triangle pattern. This has historically signaled significant price increases.
In previous instances, the memecoin experienced a 200% surge following similar breakouts. however, it subsequently saw a 60% retracement before embarking on a more substantial bull run.
For historical analysis, Martinez pinned three breakouts similar to what they saw this year since 2015, each moving upward with much force. If history is to repeat itself, a midterm rally could push Dogecoin price by 200% up to $0.2236. That level was last seen in December 2021.
The coin has retreated to the current price of $0.1112, representing a 2.92% jump in the last 24 hours. Nevertheless, that historical trend looks promising. The broader market conditions, including macroeconomic and investor sentiment perspectives, will likely shape its course in the coming weeks.
Adding to the bullish sentiment, whale activity around Dogecoin also intensified, with whales accumulating 2.07B DOGE in just one week.
This marks the most significant accumulation of this token by whales since January. It also indicates strong interest from large holders and potentially setting the stage for a substantial price movement.
This, however, may not have been completely unexpected. Recently, when the crypto market experienced a sudden wave of selling pressure, Dogecoin price showed resilience, posting a gain.
In the last week alone, some 110,000 short-term traders have traded Dogecoin, far outpacing its closest rivals, Shiba Inu, DEGEN, and Pepe. This rise in trading volume indicates that traders looking to make a quick kill in the markets for meme coins continue to find this memecoin an attractive option. That could mean more speculation or a renewed focus on DOGE, which leads the meme coin market.
DOGE Community Back in Action With Active Addresses Surge
First and foremost, it should be underlined that historically, each time Dogecoin price has broken out of its multi-year descending triangle pattern, this has been followed by a serious rally in price, with returns of about 200%.
Following that initial surge, the market usually undergoes a retracement of about 60%. This has often formed a consolidation before the next primary uptrend. If history is any guide, this breakout could be the starting point of yet another strong rally.
Active DOGE addresses have recently surged to 133,880, marking the highest level in the past eight months.
This significant increase highlights a resurgence in interest within the DOGE community, particularly as new users flock to the network.
Analysts attribute this growth to a combination of factors, including a broader positive sentiment in the market and a growing number of wallets, which reached over 90 million. The increase in active addresses reflects a spike in participation. It also hints at potential bullish momentum for DOGE moving forward.
Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The meme coin gained a peak as recently as September 28, 2024, when DOGE touched $0.1350. It has since lost around 15% of that value. It has nonetheless gained some poise at the start of October.
At the time of writing on October 12, DOGE was trading at $0.1111, representing a 2.64% week-over-week rise. Analysts remain upbeat that DOGE might rise to $0.1315 this month and have growing whale interest to support such a rebound.
According to recent Santiment data, whales holding between 1 and 10 million DOGE in wallets continued aggressively accumulating DOGE. This has been ongoing since October 2024, even with great volatility in prices. This is a sign that larger holders seem quite confident in the coin’s future potential.
Historically, when this accumulation trend emerges, it has often aligned with a market bottom and signaled a probable price reversal. If the pattern holds, then Dogecoin price might be preparing for a big upward movement in the near term, as confidence among these “whale” investors usually precedes market rebounds.
Whale Accumulation and New Users Fuel Dogecoin’s Rise
Speculation is well underway over Dogecoin’s future trajectory, which leads to notable growth, particularly in active addresses and whale accumulation.
For instance, the increase in active addresses denotes that new users are starting to pour into the market, likely in anticipation of further developments in the Dogecoin network. This enthusiasm among newcomers is of the essence because it signals renewed enthusiasm from investors.
However, it is tough to predict what will happen in the future with Dogecoin price. Though a strong community and endorsement by high-profile personalities add credibility to it, like all cryptocurrencies, DOGE remains susceptible to market volatility.
More recently, this milestone has surpassed 90 million wallets, serving as a signal of a growing base, one that might be a catalyst for innovation and adoption, which has repeatedly driven leading cryptocurrencies like Bitcoin and Ethereum to grow.
According to some reports, the surge in active activity indicates a rekindled investor interest. With the new entrants and whales buying into it, things look high for Dogecoin price and the token to shed its meme currency tag and be positioned as a cryptocurrency with serious growth. As adoption and innovation have become the key elements for the future, the market will keenly watch how these factors pan out.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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AVAX Price Shoots 10% As Avalanche Foundation Announces Token Repurchase from Luna
Published
17 hours agoon
October 12, 2024By
adminThe AVAX price has surged by a staggering 10% in the last few hours after the recent announcement by the Avalanche Foundation of a repurchase agreement with the Luna Foundation Guard (LFG) – the entity associated with Terra blockchain – to buy back all tokens sold back in 2022. This has pushed AVAX closer to $30 taking its market cap above $11.5 billion.
Avalanche Agreement With Luna Foundation
As per the latest announcement, the Avalanche Foundation has reached an agreement to repurchase all AVAX tokens sold to the Luna Foundation Guard (LFG) in April 2022. However, the deal is currently pending approval from the Bankruptcy court. The announcement has led to huge bullish momentum for the AVAX price as bulls rush to fill their bags beforehand.
Ahead of its bankruptcy back in the summer of 2022, LFG held a total of 1.97 million AVAX tokens worth a staggering $60 million. The Luna Foundation purchased AVAX as part of its reserves to boost the strength of its UST stablecoin.
This strategic decision from the Avalanche Foundation will prevent LFG from breaching the original agreement and restricting AVAX token usage. Besides, this move from Avalanche will protect the assets from the complexities of bankruptcy trustee liquidation. Earlier this year, LFG started moving its token following the Terraform Labs settlement with the US SEC.
Upon completion, the Avalanche Foundation will reclaim 1.97 million AVAX tokens, bolstering its capacity to foster growth and development within the Avalanche ecosystem.
The Avalanche Foundation has negotiated an agreement to repurchase all AVAX tokens previously sold to the Luna Foundation Guard (LFG) in April 2022, which is now awaiting approval from the Bankruptcy Court.
This action ensures that LFG would not violate the original…
— Avalanche Foundation 🔺 (@AvalancheFDN) October 11, 2024
AVAX Price Rally to Continue?
The repurchase of AVAX tokens has provided a major catalyst to the AVAX price bolstering confidence among investors. This massive purchase of 1.97 million tokens by Avalanche Foundation will significantly reduce the AVAX circulating supply thereby putting upward price pressure on the altcoin.
At press time, the Avalanche price is up 9.33% trading at $28.49. On the technical chart, the AVAX price is also forming a flawless breakout from the falling wedge pattern formation over the past few months.
Also, the Relative Strength Index (RSI) for AVAX stands at around 49.8 while the Moving Average Convergence Divergence (MACD) is positive at 0.19, signaling bullish momentum. Crypto analyst ‘Crypto Winkle’ hinted at further AVAX price surge if the bulls manage to break the crucial resistance past $30. Market analysts are already predicting the Avalanche price rally to $50.
#AVAX Breaking Out! Avalanche showing incredible strength as wedge pattern executes flawlessly
The falling wedge we’ve been tracking for months has finally paid off! Strong money flow confirmed this textbook breakout, launching $AVAX into a beautiful ascending channel.
Current… pic.twitter.com/QRDU65ZbPD
— Crypto Winkle (@CryptoWinkle) October 10, 2024
Additionally, the Avalanche blockchain is turning out to be a preferred choice for traditional financial players to launch their products in the market. Earlier this week, Colombian neobank Littio shifted its base from the Ethereum to the Avalanche blockchain.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple CEO Slams US SEC For XRP Security Claim In Bitnomial Case
Published
20 hours agoon
October 12, 2024By
adminRipple CEO Brad Garlinghouse has accused the U.S. Securities and Exchange Commission (SEC) of ignoring a court decision that determined XRP is not a security as the regulator still claims. He made the remarks following the agency’s stand in the Bitnomial case which saw the crypto derivatives exchange go to court against the SEC over the classification of XRP futures.
Ripple CEO Slams US SEC For XRP Security Claim
Brad Garlinghouse voiced his anger regarding the US SEC’s actions in a post on X (formerly Twitter), noting that the agency does not seem to care that, according to a court’s decision, XRP is not a security. He pointed out that the agency’s behavior proves that it thinks it can act beyond the law, questioning the regulator’s responsibility.
Ripple’s Chief Legal Officer Stuart Alderoty also commented on the agency’s position in the Bitnomial case saying that one has to wonder about the legitimacy of a regulatory agency that simply ignores a court decision. According to Alderoty, the US SEC has embarked on unconstitutional aggressive measures in the case and this further erodes the credibility of the agency.
He cited a rather worrying situation where a regulatory body after being defeated in court orders compliance through threats of enforcement in clear disregard of court orders.
Bitnomial Lawsuit Challenges US SEC’s XRP Futures Stance
The case in Bitnomial involves the US SEC’s assertion that XRP futures are ‘security futures,’ which subjects them to more rules than those set by the Commodity Futures Trading Commission (CFTC).
Bitnomial, a crypto derivatives exchange, declared that the XRP futures should fall under the jurisdiction of CFTC only, as XRP has not been registered as a security. In its complaint filed with the U.S. District Court for the Northern District of Illinois, Bitnomial claimed that the SEC’s requirement of the company to register as a national securities exchange is an undue regulatory burden.
Aligning with the Ripple CEO, the exchange also noted that the SEC’s position is in direct conflict with the court’s decision in the case where the court held that XRP itself was not a security. Bitnomial’s challenge is the latest in a long-standing feud between the agency and the crypto industry over the agency’s approach to regulating digital assets.
Concerns Over Regulatory Overreach
The Bitnomial case is the latest development in the U.S. Securities and Exchange Commission ongoing efforts to regulate cryptocurrencies. Despite losing the court battle with Ripple, the agency’s continued insistence that XRP is a security has drawn widespread criticism from the crypto community.
Aligning with the Ripple CEO, Pro-XRP lawyer Bill Morgan and other legal experts have accused the SEC of overreaching its authority and disregarding legal precedents.
I fought @GaryGensler’s @SECGov on behalf of 75K XRP token holders, including 627 here in MA. I did it all pro bono and spent $75,000 of my own money prosecuting the case. Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong. A… https://t.co/NThDe7whb1 pic.twitter.com/TwbNlLM4ow
— John E Deaton (@JohnEDeaton1) October 11, 2024
Concurrent with Ripple CEO, John Deaton, who represented XRP holders in the Ripple case, also criticized the U.S. Securities and Exchange Commission’s conduct. He pointed out that the agency has been found to act “arbitrary and capricious” in its enforcement, a severe legal standard to meet. Deaton also referenced a recent case involving the crypto firm Digital Licensing (Debt Box), where the SEC was sanctioned for misconduct, further adding to concerns about the agency’s regulatory practices.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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