Spanish police arrested three British men in Costa del Sol for kidnapping a UK cryptocurrency broker and demanding €30,000 (approximately $31,000) for his release. The victim, a 34-year-old Hindi speaker, escaped by deceiving his captors into thinking he was calling a customer for a crypto wallet code, instead alerting a friend in London. His friend […]
In the realm of cryptocurrencies, a perplexing forecast has surfaced whereby an aspirational price objective of $10,000 for XRP is generating waves on trading platforms and social media. With the current price at $2.38, both experienced traders and newbies should find this prognosis very striking. Related Reading: Final Dip? Dogecoin Correction Could Precede A Record Surge—Analyst Do The Figures Add Up? Let’s get right to the point: this forecast by crypto expert Gen A runs over a basic mathematical obstacle. XRP’s market capitalization would explode to an amazing $1 quadrillion at $10,000 per coin. This is nine times more than the entire global stock market, which by the end of 2023 was valued at $111 trillion. When one considers the nearly $2 trillion market cap of Bitcoin, the absolute absurdity of this situation becomes even clearer. Can XRP Reach $10,000? The Ultimate Breakdown of a Crypto Dream 🔸Why Do Some Believe XRP Can Hit $10,000? 🔸What Would It Take for XRP to Reach $10,000? 🔸What Are the Experts Saying? 🔸Final Verdict: Can XRP Hit $10,000? pic.twitter.com/Fftmqgdbx7 — gen A 🔶 (@genAbilsav) February 7, 2025 The Reasoning For International Payments With supporters citing SWIFT’s daily transaction volume of $5 trillion as evidence for the great valuation, the optimistic projection by Gen A mostly relies on XRP’s part in international money transfers. But this kind of mindset shows a critical misreading of market dynamics. The value of transactions conducted over a network has little bearing on the necessary market capitalization of its native coin. It’s like arguing a delivery truck should be valued as much as every box it carries. What Might Really Motivate XRP’s Development? XRP does have real growth triggers worth thinking about, even with the fanciful $10,000 per unit price projection. While the platform’s capabilities for real-world asset tokenization offers actual possibilities, the much-anticipated conclusion of Ripple’s litigation by the US Securities and Exchange Commission could open institutional adoption. With each transaction, the built-in burn mechanism of the token destroys tiny quantities of XRP, therefore producing natural scarcity over time. Moreover, sources indicate the US government is assessing XRP for inclusion into a potential digital asset reserve. An Earthly Viewpoint Though fantasies of turning $1,000 into $4.2 million via a 420,068% price increase grab attention, they eventually take focus away from XRP’s actual potential. The potential of the cryptocurrency to act as a bridge currency and enable speedier, less expensive cross-border transactions defines its actual value proposition. Why Do Some Believe XRP Can Hit $10,000? The belief in a $10,000 XRP is largely based on its utility in global finance. Unlike speculative coins, XRP is designed to solve real-world problems, especially in cross-border payments. Here are some of the core arguments supporting… — gen A 🔶 (@genAbilsav) February 7, 2025 Related Reading: $350K Bitcoin? Crypto Investment Firm CEO Predicts Massive Surge Less dramatic pricing forecasts and more attention on sensible adoption measures, technical innovations, and regulatory compliance are what the market needs. In the end, utility has always driven sustainable development in the crypto field instead of speculation. At the time of writing, XRP was trading at $2.38, down 3.0% in the daily timeframe, but sustained a 6.6% run in the weekly. Featured image from Pexels, chart from TradingView
A Welsh landfill site where a hard drive purportedly containing 8,000 Bitcoin is buried is set to shut.
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Bitcoin’s computational difficulty leaped by 5.61% at block height 883,008, catapulting its measure to a historic peak of 114.17 trillion, as per the latest network analytics. Miners Brace for Heightened Challenge as Difficulty Spikes Following the successful mining of block 883,008, the twisting demands of Bitcoin block validation have intensified by 5.61%, with the system’s […]
South Korea must embrace cryptocurrency ETFs now to stay ahead, says the Korea Exchange chairman, calling them a game-changer for market growth and financial innovation. Crypto ETFs Are the Future: Korea Exchange Chairman Pushes for Approval Jung Eun-bo, chairman of the Korea Exchange, has called for the listing of cryptocurrency exchange-traded funds (ETFs) in South […]
XRP price struggled to continue higher above the $2.720 zone and recently corrected gains. The price is moving lower and might struggle to stay above $2.2650. XRP price started a fresh decline after it failed to clear the $2.780 level. The price is now trading below $2.50 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2.4650 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase if it clears the $2.50 resistance zone. XRP Price Dips Again XRP price started a recovery wave above the $2.250 support zone, like Bitcoin and Ethereum. The price gained pace for a move above the $2.450 and $2.500 resistance levels. The bulls pumped the price above the $2.70 level. However, the bears remained active near the $2.80 level. A high was formed at $2.780 and the price is now moving lower. There was a move below the $2.50 level. The price dropped toward the 50% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high. The price is now trading below $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.450 level. There is also a connecting bearish trend line forming with resistance at $2.4650 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.50 level. The next resistance is $2.60. A clear move above the $2.60 resistance might send the price toward the $2.780 resistance. Any more gains might send the price toward the $2.880 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00. More Losses? If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.2650 level. The next major support is near the $2.1420 level or the 61.8% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high. If there is a downside break and a close below the $2.1420 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.260 and $2.1420. Major Resistance Levels – $2.50 and $2.60.
Ethereum researcher Justin Drake says ETH issuance will decrease while the Bitcoin network will eventually be hampered by its supply cap, leading to debate on X.
Florida is moving to integrate bitcoin into its financial strategy, with a new bill proposing the state invest public funds in cryptocurrency as a hedge against inflation. Florida Explores Bitcoin Adoption for State Reserves Florida State Senator Joe Gruters filed a bill on Friday that would allow the state’s chief financial officer to invest public […]
Ethereum price failed to continue higher above the $2,880 resistance. ETH is now moving lower and might slip further toward the $2,320 support. Ethereum started a fresh decline below the $2,700 level. The price is trading below $2,700 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,700 level. Ethereum Price Recovery Fades Ethereum price started a recovery wave above the $2,650 level, like Bitcoin. ETH was able to surpass the $2,700 and $2,750 resistance levels to move into a short-term positive zone. However, the bears were active above $2,800 and the price started another decline. There was a move below the $2,720 and $2,700 levels. The price dipped and tested the 50% Fib retracement level of the upward move from the $2,127 swing low to the $2,923 high. Ethereum price is now trading below $2,700 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,680 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,700 level. The main resistance is now forming near $2,880 or $2,920. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,700 resistance, it could start another decline. Initial support on the downside is near the $2,525 level. The first major support sits near the $2,440 zone. A clear move below the $2,440 support might push the price toward the $2,320 support. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,525 Major Resistance Level – $2,440
