Price analysis
XRP Price Rally Cools On Escalating Death Cross Risks
XRP price sent mixed signals on Wednesday, moving sideways after a modest rebound from its Monday lows. As bulls and sellers struggle to find direction, higher key support is expected to play a crucial role in the coming few days.
XRP Price Seeking Higher Support
XRP price has defended its lifeline support at $0.52 after its reversal from a $0.43 low reached on Monday was rejected under $0.52. It appears the bulls ran out of momentum due to the general market uncertainty about high interest rates in the US, which continues to impact trader conviction.
The Relative Strength Index (RSI) return from the oversold area into the neutral region supported the initial bounce back in Ripple price. However, failure to sustain movement above 50 saw some traders retreat, possibly to wait for another confirmation of the uptrend.
Short-term support at $0.5 is important and must be defended at all costs if bulls desire for XRP to push above $0.6 resistance. However, such a bullish outcome cannot be guaranteed, considering two recently validated death cross patterns.
Note that a death cross occurs when a short-term moving average, like the 50-day EMA in Ripple’s case, crosses below a long-term one like the 200-day EMA, signaling prospective bearish price action.
The first death cross occurred after the 20-day EMA in blue crossed below the 50-day EMA. These patterns often precede downward price trends, which means that XRP price could slide below $0.5, increasing downside risk to $0.46. Additionally, Ripple’s position below the three EMAs further disadvantages the bulls, bringing solid challenges to the uptrend.
Based on insights from the derivatives market on Coinglass, Ripple is still in the woods and needs another push to dissociate from potential bearish entanglements. After the open interest exploded, reaching $884 million on August 1, the trend has been downward, with only $476 million recorded on August 7.
It is worth noting that decreasing open interest suggests declining market activity and potential XRP price weakness. It depicts fewer traders holding positions, which may escalate the risk of a correction.
On the other hand, members of the XRP community are earnestly hoping that Ripple will explore a settlement deal with the Securities and Exchange Commission (SEC) to end the longstanding case.
Should the outcome of the case favor Ripple, XRP could be the biggest benefactor. The masses are likely to seek exposure, potentially fueling a major rally above $1 within a short time.
Frequently Asked Questions (FAQs)
The general public buzz points to a potential settlement but neither Ripple nor the SEC has confirmed this key step.
Declining open interest points to decreasing market activity, which may lead to price weakness and a correction.
The rebound from $0.43 confirms XRP’s potential for a major price uptick, but the bullish outlook now depends on support at $0.5.
John Isige
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.
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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The cryptocurrency market is turning bullish, with several tokens showing strong potential. Three standout coins have displayed remarkable growth, positioning themselves as prime investment opportunities. This optimism follows growing anticipation surrounding an XRP ETF approval, sparking confidence among investors. The market’s momentum suggests further gains may be on the horizon.
3 Tokens That Could Be the Next 100x Gems After XRP ETF Approval
For the first time in three years, Ripple’s XRP surpassed $1.4, climbing 25% after regulatory shifts and SEC developments. The surge follows SEC Chair Gary Gensler’s announcement of his term ending January 20. Speculation grows about tokens poised for massive growth, with investors eyeing potential 100x opportunities post-XRP ETF approval.
Dogecoin (DOGE)
Dogecoin (DOGE), the popular meme coin featuring a Shiba Inu, has surged 13% in the past week, reaching $0.4084. Over the past year, DOGE’s value climbed 446%, showcasing growing interest in meme-based cryptocurrencies. Dogecoin may be among the three tokens poised to 100x following the potential approval of an XRP ETF.
This highlights the evolving crypto market dynamics, investor optimism around meme coins, and significant cryptocurrency advancements.
Dogecoin appears ready to surge as technical indicators point to a potential bullish rally in the near future. According to insights from market analysts, meme coins break out of a consolidating triangle pattern, often preceding upward price movements.
Aureal One
Aureal One has launched its much-anticipated presale for a groundbreaking metaverse platform, attracting significant interest within minutes. The platform uniquely combines blockchain technology with immersive virtual reality, integrating gaming, the metaverse, and real-world applications.
The advanced Aureal One Blockchain is at its core, which powers two flagship projects: DarkLume and Clash of Tiles. These projects highlight the blockchain’s cutting-edge capabilities, offering interactive experiences that promote community engagement and individual development.
Aureal One aims to redefine virtual experiences by featuring a robust ecosystem and innovative features, solidifying its position as a leading investment in the metaverse and virtual reality sectors.
Solana (SOL)
Solana (SOL), an open-source blockchain supporting decentralized applications (DApps), has seen a significant price surge. Over the past 24 hours, the SOL price climbed 4%, reaching a new all-time high of $254. This milestone comes amid broader market gains, positioning Solana as one of the promising tokens ready to 100x following the XRP ETF approval.
Solana’s market value has risen by over 400% in the past year, reflecting robust growth. Data from Coinglass reveals heightened activity in Solana’s derivatives market, with trading volumes and open interest increasing steadily. The expanding options trading volume further underscores the blockchain’s growing appeal among investors. These metrics highlight Solana’s increasing traction in derivatives, signaling strong investor interest.
The cryptocurrency market is primed for further gains. As the XRP ETF sets a new precedent, these top tokens showcase the potential for substantial returns, making them worth monitoring closely.
Frequently Asked Questions (FAQs)
The approval signals mainstream acceptance of XRP and boosts investor confidence.
Dogecoin’s strong community, recent price surge, and technical patterns suggest bullish potential.
Aureal One uniquely blends blockchain, metaverse, and gaming, creating robust investment appeal.
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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Pi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?
Pi Network KYC Grace Period Is Ending
The Pi Coin IoU token has staged a strong recovery, rising to $80, which was 175% above its lowest level in September. This rally happened as the soaring cryptocurrency prices raised the expectation that its mainnet launch would happen in December.
Pi Network also surged ahead of the November 30th deadline of ending the grace period of the Know Your Customer (KYC) verification process. The KYC process hopes to verify millions of pioneers who have been mining the coin in the last six years and removing bots.
This verification is an important stage towards the mainnet launch, which is anticipated to take place in December. When it happens, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who don’t complete their verification will lose all their mined coins.
The KYC is part of three things that need to happen before the Pi Network mainnet launch happens. The other one is the existence of a vibrant ecosystem, which is expected to give the Pi coin utility.
Additionally, the developers hinted that the mainnet launch or the move to the open network would happen when market conditions are conducive. This criterion has been met because most cryptocurrencies are in a strong rally and regulations are expected to be friendly under the Trump administration.
Pi Coin Price Rally Could Continue
Pi Coin is an IoU that is not affiliated with the real project and is only listed in HTX. It is often seen as a proxy for the coin, which explains why its price has jumped in the past few weeks.
On the daily chart, the Pi price jumped to $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then suffered a harsh reversal and dropped to $45 on November 12.
The coin has now bounced back and remains above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines.
The Average Directional Index (ADX), a popular measure of a trend strength, has moved to above 60. Also, the Relative Strength shows that it has momentum. Therefore, the coin may soon jump to $100, which is about 25% above the current level. A move above that level will raise the probability of it rising to the year-to-date high of $121, 53% above the current level.
On the flip side, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and raise the odds of it falling to $45.
Frequently Asked Questions (FAQs)
The Pi Network token has rallied as the end of the six-month grace period for pioneers to KYC themselves near. It has also surged because of the ongoing crypto bull run.
The developers have committed to completing the mainnet launch this year. As such, with just a month to go, odds are that it will happen in December.
The Pi Coin IoU is a cryptocurrency traded just in HTX that acts as a proxy for the main Pi network. It is not affiliated with the real project.
crispus
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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Shiba Inu price continues to consolidate around a key level, but two unique chart patterns point to big a move ahead. If the pattern successfull breaks out SHIB could almost double in value.
Technicals Hint Shiba Inu Price Could Double Soon
The daily chart shows that the SHIB price has formed three extremely rare patterns, that point to more upside in the coming weeks. First, the coin formed a golden cross chart pattern on October 20th as the 200-day and 50-day Weighted Moving Averages (WMA) crossed each other. The WMA is often seen as a better type of moving average because it focuses on recent data.
Second, the SHIB price has also formed a bullish pennant pattern, which is characterized by a long flagpole and a symmetrical triangle. This flagpole happened between November 4 and 12. In most cases, a bullish breakout happens when the two triangles near their confluence levels, which is about to happen.
The other pattern is a cup and handle, which has been forming since the coin peaked at $0.000030 on May 29. This pattern is made up of two peaks and a rounded bottom, followed by a consolidation or a pullback. The handle section has coincided with the triangle section of the bullish pennant.
One way to estimate the next target is to measure the distance between the upper and lower sides of the cup pattern. In this case, the distance was about 170%. As such, a conservative estimate is that the value of SHIB could double from the current level. For that to happen, it needs to rise to the key resistance point at $0.000045, 100% above the current level. It also ought to flip the year-to-date high of $0.000045 into a support.
On the flip side, a drop below the support at $0.000020, its October 29 high, will invalidate the bullish view. Such a move could push SHIB down to $0.000015.
SHIB Burn Rate Slips But Upward Trajectory Remains
A key fundamental catalyst for Shiba Inu price is its burn rate, where millions of tokens are placed in an inaccessible wallet. Data by Shiburn shows that the burn rate dropped by 96% in the last 24 hours to 352,413.
Still, despite this, the trend has been accelerating in the past few months. Over 410 trillion Shiba tokens have been burned, bringing the total tokens in circulation at 583 trillion. Shiba Inu burns happen voluntarily and from the fees collected in its ecosystem of platforms like ShibaSwap and Shibarium.
The other potential catalyst for the Shiba Inu price is the ongoing crypto bull run. If Bitcoin pierces the key resistance at $100,000, there are chances that other altcoins will continue their bullish breakout.
Frequently Asked Questions (FAQs)
Yes, there is a high likelihood that the SHIB coin will have a bullish breakout and surge in the coming weeks. It has formed a cup and handle, a bull pennant, and a golden cross.
The main catalyst for the SHIB price is its strong technicals and the ongoing crypto bull run. SHIB also has substantial volumes.
Traders are watching key points. The two notable ones are $0.000030, the upper side of the cup hand handle pattern, The other one is the year-to-date high of $0.000045.
crispus
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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