Ripple
Price analysis 7/4: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized. The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, crypto investors seem to be waiting for clues from the U.S. equities markets and the U.S. dollar. Bitcoin’s correlation coefficient with the dollar in the week ending July 3 slumped to 0....
Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011. It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign. Daily cryptocurrency market performance. Source: Coin360 Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent re...
Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started. Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand. Daily cryptocurrency market performance. Source: Coin360 Another sign t...
XRP price rally stalls near key level that last time triggered a 65% crash
Ripple’s (XRP) ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash. XRP price rebounds 30% XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021. The token’s retracement rally could extend to $0.41 next, according to its cup-and-handle pattern shown in the chart below. XRP/USD four-hour price chart featuring “cup and handle” pattern. Source: TradingView Interestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave). XRP/USD daily price chart featuring 50-day EMA upside target. Source: TradingView Major resistance hurdle The cup-and-handle bullis...
Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
A handful of on-chain metrics suggest that Bitcoin could be close to bottoming, and if true, the eventual relief rally could induce sharp gains from altcoins. The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end. Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market perfor...
Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB
Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading. Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal. Daily cryptocurrency market performance. Source: Coin360 However...
Price analysis 6/20: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook. Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in the past 10 days, according to data from Glassnode. Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s sharp recovery from the June 18 fall shows strong buying at lower levels&n...
XRP price technical breakdown boosts chances of a 40% drop by July
Ripple (XRP) price stares at potential losses in the coming weeks as it breaks out of a “descending triangle” pattern, with its bias skewed toward the downside. Major XRP breakdown underway To recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline. On May 16, 2022, XRP broke below the triangle’s support trendline, accompanying a decent increase in trading volumes. The move confirmed the descending triangle as a bearish reversal indicator. Meanwhile, as a rule of technical analysis, XRP now risks extending its downside move by as much as the triangle’s maximum height whe...
Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock. Daily cryptocurrency market performance. Source: Coin360 Billionaire investor Mark Cuban s...
Price analysis 6/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The United States equities markets extended their decline to start the week on June 13. The S&P 500 hit a new year-to-date low and dipped into bear market territory, falling more than 20% from its all-time high made on Jan. 4. The cryptocurrency markets are tracking the equities markets lower and the selling pressure further intensified due to the rumored liquidity crisis of major lending platform Celsius and traders possibly selling positions to meet margin calls. This pulled the total crypto market capitalization below $1 trillion. Daily cryptocurrency market performance. Source: Coin360 The sharp declines have led some analysts to project extremely bearish targets. While anything is possible in the markets and it is difficult to call a bottom, capitulations usually tend to sta...
Price analysis 6/10: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year. Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may have already bottomed. However, Lee seems to have toned down his expectations as he said that Bitcoin could “remain flat for the year, possibly up.” Daily cryptocurrency market performance. So...
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