Schlagwort: blockchain analysis

Key takeaways

• XRP is up nearly 2% in the last 24 hours and has climbed above $3.
• The positive performance comes despite the SEC’s ETF delay.

SEC delays spot XRP ETF applications

XRP, the native coin of the Ripple network, is up nearly 2% in the last 24 hours as it bounces back from its recent low. The positive performance comes despite the United States Securities and Exchange Commission (SEC) delaying its decision on Canary Capital, CoinShares, Bitwise, Grayscale, and 21Shares’ spot XRP ETF applications.

The regulatory agency stated that it had extended its decision on the 21Shares Core XRP Trust from the set deadline of August 20, adding 60 days, setting the new deadline for October 19.

The SEC also delayed decisions on the 21Shares Trust, Grayscale, CoinShares, and Bitwise XRP ETF filings. The delay will provide the SEC enough time to seek public opinion on the proposal and assess any regulatory concerns associated with the Exchange Act.

Analysts expect the SEC to issue final decisions on all eight pending spot ETF applications, including Franklin Templeton, REX-Osprey, WisdomTree, and five others, by October 18.

XRP aims for $3.3 as the market slowly recovers

The XRP/USD 4-hour chart remains bullish and efficient despite XRP’s recent poor performance. The long-term trend remains bullish as XRP looks to set a new all-time high in the near to medium term. 

After holding around the $2.9 support, XRP could rally higher in the short term. The technical indicators are still bearish but point to signs of growing momentum. The MACD lines are within the bearish region, but could soon crossover into the positive zone. The RSI of 43 shows that XRP is not in the oversold region, and bulls could regain control with ease.

If the recovery improves, XRP could surge past the first major resistance level at $3.39 in the next few hours or days. Support from the broader market would allow it to surpass its recent high of $3.66.

However, if the bearish trend grows stronger, XRP could retest the $2.72 support level over the next few days. The low of $2.08 created last month remains strong and could stand in the short to medium term.

The post XRP climbs above $3 after ETF delay; Check forecast appeared first on CoinJournal.

• XRP could potentially rise from around $3 to $28, representing a 777% increase.
• Financial institutions are increasingly adopting XRP for cross-border payments.
• The projected surge depends on favorable market conditions and continued adoption.
  

XRP is once again at the centre of market discussions after crypto strategist @egragcrypto shared a prediction suggesting the token could rally by as much as 777%, potentially reaching $28.

The digital asset, currently trading at around $3.01, has attracted renewed attention from both investors and analysts across global markets.

This projection comes against a backdrop of historical price cycles, ongoing legal clarity from Ripple’s battle with the US Securities and Exchange Commission (SEC), and increasing institutional adoption of blockchain-based settlement solutions.

The combination of technical chart patterns and real-world developments is driving speculation on whether XRP can repeat its past performance and set new all-time highs.

XRP cycles show patterns behind $28 forecast

According to the analysis, XRP’s price history reveals three distinct cycles. The first, during the 2017–2018 boom, saw the token move from just a few cents to over $3.00 before the wider crypto market collapsed.

The second occurred between 2020 and 2021, when XRP staged a strong rebound despite Ripple being caught in an SEC lawsuit.

Egrag’s cycle analysis now points to a potential third phase. XRP has been consolidating near multi-year highs, with the 777% target at $28.16 projected if the historical pattern plays out once again.

The forecast has spread widely across social media, with the tweet by @egragcrypto fuelling further debate among market watchers and crypto traders worldwide.

Ripple’s legal win and institutional partnerships

Momentum around XRP has also been supported by developments outside of charts. A key turning point came in 2023, when Ripple secured a partial court victory against the SEC.

The ruling determined that XRP was not considered a security when traded on exchanges, removing a major source of regulatory uncertainty. This outcome provided banks and institutions with the confidence to engage with the token, reviving its role as a settlement asset.

Ripple has since expanded its network of financial partnerships across global markets, with institutions exploring XRP’s potential for cross-border payments.

Despite challenges, XRP has consistently maintained its place in the top 10 cryptocurrencies by market capitalisation. At present, the token is up roughly 1.66% today, with trading volumes reflecting solid interest from both retail and institutional investors.

XRP prediction requires favourable conditions

While the 777% projection to $28 has gained attention, analysts note that such a move would require favourable conditions, including wider crypto market growth, regulatory stability, and continued adoption by financial institutions.

The size of the rally means that the prediction remains highly ambitious, but XRP’s resilience has kept it in the spotlight.

Sustained performance in trading volumes, combined with XRP’s ability to maintain relevance despite legal hurdles, has encouraged closer monitoring of the asset.

Whether or not the cycle analysis proves accurate, XRP continues to demonstrate significant staying power in an evolving global cryptocurrency market that is increasingly shaped by institutional participation and long-term investor interest worldwide.

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Ke takeaways

• Solana is the worst performer in the top 10, down 6% in the last 24 hours.
• The coin could retest the $174 support level as BTC and others underperform.

SOL dips 6% as the broader market sheds nearly $200b

The weekend was bearish for Bitcoin, and other leading cryptocurrencies recorded huge losses. Bitcoin dropped to the $115k region after setting a new all-time high price last week, while Ether is now trading around $4,285 after hitting $4,700 a few days ago.

The worst performer among the top 10 cryptocurrencies by market cap is SOL, Solana’s native coin. SOL is down 6% in the last 24 hours and risks dropping below $180 soon if the bearish trend continues. 

Despite the bearish performance, SOL has maintained its position as the sixth-largest cryptocurrency by market cap, behind Binance’s BNB. However, if the negative trend continues, SOL could lose more value and see its market cap drop below $90 billion.

The total cryptocurrency market cap dropped by nearly $200 billion over the weekend as SOL, ETH, XRP, and BTC all recorded heavy losses.

SOL eyes $174 support zone amid massive sell-off

The SOL/USD 4-hour chart remains bullish and efficient despite Solana recording losses over the last few hours. The technical indicators are switching bearish on the lower timeframe, indicating that sellers are now in control of the market.

The RSI of 37 shows that SOL is heading into the oversold territory if the bearish trend continues. The MACD lines have also crossed over into the negative region, suggesting a bearish trend.

If the sell-off continues, SOL could retest the first major support level and the TLQ at $174 in the coming hours or days. An extended bearish run would see SOL test the $155 low for the second time time month.

However, the market could embark on a recovery, and SOL could reclaim the recent high of $209. An extended bullish run would see SOL surge higher and hit $250 for the first time since February.

The post SOL could retest $174 amid bearish price action; Check forecast appeared first on CoinJournal.

Key takeaways

• LINK is the best performer among the top 20 cryptocurrencies by market cap, up nearly 2%.
• Chainlink’s native coin is now trading above $25 per coin.

LINK up nearly 2% as the broader market underperforms

The crypto market was extremely bearish over the weekend, with nearly $200 billion wiped out from the market during that period. Bitcoin has dropped to the $115k zone while Ether is trading above $4,200 after failing to make a new all-time high last week.

However, LINK, the native coin of the Chainlink blockchain, is the only cryptocurrency in the top 20 to perform positively. LINK is up by more than 1% over the last 24 hours and is now trading above $25.

Its rally comes following recent developments like the launch of the Chainlink Reserve and its partnership with ICE, the company behind the New York Stock Exchange. Analysts believe that LINK is currently undervalued and its price could soar higher in the near term. LINK is currently the 11th-largest cryptocurrency by market cap after surpassing Hypiliquid’s $HYPE earlier this month.

LINK targets $30 as bullish momentum continues

The LINK/USD 4-hour chart is bullish thanks to the coin’s ongoing rally. However, it is inefficient, suggesting that LINK could sweep liquidity to the downside before continuing its rally.

The MACD lines are deep within the positive region, indicating a bullish momentum. The RSI of 59 also shows that LINK is still far away from the overbought region, indicating further room for growth.

If the rally is sustained, LINK could surge past the first major resistance level at $30 over the next few days. An extended bullish run would allow LINK to trade around $35 for the first time in four years. However, $30 could serve as a profit-taking region for long-term holders. 

On the flip side, if LINK faces a correction like the broader market, it could drop to the TLQ and support level at $21 over the next few hours.

The post Chainlink price prediction: LINK outperforms other coins in top 20 appeared first on CoinJournal.

Key takeaways

• The cryptocurrency market reversed its recent gains, with bullish traders losing over $800 million in the last 24 hours.
• DOGE dropped by 6% after failing to hit $0.26.

DOGE dips lower on poor PPI data

The cryptocurrency market reversed its recent gains on the back of poor PPI data from the United States. Bitcoin hit a new all-time high of $124k on Thursday but quickly reversed its gains and dropped below $119k.

Ether was trading above $2,700 during the early hours of Thursday, but has lost 2% of its value since failing to surge past its current all-time high price. Meanwhile, DOGE, the native coin of the Dogecoin blockchain, was the worst performer among the top 10 cryptocurrencies by market cap, down 6% in the last 24 hours.

The bearish performance saw DOGE test the $0.21 support zone a few hours ago. It has slightly bounced back and is now trading above $0.23 per coin.

The market slump was caused by the recent Producer Price Index (PPI) data published by the U.S. Bureau of Labor Statistics on Thursday. The PPI for final demand rose 3.3% on a yearly basis in July, higher than the 2.5% analysts expected and June’s 2.4%. 

Furthermore,  the annual core PPI rose 3.7% in July, up from 2.6% in June. These data raised fresh concerns around inflation in the United States and whether the Federal Reserve will cut interest rates in its upcoming FOMC meeting.

DOGE targets the $0.25 TLQ

The DOGE/USD 4-hour chart is bearish thanks to Dogecoin’s recent performance. The technical indicators show signs of fading bullish momentum, but could recover if the bulls regain control of the market.

The MACD lines are still within the positive territory, suggesting that the bears don’t have full control yet. The MACD of 54 also shows that the DOGE/USD pair has not fully flipped bearish.

If the bulls regain control, DOGE could reclaim the nearest resistance and TLQ zone at $0.256 in the coming hours or days. An extended bullish run would allow it to surge past July’s high of $0.28. However, for that to happen, DOGE’s RSI needs to stay above the neutral 50.

On the flipside, if the bearish momentum grows stronger, DOGE could drop lower and retest last week’s low of $0.1874. The bulls would defend this level fiercely, as failure to do so could see DOGE drop below $0.15 for the first time since June.

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