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XRP holders’ with 1M to 10M coins accumulate to record highs

  • XRP whales and sharks bought more coins in December to bring total addresses and percentage of supply to new highs.
  • Large holders appear strongly bullish on the coin’s price, despite Ripple Labs’ ongoing battle with regulators.
  • There are 1,617 wallet addresses with 1 million to 10 million XRP, with total holdings for these addresses about 7.23% of supply.

XRP has seen some massive accumulation by large holders in 2022, despite the bear market and all the baggage that has come with Ripple Labs’ court tussle with the US Securities and Exchange Commission (SEC).

In the market, the XRP price has remained in a downtrend since a sharp decline in May. The coin currently trades around $0.3437.

XRP whales and sharks push holdings to new highs

According to on-chain statistics shared by analytics firm Santiment, XRP addresses with 1 million to 10 million coins have added to their holdings as 2022 draws to a close. Per the platform, these groups of XRP holders – the category of sharks and whales – have recently seen their total number and percentage of supply surge to new all-time highs.

On-chain data shows the whale and shark cohorts in the XRP ecosystem that control wallets with 1 million to 10 million XRP increased in December to 1,617.

The rapid accumulation seen across these two tiers have come as the past few weeks saw crypto prices plummet amid the FTX contagion.

But the downturn appears to have offered large XRP accounts the opportunity to buy low, with the above category of addresses increasing their percentage share of circulating supply. As per the current stats, whales and sharks hold 7.23% of 50.34 billion XRP.

Both this and the number of addresses highlighted above are trending at a new all-time high.

The post XRP holders’ with 1M to 10M coins accumulate to record highs appeared first on CoinJournal.

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Is PancakeSwap’s bullish market over?

  • PancakeSwap was bullish up to November, doubling in price

  • PancakeSwap token has been weighed by the risk contingencies of the FTX sage

  • The cryptocurrency remains on a downtrend and risks a lower low

It seems that PancakeSwap (CAKE/USD) will have to end 2022 on a low note. CAKE was among a handful of cryptocurrencies that looked strong in the face of a bear market. However, it couldn’t last beyond November. The aftermath of the FTX collapse has taken a toll on the cryptocurrency. Why has this so yet tokens of decentralised exchange or DEX surged post-FTX saga?

The decline in CAKE happens potentially due to its connection with Binance. The cryptocurrency is based on the Binance Smart Chain. Thus, the confidence crisis facing centralised exchanges, including Binance, may have infiltrated PancakeSwap. It does not necessarily mean that is the case, though, as the bear market is also ravaging crypto markets.

With CAKE touching a crucial resistance at $5.0 in early November, investors could have exited positions. That, of course, was inspired by the FTX collapse that sent most crypto tokens tumbling. Investors would not have risked the profits they had made since CAKE had already doubled in value since the June lows. Based on these, CAKE’s bullish market is over, at least in the meantime. 

CAKE’s technical outlook is bearish as price retests resistance

CAKE/USD Chart by TradingView

A technical outlook shows CAKE retesting a resistance at $3.5. The price has stalled since touching the level, suggesting a possibility of a correction to the downside. 

The MACD indicator is very bearish for cryptocurrency. The RSI reading has slightly improved since touching oversold conditions as the CAKE price fell to $3.1. The reading remains below the midpoint, indicating that bears are in control.

What is the likely next price of CAKE?

CAKE price will stay bearish unless bulls recover above the $3.5 level. The next potential price level for the cryptocurrency lies at $2.8 and $2.6. Investors should keep off until the bearish movement subsides and should buy CAKE on a bullish reversal confirmation.

Where to buy CAKE

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy CAKE with Skilling today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy CAKE with Binance today

The post Is PancakeSwap’s bullish market over? appeared first on CoinJournal.

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Tron token making slow but sure gains amid plan to empower “elite” startups

  • Tron token rose by 1.72% on Wednesday.

  • TRX gains come amid news that Tron was supporting startup blockchains.

  • TRX could continue to surge up to a descending trendline.

Tron (TRX/USD) is emerging from the ruins of a bearish breakout that sent the token spiralling to $0.045. The cryptocurrency recorded intraday gains of 1.72% and traded at $0.055. The token has printed a short-term bullish trendline that could now interest buyers. 

The slight recoveries in TRX come even as the Tron DAO continues to power startup blockchains. According to the latest announcement, Tron DAO Ventures, or TDV, will support elite startups. TDV will support projects within the Tron ecosystem and beyond. Tron says this is part of the DAO’s objective to grow decentralisation. TDV will also support outstanding projects that synergistically bridge with the Tron ecosystem.

The latest cryptocurrency news is positive for TRX, looking at the intraday price recovery. It is, nonetheless, less important in the long-term recovery of the cryptocurrency unless we escape the bear market. In the technical analysis below, we show potential levels to watch.

TRX price outlook and analysis

TRX/USD Chart by TradingView

A clear breakout of TRX happened at $0.06, and the price crashed to $0.045. The recent recoveries have, however, been encouraging. Bulls would aim for a higher price, although this is likely at the descending trendline.

The MACD indicator is also giving some hope. The indicator is crossing from the bear zone and currently lies at the neutral level. This is the clearest bullish signal, but we need to confirm it by the price movement. That’s especially because the momentum is not very strong from the indicator.

What to do with TRX?

Although we are still in a bear market, TRX buyers can aim for a price that coincides with the descending trendline. Still, buyers should watch over price as the bullish strength is still mild. 

If bears counter the upside, TRX price could crash back to the $0.045 support zone. The level around $0.052 could also offer support on the downside. 

Where to buy TRX

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy TRX with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy TRX with OKX today

The post Tron token making slow but sure gains amid plan to empower “elite” startups appeared first on CoinJournal.

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Ethereum Classic prediction as the price recovers 4% in a bear market

  • Ethereum Classic rose 4% on Wednesday.

  • The cryptocurrency remains trapped by a descending trendline.

  • ETC could fall to the July lows as technical indicators sound bearish.

Ethereum Classic (ETC/USD) recovered 4% on Wednesday and was among a handful of cryptocurrencies in the green. Leading tokens, Bitcoin and Ethereum, were mildly bullish at 0.19% and 0.04%, respectively.

Ethereum Classic price has been on a roller coaster for a while. It should be remembered that the cryptocurrency found a high of $45 in August, nearly four times the price from a low of $13 in July. The gains were fueled by the expectations that the Ethereum merge would attract miners to the Proof of Work blockchain. Investors traded the speculation, and when Ethereum shifted to Proof of Stake, ETC fans vanished. The cryptocurrency is now close to the July lows and traded at $16.35 at press time.

There is nothing wrong with Ethereum Classic, though, since it is reeling from the same bear market, affecting peers. If intending to trade the cryptocurrency, it is worth checking the technical levels to see the demand zones. At the moment, we are not there yet.

ETC still trapped by a descending trendline as price eyes July lows

ETC/USD Chart by TradingView

A technical outlook shows that ETC is bearish. The MACD indicator has never moved above the neutral zone since falling into bear territory in mid-September. The cryptocurrency trades along a bearish trendline. There is a clear system of lower highs and lower highs to underline a bear market for ETC.

What could happen next for Ethereum Classic?

Bulls generated some strengths as ETC price touched $15. We expect the price to continue surging toward a resistance at $18 or the descending trendline in the short term. Bulls will have to successfully battle and win at this level for ETC to become bullish.

In the more likely bear scenario, ETC sellers will take control at the resistance or the descending trendline. That will see the cryptocurrency trade along the bearish trendline and touch the July lows of $13.

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today

The post Ethereum Classic prediction as the price recovers 4% in a bear market appeared first on CoinJournal.