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XRP Price May Soar Past $6, Here’s Why

Published

3 days ago

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Amid the current market consolidation, the XRP price has remained stable, hovering above the $0.46 level to seek support above the long-coming support trendline. This week’s neutral candlestick pattern shows that neither buyers nor sellers are taking a definitive stance to drive the price direction. Nonetheless, as the Ripple vs. SEC legal case is gradually heading to its conclusion, market participants anticipate a significant directional shift in XRP’s price.

Also Read: Ripple XRP Case: Lawyers On Final Ruling Date, Odds Of Appeal & Settlement

XRP Price Eyes Major Bull Run From Triangle Breakout

BINANCE:XRPUSDT Chart BINANCE:XRPUSDT Chart
XRP Price| Tradingview

The current downward trend in XRP began in early March, with the price dropping from a high of $0.74. This bearish shift resulted in a 36.8% decrease, bringing the asset’s value down to $0.427 and reducing its market cap to $26.28 billion.

However, a look at the daily chart shows this bear cycle is part of a well-known continuation pattern called a symmetrical triangle. Under the influence of this pattern, the asset price tends to resonate within two converging trendlines to restore momentum for a particular direction.

If the trend continues, the XRP price, currently positioned just above the pattern’s lower trendline, may experience increased buying interest. A potential turnaround could boost the price by 35%, aiming to reach the overhead trendline at approximately $0.63.

Should XRP break out from the triangle pattern, it would mark the end of the ongoing consolidation phase and amplify the bullish momentum. With sustained buying, the post-breakout rally could surpass the $2 barrier. 

Also Read: Popular Analyst Predicts BTC Price Reversal After A Dip To This Level

Moreover, the Renowned trader EGRAG CRYPTO recently shared an optimistic analysis for XRP on social media, projecting a minimum price target of $6.4.

The trader highlights that despite recent market fluctuations, XRP’s monthly candle is set to close above the Fibonacci 0.236 level, interpreted as a sign of natural market consolidation.

Looking ahead, EGRAG CRYPTO suggests that the next significant target for XRP is the Fibonacci 0.5 level. With strong market conviction, they believe flipping this target could pave the way for XRP to reach the Fibonacci 1.618 level at $6.4. 

The renewed buying interest in the broader market and the result of a long-running legal battle between Ripple and SEC will be major contributors to XRP price reversal.

Technical Indicator:

  • BB Indicator: The downtick in the lower boundary of the Bollinger Band indicator indicates the seller’s strong influence on the market movement in XRP.
  • Moving Average Convergence Divergence: Multiple crossovers between the MACD (Blue) and signal (orange) line accentuate a near-term market sentiment as neutral.

Frequently Asked Questions (FAQs)

The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of an asset’s price.

Fibonacci retracement is a popular technical analysis tool that uses horizontal lines to indicate where possible support and resistance levels might occur based on prior price movements.

A symmetrical triangle pattern in cryptocurrency trading is a chart formation where the price converges between two sloping trend lines with similar slopes.

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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

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 price

Solana Struggles to Rise Amid Bitcoin Price Uncertainty

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47 mins ago

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July 3, 2024

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Solana price dropped by 0.4% in the last 24 hours to trade around $148 during European business hours on Wednesday. This small regression in price is overshadowed by the 8.3% surge in price Solana experienced in the past week, caused by the prospect of Solana ETF filings. Bitcoin, on the other hand, wiped off some of the gains it made over the weekend and dropped back down to $60,900. 

Solana Price Analysis: 16% Gains in Sight If This Trendline Holds 

SOLANA PRICESOLANA PRICE

Solana network has a lot going for it currently and its price action echoes the same. SOL price recently broke out from a falling channel and has been in an uptrend. The price action is trending at the 50-day and above the 200-day simple moving averages (SMA), depicting an asset that is slowly turning fully bullish. 

Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive. 

The SOL 14-day relative strength index (RSI) is trending just above the midpoint around 52 and also above its moving average (MA). This is bullish for the asset since there is a lot of upside room for movement. The journey to the overbought (OB) region will be characterized by increasing volume and bullish momentum. Solana’s 24-hour trading volume is already up by 41% per CoinGecko, revealing an increasing interest among investors.

According to these technical indicators, the Solana price prediction shows that the asset may rise by 16% in the coming days to touch $173 at the downward sloping trend line. Conversely, SOL may find support around $131 (200-day SMA) or $120.

Bitcoin price has been a great influence on Solana’s price, threatening to thwart any progress SOL price makes with its erratic movements. The price of Bitcoin dropped back to $60,900 over the past 2 days after rising to $63,794 in the weekend.

Fundamentally, Bitcoin still remains extremely bullish, but it won’t save the asset if the price breaks below $60,000. A fair value gap (FVG) of around $46,000 is currently the most worrying concern on the Bitcoin price chart. Price action usually corrects to fill these areas of market imbalance.

Solana ETF Filings Boost Investor Morale

Over the past week, the Solana ecosystem has been abuzz with news of VanEck and 21Shares filing for a Solana ETF with the U.S. SEC. This is the first ever Solana ETF and if it gets approval, the SOL price may rise to $1000 easily.

Solana joins Bitcoin and Ethereum in the list of ETFs filed with the SEC. The crypto community speculates whether there could be more ETF filings coming, with Cardano, XRP, Algorand, and Chainlink being at the top of the speculation list.

Bottom Line

Solana’s price prediction against Bitcoin reveals an intriguing dynamic as SOL’s resilience and ability to maintain investor interest amid Bitcoin’s price uncertainty become apparent.

Frequently Asked Questions (FAQs)

The approval of a Solana ETF is currently uncertain and does not have a set timeline. Recent discussions and applications, such as those by VanEck, have raised the possibility, but the U.S. Securities and Exchange Commission (SEC) has not made a definitive decision yet.

As of May, there were more than 455,000 tokens created on the Solana blockchain. This ecosystem includes a variety of token types, such as fungible tokens, non-fungible tokens (NFTs), and other types of digital assets used in various decentralized applications and financial services

According to available there are ovver 9,154,449 SOL holders.

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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

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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ChainLink (LINK)

2 Cryptocurrencies To Buy Boosting Into Top 10

Published

13 hours ago

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July 2, 2024

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Cryptocurrencies entered July with a strong conviction to reverse the negative trend in June. Bitcoin rebounded above $60,000, sending bullish signals among altcoins which not only followed Ethereum’s reversal past $3,400 but posted remarkable gains. Cryptocurrencies to buy like Solana (SOL), Dogecoin and Cardano pushed upwards amid growing optimism for spot ETFs in the US.

As investors beam with the hope of a bull run in H2 of the year, it is important to identify cryptocurrencies to buy showing potential to grow exponentially and reach new all-time highs in price and market capitalization.

For many crypto projects, reaching the coveted top ten tier is not a small feat. Such an achievement often signifies commendable network growth, ecosystem expansion, and high competitiveness.

Seeking exposure to such cryptocurrencies to buy opens investors to tremendous gains including portfolio growth. In this article, CoinGape commits to exploring 2 unique digital assets; Chainlink (LINK) and Floki.

With renewed buying interest among whales, the Chainlink price rebounded by 16.2% from a multi-month support zone at $12.63, reaching $14.678. This surge suggests that the LINK coin could sustain above the 38.2% Fibonacci retracement level— a healthy correction level for buyers to counterattack.

2 Cryptocurrencies To Buy Boosting Into Top 10 In July2 Cryptocurrencies To Buy Boosting Into Top 10 In July
Chainlink price chart | CoinGecko

During the June correction, the Chainlink coin experienced significant outflows, with its price plummeting from $19.2 to $12.6, resulting in a 34.2% decline. The $12.6 low accompanied by a 32.8% FIB level and 100W EMA creates a high area of interest (AOI) for buyers.

In the last six months, the LINK price rebounded support times from the aforementioned support indicating the buyers are aggressively defending this level to prevent prolonged correction. The recent reversal from bottom support has propelled the LINK price to $14.5, while the market cap jumped to $8.85 Billion.

Recent on-chain data analysis from Lookonchain reveals that whales and institutions are accumulating Chainlink (LINK). Over the past seven days, 54 fresh wallets have withdrawn a total of 2.08 million LINK, valued at approximately $30.28 million, from Binance.

The support trendline on the daily chart, which has been in place since June 2023, underpins the current recovery. Buyers must maintain this level to carry a prolonged bull run.

2. Floki

According to data from CoinMarketCap, the current market cap has risen to approximately $1.66 billion, marking an increase of 2.80%. Notably, the trading volume has spiked by 47% in the past 24 hours, reaching $226 million, underscoring the increasing investor interest and market activity surrounding this cryptocurrency.

cryptocurrencies to buycryptocurrencies to buy
Floki price chart | CoinGecko

Over the last week, Floki has enjoyed a 4% increase in value. Currently, the coin fluctuates within a narrow price range of $0.00016 to $0.00018, marking a notable appreciation in its market price.

FLOKI could encounter a major obstacle if it surpasses the $0.00018 mark, with a strong resistance point at $0.0002. If it sustain above this threshold, the path could open for an upward move toward $0.0003. A continued rally might even take it to $0.0005.

On the flip side, a decline below $0.00017 might send FLOKI down to its lower support trendline at $0.00016. Further market downturns could pressure it to a support level of $0.00015. This could indicate a bearish trend for the coin.

Frequently Asked Questions (FAQs)

This is a period where cryptocurrencies other than Bitcoin rally achieving new highs and market capitalisations.

No. However, LINK has the potential to become a top 10 crypto in 2024. It currently ranks #17 on CoinGecko.

High net worth individuals are investing in the crypto market. They buy and sell tokens in large volumes often impacting prices.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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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Avalanche price analysis

4 Layer 1 Altcoins Going Parabolic As Bitcoin Miner Capitulation Eases

Published

2 days ago

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July 1, 2024

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Layer 1 altcoins experienced a significant correction in June, following Bitcoin’s decline to $60,000. This downturn was largely driven by Bitcoin miners selling off to cover operational costs and significant outflows from U.S.-based ETFs. 

However, the selling pressure began to subside last week, allowing Bitcoin to recover from the $60k mark and enabling altcoins to establish local bottoms.

Moreover, a renowned trader CryptoDan noted a positive shift that could herald a bullish rally for the market in the third quarter of 2024. The recent X post highlighted,

“The quantity of Bitcoin sent by miners to exchanges for sale has decreased significantly since May.”

“The volume of the OTC trading desk used by miners for selling purposes was piling up as they could not find a buyer until recently, but on June 29th, the volume of the OTC trading desk was all consumed. It’s highly likely that someone has shown up to buy their Bitcoin.”

Given these developments, here are some top Layer 1 cryptos investors might consider for potential gains in the upcoming post-correction rally.

Also Read: Altcoin News: Institutions Are Buying Solana, XRP, & 2 Other Altcoins

  • Layer 1 Altcoins -Solana (SOL)

Solana (SOL) is a high-performance blockchain designed to support decentralized applications (DApps) and cryptocurrencies. 

BINANCE:SOLUSDT Chart BINANCE:SOLUSDT Chart
Solana (SOL)| Tradingview

Over the past three months, the Solana price has been trading sideways within the formation of a symmetrical triangle pattern. The converging trendlines as dynamic resistance and supports carrying this consolidation until the SOL price is ready to break free.

Amid the market relief rally, the SOL Price rebounded from the lower trendline at $122 and surged 21.5% to trade at $148.2. This recovery was also bolstered by the recent S-1 filing from VanEck and 21Shares with the US SEC for a Solana ETF.

A potential breakout from the triangle pattern will accelerate the buying momentum and set Solana’s price to target the $210 mark, followed by $354.

Also Read: Could Solana Mimic Ethereum and Surge to $1,000? Analysts Weigh In

Cardano (ADA) is a proof-of-stake blockchain platform distinguished by its foundation in peer-reviewed research and development through evidence-based methods.

BINANCE:ADAUSDT ChartBINANCE:ADAUSDT Chart
Cardano (ADA)| Tradingview

Under the influence of a falling wedge pattern, the ADA price has witnessed an aggressive correction in the last three months. The bearish turnaround has tumbled the asset from $0.81 to $0.357 registering a loss of 55.9%.

With the broader market experiencing an easing in supply pressure, the ADA price surged by 13% to reach $0.4, lifting the market cap to $14.4 billion. Buoyed by an intraday gain of 3.21%, buyers challenged the resistance trendline of the wedge pattern. 

A potential breakout from this pattern could signal the end of the correction phase, enabling buyers to push the price past the $0.8 mark.

Also Read: Cardano’s Charles Hoskinson & Ex-Ripple Offer Fiery Critique On Biden’s Dementia

Avalanche (AVAX) is a high-performance blockchain platform that stands out for its unique architecture designed to address scalability and flexibility issues commonly associated with earlier blockchain generations.

BINANCE:AVAXUSD Chart Image by sahilmahadik07BINANCE:AVAXUSD Chart Image by sahilmahadik07

Amid the ETF mania, rumors of a spot AVAX ETF have spread across the crypto market, positively impacting Avalanche’s coin value. On May 24th, AVAX rebounded from a support level of $23.5 and surged by 26.3% to reach $29.75. According to CoinMarketCap, Avalanche now holds a market cap of $11.73 billion, with a 24-hour trading volume fluctuating around $321.7 million.

The recent price movement marks a bullish breakout from the downsloping trendline of the falling wedge pattern. If this reversal setup proves accurate, the AVAX price could potentially rechallenge its previous high of $65.37.

Also Read: Avalanche Price Is On The Move; How High Can It Go?

Hedera (HBAR) is a public network that utilizes the unique hashgraph consensus algorithm, offering a novel alternative to traditional blockchain technology.

BINANCE:HBARUSDT Chart BINANCE:HBARUSDT Chart
Hedera (HBAR)| Tradingview

Over the past two weeks, the HBAR price has been moving sideways, trying to hold above a multi-month support trendline at $0.073. The daily charts show lower price rejection candles, indicating increased demand at this support level, which bolsters the potential for a reversal.

By the press time, the Hedera coin shows a market of $2.73 Billion, while the trading volume jumped 63.75% since yesterday to reach $45.9 million.

If the market experiences renewed buying pressure, HBAR could breach the $0.085 resistance, signaling an early reversal. A successful breakout could further encourage buyers, with targets set at $0.12 and $0.14

Key Takeaway

The crypto market has seen a reduction in supply pressure as the volume of Bitcoin sent by miners to exchanges for sale has decreased. This shift has allowed altcoins to find suitable support levels and prepare for a bullish reversal. As the market enters a post-correction rally, Bitcoin price eyes for a new high, offering fresh long opportunities in prominent layer 1 altcoins.

Frequently Asked Questions (FAQs)

A falling wedge pattern is a bullish technical chart pattern characterized by converging downward trendlines. It signals a potential reversal when the price breaks above the upper trendline.

Bitcoin miner capitulation occurs when miners sell off their Bitcoin holdings, typically due to unprofitability. This can increase supply and drive down prices, but its reduction can ease supply pressure and support market recovery.

A Layer 1 coin is a cryptocurrency that operates on its own blockchain. Examples include Bitcoin, Ethereum, and Solana. These platforms provide the foundational infrastructure for processing transactions and deploying decentralized applications.

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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

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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