Kategorie: Crypto Analysis

Key takeaways

• XRP is down 1% in the last 24 hours but could rally to the $2.80 level soon.
• Ripple co-founder Chris Larsen reportedly sold roughly $120 million in XRP.

Larsen sells $120M worth of XRP tokens

On-chain data from CryptoQuant reveals that there has been a $120 million outflow from Larsen-linked wallets. This latest development comes as XRP lost 1% of its value in the last 24 hours.

The sell-off also coincides with the ongoing attempt to fund the GTreasury acquisition. Ripple recently announced a $1 billion fundraising aimed at acquiring the treasury management company GTreasury.

However, the acquisition news hasn’t positively affected XRP’s price as the coin has faced heavy selling pressure in recent weeks. XRP’s loss coincides with a broader decline in risk assets, with Bitcoin and Ether also recording huge losses over the past few weeks. 

XRP’s price could soar higher in the near term as XRP addresses holding over 100 tokens were rising in numbers. This is despite XRP losing 35% of its value since hitting the multi-year high of $3.66 in July.

XRP eyes $2.80 despite bearish conditions

The XRP/USD 4H chart remains bearish and inefficient as the coin has failed to pump following the October 10th crash. Currently, XRP is consolidating inside a descending parallel channel, and could surge towards the $2.80 resistance level in the near term. 

The $2.80 resistance level also coincides with the 0.618 Fibonacci retracement line, making it a key area to watch as we approach the end of another month. Breaking above the $2.80 resistance would allow XRP to confirm a bullish reversal pattern and rally towards the $3.05 or even $3.40 levels in the weeks ahead.

The RSI of 52 shows that the bulls are regaining control, with the MACD lines also about to cross into the positive region. 

However, failure to sustain a bullish run will see XRP drop lower in the coming weeks. Its performance will depend on the broader risk appetite across crypto and equities. If the bearish trend persists, XRP could drop below the $2.2 support level over the next few hours.

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Key takeaways

• ETH is down 4.5% in the last 24 hours and is now trading below $3,900.
• The leading altcoin could dip below $3,700 as the bullish momentum fails to grow stronger.

ETH dips below $3,900

The crypto market has resumed its bearish trend after recording gains on Monday. Ether, the second-largest cryptocurrency by market cap, is down 4.5% in the last 24 hours and is now trading below $3,900.

The bearish performance comes as the ongoing tariff war between the United States and China continues to affect the financial markets. U.S. President Trump is expected to meet Chinese leader Xi Jinping later this month, and trade tensions are expected to continue before and after the event. 

While commenting on the current market conditions, Jeff Mei, COO at BTSE, stated that,

“We believe that macro concerns are driving day-to-day changes in the market. Volatility will continue as long as there are trade tensions between the U.S. and China. While they may come to an agreement at the end of the month and cause markets to rally, it’s unlikely that tensions will evaporate altogether.”

ETH could slip below $3,700

The ETH/USD 4-hour chart is bearish and efficient as Ether has underperformed in recent weeks. The coin has lost 4% of its value in the last 24 hours and now trades below $3,900 per coin.

The momentum indicators are bearish, signalling selling pressure in the market. The RSI of 52 shows a fading bullish momentum, with the RSI below the neutral zone also indicating that sellers are temporarily in control.

If the bearish trend continues, ETH could slip below the Friday low of $3,700 and retest the $3,499 low created two weeks ago. The $3,499 support will likely hold in the near term, allowing ETH to push higher.

If the bulls regain control of the market, ETH could surge to the ILQ level at $4,300 over the next few hours. An extended rally would see ETH reclaim the psychological resistance at $4,533.

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Key takeaways

• Chainlink is the best performer among the top 20 cryptocurrencies by market cap, up 10% in the last 24 hours. 
• LINK could reclaim the $20 level soon as bullish momentum returns.

Chainlink outperforms other major coins

LINK, the native coin of the Chainlink blockchain, is up by 10% in the last 24 hours, outperforming the other major cryptocurrencies. The rally saw LINK surge from the Friday low of $15 and is now trading close to $19 per coin.

There is no major catalyst behind the move as the broader crypto market is currently undergoing a recovery. Bitcoin, the leading cryptocurrency by market cap, is trading above $111k after dropping below $104k over the weekend.

Altcoins are also in the green, with Ether leading the way after reclaiming $4k. BNB, SOL, XRP, DOGE, TRX, and ADA all added over 2% to their values in the last 24 hours. Thanks to the ongoing recovery, the total cryptocurrency market cap now stands at $3.75 trillion.

LINK eyes $20 amid bullish price action

The LINK/USD 4-hour chart remains bearish and inefficient despite Chainlink adding 10% to its value in the last 24 hours. At press time, LINK is trading at $18.8. However, the technical indicators are switching bullish as more buyers enter the market.

The RSI of 67 shows that buyers are in control, and LINK/USD could enter the overbought region soon if the bullish trend continues. The MACD lines are also within the positive area, indicating a strong bullish bias at the moment.

If the rally continues, LINK could reclaim the $20 level over the next few hours. An extended rally would allow LINK to target the major resistance and TLQ level at $23.5 over the next few hours or days. 

On the flip side, failure to build on this momentum could see LINK decline towards the weekend low of $15.7. An extended bearish run would see LINK retest the October 7 low of $14.9 in the near term.

The post LINK to reclaim $20 as coin pumps 10%; Check forecast appeared first on CoinJournal.

Key takeaways

• SOL is up 2.5% in the last 24 hours and is now trading above $190.
• The coin could rally towards $220 ahead of the Accelerate APAC event.

SOL tops $190 as market momentum switches bullish

SOL, the native coin of the Solana blockchain, has followed the broader market’s trend and is trading in the green. The coin is up 2.5% in the last 24 hours and is now trading above $190 per coin.

The recovery is supported by increasing trading volumes, which has surged to levels last seen in January. The increase in trading volume comes ahead of the upcoming Accelerate Asia Pacific Accreditation Cooperation (APAC) event on Friday. The event could highlight key ecosystem developments for the Solana blockchain. 

The Accelerate Asia Pacific Accreditation Cooperation event, starting Friday in China, will highlight Solana’s growing role in the region’s Decentralized Physical Infrastructure Networks (DePIN) ecosystem. 

Traders and investors are now optimistic that the event could push SOL’s price higher. The SOL trading volume generated by all exchange applications on-chain hit $220 million on Saturday, the highest level recorded since mid-January. The surge in volume indicates that more traders are interested in SOL as they are optimistic its price could surge higher in the near term. 

SOL targets $220 as bullish momentum returns

The SOL/USD 4-hour chart is bearish and efficient, but the momentum indicators are slowly turning bullish. SOL added over 2.5% to its value in the last 24 hours after dropping 13% last week following the rejection of the price faced around the 50-day Exponential Moving Average (EMA) at $206.09.

At press time, SOL is trading at $193 and could retest the 50-day EMA again in the near term. The RSI on the 4-hour chart reads 56, pointing upward toward the overbought condition and indicating early signs of bullish momentum.

The RSI must stay above the neutral level for SOL to embark on a sustainable recovery. An extended rally would push SOL’s price towards the $220 TLQ level over the coming days. 

However, if SOL fails to build on this momentum and faces a correction, it could extend the decline toward the strongest support level at $186.

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Key takeaways

• XRP is down 7% in the last 24 hours and is now trading at $2.2 per coin.
• The bearish performance comes as the broader crypto market undergoes a correction.

XRP continues to decline despite Ripple’s efforts to accumulate more tokens

XRP, the native coin of the Ripple ecosystem, has lost 7.5% of its value in the last 24 hours and is now trading at $2.2 per coin. The bearish performance comes despite Ripple Labs leading an effort to raise at least $1 billion through a special-purpose vehicle aimed at accumulating XRP.

Bloomberg reported that the funding round will occur via a special purpose acquisition company (SPAC), with funds held inside a new digital-asset treasury (DAT) structure. The report added that Ripple intends to contribute a portion of its own XRP holdings.

Furthermore, Ripple announced on Thursday that it had acquired GTreasury, a corporate treasury software provider, in a deal worth $1 billion. Ripple is expanding into financial services via acquisitions, buying stablecoin payments firm Rail and prime brokerage firm Hidden Road earlier this year.

Ripple revealed that GTreasury’s treasury platform, used by Fortune 500 enterprises for managing cash, foreign exchange, and risk, will now become part of its suite of financial tools. 

XRP could dip below $2 as bullish momentum grows weaker

The XRP/USD 4H Chart is bearish and inefficient after the coin price found resistance around the lower trendline of a falling wedge pattern earlier this week. It has lost 7.5% of its value in the last 24 hours and is now trading below the daily support of $2.35. 

The RSI of 37 shows that bears are currently in control, with the MACD lines also signalling selling pressure. At press time, XRP is trading at $2.216 per coin. If the correction continues, XRP could extend its dip toward the next daily support at $1.96. Last Friday’s low of $1.77 could also be revisited if the bearish trend continues. 

However, if XRP recovers, it could extend the recovery toward the 200-day EMA at $2.62 over the next few hours. The $3 resistance level remains a medium-term target for now.

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