Category: Cryptocurrency News

The sentiment around the XRP price has been mostly bullish lately with numerous predictions coming through for a potential rally. However, not everyone has joined the bull bandwagon after being disappointed by the XRP price performance. One analyst in particular has expressed its displeasure at XRP’s performance over the years, and as a result of this, the analyst wants to abandon the token. XRP Price Value Weakens One analyst who goes by CryptoCheck on the TradingView platform has put forward reasons for why he is no longer bullish on the XRP price. The analysis shows how XRP has underperformed the rest of the crypto market over the years, leading to the belief that the value of the token has weakened. Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? CryptoCheck points to the fact that XRP has been unable to reclaim its first and only all-time high even though Bitcoin and a lot of altcoins have been able to do the multiple times. The crypto trader refers to this price performance as unusual when compared to other assets in the industry. The analyst laments the inability of XRP to put on the same kind of performance as other coins over the years despite its value proposition as being a cryptocurrency for institutions. “Other coins have long surpassed their ATH’s. But XRP made one high, and never again. This speaks of weakness in terms of value. And that can no longer be ignored,” the analyst writes. Furthermore, CryptoCheck compares the token to the likes of Dogecoin (DOGE) which is widely known for having no value and being a meme coin. Nevertheless, DOGE has hit multiple all-time highs while the XRP price continues to lag behind. “The truth is, if I bought as much DOGE as I did XRP, my portfolio would have been up x100 compared to now,” CryptoCheck adds. Weak support and stronger resistance | Source: Tradingview.com Will No Longer Accumulate XRP The culmination of CryptoCheck’s analysis comes from the fact that he will no longer be buying the token. According to the crypto trader, he had been religiously buying XRP due to his strong belief and ideology about the value proposition of the token. However, the XRP price performance has been nothing to write home about. The analyst attributes this to low trading volume for the token and investors not being interested in buying the token. Also, CryptoCheck points to what he referred to as a “Pump and Dump” price action which has led to XRP constantly forming “weak support zones and strong resistance zones.” Related Reading: XRP Price Threatened As Ripple Unlocks 1 Billion Coins Additionally, he explains that the rising unpopularity of XRP translates to weak confidence. As such, investors who are already holding the tokens are looking for a good opportunity to sell and exit, especially short-term traders. As for the analyst, he explained that the next course of action was to sell. “I have decided I will no longer accumulate. Instead, as soon as the price reaches higher than what I bought for, I will be looking to sell my bags,” he revealed. XRP bulls take control of performance | Source: XRPUSD On Tradingview.com Featured image from Eightify, chart from Tradingview.com

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

No specific timeline was given as to when users can receive their money back.

An on-chain signal that preceded crashes of at least 34% for Chainlink in the past has once again formed for the cryptocurrency. Chainlink 30-Day MVRV Ratio Recently Hit The 20% Mark As explained by an analyst in a post on X, the last two times the 30-day MVRV ratio broke above the 19% level, the price of LINK registered a sharp decline. The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Chainlink market cap and the realized cap. The “realized cap” here refers to the total amount of capital that holders of the cryptocurrency have invested into it. As the MVRV ratio compares the spot valuation (the market cap) with the amount that the investors bought the asset with, its value can provide hints about whether the holders as a whole are in profits or not. When the metric has a value greater than 1, it means that the market cap is more than the realized cap, and hence, the average investor is in profit right now. The more the holders get into profit, however, the more likely they become to sell, so high values of the MVRV ratio can suggest the asset is becoming overpriced and a correction may be due. Related Reading: This Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead? On the other hand, values under the threshold suggest the cryptocurrency may be undervalued currently as the overall market is holding some net unrealized losses. Now, here is a chart that shows the trend in the 30-day version of the Chainlink MVRV ratio, which looks at the profitability of only the investors who bought within the past month: The value of the metric seems to have sharply surged in recent days | Source: @ali_charts on X In the above graph, the value of the 30-day MVRV ratio is represented as a percentage relative to the break-even level. As is visible, this indicator has observed some sharp uptrend recently as Chainlink has enjoyed its rally. During this latest rapid growth, the metric had managed to hit a peak of 20%, which means that the market cap had become 20% more than the realized cap of the 30-day investors. The analyst has pointed out an interesting trend that LINK has followed during the past couple of years. It would appear that whenever the 30-day MVRV ratio has broken above the 19% mark, the cryptocurrency has followed up with a steep drawdown. This has happened two times in the period of the chart and coincidentally, Chainlink’s decline was about 34.5% in both of these instances (although the time the drawdown was spread out over was different in the two cases). Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts Since the 30-day MVRV has once again surged above this apparently significant level, it’s possible that LINK may also register a similar drop in the coming days or weeks. LINK Price Chainlink has observed some sharp uptrend over the past month, as its price is currently trading just under the $8 level, having gone up almost 34% in the period. If the MVRV ratio is anything to go by, though, this impressive run may finally be coming to an end. Looks like LINK has sharply surged recently | Source: LINKUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

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Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.

Optimism (OP) has posted notable gains today, October 2, trading at $1.45, with a 5% increase in the last 24 hours. Furthermore, its price has gained 15% in the last seven days.  OP’s rise coincides with the improvement in the general crypto market, which showed a remarkable recovery. However, whether OP will sustain the ongoing rally remains to be seen. But a close look at a few technical indicators may provide vital insights into its next price moves.  OP Approaches Overbought Zone As Buyers Sustain Rally OP continues to show positive price momentum as buyers dominate the market. Also, it has formed a fifth consecutive candle on the daily chart, confirming active accumulation by traders. Its rally became prominent on September 29, when it broke above the Donchian Channel (DC) median band. OP flipped the $1.41 resistance level to support today and edges closer to the upper band of the Donchian Channel towards the $2.50 resistance level. If the buyers sustain the rally above the $1.50 resistance, OP will likely move into the overbought zone.  Additionally, the Moving Average Convergence/Divergence (MACD) has risen above its signal line, displaying a strong buy signal. Also, the Histogram bars are green, confirming that the buyers are still active. More so, the Relative Strength Index (RSI) indicator displays a value of 64.2 and is rising to the overbought region of 70.  Based on these indicators, OP will likely enter the overbought zone in the coming days, implying that accumulation will continue. However, traders should look out for bearish resistance at the $1.50 level that could serve as a potential entry point for sellers.  What Could Be Behind OP’s Recent Gains? Besides the general recovery in the crypto market, Optimism records exciting developments in its ecosystem. One notable change is a September 29, 2023, proposal to change Optimism’s security model.  According to the proposal, the OP team aims to hand over the admin key for the OP Mainnet to public and decentralized participants. These participants will be the Security Council held accountable for Optimism’s Governance.  Although this proposal awaits approval, it creates engagement in the OP ecosystem, thus increasing investor interest and activity. And this increased activity exerts higher buy pressure on the token.  Furthermore, the Optimism Superchain is another innovation driving ecosystem growth. According to blockchain data provider Covalent, the Superchain is an interlinked blockchain network of individual chains tagged “OP chains.”  Interestingly, builders can use the Superchain to engage in on-chain development. However, they must comply with the Law of Chains, a set of community rules on how teams support public goods and decentralization.  The OP Mainnet is the first member of the Superchain. Again, it has recorded increased daily active addresses, higher than Arbitrum, which is declining in on-chain activity.  BuildOnBase, created by Coinbase, is the second member of the Superchain, aiming to attract billions of users. BuildOnBase ranked as one of the best-performing chains in 2023 and the fastest L2 to reach 100,000 users in 56 days.  These developments are likely driving the growth in the Optimism ecosystem, evident in its recent price surge. 

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed on the future.