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Is BitStamp Building Exchange on XRP Ledger?

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17 hours ago

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XRP price has experienced a 6% decline over the past week, mirroring the crypto broader market downturn. The entire sector is in a slump, with Bitcoin now valued at $95,000. Thus, there is a speculation that BitStamp might be building an exchange on the XRP Ledger. This decision can have an impact on the next price changes of the Ripple.

XRP Price Prediction: BitStamp’s Potential XRP Ledger Move

The XRP price is declining just like the rest of the crypto market at the moment. In this bearish environment, there are speculations to suggest that the Bitstamp is considering collaborate with the Ripple Ledger to create a derivatives exchange.

This could be a great opportunity for Ripple as 2025 may bring in many new advancements and changes within the market, which has already been generating a lot of hope and buzz within the community. However, both of these must be taken with the grain of salt as they have not been confirmed by Bitstamp or Ripple.

The price of XRP has however come down in recent trading sessions falling by about 26%. This is a clear drop from its previous high of about $2.83 to its low of about $2.09 putting a significant dent in its market trend.

The Ripple price is currently attempting to stabilize, with support levels around $2.00, offering potential grounding for future activity. At the time of reporting, the XRP price is trading at $2.17, with a decrease of 1% in the past 24-hours. This follows the other decline in the crypto market, with BTC hovering around $95k.

XRP price Chart: TradingView

What Does BitStamp’s Move Mean for XRP Ledger?

Bitstamp is reportedly planning a move that could affect the XRP Ledger in a big way. This ledger is well-known for quick transaction times and low fees; the characteristics that make the ledger useful across many sectors.

Several projects are already deployed using this reliable and strong foundation for efficient and scalable operations. This could be a big deal for the ledger as Bitstamp’s potential move could greatly increase its adoption and utilization within the crypto ecosystem. It would be a clear testimony of the exchange to promote development of innovative blockchain technologies.

Potential Impact on XRP Price: Bullish or Bearish?

There has been much talk lately on the possible actions that BitStamp, one of the largest exchanges for XRP trading, may be taking. The chart presents a bull flag pattern which usually follows the consolidation and then goes upwards. This pattern is characterized by an initial price rise, and then consolidation within boundaries of two parallel lines.

Looking at the XRP price action, the Ripple may be on its way to climb towards the $10 level. If the rumors that are circulating around BitStamp are in the positive light for XRP, we could see the price head towards these higher projections.

But if price fails to break the bull flag, a corrective move may occur. The lower border of the flag and recent lows give the possible targets of the downside, which may lead to further declining to the level of $1.25 if the conditions worsen.

Ripple Price

While excitement surrounds BitStamp’s rumored XRP Ledger project, remember these are just unconfirmed speculations, and neither BitStamp nor Ripple has officially confirmed these plans.

Frequently Asked Questions (FAQs)

The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.

XRP has recently witnessed a downturn, with a significant drop from $2.83 to around $2.09.

BitStamp is one of the oldest cryptocurrency exchanges, known for trading and investing in various digital assets.

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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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Price analysis

Can Shiba Inu Price Skyrocket 60% As Short-term SHIB Holders Capitulate?

Published

9 hours ago

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December 27, 2024

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Shiba Inu price, a popular meme-based altcoin, has entered a bearish trend following a broader crypto market correction. After a strong two-month bullish rally, SHIB has faced significant pullbacks as short-term holders begin to capitulate. The crypto market remains bearish, with Bitcoin trading below $95,000. As the year nears its end, investors are speculating whether Shiba Inu can rebound, potentially skyrocketing by 60% in the coming weeks.

Can Shiba Inu Price Rally As SHIB Holders Capitulate?

Shiba Inu price has dropped significantly, with its 30-day MVRV ratio sliding between -10% and -20%. This zone, often referred to as an “opportunity zone,” highlights where long-term holders typically accumulate as short-term traders capitulate. 

Such metrics suggest potential price rebounds as sentiment stabilizes. Analysts now question: can SHIB rally as its holders shift towards accumulation?

Source- Santiment

SHIB Technical Analysis Hints 60% Rally

A potential bullish setup for Shiba Inu price is unfolding, as the price action forms a classic “cup and handle” pattern. This technical indicator often signals a continuation of an uptrend and hints at a significant upside if confirmed. At the  of writing, the SHIB price is at $0.00002148, eye more gain despite bearish market.

The cup and handle pattern resembles a teacup with a rounded base (the “cup”) followed by a smaller consolidation (the “handle”). This setup reflects market participants’ gradual shift from bearish to bullish sentiment.

For SHIB, the “cup” formed over several months, showcasing a rounded accumulation phase, followed by the formation of a “handle” marked by minor pullbacks. The key level, known as the neckline, acts as resistance, currently near $0.00003287.

Technical analysis principles suggest the price target of a cup and handle pattern is calculated by measuring the height of the cup. This measurement is then added to the neckline level, predicting SHIB’s potential upside. For SHIB, a confirmed breakout above $0.00003287 could propel the price by approximately 60%, setting a target of $0.00005339.

However, a breakout above the neckline is crucial for validating the bullish pattern. Without it, the meme coin may fail to gain the necessary momentum.

The bullish outlook would be invalidated if the Shiba Inu price prediction drops below the handle’s support level, currently near $0.00002180. A move below this level could signal further declines, negating the cup and handle setup.

Source: TradingView

While bearish pressures persist, the Shiba Inu price could rally if accumulation strengthens and key resistance levels are breached. Investors should monitor sentiment shifts and technical confirmations.

Frequently Asked Questions (FAQs)

SHIB’s price decline is attributed to short-term holder capitulation during a broader market correction.

SHIB’s 30-day MVRV ratio is between -10% and -20%, signaling an “opportunity zone.

The pattern suggests a potential bullish breakout, signaling a continuation of upward momentum.

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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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ETH Price

What Happens to Ethereum Price If Bitcoin Crashes to $80,000?

Published

2 days ago

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December 26, 2024

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Ethereum (ETH) shows strong signs of recovery as Bitcoin (BTC) slithered close to $100,000. However, this article explores what would happen to Ethereum price if BTC collapsed to $80,000. Can ETH still manage to retest $4,000 or will it drop lower? Let’s explore this outlook via ETH technical analysis and also by taking a look at what on-chain data shows. Are ETH whales accumulating or selling their holdings?

Ethereum Price If Bitcoin Crashes To $80,000

The four-hour chart shows that the ETH price crashed 25% since the formation of the double top on December 16. Furthermore, this drop is due to Bitcoin’s weakness and is caused by the recent crash below $100K to $95K. A high correlation between Bitcoin & Ethereum is the reason why Ethereum follows Bitcoin’s footsteps. As a result, a drop in Bitcoin to $80,000 would cause Ethereum price to crash lower as well.

The aforementioned 25% drop led by Bitcoin pushed ETH to flip the $3,539 and $3,656 support levels into resistance. Although there was a recovery bounce, lack of bullish momentum coupled with weak Bitcoin outlook, ETH rejected from $3,539, hinting that the bulls are not in control.

If this outlook continues and Bitcoin crashes to $80,000, Ethereum could easily revisit $3,000. In a worse-case scenario, Ethereum price prediction notes that ETH could revisit the $2,500 support level.

What Happens to Ethereum Price If Bitcoin Crashes to $80,000?What Happens to Ethereum Price If Bitcoin Crashes to $80,000?
ETH/USDT 4-hour chart

But will such a fateful crash occur for Bitcoin? What if BTC does not crash, but continues to climb higher? Let’s explore what would happen to Ethereum if Bitcoin overcomes $100,000 and restarts the bull run. Under these conditions, Ethereum price could also rally. Furthermore, on-chain metrics are showing that whales are accumulating ETH as it dropped 25% in the past week.

Whales Accumulate 240,000 ETH in a Week

Supporting this positive oultook is the accumulation of ETH done by whales holding between 10K to 100K tokens. These whales’ holdings increased from 25.02 million to 25.26 million ETH in the past week.

This massive dip-buying activity scooped 240,000 ETH worth $1.15 billion Ethereum tokens from the market and is generally a positive signal.

ETH Supply DistributionETH Supply Distribution
ETH Supply Distribution

Ethereum’s Short-term Holders Capitulate

Based on Santiment’s 30-day MVRV indicator, which hovers around -10.72%, the short-term holders are capitulating. This indicator tracks the average profit and loss of investors who accumulated ETH in the past month and are currently sitting at an average loss of 10.72%. However, when an altcoin dips in the opportunity zone, i.e., between -10% to -20%, short-term holders capitulate, allowing long-term holders to buy the dip.

ETH 30-day MVRVETH 30-day MVRV
ETH 30-day MVRV

To conclude, if Bitcoin dropped to $80,000 Ethereum price could revisit the first support level at $3,000. In a worst-case scenario, ETH could crash as low as $2,500.

If we disregard Bitcoin dropping to $80,000, then Ethereum looks bullish from a technical and on-chain perspective. However, the uncertain outlook for Bitcoin price suggests that there might be an extension of the correction before BTC kickstarts a rally or slips into consolidation. Until that occurs, Ethereum price could either move sideways as a show of bulls’ strength or drop due to its high correlation with BTC. Regardless, investors must understand that the bottom is almost near.

Frequently Asked Questions (FAQs)

Ethereum price could revisit $3,000 or even drop to $2,500 in a worst-case scenario.

According to on-chain metrics, ETH whales are accumulating, with a notable increase of 240,000 ETH worth $1.15 billion in a week.

Ethereum looks bullish from a technical and on-chain perspective, with potential for a rally if Bitcoin maintains its current price or moves higher.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

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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Doge price

Here’s Why Dogecoin Price May Never Hit $50 or $100 Mark

Published

2 days ago

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December 26, 2024

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Dogecoin (DOGE) value gained 426% in 2024 but is currently down to 243%. Despite this massive uptrend, can DOGE price hit the $50 or $100 mark? Let’s explore.

Will Dogecoin Price Hit $50 or $100?

Dogecoin is the original top meme coin, created in 2013 as a joke. DOGE’s initial purpose was not to be a serious investment opportunity. Hence, Dogecoin, a dog-based crypto, does not have a unique value proposition, a robust development team, or a clear roadmap for growth. Its price appreciation is mostly driven by cycles of hype and frenzy. Hence, the chances of Dogecoin price hitting the $50 or $100 mark are highly unlikely.

The second reason is that DOGE’s value would need to surge by an unprecedented amount. To be precise, with the current circulating supply of 147 billion, the market capitalization needs to shoot up 14,900% from the current $49 billion for Dogecoin’s price to hit $50. This would put DOGE’s hypothetical market cap at $7.3 trillion.

In the second scenario, where Dogecoin’s value would hit $100, its market capitalization would need to surge 29,900% and hit $14.7 trillion. 

To conclude, both outlooks where Dogecoin price hits $50 or $100 are highly unlikely.

Other Reasons Why DOGE Will Never Hit $50 or $100

The cryptocurrency market is highly competitive, with plenty of other tokens that showcase robust technology, stronger development teams, and clearer use cases. Hence, capital rotation could occur, preventing DOGE from surging higher and reaching the theoretical values of $50 or $100.

As noted above, Dogecoin’s fundamental value proposition, a meme coin, is lacking. In an ever-evolving crypto space, coins that offer more value and higher returns are investors’ first choice. Therefore, it is highly unlikely that DOGE will hit the double—or triple-digit marks.

The nominal rise in market caps for Dogecoin’s price to hit $50 or $100 is absurd. To reach the aforementioned values, the market cap would have to multiply by 105-210. 

DOGE/USDT 1-week chartDOGE/USDT 1-week chart
DOGE/USDT 1-week chart

Furthermore, the Dogecoin price prediction suggests DOGE would increase by 15,661% and $31,422% to hit the desired targets, which is impossible considering the market conditions.

Frequently Asked Questions (FAQs)

Dogecoin lacks a unique value proposition, robust development team, and clear roadmap for growth, making it unlikely to achieve significant price appreciation.

To hit $50, Dogecoin’s market capitalization needs to surge 14,900% to $7.3 trillion, and to hit $100, it needs to surge 29,900% to $14.7 trillion.

The cryptocurrency market is highly competitive, and Dogecoin faces stiff competition from other tokens with robust technology and clearer use cases, making it unlikely to achieve significant price appreciation.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

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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