Ripple
XRP Price Can’t Break $0.5550: Is a Turnaround Coming?
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5 hours agoon
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adminAayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
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Analyst
Analyst Breaks Down The Movements And Why It’s So
Published
2 days agoon
October 15, 2024By
adminThe reason behind the stagnant XRP price growth has remained a mystery, with many crypto analysts pointing to legal disputes and market volatility as key factors holding back its momentum. However, even during favorable market conditions and after gaining legal clarity following multiple Ripple Court wins against the United States Securities and Exchange Commission (SEC), XRP has still failed to experience a notable upward surge.
As a result, investors have questioned the cryptocurrency’s sluggish price growth, prompting a crypto analyst to provide a detailed explanation of why XRP remains at a low price, barely showing signs of a feasible rally.
Why XRP Price Struggles To Gain Momentum
On October 13, a crypto analyst and researcher known as ‘Crypto Tank’ took to X (formerly Twitter) to discuss the reasons why the XRP price is not moving. In the lengthy X post, the analyst explained that the XRP price was determined by dividing the volume of XRP actively being used on the ledger by its circulating supply.
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According to Crypto Tank, XRP investors have this misconception that the total XRP in circulation is about 56 billion. However, this figure is misleading as a large portion of XRP’s supply is held in various private wallets by large-scale holders, also called “Whales.” This means that most of XRP’s supply is not actively being used in the market, but is held firmly in these wallets.
The analyst revealed that what truly matters for XRP’s price movements is how much of the circulating supply is used to actively engage in transactions on the XRP ledger. Currently, only about 20% of the total XRP supply is actively engaged on the XRP Ledger daily.
For XRP to be used to execute transactions, it often needs to be paired with Automated Market Makers (AMMs), which provide liquidity during trades. These liquidity pools are important for XRP to conduct global settlements, as only ample liquidity can facilitate these enormous transactions which extend to trillions of dollars. This need for substantial liquidity in the XRP Ledger is what limits its price movements.
Following the analyst’s report, it is clear that XRP’s price struggles are more complicated than mere market volatility. Its ongoing legal dispute with the SEC also adds uncertainty to any potential price increases in the future.
Analyst Unveils XRP Road Map To $500
While discussing the reasons why XRP’s price has remained stagnant, Crypto Tank also unveiled a road map for how XRP could reach $500. The analyst explains that if XRP could become widely adopted for global settlements like SWIFT, it could potentially reach this price target.
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He disclosed that an increase in market capitalization or retail investors does not matter, as XRP would only surge to the projected $500 price if it can handle large institutional transactions through deep liquidity pools and AMMs.
Featured image created with Dall.E, chart from Tradingview.com
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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.
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.
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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.
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24/7 Cryptocurrency News
Middle East Tension, US Jobs Data, & XRP Lawsuit Steal Spotlight
Published
2 weeks agoon
October 6, 2024By
adminThe crypto universe has closed another week with remarkable events unfolding across the wider sector. The Israel-Iran conflict brought significant turbulence to the broader market, whereas the recent U.S. jobs data sparked further investor speculation. Meanwhile, the Ripple vs US SEC saga saw new lawsuit developments, with XRP tackling considerable turbulence this week.
Here’s a collection of some of the most buzzworthy headlines reported by CoinGape Media over the past seven days.
Crypto Market Braces For Impact As Middle East Tensions Rise & U.S. Jobs Data
The much anticipated ‘Uptober’ rally witnessed a halt as the Israel-Iran conflict started this week. Notably, Iran launched missile attacks against Israel in retaliation for the latter’s attack on Hezbollah forces in Lebanon. As expected, the crypto market mirrored a negative impact to this development. Coinglass data showcased over $351 million liquidated from the market in light of the conflict-birthed market uncertainty.
Meanwhile, it’s also worth mentioning that American businessman Robert Kiyosaki shared vital insights amid the ongoing Middle East conflict. The American businessman slammed the Biden administration and lauded Republican Donald Trump instead, demanding the need for strong and decisive leaders during such times.
Also, the U.S. jobs data this week indicated that the nonfarm payroll data figures came in at 254,000 and the unemployment rate comes in at 4.1%, shredding expectations of a larger rate cut by the Fed ahead. In light of this market event, BlackRock CIO Rick Rieder anticipated that the Federal Reserve will cut interest rates further, but only by 25-basis-point.
XRP Lawsuit Sees New Developments
Meanwhile, this week saw American blockchain payments company Ripple and the SEC embark on new lawsuit-related developments. The SEC filed a notice of appeal against Judge Analisa Torres’ final judgment in the XRP lawsuit this week. This hinted that the regulatory body filed an appeal against the remedies ruling, which mandated a $125M penalty for Ripple.
Simultaneously, Ripple’s native crypto XRP price fell 13% in value over the past week, attributable to legal uncertainty. XRP price rested at the $0.53 level as the week came to an end. Also, XRP whales moved hundreds of millions of coins in the interim, adding a layer of intrigue among market participants. Nevertheless, CoinGape reported that a renowned crypto market analyst anticipated XRP to reach $5 despite regulatory scrutiny. Further, the SEC reportedly named Ripple CEO Brad Garlinghouse and Chris Larsen in its appeal this week.
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.
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