Connect with us

Price analysis

Will XRP Price Go Down to Zero?

Published

6 hours ago

on


Amid ongoing regulatory battles and market uncertainty, investors are questioning the future of the XRP price. The SEC’s efforts to overturn the non-security ruling have heightened fear, uncertainty, and doubt (FUD), raising concerns about whether XRP could face a catastrophic drop to zero. With the cryptocurrency’s volatility and a long-standing lawsuit, many wonder if XRP will succumb to the pressure. What is the likelihood of such a scenario?

The price of XRP hit a low of $0.3834 on July 1 before surging 72% to $0.6645 on Sept. 23. The price has since retraced and is hovering around $0.54.

Is XRP Price Destined to Go to Zero?

Investors and analysts debate the possibility that XRP could drop to zero. While some believe regulatory challenges and market dynamics could drive the price down, others argue that XRP’s utility and adoption will prevent such an outcome.  Some of the reasons why the XRP price could drop to zero include: 

  • The U.S. Securities and Exchange Commission (SEC) managed to twist the case in their favor, overturning the XRP non-security ruling. This move would likely instill panic and FUD in the market, driving the asset’s price to new all-time lows.
  • Bitcoin creator Satoshi Nakamoto being revealed could impact the price of XRP and every other crypto as it would lead to movement of his 1.1 million BTC. Such an influx into the market would cause significant price drops as panic grips investors.
  • Stiff competition in the market with the likes of Hedera Hashgraph (HBAR), Algorand (ALGO), and Chainlink (LINK) is making significant strides with their rate of adoption by financial institutions—Ripple’s main clientele.

Despite these circumstances that threaten the XRP price, Ripple’s efforts to expand its use cases and partnerships could provide a buffer against a complete price collapse. Additionally, the broader cryptocurrency market trends and Bitcoin’s performance often play a crucial role in determining the direction of crypto prices.

Currently, the Ripple price is trading around $0.5399, and despite facing significant legal hurdles, it has maintained a relatively stable position in the market. The average cost for Ripple in 2024 is currently standing at $0.57. That means everyone who bought above that price is currently sitting in losses.

Ripple Price Analysis: What’s Next for XRP?

XRP has shown resilience despite the bearish sentiment. The price has been fluctuating within a tight range, with significant support levels around $0.50 and $0.64. Technical indicators suggest that the asset might experience further volatility, but a complete drop to zero seems unlikely in the near term.

Historically, the XRP price has had only two massive price jumps since its inception in late 2013. The asset bull run happened 252 days after the 2016 Bitcoin halving, pushing the asset 41,000% up. However, the second halving found XRP entangled with the SEC in a lawsuit, and the resulting bull market saw the asset rise by only 1,000% 232 days after halving. Nevertheless, this was still commendable, given the vice grip by the SEC.

XRP Price XRP Price
XRP Price Analysis Chart

The average waiting duration for the two waiting durations following the halving before the XRP rally kicked off is 241 days. Given that it has been 175 days since the 2024 bitcoin halving, the XRP bull market could begin in 66 days, surging 21,000% to $132.

Interestingly, December 19, 2024, is 66 days from today, marking five years since the SEC v. Ripple lawsuit began. If Ripple can overcome its legal challenges and continue to secure strategic partnerships, it could see an XRP price recovery. On the other hand, if the regulatory environment worsens or if Ripple fails to deliver on its promises, the price could face downward pressure. 

Frequently Asked Questions (FAQs)

No one can predict with certainty, but it is unlikely in the near term. While XRP has faced legal challenges, especially from the SEC, it has maintained stability and utility within the crypto market.

Since its inception in 2013, XRP has had two major price rallies. After the 2016 Bitcoin halving, XRP surged by 41,000%. However, during the 2020 halving, which coincided with Ripple’s lawsuit, XRP rose only 1,000%.

December 19, 2024, marks the 5th anniversary of the SEC v. Ripple lawsuit and coincides with historical patterns suggesting the start of an XRP bull run. If legal outcomes favor Ripple and market conditions align, a significant price rise could occur.

Related Articles

✓ Share:

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cardano (ADA) Price

5 Crypto to Sell Now to Avoid Losses in October

Published

2 hours ago

on

October 14, 2024

By


The last two weeks disappointed crypto investors as the market failed to show the ‘Uptober’ rally. While the early-month sell-off can be attributed to the Israel-Iran war, most major altcoins are yet to reveal bottom formation, indicating the possibility of prolonged correction. Thus, the investor can consider selling this crypto and avoid further losses in October. 

Top 5 Cryptos to Sell Before Further Losses in October

Since last weekend, the crypto market witnessed a renewed recovery trend as Bitcoin rebounded from the $60,000 psychological level. The bullish turnaround uplifted the price by 9% to trade at $65,311 while boosting a relief rally in the altcoin market. However, the onchain analysis of these five crypto hints has the possibility for prolonged correction. 

Toncoin (TON)

Toncoin, the cryptocurrency related to the Telegram message app, showcased a notable correction of $8.17 to $5.28 in the last 100 days, registering a 35% loss. A downsloping trendline drove the bearish momentum with lower higher formation, indicating sell-the-bounce sentiment.

Since last August, TON’s 24-hour active addresses have dropped sharply from 1,978 to approximately 207, according to Santiment data. This declining trend indicates reduced network activity and could negatively impact price growth.

Therefore, with sustained selling, the Toncoin price could plunge 13% before seeking suitable support at the $4.6 line.

Toncoin (TON)Toncoin (TON)
24-hours active addresses | Santiment

Cardano (ADA)

Over the past two months, the ADA price has showcased a sideways action, hovering above $3 support. The consolidation confined within two converging trendlines indicates the formation of a continuation pattern called a symmetrical triangle pattern.

Theoretically, the pattern could replenish the Cardano’s prevailing bearish momentum and drive an extended downfall.

In addition, the whale wallet with 1 Million to 10 Million crypto has significantly reduced their holding from 12.86 to 12.19 Billion ADA, registering a 5% drop. This decline often coincides with major market tops as large investors might be losing confidence and reallocating their assets.

Cardano (ADA)Cardano (ADA)
Supply Distribution | Santiment

Shiba Inu (SHIB)

Since June 2024, the Shiba Inu price prediction showed a lateral trend, struggling to sustain above the $0.00002 level. This high supply zone has been renewing selling pressure for SHIB traders, prevailing the asset from a sustained rally.

By press time, the SHIB price had traded at $0.000018, with a market cap of $10.87 billion. Amid the current market recovery, the price could rechallenge the overhead resistance, indicating a pivotal moment for this dog-themed meme crypto.

However, the Shiba Inu supply held by the top address has remained steady at 61.2% since March 2024. Despite receiving a significant price discount, the lack of movement in this metric suggests that major holders show little interest in increasing their positions.

SHIBA INU (SHIB)SHIBA INU (SHIB)
Supply Held by Top Addresses| Santiment

Litecoin (LTC)

Litecoin, often called the “silver to Bitcoin’s gold,” has been trapped in a sideways trading pattern since March 2022. The prolonged consolidation phase shows a lack of decisive action from both buyers and sellers, indicating that significant price movement is unlikely in the near term

Moreover, the 30-day Market Cap to Realized Cap Ratio (MVRV) has soared to 27%, indicating that short-term traders are profitable. The historical data shows these speculative trades often opt for early profit booking, which results in initial volatility and local market top.

If the theory holds, the Litecoin price prediction could extend the retracement trend below the $60 line and retest $52 support.

Litecoin - cryptoLitecoin - crypto
30-day MVRV | Santiment

Worldcoin (WLD)

Worldcoin (WLD) has recently shifted its prevailing downtrend sideways above $1.27. The horizontal support pushed the asset 85.7% to trade at $2.385, providing a recent breakout of $2.175.

While this breakout could drive further rally, the WLD supply on exchange has doubled since mid-April, reaching 72.9 million coins. The sharp increase in supply available on the crypto exchange raises the risk of potential sell-off while limiting growth potential. 

Worldcoin [on Ethereum]Worldcoin [on Ethereum]
Supply on Exchange | Santiment

Conclusion: 

The current market trends indicate potential continued corrections for Toncoin, Cardano, Shiba Inu, Litecoin, and Worldcoin. Key factors such as decreased network activity, reduced whale holdings, and increased supply on exchanges are creating bearish momentum for these assets.

Frequently Asked Questions (FAQs)

Cardano is forming a symmetrical triangle pattern, signaling a potential continuation of its bearish momentum.

Shiba Inu faces resistance at the $0.00002 level, with top holders showing little interest in increasing positions.

The top cryptocurrencies to consider selling in October to avoid further losses include Toncoin, Cardano, Shiba Inu, Litecoin, and Worldcoin

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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.





Source link

Continue Reading

Bitcoin

Bitcoin price charts point to explosive gains in the long term

Published

5 hours ago

on

October 14, 2024

By


Bitcoin and other cryptocurrencies started the week well, buoyed by ongoing stimulus discussions in China, the world’s second-largest economy.

Bitcoin (BTC) crossed the important resistance point of $65,000 for the first time since Sept. 30. It has risen by over 10% from its lowest level this month and by 32% from its August low, signaling that it is in a bull market.

Bitcoin’s surge coincided with a strong rally in the global equity market after Chinese officials unveiled a series of stimulus measures.

The Shanghai Composite Index rose by 2%, while the Shenzhen index increased by 2.65%. A similar trend occurred in other Asian and European markets. In the U.S., futures tied to the Nasdaq 100 and Dow Jones continued to rise.

Bitcoin’s rally also followed increased institutional interest, with investors continuing to buy spot Bitcoin ETFs. Data from SoSoValue that ETFs saw net inflows of $308 million last week.

BTC monthly chart points to more gains

The monthly chart suggests that Bitcoin may experience more long-term gains. It shows that the BTC price has been forming a cup-and-handle pattern since peaking at $68,856 in 2021. It retested that level again this year and formed a rounded bottom.

The recent consolidation has been part of the handle section, which typically precedes a major bullish breakout.

This consolidation is also part of a bullish flag pattern, characterized by a long flagpole followed by rectangular consolidation.

Additionally, the chart shows that Bitcoin formed a hammer candlestick pattern in August. This pattern, characterized by a long lower shadow and a large body, is one of the most bullish signs.

Therefore, more gains will be confirmed if Bitcoin rises above the year-to-date high of $73,800. However, these patterns, especially on the monthly chart, can take time to fully play out.

Bitcoin chart
Bitcoin price chart | Source: TradingView

Bitcoin daily chart catalysts

The daily chart also indicates potential near-term gains. Bitcoin has remained solidly above the 50-day and 200-day Exponential Moving Averages. It has also avoided forming a death cross pattern, which often signals further downside.

Bitcoin has also been forming a broadening wedge pattern since March, characterized by a series of higher lows and lower highs. In this case, its higher lows were at $73,800, $72,000, and $70,000.

A break above the descending trendline and the all-time high at $73,800 will confirm a bullish breakout and likely lead to further gains. The odds of Bitcoin reaching a record high this year are increasing.

Bitcoin Price
Bitcoin price chart | Source: TradingView

According to Polymarket, there is a 62% chance that Bitcoin will rise to $63,800 this year, the highest odds since Sept. 29 and significantly higher than this month’s low of 32%.



Source link

Continue Reading

ADA Price

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024

Published

9 hours ago

on

October 14, 2024

By


The cryptocurrency market is gaining momentum, with Bitcoin surpassing $64,000, triggering enthusiasm among investors. Several Cardano rivals have shown impressive expansions, potentially transforming small investments into considerable profits by end of year 2024. These altcoins have the potential to outperform, with some experts predicting exponential growth.

3 Cardano Rivals To Turn $1 to $1,000

Shiba Inu (SHIB

Shiba Inu (SHIB) price has climbed by over 160% in the past year, emerging as a possible contender to Cardano. Built on the Ethereum ecosystem, SHIB saw a 30% surge in the past 30 days, driven by increased crypto activity and token burns. Currently, the SHIB price is trading at $0.00001806, and it has gained 2% in the last 24 hours.

SHIB price saw its Market Value to Realized Value (MVRV) ratio rise from 0.89 to 0.95 between October 11 and 13, according to data from IntoTheBlock. This increase indicates that investors hold their assets longer, leading to a higher market value than the realized value.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source: IntoTheBlock

TRON (TRX)

TRON (TRX), a decentralized blockchain-based system by the Tron Foundation, has surged 90% in value over the past year. Currently, the TRON price is at $0.1602, this growth is fueled by TRON’s token burns and rising interest in meme coins like SUNDOG. 

Increased network participation and investor confidence have driven its performance, positioning TRX as a strong competitor against Cardano and other altcoins, with promising potential for further gains by year-end 2024.

According to Coinglass data, the TRON price experienced significant upward movement in trading volume and open interest. The surge in volume points to heightened market activity, reflecting strong investor engagement.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source- Coinglass

Sui (SUI)

Sui (SUI), a Layer 1 blockchain platform, is gaining significant traction due to its focus on secure, fast, and private digital asset management. The platform offers scalable solutions, with its Total Value Locked (TVL) reaching $1.12 billion. The SUI price recently surged to $2.24, marking a 2% increase in a single day. 

Over the past month, its value has skyrocketed by 117%, positioning it among the top market performers. Investors are showing strong interest, viewing Sui as a potential competitor to ADA.

Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024Turn $1 to $1,000 with 3 Cardano Rivals by Year-End 2024
Source- DeFiLIama

The crypto market strong resurgence has made smaller altcoins, particularly those competing with ADA, an intriguing opportunity for potential massive returns by 2024’s close.

Frequently Asked Questions (FAQs)

Shiba Inu’s rapid price increase and strong community support position it as a potential altcoin to compete with Cardano, particularly with its growing use case and market capitalization.

TRON’s 90% price surge over the past year is attributed to token burns, rising interest in its ecosystem, and increased trading activity, making it a favorite among investors.

While there is potential for massive growth, the cryptocurrency market is volatile, and profits are not guaranteed. It’s crucial to research and understand the risks involved.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon