Price analysis
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Published
1 month agoon
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adminThe XRP price dipped 2.62% to $0.56 on Sunday as crypto witnessed renewed selling pressure. The falling price marks a notable reversal within the multi-year triangle pattern, signaling the potential for a major correction. Will the bear’s plan intensify as some reports hint that the U.S. Securities and Exchange Commission (SEC) may decide to appeal certain aspects of the final verdict?
Ripple Faces Potential SEC Appeal Despite $12.5M Penalty
The XRP coin has recently garnered the attention of crypto investors following a favorable final verdict in the Ripple vs SEC case. On August 7th, Judge Torres imposed a $12.5 million penalty on Ripple, far less than the SEC’s original $2 billion demand.
While the XRP Community celebrated this as a major win, discussions emerged regarding the possibility of an appeal by the U.S. Securities and Exchange Commission (SEC), particularly concerning Ripple’s On-Demand Liquidity (ODL) sales.
However, Attorney Jeremy Hogan explains that the injunction on Ripple’s On-Demand Liquidity (ODL) sales will unlikely change the status quo. He highlights that most XRP and ODL sales are outside U.S. jurisdiction. Ripple can still sell XRP to institutions under specific exemptions, and the SEC must prove any violation to enforce the order.
I see lots of questions re what the injunction means for ODL sales. I don’t see it changing the status quo AT ALL, for the following reasons:
1. As Ripple has stated, the majority of its XRP and ODL sales are outside the U.S. jurisdiction and not subject to the ruling. Those… pic.twitter.com/3GimWEcp0c
— Jeremy Hogan (@attorneyjeremy1) August 7, 2024
Hogan also mentions that Ripple’s legal team has had ample time to adjust its practices to comply with the summary judgment ruling.
XRP Price Hints Major Reversal Within Triangle Pattern
The daily XRP price chart shows a notable reversal of $0.64 as the mid-week recovery subsides. The bearish turnaround plunged the asset 11.5% to $0.56, while the market cap plunged to $31.9 Billion.
Interestingly, this reversal marked another bear cycle within the triangle pattern, which had been intact since September 2021. This chart pattern consists of two converging trendlines: dynamic resistance and support, which drive the prices into a squeezing range before a major breakout.
Data from Coinglass shows that XRP’s Open Interest (OI)-Weighted Funding Rate is -0.0085. This negative rate shows that short sellers are paying to maintain their positions, implying expectations of further price declines.
Thus, the recent reversal and anticipated appeal from the SEC on Ripple’s ODL sale could accelerate the bearish sentiment for XRP. With sustained selling, the altcoin could breach the combined support of $0.55 and the 200-day EMA, bolstering a downfall to the psychological level of $0.4.
The $0.4 level, backed by the triangle pattern support, is a major accumulation zone for dip buyers. A potential rebound from this bottom could renew the recovery momentum for the next leap.
Frequently Asked Questions (FAQs)
If the SEC decides to appeal aspects of the Ripple case, particularly concerning ODL sales, it could intensify bearish sentiment, putting additional downward pressure on XRP’s price.
The XRP price will witness suitable support at $0.55, backed by 200-day EMA.
The XRP price shows a long-term sideways trend amid the formation of a symmetrical triangle pattern.
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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APT token
Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?
Published
1 day agoon
September 17, 2024By
adminAptos (APT) price, a layer 1 cryptocurrency, is currently exhibiting an upward trajectory in its market trends. The APT price movement has entered a bullish phase, showing a noticeable recovery recently. This resurgence comes on the heels of an announcement regarding Bitcoin integration, which promises to spur innovation within the Layer 2 protocol.
Aptos Price Surges Following BTC Integration Announcement
Aptos price might see new interactions as the Aptos Foundation has teamed up with the Bitcoin Layer 2 protocol, Stacks. This partnership introduces Bitcoin into the Aptos environment.
Through this integration, Bitcoin will be accessible in various decentralized applications and for other purposes on the Aptos network. Aptos utilizes the Move programming language, which is known for its flexibility and security.
This collaboration is poised to foster developers’ innovative uses of Bitcoin. Stacks, known for enabling smart contracts on Bitcoin’s secure base layer, is preparing to launch Nakamoto and BTC. These releases are expected to enhance transaction speeds and guarantee that Bitcoin secures transactions.
Stack is a leader in market capitalization and developer engagement among Layer 2 solutions. It seeks to leverage Bitcoin’s vast passive capital, valued at about $500 billion, making it a programmable and active financial asset.
APT Price Eyes 70% As Bullish Gain Momentum
The Aptos price has risen significantly by 4.50% over the past 24 hours. At the time of writing, the APT price hovered at $6.00. During this period, the price ranged from a low of $5.67 to a high of $5.95, indicating strong market activity. This positive momentum shows continued interest in Aptos, with its current price performance reflecting an upward trend.
The Relative Strength Index (RSI) is showing a slight recovery. With an RSI value of 44, the market is still below the 50-point neutral line, indicating a slightly bearish or neutral market sentiment at present.
According to Coinglass data, the Aptos price has experienced a notable shift. The total volume saw a decline of 31%, bringing it to $122 million. Open interest, which measures the total number of outstanding derivative contracts, has increased by 5%, reaching $95.90 million. Meanwhile, both options volume and open interest highlight ongoing activity in the Aptos derivatives market.
The Layer 1 crypto is currently encountering resistance at the $6.10 mark. However, if it manages to breach the critical $7 threshold, this could trigger a notable upward trend. Analysts are eyeing the next targets at $9 and possibly $10, which may signal strong buying momentum. Market participants closely watch these levels, as a successful breakthrough could lead to sustained bullish action.
Frequently Asked Questions (FAQs)
Stacks is a Layer 2 solution that enables smart contracts on Bitcoin’s blockchain. Its integration allows Bitcoin to be used on Aptos, unlocking new possibilities for developers.
The integration of Bitcoin into Aptos enhances its decentralized applications (dApps) and expands its market reach by leveraging Bitcoin’s liquidity and security.
Analysts suggest Aptos could reach $10 if it breaks key resistance levels, especially if the bullish momentum continues.
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
Experts Call For $0.001 SHIB, But Can Shiba Inu Price Defy This Bearish Pattern?
Published
2 days agoon
September 17, 2024By
adminShiba Inu price has been consolidating for most of the last months following the August 5 crash. There was a price outburst around August 20, but it was quickly quelled, and the asset dropped back into its range. Several crypto analysts think SHIB price is about to rip to $0.001, but is this truly the case? Technical analysis may tell a different story.
Why Experts Think Shiba Inu Price is About to Surge
Over the past seven days, two analysts have predicted Shiba Inu price increase to $0.001. Krao shared a chart showing that the asset was currently consolidating and forecasted that at the end of the consolidation, SHIB would quickly delete two zeros.
LuckSide, another analyst, has also projected that the SHIB price could surge to $0.001 as all factors are aligned for this rally. Some of his reasons for the bold prediction include whales acquiring 3 trillion SHIB in the last two days as large investors pulled out $4 million worth of SHIB from exchanges.
Will SHIB Price Rise Anytime Soon?
While Krao and LuckSide have merits in their analysis, there is reason to believe that the Shiba Inu price may not rise soon. Firstly, even though whales accumulating is a bullish sign, it doesn’t always translate to a number-go-up, especially when the charts tell a potential drop may be coming soon.
Moreover, Krao analyzes the data on a monthly timeframe, making the surge appear likely to happen sooner rather than later. This could be misleading, as shorter timeframes indicate a potential sell-off is imminent.
According to the Shiba Inu price 4-hour chart, there is a different story. The price action has formed a month-long head and shoulders, a bearish reversal sign. After the August 5 crash, crypto prices began surging as investors bought the dip. This H&S shows that the market decline is not over yet.
SHIB price currently has support at $0.00001280, which, if broken, could lead to an 18% drop, setting the price at $0.00001000. Conversely, SHIB price prediction shows if the meme coin bounced off the support, it could rally to the top of the range ($0.00001440) before trying to break out.
The Federal Open Market Committee (FOMC) will be meeting tomorrow to make the decision on the U.S. interest rate cuts. This data will adversely affect the crypto market, including the SHIB price. Investors await a 25bps or 50bps, but there is still much uncertainty.
If Fed Chair Jerome Powell fails to cut rates, it may signal bearish sentiment, which could be the final nudge that pushes Shiba Inu below $0.00001280.
Frequently Asked Questions (FAQs)
Several analysts, including Krao and LuckSide, have forecasted a possible surge in Shiba Inu’s price to $0.001. They cite factors such as consolidation in price action and recent accumulation by whales. LuckSide highlighted that large investors have acquired 3 trillion SHIB in the past two days, suggesting that the demand could trigger a rally.
No, despite the predictions from analysts, there is no guarantee that Shiba Inu’s price will rise soon. Technical indicators, especially on shorter timeframes, show bearish patterns like the head and shoulders formation, which could result in a price drop.
The upcoming FOMC meeting could influence the entire crypto market, including SHIB. Investors are anticipating a possible U.S. interest rate cut of either 25 or 50 basis points. If the Federal Reserve Chair, Jerome Powell, chooses not to cut rates, it could spark a bearish sentiment in the market, potentially pushing SHIB below the $0.00001280 support.
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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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Markets
Ethereum price drops to a 41-month low against Bitcoin
Published
2 days agoon
September 16, 2024By
adminEthereum continued its freefall against Bitcoin, falling to its lowest level since April 2021. It has dropped by over 55% from its highest point in 2021.
Ether’s sell-off is accelerating
Ethereum (ETH) was trading at 0.039 BTC, down by 24% this year and by 35% from the year-to-date high. It has also dropped against other cryptocurrencies like Solana (SOL), Binance Coin (BNB), and Tron (TRX).
The same has occurred in US dollar terms, with the coin dropping for four consecutive months, now trading near $2,300 which is its lowest point since February.
Ethereum’s sell-off is likely due to the weak response from institutional investors, who have largely avoided spot ETFs. Data shows that Ether ETFs have had net outflows of over $581 million. They currently hold $6.62 billion in assets, much lower than spot Bitcoin funds, which have over $54 billion and have had net inflows of $18 billion.
Ether has also declined due to recent liquidations by the Ethereum Foundation and Vitalik Buterin. Buterin has sold tokens worth $2.2 million, while the foundation has sold 350,000 coins.
Most importantly, there are concerns that Ethereum is losing market share to layer-2 networks like Base, Arbitrum, Polygon, and Blast, which are known for faster speeds and lower transaction costs than Ethereum.
Additionally, there are signs that many smart money investors are selling the coin. For example, one investor sold ETH worth almost $10 million in the last 24 hours, as shown below.
Another top entity that sold its Ethereum assets was Jump Trading, one of the top players in the crypto industry. According to Nansen, its total Ether holdings dropped from over $531 million in July to zero.
Ethereum has more downside in BTC terms
The ongoing Ether sell-off began after it formed a triple-top chart pattern around the 0.088 level between May 2021 and September 2021. The coin then dropped below the pattern’s neckline at 0.049 on May 20 of this year.
It also formed a death cross pattern in April, as the 50-week and 200-week moving averages crossed each other.
The Relative Strength Index has retreated and retested the oversold level of 30, signaling strong downward momentum. Therefore, the path of least resistance for Ether is downward, with the next reference point being 0.0224, which would represent a 42% drop from the current level.
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