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Here’s Why Ripple’s New Banking Plan Could Send XRP Price to $4

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2 months ago

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XRP price has been sliding lower for the past few weeks, showcasing a bullish pattern. A successful breakout from this setup coupled with Ripple’s new banking strategy could trigger a massive rally for the remittance token. Ripple’s August 30 whitepaper outlines the project’s plans to partner with small banks. If this strategy is successful, it could reflect well on the company Ripple and its native token, XRP.

Ripple’s Banking Plans Could Boost XRP Price

The August 30 whitepaper shows Ripple is looking to bring its technology to small banks. Here’s how Ripple plans to do it:

  1. Faster & efficient payments by using Ripple’s real-time gross settlement system (RTGS) and blockchain technology.
  2. Removing intermediaries and reducing the cost and fees for businesses.
  3. Custom-tailored solutions that cater to the needs of small banks using Ripple’s xRapid and xCurrent products. 
  4. Leveraging XRP via On-Demand Liquidity (ODL) to facilitate real-time cross-border payments. 

All of these facilities from Ripple will help the small banks fight with the industry giants on equal footing. To some extent, the payments company has already kickstarted this project by partnering with banks in South East Asian and Middle Eastern countries. 

This bullish development, coupled with the favorable conclusion of the US Securities and Exchange Commission (SEC) vs. Ripple lawsuit, adds a tailwind for the XRP price to ascend higher.

Will SEC Appeal?

After the conclusion of the SEC vs. Ripple lawsuit on August 7, the regulator or the defendant, in this case, Ripple, has 60 days to file an appeal. This lawsuit will be closed if the SEC does not file an appeal by October 7. 

Expert attorney Bill Morgan notes that the recent ruling in the SEC vs. Ripple and SEC vs. Kraken lawsuits suggest the courts are unlikely to consider crypto assets as securities. Morgan uses the rulings as the basis to suggest that the probability that the SEC will file for an appeal is low.

 

XRP Price Analysis: Bulls Likely to Step on Throttle Soon

The three lower highs and lower lows formed since July, suggest that XRP price is inside a falling wedge setup. A breakout above the upper trend line often results in a bullish move to the upside.

Interestingly, this setup was formed on XRP price in late 2019 and mid-2020. A breakout from this technical formation was followed by a 742% rally in Ripple price, which set up a local top at $1.96. This move was nothing short of impressive and could be repeated in 2024 as another bullish wedge formation appears.

Despite the conclusion of the SEC vs. Ripple lawsuit in favor of XRP and Ripple, the remittance token failed to rally. However, the recent banking strategy stands to improve the odds of a rally. Therefore, if history repeats, XRP price could rally nearly 600% and tag the $4 psychological level, a new all-time high. 

XRP/USDT 1-week chartXRP/USDT 1-week chart
XRP/USDT 1-week chart

Adding credence to this bullish outlook for XRP price is the whales holding between 100K to 10M XRP tokens’ accumulation. These investors accumulated XRP just before the massive rally in 2020 and are following a similar trend today.

XRP Price vs. Supply DistributionXRP Price vs. Supply Distribution
XRP Price vs. Supply Distribution

On the other hand, if XRP price breaches the $0.522 support level, it will create a lower low and invalidate the bullish thesis. Such a development could cause the XRP price to crash 26% to the lower limit of the wedge at $0.382.

Frequently Asked Questions (FAQs)

If successful, Ripple’s banking plans could reflect positively on the company and its native token, XRP, potentially leading to a price breakout and a rally of nearly 600% to a new all-time high of $4.

Ripple’s new banking strategy involves partnering with small banks to offer faster and more efficient payments, remove intermediaries, and provide custom-tailored solutions using its xRapid and xCurrent products.

The SEC vs. Ripple lawsuit concluded on August 7, with a favorable ruling for Ripple. The SEC has 60 days to file an appeal, but experts believe the probability of an appeal is low based on recent court rulings.

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Akash Girimath

Akash Girimath is an engineer at core, but is interested in the chaos of the financial markets. Akash is senior report and analyst who also trades cryptos on a regular basis and maintains a small crypto fund for friends and family.

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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ETH

No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost

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11 hours ago

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November 6, 2024

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During Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.

By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.

Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum

On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.

According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M). 

Breakdown of the Whale’s ETH Sales: 

  • July 2019: Sold 5,000 ETH at $218 ($1.09M).
  • June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
  • September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
  • November 2024: Sold 25,000 ETH at $2,625 ($65.63M).

Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.

ETH Chart Analysis Shows Porlong Consolidation Within Triangle

Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.

With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.

Ethereum PriceEthereum Price
ETH/USD- 1d Chart

Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.

Frequently Asked Questions (FAQs)

Ethereum’s price recovery has been limited due to persistent selling by crypto whales

Following Trump’s election as the 47th U.S. President, the crypto market saw a rally, with Bitcoin hitting $75,400 and Ethereum gaining 9.89%, trading at $2,647

The symmetrical triangle pattern indicates consolidation, with ETH price oscillating between two converging trendlines. An upside breakout from this pattern is essential for buyers to regain control and push ETH towards the $3,500 mark or higher.

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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.





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LUNC price

Will the Terra Classic Price Crash As The Shuttle Bridge Shuts?

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2 days ago

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November 5, 2024

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The Terra Classic price crawled back on Tuesday, November 5, reaching an intraday high of $0.000086. This LUNC recovery happened after Terra announced that it had permanently closed the Shuttle Bridge and burned the remaining tokens.

Terra Classic Price Reacts to Shuttle Bridge Closure

In an X post, Terra announced that it had permanently closed the Shuttle Bridge interface. This closure led to the burning of the remaining LUNC and USTC tokens in the bridge. A token burn happens when tokens are moved to a discrete address that cannot be accessed. 

The closure happened a few months after the developers opened the bridge to facilitate the redemption of the existing wrapped tokens. Precisely, the bridge helped users to send their LUNC and USTC bridged to Ethereum, BNB Chain, and Harmony back to Terra Classic. 

Terra Bridge X PostTerra Bridge X Post
Terra Bridge X Post

The opening of the Shuttle Bridge was part of the Terraform’s Chapter 11 bankruptcy proceedings, a few years after its collapse. As part of the settlement with the Securities and Exchange Commission, Terraform Labs had to burn the remaining tokens.

Terra Luna Classic Price Is At Risk

The LUNC price formed a double-top pattern around $0.00025 earlier this year, which explains why it has dropped by 65% from its highest level in March. The neckline of this pattern was at $0.000087, where it was trading on November 5. 

Terra Luna Classic price has remained below the 78.6% Fibonacci Retracement level. Most importantly, it has remained below the 50-day Weighted Moving Average indicator and the Ichimoku cloud.

The LUNC token has formed two bearish chart patterns. It has created a rising wedge, which is made up of converging higher lows and higher highs. In most periods, this pattern leads to a breakdown, especially when the two lines are nearing their confluence.

Terra Luna Classic has formed a bearish pennant chart pattern consisting of a long vertical line and a triangle-like pattern. 

Therefore, the combination of a double-top pattern, rising wedge, and bearish pennant means that the token will have a bearish breakdown in the near term. If this happens, the next reference level to watch will be $0.000054, its August lows, and 38% below the current level.

Terra Luna Classic PriceTerra Luna Classic Price
LUNC price chart | Source: TradingView

On the flip side, a move above the crucial resistance level at $0.00011, its highest swing in September, will invalidate the bearish view. If this happens, it will rise to the next key resistance level at $0.00013, its highest level in May.

Frequently Asked Questions (FAQs)

Odds are that the end of the Shuttle Bridge will lead to a bearish breakdown since it has formed a bearish pennant and a rising wedge pattern.

Technicals point to more Terra Luna Classic sell-off in the next few weeks. If they are accurate, the coin may drop by 38%.

Based on our technical analysis, the initial support and resistance levels to watch will be at $0.0000054 and $0.00011

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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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Price analysis

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x

Published

2 days ago

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November 5, 2024

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The cryptocurrency landscape is pivotal as Ripple’s case with the SEC ends. This development places XRP Rivals in the spotlight, especially as the U.S. presidential election approaches. Some alternative coins show notable growth, signaling potential for substantial returns.

Ripple-SEC Case Closed: 3 XRP Rivals Poised for 500x Gains.

The SEC has ended its appeal in the Ripple case, marking a pivotal shift for XRP, now trading at $0.50. With regulatory pressures easing, attention is turning to promising XRP rivals that could surge by 500x. As the market watches, these altcoins emerge as strong contenders for significant gains.

Solana (SOL)

Solana (SOL), a layer-one open-source blockchain, is rapidly gaining traction in decentralized finance (DeFi) markets. Known for its support of decentralized applications (DApps), the latest SOL price surged by 12%, reaching $163 over the past month. 

Over the last year, Solana’s market value skyrocketed by over 293%, positioning it as significant to XRP Rivals. Investors are increasingly drawn to Solana, seeking high-growth opportunities.

If the bulls make a comeback, the Solana price prediction could successfully rally past the $180 resistance level and soon target the $200 after the U.S. elections.

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500xRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Source: TradingView

Dogecoin (DOGE)

Dogecoin (DOGE), the popular meme-based crypto featuring the Shiba Inu dog, has seen a remarkable price rally, climbing 55% over the past month to reach $0.17. Its value has soared by 139% in the past year, reflecting growing interest and investment in the coin. Dogecoin’s recent surge puts it in closer competition with established cryptocurrencies like XRP, signaling increased demand in the evolving crypto market.

The crypto expert on X predicts a potential surge for Dogecoin, citing Elon Musk’s influence and anticipated U.S. government support. A new department focused on digital efficiency might provide ongoing backing, boosting Dogecoin’s growth for the next four years. 

The expert believes Dogecoin could reach the $1 mark with favorable political developments. An included chart shows an upward trend, suggesting sustained support from influential figures could turn this meme cryptocurrency into a valuable digital asset.

Cardano (ADA)

Cardano (ADA), a prominent third-generation blockchain, has drawn interest for its eco-friendly proof-of-stake (PoS) protocol, setting it apart from traditional proof-of-work (PoW) systems. 

Currently, the ADA price is $0.3322, up 1%, sparking investor anticipation of potential gains. 

If ADA breaks the $0.4 resistance, analysts suggest it could initiate a bullish trend, potentially targeting $0.5 as its next major resistance. Amid a competitive environment with XRP rivals emerging, Cardano’s energy-efficient model may position it for significant growth.

The whale transaction count for Cardano has seen significant fluctuations, closely mirroring ADA’s price movements. Spikes in large transactions often coincide with price volatility. Analysts suggest whale activity could indicate future trends in ADA’s market behavior.

Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500xRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Source- Santiment

With the Ripple-SEC case over, XRP faces increased competition from rising cryptocurrencies ready for significant growth. These tokens attract investors with their resilience and growth potential, sparking optimism for strong returns. As the U.S. election unfolds, the crypto market watches closely for new trends and investment opportunities.

Frequently Asked Questions (FAQs)

Solana’s fast transaction speeds and DeFi focus make it a strong competitor to XRP.

With support from influential figures and favorable politics, experts believe $1 is possible.

Election results may shape crypto regulations, affecting XRP and altcoin growth.

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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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