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Tag: Ripple

  • XRP: Analyst Predicts Bullish Scenarios In The Coming Days

    XRP: Analyst Predicts Bullish Scenarios In The Coming Days

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    Crypto analyst EGRAG crypto recently posted an analysis of the various scenarios for the price trajectory of XRP in the near future. XRP, like most top cryptocurrencies, has received many price predictions in the past few months, as the entire crypto market witnessed a consistent increase in activity throughout the fourth quarter of 2023.

    However, predicting the future outlook of cryptocurrencies can be a very tricky endeavor, but this crypto analyst, known for his bullish stance on XRP, outlined different trajectories for XRP in the coming months, with some of them being more bullish than others. 

    Fundamentals And Technicals Point To A Bullish XRP

    XRP has been on a roller coaster ride this year. The crypto went through the first half of the year still carrying on the burden surrounding Ripple’s lawsuit with the SEC since 2020. By the second half of 2023, XRP became the first cryptocurrency with legal clarity in the US. This caused its price to skyrocket from $0.46 in less than 24 hours to $0.82, the highest point in 15 months. 

    Despite the crypto still being up by 80.45% this year, the price has since corrected, and XRP is now trading at $0.6225. According to crypto analyst EGRAG’s analysis, the crypto is still in a bullish mindset that would send it over $1 in the coming months, a price level it hasn’t seen since November 2021.

    XRP Price Scenarios and Potential Trends

    Under the first scenario presented by EGRAG, XRP will reach $1.10 by February 2024. However, the crypto could revisit another swing low at $0.55 to $0.58 before making this bullish run. If this happens, it would make it much easier for the crypto to to achieve multiplier factors over 10X and 20X.

    In the second possible outcome, XRP will surge to $1.4 in the first quarter of 2024. EGRAG noted that the eventual approval of spot Bitcoin ETFs in the US could turn out to be a sell-the-news event, which could see XRP crashing back down to $0.75 to $0.80 between July and September 2024. If this scenario were to play out, the $0.80 to $0.85 price level would become a strong “MACRO Resistance” for future price action.

    XRP market cap is currently at $33.7 billion. Chart: TradingView.com

    In the third and most bullish scenario, XRP and the entire crypto market will surge alongside Bitcoin after the approval of spot ETFs in the US. As a result, XRP could easily surpass its current all-time high by March 2024 and might peak between $2.2 to $2.8.

    It’s important to note that the crypto industry will become open to traditional investors by this point, including big Wall Street investors. EGRAG warned of potential manipulation of retail investors by the “big boys,” adding that “they are ruthless and only few will survive and emerge victorious.”

    Featured image from Pexels

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Dogecoin, XRP Beat Out Cardano, Solana To Hit New Milestone

    Dogecoin, XRP Beat Out Cardano, Solana To Hit New Milestone

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    Kaiko, a blockchain analytics platform, conducted an investigation that revealed the complexities of liquidity across the biggest crypto assets, with some lower market cap assets beating higher ones. According to its Q3 liquidity rankings, XRP and Dogecoin (DOGE) managed to beat out Solana and Cardano in liquidity rankings, coming in behind only Bitcoin and Ethereum. There were also some surprise numbers on the rankings, like BNB coming in 8th in terms of liquidity, and Litecoin also outperforming.  

    Kaiko Analysis Highlights Liquidity For Crypto Assets

    The vast number of crypto assets has always brought out the idea among investors to rank their valuation on a scale of some sort, with the most adopted being the market cap. However, according to Kaiko, liquidity, along with other metrics like volume and market depth is a better way to measure a token’s real value apart from its market cap. This was best demonstrated by FTX’s token FTT, whose market was bloated to reach a peak of nearly $10 billion without having enough liquidity on exchanges to back this up.

    According to its latest rankings, Bitcoin took up the first spot in liquidity. This wasn’t surprising, as Bitcoin has always held a tight reign over the crypto industry since its inception. Ethereum followed in second place in terms of liquidity to reiterate its position as the king of altcoins. However, Kaiko’s liquidity rankings started to digress from the market cap at the third position, with BNB underperforming massively to come in at 8th place. 

    Instead, XRP came in at 4th place, beating out the likes of Solana and Cardano (the Ethereum killers) on exchanges among traders. XRP’s liquidity boost in the quarter was thanks to the asset receiving regulatory clarity in the US. Dogecoin came in at 5th place, despite being 10th on market cap rankings, to solidify its position as the leader among meme coins. Litecoin came in at 5th place to complete the top five, despite being 18th in market cap rankings.

    Total crypto market cap at $1.59 trillion on the daily chart: TradingView.com

    On the other hand, AVAX’s liquidity ranking dropped 11 places when compared to its market cap, while TON came in at 37th place despite being 9th by market cap during the quarter. Also, ATOM, UNI, APT, TON, SHIB, OKB, LEO, and CRO all fell more than five spots.

    What Does Liquidity Say About Dogecoin And Crypto Assets?

    Kaiko’s measure of liquidity included the spread and the average daily trading volume on different exchanges. The analytics platform also included two different market depth levels; 0.1% for higher frequency traders and 1% for longer-term holders.

    In terms of trading volume, BTC came in first place while ETH and XRP followed suit. However, SOL beat DOGE in this metric with around $2 billion in the quarter.

    The bottom line is that greater liquidity often precedes greater success over the longer term for cryptocurrencies. Q4 2023 should tell a strong tale in terms of crypto liquidity, as most cryptocurrencies registered new yearly highs in terms of market cap.

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500

    Top Banker Reveals Why XRP Price Will Rise 390,000% To $2,500

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    Crypto analyst Egrag Crypto recently shared an interesting story of his discussion with a top banker regarding the XRP price. The discussion centered around XRP, with Egrag and the banker analyzing how the altcoin could be worth $2,500 in the near future. 

    XRP Price To $2,500 Is A Possibility

    Talks about XRP hitting $2,500 arose when the banker challenged Egrag to explain how 40,000 XRP could end up equalling $100 million. The banker was aware of Egrag’s knowledge of technical analysis and, from the story, seemed to have posed the question to see if Egrag believed XRP could attain such heights of $2,500.

    The crypto analyst took up the challenge and explained to the banker, using a chart that he shared in his post, how XRP will hit $2,500. Egrag did justice with his explanation as the banker had nodded in agreement. The banker also went on to pinpoint how the financial cycles were aligned for the token to achieve this price action.

    From the chart, the XRP price hitting this price level could happen by 2029. That is why the banker sees the altcoin as a long-term investment, as he says that holding the altcoin till then could yield incredible rewards. The crypto analyst provided insights into this banker’s wealth of experience as he is said to boast connections across all spheres in the banking and finance sector. 

    The banker had also alluded to how Ripple’s CTO, David Schwartz, had raised the prospect of 40,000 ETH being equal to $100 million. Then, it might have sounded implausible to many, but it has somehow materialized. He sees the same thing happening with XRP, just that this time, it could take longer, considering that ETH hit $2,500 in a shorter period. 

    Token price still showing strength  Source: XRPUSD on Tradingview.com

    Holders Need To Be More Patient 

    Egrag has continued to reiterate that patience is key if XRP holders want to enjoy huge returns on their holdings. Going by this recent prediction, the XRP price could make a 390,000% gain for investors by 2029. However, it will require a lot of belief and perseverance if these holders hope to partake in such a mammoth gain. 

    In the meantime, the analyst is encouraging the community to accumulate as much XRP as they can. He stated that the banker told him that the crypto token could be the “ultimate savior” for liquidity when the tides slow down. This is a possibility, especially considering that a crypto founder had recently asserted that the crypto will surpass Bitcoin. 

    At the time of writing, the XRP price is trading at around $0.64, up by over 3% in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from CoinMarketCap, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • XRP Price Regains Strength As The Bulls Aim For 10% Surge

    XRP Price Regains Strength As The Bulls Aim For 10% Surge

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    XRP price is moving higher from the $0.578 support. The price seems to be setting up for a fresh surge toward the $0.680 and $0.700 levels.

    • XRP is attempting a fresh increase from the $0.578 support level.
    • The price is now trading above $0.620 and the 100 simple moving average (4 hours).
    • There is a key rising channel forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    • The pair start a fresh rally if it clears the $0.650 and $0.655 resistance levels.

    XRP Price Could Surge To $0.70

    After forming a base near the $0.578 zone, XRP price started a decent increase. There was a move above the $0.595 and $0.600 resistance levels. The price even cleared the $0.630 resistance.

    There was a spike above the 50% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low. The price is now up over 3%, outperforming Bitcoin and Ethereum. It is now facing resistance near the $0.650 zone.

    There is also a key rising channel forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair. The channel resistance is near the 61.8% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low.

    The price is now trading above $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.650 zone. The next major resistance is near the $0.655 zone. A close above the $0.655 resistance zone could spark a strong increase.

    Source: XRPUSD on TradingView.com

    The next key resistance is near $0.684. If the bulls remain in action above the $0.684 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

    Fresh Decline?

    If XRP fails to clear the $0.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.620 zone and the channel trend line.

    The next major support is at $0.606. If there is a downside break and a close below the $0.606 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.578 support zone.

    Technical Indicators

    4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

    Major Support Levels – $0.620, $0.606, and $0.578.

    Major Resistance Levels – $0.650, $0.655, and $0.700.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • 7 crypto court cases coming in 2024

    7 crypto court cases coming in 2024

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    Several crypto industry stakeholders have pending lawsuits in the U.S. and other jurisdictions following a busy year for government prosecutors and digital asset attorneys.

    2023 featured crypto’s largest court case to date coupled with a multi-billion dollar settlement between the industry’s largest exchange and several U.S. regulatory bodies. However, 2024 promises another series of court battles and crypto defendants arguing against illegal doings.

    The U.S. Securities and Exchange Commission (SEC) sued multiple crypto businesses in what some proponents termed a “regulation by enforcement” campaign against blockchain assets.

    According to SEC Chair Gary Gensler, the majority of these crypto assets qualify as securities and fall under the purview of existing financial policies. He views the ecosystem as rife with fraud and non-compliance.

    The Commodity Futures Trading Commission (CFTC) kept apace with Gensler’s SEC, fielding 47 lawsuits involving digital asset operators accused of fraud and running Ponzi schemes. Indeed, the CFTC recorded its largest-ever win after fining Cornelius Johannes Steynberg of Stellenbosch $3.4 billion.

    New cases are likely to emerge amid unresolved litigation and rolling enforcement action. These are the seven crypto cases to watch at press time.

    Binance

    Crypto’s largest exchange, Binance, reached a record-breaking $4.3 billion settlement with the CFTC, the U.S. Department of Justice, and the Treasury Department. Former CEO Changpeng Zhao also stepped down and pleaded guilty to at least one felony charge.

    However, the SEC is still suing Binance and was notably absent from the multi-agency resolution announced in November. The SEC said Binance broke securities laws by operating an unregistered exchange and offering illegal securities like the BUSD stablecoin, a joint venture with Paxos. 

    Richard Teng, the new Binance CEO, would lead the company through an SEC lawsuit and adjust to the monitorship agreed upon with authorities.

    Celsius

    The bankrupt crypto lender is accused of defrauding thousands of investors under the leadership of ex-CEO Alex Mashinsky. Mashinsky denied wrongdoing after his arrest in July and indictment on seven criminal charges. 

    His trial will begin in September while Celsius faces suits from the CFTC and the SEC. A third lawsuit filed by the Federal Trade Commission was settled.

    Coinbase 

    Like Binance, the SEC sued Coinbase in June. Coinbase allegedly failed to register its exchange and illegally provided staking-as-a-service to U.S. investors. Coinbase will square off with the securities watchdog in a Southern District Court of New York after denying the allegations. 

    The crypto exchange also saw its rule-making petition denied, although CEO Brian Armstrong said Coinbase would not give up. 

    FTX

    While FTX founder Sam Bankman-Fried was convicted on all seven charges, including fraud at his exchange and crypto trading firm Alameda Research, a second trial to address severed counts may be held. 

    Federal prosecutors could sue Bankman-Fried for unlawful political donations and bribing foreign government officials. A New York court is scheduled to sentence the fallen crypto mogul in March. This is the same time a second FTX trial may be pursued. Bankman-Fried’s bid for a delayed sentencing was already refused.

    Kraken

    Kraken pulled out of New York, but the SEC still has a case against the Jesse Powell-founded crypto exchange. The SEC accused Kraken of commingling customer funds and operating an unregistered securities exchange. Kraken promised to respond.

    David Ripley, Kraken CEO, said the company does not list securities, and the SEC does not have a regulatory structure to register compliant crypto firms.

    Ripple

    Ripple partial victory in a multi-year legal tussle with the SEC over XRP sales was considered a turning point by many in crypto. The SEC said Ripple’s XRP sales to institutional and retail investors broke securities laws. 

    Judge Analisa Torres ruled that XRP sales on exchanges were not unregistered securities, while institutional offerings were. Either side may appeal outcomes as negotiations are expected to decide possible penalties for Ripple based on sales to sophisticated investors.

    Tornado Cash

    The U.S. Treasury sanctioned Tornado Cash in August 2022 for allegedly enabling money laundering and other criminal activity. Co-founders of the Ethereum-based mixing service also face legal action. 

    Tornado Cash developers Roman Storm and Roman Semenov stand accused of sanctions evasion and aiding money laundering. Both defendants deny the charges, and Storm was arraigned in Manhattan court. 

    Another developer, Alexey Pertsev, spent nearly nine months in jail before his release in the Netherlands pending a trial in March.


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    Naga Avan-Nomayo

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  • Google AI Predicts When XRP Price Will Cross $5

    Google AI Predicts When XRP Price Will Cross $5

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    The price movement of XRP has had its ups and downs this year, reflecting the volatile nature of cryptocurrencies. The crypto has increased by 74% this year, following the general bullish sentiment among cryptocurrencies. XRP went on a noticeable price spike in the middle of the year, although the price increase is currently calm and the cryptocurrency appears to be going through a consolidation phase. 

    According to a recent analysis by Bard, Google’s AI, XRP’s price trajectory in 2024 is a positive one. Bard noted the various parameters, timeframes, and threats that may influence the trajectory of the cryptocurrency and projected that it might eventually hit the $1, $3, and $5 price points, representing 62%, 380%, and 710% from the current price point.

    Bard Makes XRP Prediction

    Google’s AI has predicted that XRP, the native currency of the Ripple network, could hit $1 very soon and $5 in the coming years. At the time of writing, the crypto is trading at $0.6144, making the $1 price target very doable in the coming months. 

    Ripple is one of the biggest drivers of XRP. For example, the crypto went on a spectacular run in July, when Ripple scored a partial victory against the US Securities and Exchange Commission. According to Bard, optimism regarding Ripple’s advancements against the SEC in court, an upswing in the general crypto market in 2024, and XRP’s adoption in cross border payments could send the crypto to the $1 price level again next year, a level which it hasn’t been since November 2021.

    If adoption keeps increasing at this rate, XRP might hit $3 and possibly even hit its current all-time high of $3.84. But according to Bard, in order for this to occur, XRP would need to demand increased usage and technological developments in the token’s Ledger. If things go smoothly and XRP achieves adoption in retail payments, demand could go up, with Bard estimating a 3 to 5-year journey to reach $3.

    XRP market cap currently at $33.347 billion. Chart: TradingView.com

    Lastly, Bard predicted a more mainstream adoption of XRP could see the crypto spike well above $5. However, the AI noted this is a very long journey potentially taking 5 to 10 years or more. The crypto reaching $5 seems like a lofty goal, but several factors could drive the price up and beyond. A major factor in achieving this price target is XRP’s complete integration with traditional finance. 

    Unlike most cryptocurrencies looking to displace banks, XRP was created to complement the current financial system. At the time of writing, it is supported by over 100 banks, financial institutions, and payment systems. According to Bard, XRP’s displacement of the current payment remittance methods and a merger with central bank digital currencies (CBDCs), are two of the major factors that could propel the crypto’s price over $5 in the coming years.

    Current State Of XRP

    XRP is currently trading at 0.6144 and is down by 0.85% in a 30-day timeframe. XRP is now the 6th largest crypto in market cap rankings, after being recently displaced by Solana. 

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85

    Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85

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    Crypto analyst Dark Defender has also weighed in on the recent narratives revolving around the XRP tepid price action. The analyst is choosing not to listen to any of those as he is confident that the future trajectory of the XRP token is bullish. 

    No Need To Listen To FUD

    In a post on his X (formerly Twitter) platform, Dark Defender mentioned that he doesn’t listen to the FUD (Fear, uncertainty, and doubt). He also seemed to be urging the XRP community to ignore the FUD as he stated that the token is still proceeding according to “our plan” based on the weekly time frame. 

    
Source: X

    He alluded back to several comments and analyses he had made about XRP’s price action. One of them was on June 4, when he had set Wave 1 on the charts to $0.89. On June 21, he also detailed the target levels that XRP could attain. Meanwhile, he had set the limit for Wave 2 to $0.46 and Wave 3 to $1.88 on September 13. 

    Dark Defender noted that nothing has changed since then, as the targets “were and are the same.” The crypto analyst was basically suggesting that there was no need to be worried about XRP’s price action as everything was going according to plan from a technical analysis perspective.  

    XRP Still Headed To $5.85

    As to XRP’s future trajectory, Dark Defender reaffirmed that the upcoming target is still $1.88 and $5.85 based on the Elliot Waves, which he had highlighted months back. From the accompanying chart that he shared, Dark Defender focused more on the $5.85 price level. 

    XRP 2Source: X

    He is confident in XRP hitting that price because he foresees the token touching the “261.80% Fibonacci Level at $5.85.” It won’t, however, be up from $1.88 as the crypto analyst predicts that there will be a correction from that price level. 

    Going by Dark Defender’s past price predictions, $5.85 won’t be the peak, as one can still expect upward price movement. The crypto analyst had previously mentioned that XRP would hit $18 soon enough. He noted then that XRP was likely going to face a strong resistance at $1.08. However, he projects that it will be “kaboom” once XRP is able to break from that level. 

    In the meantime, many will be hoping that XRP can at least experience a significant rally to end the year. At the time of writing, XRP is trading around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

    XRP price chart from Tradingview.com

    Token price at $0.61 | Source: XRPUSD on Tradingview.com

    Featured image from U.Today, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Changelly Releases Updated Predictions For XRP Price, When Will It Cross $10?

    Changelly Releases Updated Predictions For XRP Price, When Will It Cross $10?

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    Cryptocurrency exchange Changelly has released an updated prediction for the XRP price that spans almost a decade from now. The prices in the new predictions deviate heavily from their previous predictions, and this time around, the predictions include when the XRP price will cross $10.

    XRP Price Will Cross $10 In 2030

    While the XRP community members remain very optimistic that the XRP price will cross $10 in the next few years, with a number of crypto analysts presenting chart data to support this, Changelly does not believe that this will happen anytime soon. In fact, for the next couple of years, the crypto exchange expects a lot of growth but double-digits is seemingly off the table.

    By 2024, the crypto exchange predicts that the XRP price will reach a max price of $1.11, but still expects it to stay relatively high with a minimum price of around $0.94. In the next few years, the growth is expected to continue, rising to as high as $5 in 2028.

    Source: Changelly

    However, for the XRP price to reach $10, investors would still have to wait another extra two years according to the report. In 2029, it predicts a maximum price of $8.07. And then finally, in 2030, Changelly expects the price to beat the coveted $10 mark.

    Moving further from 2030, expectations are that the price will not fall below $10 again. Rather, it is expected to double in the next two years, hitting as high as $24.95 by the year 2032, which is nine years from now.

    XRP price chart from Tradingview.com (Changelly)

    XRP trending at $0.596 | Source: XRPUSD on Tradingview.com

    Expecting A Very Underwhelming 2024

    The price predictions by Changelly for 2024 broken down into the individual months paints a picture of lackluster performance from the coin. The highest point expected for the XRP price puts it at only a 35% increase from the current price of $0.59 at the time of writing. The expectation given is that the highest price point would come at $0.8.

    Changelly’s prediction seems to be a deviation from the norm where a number of predictions expect the XRP price to hit the high prices in the next two years. One crypto analyst known as EGRAG Crypto expects the price of the altcoins to reach $5.5. Interestingly, the analyst expects the price to hit this price in the next two weeks.

    Another analyst known as Austin Hilton has also predicted that the XRP price will reach $1.5 once the SEC approves the Spot Bitcoin ETFs. According to Bloomberg analysts, these funds could be approved in January 2024, which means the XRP price could reach $1.5 in a month.

    Featured image from Crypto News Flash, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • XRP to reach all-time high: Reaper Financial's Patrick Riley

    XRP to reach all-time high: Reaper Financial's Patrick Riley

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    Reaper Financial founder Patrick Riley is optimistic about Ripple’s (XRP) potential for reaching a new all-time high.

    In an interview with market analyst Zach Rector, the coin could surpass $22 in the next bull market.

    Riley broadly discussed some of the projects his team at Reaper has built leveraging the XRP ledger, which will only propel the bullish potential.

    Furthermore, the crypto startup founder told Rector that the introduction of Ethereum Virtual Machine (EVM) side chains to Ripple will boost the network’s growth. 

    From Ethereum to XRP

    Riley deemed Ethereum a slow and expensive network that’s been a “dying horse that’s been limping along for a long time.” Projects will look toward XRP with EVM as a faster and cheaper option.

    Several tokens will move from Ethereum to the XRP ledger, he predicts.

    The Reaper Financial boss made a bold prediction in the interview, saying one of the things he expects “very realistically” is that the native crypto token of the Ripple network will surpass Bitcoin (BTC) as the number one cryptocurrency.

    In addition to the integration of EVM side chains, the CEO discussed the XLS-30 amendment set to introduce an AMM to XRP, saying it may increase listings of XRPL tokens that were left out of exchanges due to their volumes, which could subsequently add to the token’s price upturn.

    XRP 24-hr price chart. Source: Coingecko

    Per CoinGecko data, XRP’s price is $0.619538 at the time of writing, a 0.5% drop from its value 24 hours ago. The coin’s established support levels are between $0.55 and $0.51, while it faces rejection at the $0.66 mark.

    The digital currency hasn’t surpassed its all-time high value of $3.84 in the last six years, but analysts expect it will go beyond $10 in the highly expected next crypto market bull run. 


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    Julius Mutunkei

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  • Ripple President Says Cryptos Like XRP are Hastening Globalization

    Ripple President Says Cryptos Like XRP are Hastening Globalization

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    The New York Times featured the Ripple Labs president in a recent special series on global consumer behavior in 2024.

    “We asked a global group of entrepreneurs, business leaders and academics to assess consumer behavior,” wrote the Times.

    Ripple President Explains Global Appeal of XRP

    For her part in the series, Long makes the case that TradFi structures are “too slow to support” the current pace of global commercial growth. As a result, the developing world is turning to cryptocurrencies like BTC and XRP:

    “In 2023, we saw reports from the International Monetary Fund and the Financial Stability Board specifically citing the ‘cryptoization’ of developing economies where, because of macroeconomic instability and weak inflation controls, people have begun to prefer cryptocurrencies to their local currencies.”

    In addition to cryptos like BTC and XRP, the value of which is usually determined by the market’s behavior, Long said developing countries are turning to stablecoins. They provide merchants and consumers shelter from the volatility of some of their local currencies:

    “In Argentina, Zimbabwe, and more recently, Nigeria, people increasingly are turning to crypto or U.S. dollar-backed ‘stablecoins’ rather than their volatile home currencies for saving and making purchases.”

    Techopedia defines TradFi as “the mainstream financial system and the conventional institutions such as retail, investment, and commercial banks [ … ] that operate within it.”

    The International Monetary Fund (IMF) said, “Decentralized and traditional finance can thrive in tandem to fund renewable energy and other pressing needs, but only with clear standards and rules,” in a 2022 think piece entitled, “‘DeFi and ‘TradFi’ Must Work Together.”

    Meanwhile, clear standards and rules are really all Ripple Labs is looking for from U.S. courts and regulators as the Securities and Exchange Commission’s XRP lawsuit rounds out its third year in litigation.

    Ripple Labs Publishes Whitepaper on CBDCs

    Long’s interview for the Times coincided with a new Ripple Labs whitepaper on central bank digital currencies. CBDCs could allow central banks to create more public transparency and market efficiency for their sovereign currencies.

    In its introduction to the CBDC whitepaper, Ripple notes that there will be some $5 trillion worth of central bank cryptocurrencies circulating globally in the next ten years:

    “With an estimated $5 trillion worth of CBDCs in various currencies circulating across the globe in the next decade, the digital evolution of money is upon us. From streamlining cross-border payments to expanding financial inclusion, CBDCs have the potential to create significant value for global economies.”

    The U.S. Federal Reserve Bank is considering a CBDC of its own. The Fed says it would “expand safe payment options” and not reduce or replace them. The central bank says it’s studying how a CBDC would provide safe liquidity, new products and services, and faster and cheaper cross-border payments.

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    W. E. Messamore

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  • Analyst Predicts XRP Price Will Rise 800% To $5.5, The Timeframe Will Shock You

    Analyst Predicts XRP Price Will Rise 800% To $5.5, The Timeframe Will Shock You

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    Popular crypto analyst EGRAG crypto has dropped what looks like the most bullish price prediction for XRP. XRP has been subjected to various price predictions in the past few months from EGRAG and other crypto analysts, as the crypto now has free rein on its price movement. This time, the analyst claims XRP is ready to explode 800% in just two weeks, rocketing from under $0.65 today to over $5.50 in just 14 days. EGRAG’s analysis pointed to price movement and the Fibonacci indicator, indicating XRP is gearing up for a huge rally.

    Massive XRP Price Surge In A Short Time

    EGRAG took to social media platform X to reveal his latest prediction about XRP. The prediction came as an update to the analyst’s earlier prediction in May, where he shared that XRP’s price was at the final wake up line. The Final Wake Up Line was drawn from XRP’s all time high of $3.40 in 2018, sloping downwards as the crypto continued to form lower highs. At that time, XRP was trading at $0.4639 and EGRAG gave three price targets of $0.85 to $1, $5.5, and $6.1 in the coming months. The analyst also drew a bottom (Atlas) line on higher lows since 2021 to form a symmetrical triangle.

    Now five months after, XRP has had major events in its ecosystem, becoming the only crypto asset to receive regulatory clarity in the US. As a result, XRP went on a price growth that led to a spike over $0.93 against USDT on various crypto exchanges. According to EGRAG, his first target of the $0.85 to 1$ was completed amidst the price spike. 

    XRPUSD currently trading at $0.6231  territory. Chart: TradingView.com

    A look at the price chart shared by EGRAG reveals XRP seems to have formed a support around this final wake-up line. Now, the next target is around $5.5, a measured move of the symmetrical triangle formed between the final wake up and atlas line. EGRAG claims we could see XRP trade at this price point in just two weeks. 

    How Feasible Is This Price Prediction?

    XRP has since fallen below the analyst’s first target of $0.85. At the time of writing, XRP is trading at $0.62, down by 9.59% in a 7-day timeframe. EGRAG argued that the recent price correction could make investors jump ship, but HOLDing is still the best decision at this moment.

    A surge to $5.5 would mean an 800% price gain from the current level before the end of the year. However, current fundamentals points to an increase of this magnitude in such a short timeframe being very unlikely .

    EGRAG clarified in a comment that the prediction wasn’t based on the next two weeks. Instead the rally to $5.5 would be completed in just a two week timeframe.  

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Popular Exchange Hosting 100K Ripple (XRP) Giveaway: Details

    Popular Exchange Hosting 100K Ripple (XRP) Giveaway: Details

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    TL;DR

    • Uphold is hosting an XRP giveaway to conclude 2023, offering 100,000 XRP to one winner and 1,000 XRP each to 25 participants. Eligibility requires a minimum of $20 in trades on the platform, with no limit on entry count.
    • The giveaway is exclusive to US residents, continuing a series of similar events held by Uphold in previous months.
    • This initiative follows Ripple’s partnership with Uphold in October to improve cross-border payments, leading to a surge in XRP trading on Uphold, surpassing Bitcoin and Ether in popularity for a brief period.

    One Final XRP Prize Before the End of 2023

    The New York-based cryptocurrency exchange – Uphold – is willing to distribute another XRP giveaway and thus close 2023 “with a bang.” The company revealed that one lucky trader will win a whopping 100,000 XRP (worth around $63,000 calculated at current rates), while 25 users will receive 1,000 XRP each. 

    Those willing to participate in the offering must conduct at least $20 of eligible trades on the platform. “There’s no limit on the amount of entries you can get, so the more you trade the better your chances,” Uphold explained.

    It is worth noting that the token distribution is available only to US residents. Uphold unveiled similar offerings in October and November, too, with giveaways of 20,000 XRP and 50,000 XRP, respectively. 

    The previous airdrops were available to residents of the United States (excluding New York and Florida). It remains unclear whether those states are included in the December sweepstake.

    Ripple and Uphold

    As CryptoPotato reported, the blockchain enterprise that stands behind the XRP token partnered with Uphold at the end of October “to underpin and enhance its cross-border payments infrastructure.” According to the exchange’s CEO – Simon McLoughlin, the collaboration illustrates how both firms’ qualities could be combined to “make efficient crypto-to-fiat transfers and bank payouts.”

    Shortly after, XRP seemed to have captured the interest of many Uphold customers, with the asset becoming the top traded digital currency on the marketplace for the week of November 18 – November 25. Back then, Bitcoin (BTC) and Ether (ETH) – ranked fifth and eighth (respectively).

     

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  • Crypto Analyst Predicts Short-Term XRP Price Rally To $18

    Crypto Analyst Predicts Short-Term XRP Price Rally To $18

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    A crypto analyst has provided some optimism regarding the XRP price as many contemplate whether or not to continue to hold on to their XRP tokens. This comes as the crypto token’s underperformance has been a cause of concern to holders, with talks about a potential manipulation resounding through the community.

    XRP Price To Hit $18 In The Short-Term

    In a post on his X (formerly Twitter) platform, crypto analyst Dark Defender shared an interesting analysis where he noted that XRP could hit $18 soon enough. To back up his prediction, he noted that XRP was retesting the $0.6649. According to him, this level is “not a joke” as it is a very crucial one. An upward trend is expected from that price level based on his assertions. 

    Meanwhile, Dark Defender also shared XRP’s monthly chart in his post. From the chart, he noted that XRP was currently above the price level of $0.6649, which he had earlier referenced. This happening could see XRP move close to $1. On the chart, he highlighted $0.88 and $1.05 as targets that will be “achievable shortly.”

    The rally, however, doesn’t stop there, as the crypto analyst claimed the “5 Wave EW Structure in the Monthly Chart is still in play.” This indicator points to XRP hitting $18.22 in the short mid-term. The journey to $18 isn’t expected to be all smooth, as he mentioned that XRP would face a strong resistance at $1.08. 

    The good news is that once XRP is able to break from that level, “it will be Kaboom,” in the words of Dark Defender. As to how soon XRP could hit $18, the accompanying chart suggests that this could happen between July and October 2024. 

    Token price falls to $0.62 | Source: XRPUSD on Tradingview.com 

    A Growing Frustration In The XRP Community?

    Over the weekend, a pro-XRP crypto influencer, Chloe, released an X post where she voiced her frustration at XRP’s price decline and stated that she had “sold it all.” Before that post suggesting that she had sold her XRP holdings, she had made an earlier post where she seemed very displeased with XRP’s price action. 

    Although Chloe later came out to clarify that she didn’t sell any “single XRP,” her earlier posts exemplify the growing frustration in the XRP community. At the moment, many seem puzzled by XRP’s abysmal price action. One of them is pro-XRP legal expert Bill Morgan, who recently questioned the reason for XRP’s underperformance.

    In an X post, the lawyer stated that XRP has failed to outperform most of the other tokens in the top 10 by market cap despite gaining regulatory clarity. Interestingly, he noted that XRP’s price was higher five years ago than it is now. According to Morgan, there needs to be a better explanation for XRP’s price movement than just “saying it follows the market.”

    Featured image from CoinGape, chart from Tradingview.com

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    Scott Matherson

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  • Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer

    Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer

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    XRP is one of the top gainers in the last 24 hours. As to why the crypto token is up, a popular crypto sleuth has some answers, as he recently revealed a significant move made by Ripple. This revelation also has the possibility of ending talks that XRP’s price is being manipulated by Ripple, considering that the crypto firm has so far shown that it has XRP’s best interest at heart.

    Ripple Allegedly Buys Back Around 700 Million XRP

    In a post on his X (formerly Twitter) platform, crypto sleuth Mr. Huber mentioned that Ripple bought back around 700 million XRP from the open market. According to him, Ripple usually does this to keep the XRP markets stable and liquid. This endeavor could explain why the token’s price has suddenly picked up. 

    The XRP price has underperformed in recent times, with many speculating why this could be happening. Some simply stated that the price was manipulated as there was no other logical reason to explain the underperformance, especially considering that other altcoins were enjoying significant gains. 

    However, Mr. Huber had another plausible explanation for this decline as he stated that it could be one of Ripple’s ODL customers selling their XRP tokens on the open market. It had previously been reported that Ripple’s XRP sales to these ODL customers do not impact prices on exchanges. However, it does when these customers, in turn, start to sell these XRP tokens to retail investors. 

    Therefore, noticing the trend of the XRP sales from ODL customers, Ripple could have bought back these XRP tokens in order to stabilize the XRP price. It is worth mentioning that Mr. Huber seems to have reached his conclusion of a massive buyback due to the decline in XRP’s circulating supply. He asserted that Ripple’s holdings are not calculated in the circulating supply. 

    XRP recovers above $0.68 | Source: XRPUSD on Tradingview.com

    XRP Price Underperformance Is Concerning

    Before his revelation about Ripple’s massive buyback, Mr. Huber had raised concern about XRP’s worrisome price action. He noted that the XRP price had “lost literally” all the gains it made against the broader crypto market following Judge Analisa Torres’ ruling. The Judge had ruled that the crypto token wasn’t a security in itself. 

    Many had predicted that this legal clarity was going to help boost XRP’s price, and it actually did in the weeks after the ruling. However, the XRP price has been on a notable decline since posting those gains. It has even become concerning ever since the broader crypto market picked up as many continue to wonder could be the reason for XRP’s rather relatively tepid movement. 

    At the time of writing, XRP is trading at around $0.69, up over 7% in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from Watcher Guru, chart from Tradingview.com

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    Scott Matherson

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  • XRP Price To Go Parabolic? Crypto Analyst Confirms 1000% Golden Cross Has Returned

    XRP Price To Go Parabolic? Crypto Analyst Confirms 1000% Golden Cross Has Returned

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    The XRP price is still underperforming the general crypto market raising concerns among holders. However, it is not all bad for the cryptocurrency which boasts of one of the strongest communities in the sector. As for its price, the optimism toward a recovery remains high as crypto analyst JD has given a rather bullish prediction for the altcoin’s price.

    XRP Price Confirms Golden Cross Fo 1000% Rally

    In his latest analysis of the XRP price, crypto analyst JD has pointed out a bullish formation that could bode very good news for the altcoin. According to him, the cryptocurrency has confirmed a rare Golden Cross on its 4-day chart, and historical performance points to an at least 700% increase following this.

    JD’s chart shows what happened the last two times that the XRP price confirmed such a Golden Cross. The first was back in 2017 when the asset’s price completed the Golden Cross after a four-year trendline breakout. Following this, the XRP price would go on to rise 700% in short succession.

    Source: X

    The next time that the Golden Cross appeared on the chart was back in 2020 just as the bull market was starting. This time around, there was a 1000% surge in the XRP price after this pattern was confirmed, mounting an even bigger rally than the previous occurrence.

    If the XRP price sticks to this historical performance, then there could be an 800% increase, on average, for the price of the coin. However, if it also follows the trend of the most recent surge being higher than the last, the token could be looking at a more than 1000% increase, which would put its price above $6.

    XRP price chart from Tradingview.com

    XRP locks above $0.64 | Source: XRPUSD on Tradingview.com

    Beware The Pullback Before The Rally

    While JD’s analysis paints an incredibly bullish picture for the XRP price, the analyst also warns of a pullback in the price before the rally. Both times that the Golden Cross has appeared, the token’s price has seen a pullback before confirming the breakout.

    In 2017, there was a 64% price correction before the 700% surge. Then again in 2020 when the Golden Cross appeared, there was a 40% price correction before the price rallied 1000%. So it stands to reason that there will be a pullback this time around before a rally begins.

    Currently, XRP bulls seem to be waking up once again after a brief period of consolidation. The price broke out above $0.64 on Thursday, and the bullish trend is expected to continue as Bitcoin and the crypto market recovers.

    Featured image from Watcher Guru, chart from Tradingview.com

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    Scott Matherson

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  • Here Is Why Next Bull Cycle Could be ‘Special’ for Ripple (XRP)

    Here Is Why Next Bull Cycle Could be ‘Special’ for Ripple (XRP)

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    TL;DR

    • Market Revival and Bull Run Potential: The cryptocurrency market, especially in late 2023, shows signs of revival with an anticipated bull run, influenced by events like the possible upcoming Bitcoin ETF approval in the US and BTC halving in 2024.
    • XRP’s Promising Outlook: Ripple’s XRP is highlighted as a potential top performer in the next bull cycle, bolstered by Ripple’s legal successes, partnerships with central banks, and re-listing on major exchanges.
    • XRP Price Speculation: Extreme price predictions for XRP include reaching $4.20, $7.20, or an unlikely $470, a scenario requiring an unprecedented market capitalization far exceeding the industry’s previous peak.

    Is XRP Primed for a Spectacular Rise?

    The revival of the cryptocurrency market this year (especially during the second part of 2023) is a fact, while the next bull run seems to be knocking on the door. Several potential developments, including the possible approval of a spot Bitcoin ETF in the United States and the upcoming BTC halving (scheduled for the spring of 2024), might propel an overall rally of the market in the near future.

    With that said, numerous investors may wonder which digital assets would be the top performers during the next bull cycle. According to the financial expert using the X (Twitter) handle Kyren, one token that might flourish in the future is Ripple’s native coin – XRP.

    According to them, the blockchain enterprise has passed through multiple developments in the past few years that could make the potential bull run “special” for the asset. Such examples are:

    • Ripple’s winning streak in its lawsuit against the US Securities and Exchange Commission (SEC).
    • The company’s interactions with central banks across the world.
    • The support coming from leading cryptocurrency exchanges. 

    Recall that Coinbase, Kraken, Gemini, and other giants relisted XRP on their platforms after Ripple’s successive campaign against the regulator.

    “In the bull market before 2016-2017, XRP saw gains like you wouldn’t imagine, having pumped from under $0.01 to well over $3.50. With all that’s been happening with XRP & Ripple lately… Are we primed for another run by the OG of enterprise blockchain utility,” Kyren concluded.

    Could XRP Explode to the Ridiculous $470?

    Speaking of a possible XRP rally, it is worth observing one somewhat preposterous price prediction coming from the X user CryptoBull. They suggested that the asset is on the verge of skyrocketing to $4.20, $7.20, or even $470.

    One should keep in mind that spiking to almost $500 seems highly unplausible since XRP’s market capitalization should blast to approximately $250 trillion for this to happen. Recall that the entire market cap of the industry was around $3 trillion during the bull run in 2021 when Bitcoin (BTC) tapped an all-time high of almost $70K.

    Those curious to find out how XRP might perform in the short term could take a look at our dedicated video below:

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  • XRP Price Coulds Repeat Legendary 61,000% Surge Like 2017, Analyst Claims

    XRP Price Coulds Repeat Legendary 61,000% Surge Like 2017, Analyst Claims

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    Prominent crypto analyst CryptoInsightUK has given his thoughts on whether or not the XRP price can replicate the notable 61,000% gain it enjoyed back in 2017. Although the analyst sounded uncertain about how things could pan out, he provided insight as to what the future holds for XRP.

    XRP Price Repeating 61,000% Move Will Be Harder

    In a post on his X (formerly Twitter) platform, CryptoInsightUK highlighted how XRP exploded in 2017. The crypto token is said to have seen a 61,000% gain in 280 days. As to whether a repeat can happen, he mentioned that it would be harder as the market cap would have to be huge. He didn’t rule it out, though, as it would be possible with “real-world utility.” 

    The crypto analyst seemed to be more focused on talking about the XRP price potential rather than talking about how high the token could rise. He alluded to the hate that XRP receives and how when people feel such a way, there is probably “value” in that asset. He also highlighted other factors that make the token stand out.

    CryptoInsightUK mentioned that “XRP has had another 3 years of consolidation to most other cryptos.” This places the token on a higher pedestal as it bounded to enjoy greater expansion from a technical analysis angle. 

    The analyst also spoke about how XRP is the only crypto token that has overtaken ETH in market cap on more than one occasion. On one of them, it enjoyed about 20% market share in the total crypto market cap. 

    The crypto analyst was quick to disclaim whether that meant he was suggesting that the XRP price could achieve these feats again. He stated that only time will tell as he wasn’t making any point but only sharing his thoughts. 

    XRP’s Unique Offerings And Positioning

    In his post, CryptoInsightUK also mentioned that “XRP is in a unique position.” He was referring to how XRP “is the only altcoin that has legal clarity.” This clarity comes from Judge Analisa Torres’ ruling that XRP is not a security in itself. That is another factor that he believes makes XRP stand out, considering that the regulatory landscape is only just building up. 

    Ripple’s Chief Legal Officer Stuart Alderoty had previously echoed similar sentiments when he mentioned how Judge Torres’ ruling helped XRP attain a unique status. He specifically mentioned the fact that XRP was now “uniquely classified” as a non-security in the US. The unique status is more significant considering that the US Securities and Exchange Commission (SEC) continue a host of crypto token as securities. 

    Token price reclaims $0.61 | Source: XRPUSD on Tradingview.com 

    Featured image from Bitcoinist, chart from Tradingview.com

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    Scott Matherson

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  • XRP Bulls Eyeing $40 Price Target, Despite Doubts

    XRP Bulls Eyeing $40 Price Target, Despite Doubts

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    Renowned cryptocurrency analyst Dark Defender, with a substantial following of nearly 100,000 individuals on platform X, has drawn attention to the emergence of a “cup and handle pattern” in the daily time frame of the cryptocurrency XRP.

    Based on his analysis, provided that the token maintains a closing price above the support level of $0.604, XRP has potential for a positive upswing towards the price goals of $1.05 and $1.88.

    Although Dark Defender’s projection has all the bullish elements to give XRP some badly needed boost in price, another analyst’s estimation also provides a great deal of importance.

    XRP Upward Trend And Institutional Investments

    In a world where predictions are often uncertain, the assurance made by prominent cryptocurrency analyst EGRAG provides another straightforward perspective, suggesting that the journey to a $40 XRP might be less complicated than skeptics think.

    The price of XRP remained over the $0.60 threshold during the early hours of Tuesday. The alternative cryptocurrency is currently seeing an upward trend, accompanied by an increase in the amount of capital being invested by institutional investors into XRP funds.

    In recent weeks, there has been a notable trend of significant wallet investors divesting their XRP token holdings, while retail traders have concurrently demonstrated an inclination towards acquiring the altcoin. This phenomenon has contributed to the development of a positive outlook for XRP.

    The price of XRP is currently $0.6105, 1.8% less than it was a day ago. Despite the continued downturn, interest in the asset is increasing; transaction volume has increased by 25% in the past day to around $1.2 billion.

    Total crypto market cap is currently at $1.39 trillion. Chart: TradingView.com

    Implications Of The Ascending Triangle For XRP’s Future

    One of his most recent updates on XRP, where he drew attention to the asset’s moves on the weekly chart, demonstrates his ongoing bullishness. XRP is presently trading inside an ascending triangle that has been there since 2018, according to EGRAG’s chart.

    An ascending triangle is a bullish pattern in technical analysis, formed by a horizontal resistance line and a rising support trendline. It indicates a market where buyers are consistently pushing the price higher against a specific resistance level.

    Traders anticipate a potential upward breakout at the triangle’s apex, signaling a continuation of the existing uptrend. This pattern is often seen as a sign of increasing buying pressure.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Pexels

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    Christian Encila

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  • Dtcpay in partnership to launch crypto payment network

    Dtcpay in partnership to launch crypto payment network

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    Singapore-based startup Dtcpay is set to launch a new payment system tailored for both cryptocurrencies and traditional fiat currencies. 

    Dtcpay reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International. The aim is to establish a privacy-protected digital payment infrastructure.

    The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC). 

    Previously known as the Digital Treasures Center, Dtcpay has made a name for itself offering state-of-the-art digital currency payment services, enabling partners and merchants to accept payments in both traditional and digital currencies.

    In addition to the partnership with PlatON and Allinpay International, Dtcpay has also formed alliances with the verification platform Sumsub. This collaboration is intended to heighten the security and reliability of digital currency payments in key markets such as Singapore, Hong Kong, Dubai, the UK, and Europe.

    In September, the company partnered with another Singapore-based firm, PoS technology developer Jeripay, to integrate crypto within Jeripay’s 8000 terminal network.

    The collaborations come against a backdrop of continually evolving crypto regulations aimed at offering enhanced consumer protection in Singapore. 

    Major crypto firms such as Coinbase and Ripple are already licensed payment institutions by the Monetary Authority of Singapore (MAS), which is also exploring the potential of central bank digital currencies (CBDCs).

    As a key component of this evolving landscape, Project Orchid, a retail CBDC research project, has completed its first phase. The project aims to create digital currencies for specific purposes, bringing together major banks and government agencies in a series of pilot trials. 

    Even though retail CBDCs are yet to become mainstream, the project’s report indicates that digital currencies not denoted in Singaporean dollars are gaining local traction. 

    To keep up with these developments, MAS is exploring the concept of programmable or automated execution of digital currencies tailored to predefined use cases.


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    Julius Mutunkei

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  • XRP Price Now Enters The DCA Buy Zone: Crypto Analyst

    XRP Price Now Enters The DCA Buy Zone: Crypto Analyst

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    The XRP price has entered what is regarded as the Dollar Cost Averaging (DCA) ranging zone, according to crypto analyst Egrag. While the digital asset’s price oscillates within a critical zone, the analyst maintains a bullish stance on its future trajectory.

    XRP Price Enters DCA Zone

    Egrag stated via a post on X, “XRP Color Code (Update): My Stance Forged in the Fires of Conviction: Let me say it 1 million times that I’m still bullish AF, so ease up on the DMs assuming I’ve switched my stance. Remember, markets move in waves, and I’m here to present the short-term moves because, let’s face it, 80% want to reach Valhalla without dying.”

    The analyst’s latest technical analysis reveals that the previous support level at $0.66 proved to be weaker than anticipated, leading to a shift in the XRP price’s movement into a ranging zone. “$0.66 wasn’t a solid support, as I’ve mentioned before. XRP is in the ‘ranging’ zone, so the DCA opportunity is open,” Egrag stated.

    The analyst’s chart exhibits a descending triangle pattern breaking downwards, indicating potential bearishness in the short term. However, Egrag highlights the importance of the $0.50 mark as a “robust support.” He asserts that the price “won’t dip below $0.50—it’s a pivotal price point.”

    XRP/USD, 1-hour chart | Source: X @egragcrypto

    The above 1-hour chart shows that the price has now been rejected several times at the falling (red) trend line. If this momentum is maintained, XRP could drop further and could find first support near $0.57. If this support also breaks, the $0.51 mark could be the most crucial turning point.

    For Egrag, the zone between $0.5738 and $0.5119 is the “wicking” zone, meaning that the price could swiftly dip into this zone. However, if the price drops below $0.5119, it would enter the “red flag” zone of Egrag’s chart, potentially invalidating the entire prediction.

    XRP/USD, 3-day chart
    XRP/USD, 3-day chart | Source: X @egragcrypto

    The Fibonacci retracement levels on Egrag’s 3-day chart suggest significant resistance and support zones. The 0.236 level at approximately $0.7409 and the 0.382 level at about $0.6432 may act as resistance in a bullish scenario, while the 0.5 level at $0.5738 and the 0.618 level at $0.5119 could provide support if bearish momentum continues.

    Notably, Egrag’s commentary doesn’t shy away from conviction, “XRP is transforming the way value moves in this digital age. So, it’s crucial to understand what you hodl. Otherwise, I might have to break out the block button for those not willing to learn on how markets move and what XRP or XRPL is achieving. I’m staying true to my beliefs, and if that’s not your vibe, it’s cool to step away from following me.”

    Criticism For ‘Stubborn View’

    Despite facing criticism from a user comparing the XRP price performance to that of other cryptocurrencies like Solana (SOL) and Chainlink (LINK), Egrag defended the long-term vision for XRP, highlighting its value proposition. He responded, “Appreciate your input, but I’m not pursuing 300% or 500% gains in projects I lack conviction in. My focus is on generational wealth. Imagine understanding gold will reach $2000, and having the chance to acquire it at $0.5.”

    The critic replied, “XRP holders are not diamond hands.. Just very stubborn people hoping to be able to sell it at the price they bought. Be happy if it reaches 1$ again.” Undeterred, Egrag concluded, “Indeed, TESLA investors weren’t stubborn; they envisioned the future. The same principle applies to FANGMAN companies. Bookmark this: XRP, the first digital asset with regulatory clarity, and anticipate Ripple, as a company, surpassing the collective value of the FANGMAN entities.”

    At press time, XRP traded at $0.6118.

    XRP price
    XRP price drops below $0.62, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from iStock, chart from TradingView.com

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    Jake Simmons

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