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Price analysis

XRP Price Renews Push To $1 As Ripple’s Brad Garlinghouse Sets Sight On XRP ETF

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3 weeks ago

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XRP Price Analysis: Over the past week, the price of XRP has risen by 1.7%, including a 0.1% increase in the last 24 hours. The SEC’s decision to drop its investigation into Ethereum has sparked rumors of a potential ETH ETF approval, leading to speculation that an XRP ETF might follow.

XRP Price Remains in Range with $0.55 in Sight

Xrp Price AnalysisXrp Price Analysis

XRP price has been trending upward since June 2022. However, the recent Bitcoin volatility caused the price action to break the uptrend and form a lower low. The price of XRP is now in a tiny range and is eyeing  $0.55 to get back into the uptrend.

The asset’s price action is trending below the 50-day and 200-day simple moving averages (SMA), which is not a bullish signal. The price is currently at the lower boundary of the range, putting the asset in a dangerous zone.

The relative strength index (RSI 14) on the daily chart is at the 45 level. Since March, the RSI (14) has not been able to move above the 57 mark, which shows some level of weakness. However, strength on the part of bulls may result in an explosive rally in price, as the RSI still has much upside room to move.

If bulls manage to overpower the bears, the price of XRP may surge by 14% to $0.55, coinciding with the upper boundary of the range. This level may present resistance, but if the bulls surpass it, further upside movement to $0.74 is possible, with some barriers around $0.61 and $0.65. On the flip side, the XRP price may find support around $0.43 and $0.38.

Amidst the current XRP consolidation, whales have transferred over 52 million XRP to centralized exchanges, which indicates a potential selling pressure in the future for the asset.

XRP Price Future Outlook

Despite the lagging price, the XRP community remains highly optimistic about a turnaround soon. On June 14, following the approval of the Ethereum ETFs (19-4b), Brad Garlinghouse, speaking on Fox Business, talked about the possibility of an XRP ETF.

Additionally, following the settlement of the SEC-Terraform Labs court case, Ripple Labs wrote a letter to the court, comparing the size of their penalties. Consequently, the SEC agreed to reduce the fine for Ripple from $2 billion to $102.6 million, causing the XRP community to speculate that a settlement may come soon.

Bottom Line

The possibility of an XRP ETF is not far-fetched. Despite ongoing court cases, as seen with Ethereum, a resolution could come swiftly, potentially leading to a significant price reversal for XRP.

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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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Pepe Coin price analysis

Pepe Price Analysis Reveals Bullish Strength As Bitcoin Plummets

Published

12 hours ago

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July 8, 2024

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Pepe price analysis: The price of PEPE dropped by 10.4% in the last 24 hours to trade at $0.000008358 during European business hours on Monday. This follows Bitcoin’s down turn in price, that may have led to the entire crypto market cap decreasing by 4.7% at press time. 

Nevertheless, Pepe price chart shows some hints of bullishness that may yet propel this meme coin to new heights, or at the very least, cushion it against excessive bleeding during these volatile market conditions. 

Pepe Price Analysis: Decision Time for Meme Coin, 26% Gains or 20% Losses

pepe pricepepe price

PEPE price sported a fake out on the daily time frame chart shortly after Bitcoin price broke below a critical support level. The meme coin was one of the best-performing meme coins on the Ethereum blockchain, leading to BTC’s drastic change, of course. The price of Pepe had just broken out of a falling wedge and was retesting the top trendline of the falling wedge before heading toward $0.00001720, the previous all-time high price.

Since Bitcoin’s downturn on July 1, 2024, PEPE has dropped by 30% to its current price. Interestingly, the PEPE price is still trending above the 200-day simple moving average (SMA), a feat which inspires bullish sentiment among market participants.

The price of PEPE is now at a relatively weak support level around $0.00000773. If the bulls prevail, PEPE may rise by 26% to hit $0.0001108, which also coincides with the 50-day SMA. On the flip side, the meme coin may drop further below in a 20% drop to find support at $0.00000650.

The PEPE 14-day relative strength index (RSI) is sitting at 34, just four points above the oversold (OS) area. If it does slide into this zone, PEPE price may experience increased selling pressure that may catapult it down to the $0.00000650 support level. Conversely, the RSI at 34 indicates a large upside potential for the meme coin should general market conditions change.

Pepe Fundamentals Remain Bullish

Data from Santiment and Etherscan shows that PEPE holders increased by 5.76% in the last month and 0.01% in the last 24 hours, an indicator that despite the falling prices, investors are accumulating the meme coin. 

Crypto traders on X (formerly Twitter) remain bullish on PEPE, citing the impressive growth in Pepe’s holder count as a green flag for the crypto asset.

 

Bitcoin price continues to slump, and given its 51% market dominance, meme coins like Pepe may have little chance of breaking free from this dominance. 

Bottom Line

Despite Bitcoin’s sharp decline, Pepe coin demonstrates unexpected resilience, maintaining bullish sentiment in a volatile market. This strength shows the meme coin’s unique market dynamics and suggests growing interest from traders seeking alternative investments amid broader cryptocurrency volatility.

Frequently Asked Questions (FAQs)

As of now, PEPE coin has approximately 231,977 holders. This represents a 0.26% increase over the past 24 hours.

Pepe coin still sits above the 200 SMA which shows some bullish hopes.

Yes, you can buy Pepe coin on Binance. It is listed and can be traded on the platform along with other exchanges like KuCoin, Huobi, and Uniswap.

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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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Price analysis

Will SHIB Price Reclaim $0.00003 Mark By July End?

Published

15 hours ago

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July 8, 2024

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Shiba Inu Price Analysis: The supply pressure on the cryptocurrency market eased over the weekend as the Bitcoin price projected a sharp reversal from $53500. Thus upswing has temporarily triggered a relief rally for the majority of altcoins and especially for meme coins due to their volatile nature. The second-largest meme coin Shiba Inu shows such behaviors after a sharp reversal from the $0.0000126 floor. Will this recovery be sustained?

Also Read: Shiba Inu Coin Price Forecast: What Next For Meme Coin, Can SHIB Break $0.00003 Soon?

Shiba Inu Price Analysis: Channel Pattern Sets SHIB For Major Reversal 

BINANCE:SHIBUSDT Chart
Shiba Inu Price Analysis| Tradingview

July’s First-week sell-off has contributed significantly to the ongoing correction trend of Shiba Inu indicated in June. From the last swing high of $0.0000294, the meme coin tumbled 57% to a 4-month low of $0.0000125.

Amid the weekend relief rally, the SHIB price reverted 27% to trade at $0.000016, while the market cap jumped to $9.48 Billion. An analysis of the daily chart shows this reversal as the formation of a falling channel pattern.

Under the influence of this setup, two parallel trendlines act as dynamic resistance and support to lead to a steady downtrend. A potential bullish reversal within the channel should uplift the asset by 40% to challenge the overhead trendline.

Also Read: Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?

Furthermore, in a recent tweet Andrew Kang, the founder of Mechanism Capital, expresses his opinion on the current market scenario. Kang believes that over 98% of altcoins have already peaked for the current cycle, with only a select few potentially reaching new highs in the latter part of 2024 or early 2025. 

He particularly highlights meme coins as having a significant chance among those few to achieve new highs but advises to choose wisely from the massive available options.

Thus, the Shiba Inu price breakout from the channel pattern will be a better signal of trend reversal. A potential breakout could bolster buyers to chase a potential target of $0.0000456, followed by a $0.0000885 high.

However, until the channel pattern is intact, the SHIB price could prolong its ongoing correction.

Technical Indicator

  • BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator highlights weakened bearish momentum
  • RSI: The daily Relative Strength Index slope reverted from the oversold region to hit 39% hinting at the increasing demand pressure for this asset at the market dip.

Frequently Asked Questions (FAQs)

The RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100.

A relief rally is a temporary price increase that occurs after a prolonged period of decline or a bearish market.

Dynamic resistance and support levels are moving levels of resistance and support that change over time, often identified using trendlines or moving averages.

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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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Chainlink price analysis

Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

Published

1 day ago

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July 7, 2024

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Chainlink Price Analysis: During the June market correction, the Chainlink price experienced a sharp decline, suffering a 26% loss over the month. However, as supply pressures subsided over this weekend, buyers succeeded in maintaining support above the $12.2 level, which has been a critical floor since November 2023. This level is now viewed as a key turning point for a potential reversal from the recent significant drop.

Also Read: Bitcoin Price Analysis: How Bull Flag Defends $1 Trillion Market Cap for BTC

BINANCE:LINKUSDT
Chainlink Price Analysis| Tradingview

As the market witnesses a massive crash over the weekdays, a fresh recovery hits over the weekend. With a similar trend, the LINK price sustains above the $12.59 support level with a lower price rejection on Friday.  

This completes a morning star pattern with the 7.28% bullish engulfing candle. In the larger trend, the ongoing correction phase marks a negative cycle within a triangle pattern. 

As the buyers abruptly halt the negative cycle before reaching the support trendline, a bullish reversal is likely to start.

Also Read: Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?

Recent on-chain data reveals a significant accumulation of Chainlink (LINK) by whales and institutional investors. A total of 90 fresh wallets have withdrawn approximately 6.72 million LINK, valued at $86.7 million, from Binance recently.

Additionally, another set of data from Lookonchain reveals that 54 fresh wallets withdrew 2.08 million LINK, valued at $30.28 million, from Binance around late May to Early June. The continuous accumulation of LINK by large wallets underscores the growing confidence and interest in Chainlink’s long-term potential.

The anticipated bull cycle can test the overhead declining trendline that has caused two bearish reversals within the triangle. Further, it could reclaim the $15 psychological mark. 

Currently, altcoin trades at $12.919 with an intraday drop of 1.98%. This undermines the bullish recovery but the action sustains above the critical level of $12.58. 

With the breakout rally, the LINK price could hit the $20 mark in the coming weeks. However, the broader market movements will be crucial in deciding the fate. 

Despite the lower price rejection bolstering bull cycle likelihood, a bearish pattern looms over the daily chart.  With a neckline at $12.58, the altcoin reveals a head and shoulder pattern. 

A drop-down under this neckline will put additional stress over the ascending support trend line. This increases the breakdown chances and could result in an end-of-recovery phase. A breakdown rally could hit the bottom support level at $9.46. 

Technical Indicator:

  • BB: The LINK price challenging the lower boundary of Bollinger Band indicator suggests the sellers remain active towards LINK coin.
  • MACD: The sideways trend in the MACD and signal lines are indecisive as the price halts a crossroads. 

Frequently Asked Questions (FAQs)

A bullish engulfing candle is a candlestick pattern where a large green candle completely engulfs the body of a smaller red candle from the previous trading session.

A bearish reversal is a change in the direction of the price trend from upward to downward.

Whale activity, which involves large volume transactions by single entities or groups, can significantly influence cryptocurrency prices due to the substantial amount of coins moved.

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✓ Share:

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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