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Analyst Predicts XRP Price To Reach $27, Here’s Why

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1 day ago

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Crypto analyst Egrag Crypto has predicted that the XRP price could rally to as high as $27 in this market cycle. The analyst also provided insights into why XRP could reach such an ambitious price target.

XRP Price To Reach $27 In This Market Cycle

In an X post, Egrag Crypto predicted that the XRP price could reach $27 in this market cycle. The analyst cited some statistics to prove why the crypto could indeed reach this price target.

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First, the crypto analyst mentioned when XRP crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame, a move which led to the cycle top in 2017 following an explosive rally of 50,000%.

In applying a similar measurement to the current price action, an XRP crossover of the 21 EMA to $27 represents a price gain of 4,770%. Such a price rally would represent only 9.54% of the 50,000% surge recorded back in 2017.

Egrag Crypto is confident that XRP can reach this price target since it witnessed a more explosive move back in 2017. This isn’t the first time the crypto analyst has raised the possibility of XRP reaching such heights based on historical trends.

Meanwhile, a recent CoinGape market analysis suggested that the XRP price could at least reach double digits as it rallies to $10. Fundamentals such as the RLUSD stablecoin and other Ripple partnerships support such a bullish outlook.

Such a price surge could also happen if the incoming SEC Chair Paul Atkins drops the Commission’s case against Ripple. The Ripple has undoubtedly had a negative impact on the coin’s price.

What To Expect In The Short-Term

In another X post, Egrag Crypto also discussed what to expect from the XRP price in the short term. The analyst stated that everything is just noise until one of these two things happens for XRP.

First, he highlighted $2 as one of the key levels to watch. The analyst remarked that a confirmed break below that target would send the crypto toward the lower targets.

On the other hand, the analyst stated that a break above $2.65 would cause the fireworks to “ignite.” Simply put, a break above this level would lead to a bullish continuation.

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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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Bitcoin and ETH Tumbles, Altcoins Mixed

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2 hours ago

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December 28, 2024

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The crypto market today is experiencing a cool-off period with the holiday season in full swing. Bitcoin (BTC) and Ethereum (ETH) have tumbled, with BTC falling below 95K and ETH now down to the 3300 range. It has been over a month since Bitcoin touched 94K, and it continues trading in a range between 94K and 108K. Top altcoins are showing bearish momentum, with most coins down by 1% to 5% over the last 24 hours.

The overall market cap has also dropped by approximately 2%, now standing at 3.28 trillion. Trading volume has seen a significant decline of 34%, as many investors are in a holiday mood and enjoying the last days of 2024. Market activity is expected to pick up after the first week of January when trading volume will likely return to normal levels. The Fear and Greed Index is currently at 51, indicating a neutral sentiment in the market.

Crypto Market Today: BTC, ETH, XRP, and SOL Prices Drop

Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) have faced significant declines, mirroring the overall market downturn. The holiday season slowdown continues to impact trading volumes and prices.

Bitcoin Market Today

Bitcoin (BTC) price was trading at $94,327, down approximately 2% over the last 24 hours. Its 24-hour low and high were $93,440 and $97,429, respectively. Robert Kiyosaki has made a bold prediction, forecasting that Bitcoin will reach $350,000 by 2025 and urging investors to prioritize self-custody over institutional ETFs.

According to SoSo Value, BTC ETFs saw an outflow of $367 million on Friday, with Fidelity accounting for $208 million of the outflow. Ark & 21Shares reported an outflow of $112 million, while data from BlackRock is still awaited.

Ethereum Market Today

Ethereum (ETH) price dropped by about 1%, now at $3,329, with a 24-hour low of $3,307 and a high of $3,441. The ETH ETF saw an inflow of $27 million yesterday, as Fidelity purchased $27 million worth of Ethereum. This shift in the crypto market today highlights the growing institutional interest in Ethereum.

XRP Market Today

XRP price was trading at $2.144 at the time of writing, down by approximately 2%. Its 24-hour low and high were $2.126 and $2.234, respectively. Pro-XRP lawyer John Deaton has criticized a newly finalized crypto tax reporting rule issued by the Biden administration.

Solana Market Today

Solana (SOL) price was down by 2%, trading at $184. Its 24-hour low and high were $183 and $194, respectively. Coingape analysts reported the reason behind the Solana price dump.

Meme Cryptocurrency Market Today

Meme cryptocurrency market today is following the pattern of top altcoins. Dogecoin (DOGE) was down by 1%, trading at $0.3142, while Shiba Inu (SHIB) dropped by just half a percent in the last 24 hours. BONK, however, saw a 4% increase, with the “BURNmas” event contributing to the burn of over 1 trillion coins.

Crypto Market Gainers Today

Virtual Protocol

Virtual Protocol (VIRTUAL) became the top gainer today, with its price jumping by 15% in the last 24 hours. Its 24-hour low and high were $3.05 and $3.58, respectively. Coingape analysts also reported the top cryptos to invest in for 2025.

Bitget Token

Bitget Token (BGB) price was up by 9% in the last 24 hours, trading at $8.36. The rise in price is mainly due to Bitget revealing plans for an $800 million token burn in the future. This development is affecting the crypto market today, driving positive momentum for Bitget Token.

Crypto Market Losers Today

FTX Token

FTX Token (FTT) price was down by 16%, making it the worst-performing crypto in the last 24 hours. Its 24-hour low and high were $3.27 and $3.93, respectively. This decline reflects the challenges faced by FTX in the crypto market today.

Zcash

Zcash (ZEC) was down by 10%, trading at $61.72. Its 24-hour low and high were $61.61 and $68.92, respectively. This drop reflects the volatility in the crypto market today.

Besides this, there has been no improvement in the hourly chart, and no major change in the price of top altcoins and Bitcoin in the last hour. Most likely, we will see significant price changes in the crypto market today next week, once the holiday period is over.

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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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Galaxy Research Predicts Dogecoin Price To Reach $1 In 2025

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5 hours ago

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December 28, 2024

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Galaxy Research, an offshoot of Galaxy Digital Holdings has released its optimistic forecast for Dogecoin (DOGE) for the coming year. This DOGE forecast comes as part of 23 major predictions for the digital currency ecosystem in 2025. The Galaxy Research forecast also touched on Bitcoin, Ethereum and other key crypto events.

The Galaxy Research Bold Call for Dogecoin

According to the firm, the top memecoin may finally fulfill its ambitions and skyrocket to $1 by next year. The research firm said it informed Galaxy Digital’s clients that the DOGE market capitalization will hit $100 billion next year.

For reference, Dogecoin price was pegged at $0.3133 at the time of writing with a market capitalization of $46.25 billion. While the coin has key fundamentals like sustained DOGE whale accumulations, the price will have to grow by more than 100% to hit this mark.

This growth rate is not uncommon for Dogecoin, however, the crypto ecosystem now have competing memecoins with higher risk-reward ratio. To Galaxy Research, the correlation with Elon Musk’s Department of Government Efficiency (D.O.G.E) will impact the memecoin’s valuation.

Besides Dogecoin, the research firm also projected a $150,000 price top for Bitcoin in Q1 2025. Per the projections, the flagship coin will jump as high as $185,000 by the fourth quarter.

This predictions are conservative compared to the $350,000 Bitcoin price forecast recently issued by “Rich Dad Poor Dad” Author Roberts Kiyosaki.

Fate of the Broader Crypto Market

From Galaxy Research’s lens, Dogecoin is not the only asset that will benefit from the impending market boom in 2025. After the spot Bitcoin ETF market crossed the $100 billion Assets Under Management (AUM) milestone this month, Galaxy predicted a $250 billion record in 2025.

Ethereum also secured a bullish projection from the research firm. The firm said Ether will trade above $5,500 in 2025. Thus far in this bull market cycle, Ethereum has failed to jump above the $4,000 price mark. In addition, the firm said Ethereum staking rate will exceed 50%.

According to Galaxy Research, at least one big asset management firm will allocate over 2% of its AuM to buy Bitcoin. Other aspects of the market including Ethereum Layer-2 scaling solutions, and Decentralized Finance (DeFi) among others will also see massive shifts in the coming year.

 

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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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Pro-XRP Lawyer John Deaton Comments On New Crypto Tax Rule

Published

10 hours ago

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December 27, 2024

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Pro-XRP lawyer John Deaton has criticized a newly finalized crypto tax reporting rule issued by the Biden administration. The rule, titled “Gross Proceeds Reporting by Brokers that Regularly Provide Services Effectuating Digital Asset Sales,” was recently introduced by the IRS. Deaton has labeled the regulation as detrimental to decentralized finance (DeFi).

Pro-XRP Lawyer John Deaton Criticizes New IRS Rules

Following a recent announcement by the Internal Revenue Service (IRS), John Deaton has raised concerns over the newly finalized crypto tax regulations. The rules require brokers to facilitate digital asset transactions, report gross proceeds, and provide customers with Form 1099. This obligation includes collecting user data such as names and addresses.

Deaton argued that these regulations unfairly target DeFi platforms. He emphasized that autonomous and permissionless smart contracts cannot comply with such requirements, as they lack centralized control or intermediaries capable of gathering user data.

The lawyer added, 

“Enforcing this kind of requirements on DeFi will stifle innovation and continue to drive developers and projects offshore.”

Additionally, most recently the crypto advocate criticized Senator Elizabeth Warren for her anti-crypto stance and alignment with the banking industry. He argued that Warren’s influence on financial policies and strict crypto regulations stifled industry growth.

Impact of Reporting Obligations on Decentralized Finance

The rule imposes broker-like responsibilities on front-end service providers interacting with users and offering decentralized protocol access. However, the regulation excludes the DeFi protocols themselves from reporting requirements. Critics, including John Deaton, believe this creates operational challenges for entities in the DeFi ecosystem.

Deaton compared the new regulation to a previous legislative effort by Senator Elizabeth Warren, which he described as a de facto ban on self-custody for Bitcoin. He stated that the rules undermine decentralization and user privacy, both fundamental to DeFi’s core principles.

Moreover, John Deaton noted that such regulations will drive developers and projects offshore, away from the United States. This shift, according to Deaton, could hinder the growth of the digital asset industry domestically.

Furthermore, he suggested that these last-minute rules might be intended to counteract the next administration’s potential pro-crypto stance.

The finalized regulations are set to take effect on January 1, 2027, giving the industry a window to adapt. The IRS has clarified that these rules aim to bring DeFi brokers under the same tax reporting obligations as traditional securities brokers. The crypto advocate urged the new Congress to prioritize reversing these rules, citing their potential to harm DeFi innovation.

Deaton comments come amid Donald Trump pledge to make the U.S. the crypto capital by ensuring all remaining Bitcoin is “made in the USA.” However, with 95% of Bitcoin already mined and the introduced crypto tax, this goal faces some challenges.

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Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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