Category: Cryptocurrency News

Bitcoin may finally get a trend identity after the July monthly close is done, one trader suggests, with BTC price action wedged below $30,000.

Binance is now officially allowed to offer crypto services to institutional and qualified retail investors in Dubai.

XRP has developed significantly since the recent court ruling in the high-profile case between Ripple and the US Securities Exchange Commission. The court declared that XRP is not a security, leading to a significant rally in its value.  However, XRP has not made significant progress toward the coveted $1 mark since the initial gains, leaving investors and market observers wondering about its future trajectory. Related Reading: Traders’ Interest In XRP Remains Solid Despite Price Retreat, Data Shows The characteristics of the larger cryptocurrency market have also hampered XRP’s development. XRP’s price swings have been impacted by the erratic nature of the cryptocurrency market and the ebb and flow of investor emotion, forcing them to fluctuate without building enough momentum to reach the coveted $1 milestone. According to a recent XRP price report based on data from TradingView, a crypto analyst who goes by the pseudonym, Juicyho, expressed doubts regarding the likelihood of a swift surge in XRP’s value. XRP Key Resistance Levels To Watch Juicyho believes that XRP might only experience a substantial rally once it finds strong support around the $0.58 level. Despite the positive impact of the court case on market sentiment, Juicyho suggests that additional factors may be at play, causing the token’s progress to stall. Source: Coingecko As of the latest data from CoinGecko, XRP is trading at $0.704, having experienced a 0.8% decline in the last 24 hours and a 3.1% slump over the past seven days. These fluctuations have left investors needing clarification about the cryptocurrency’s near-term trajectory. XRP market cap currently at $37.10 billion on the daily chart: TradingView.com In the quest for a price rebound, Juicyho highlighted crucial resistance levels to watch: $0.769, $0.785, and $0.98, with $0.785 as the most critical resistance level, based on historical price action on the yearly time frame. Breaking through and sustaining a value above $0.981 would signal a significant shift in price dynamics, potentially leaving the lower price range behind. CoinsKid’s Bullish XRP Prediction Despite the current stagnation, some analysts like CoinsKid remain optimistic about XRP’s prospects. CoinsKid pointed out on X that XRP could be forming a “double bottom” pattern, often seen as a signal of an impending upward trend after a period of decline.  Related Reading: Shibarium Hype: Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens Additionally, the analyst highlighted the formation of an ascending triangle, another bullish indicator. CoinsKid’s perspective is summed up in the trading principle, “compression leads to expansion,” indicating that XRP’s constrained trading range might eventually lead to a breakout. #xrp – breakout target new ATH. When you zoom out, you can see the bigger picture. Possible 6 month double bottom, ascending triangle forming! Compression leads to expansion. pic.twitter.com/2DzOlit37H — CoinsKid (@Coins_Kid) July 30, 2023 Navigating Uncertainty Meanwhile, the court victory has undoubtedly brought positive sentiment to XRP, but the token faces challenges on its path to recovery. Analysts like Juicyho caution against hasty expectations and emphasize the importance of support levels. On the other hand, CoinsKid’s bullish outlook, based on technical patterns, keeps the optimism alive. XRP investors and traders must navigate uncertainty and exercise caution as the market evolves. Monitoring essential support and resistance levels and technical patterns will be crucial in gauging XRP’s potential breakout or further declines. Only time will tell how XRP’s price will ultimately respond to the court victory and the broader market conditions. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Coin Central

In a recent statement, Wells Fargo’s Treasury Management officer Shannon Thorp provided an eye-catching price prediction for XRP. The forward-thinking executive anticipates a potential surge in XRP’s value to anywhere between $100 and $500 in the short term, specifically within the next 4 to 7 months. This price hike prediction represents an astounding 14,200 % to 71,400% increase from the current trading value. Finding The Right Best Model Thorp acknowledges the longstanding debate within the XRP community, where one faction relies solely on chart patterns and trends exhibited by Bitcoin to draw short-term price predictions. On the other hand, another group emphasizes the significance of XRP’s utility, believing that its partnerships and the replacement of antiquated systems will be the key drivers of its price. However, Thorp presents a novel perspective, emphasizing that XRP is NOT a security and basing price forecasts on traditional securities logic is counterintuitive to the original vision set forth by the Ripple team. Related Reading: This Machine Learning Tool Was Asked To Predict XRP Price, Here’s What It Said Expanding on her rationale, Thorp introduces the concept of Liquidity Strength (LS) as a pivotal metric to consider when predicting XRP’s future value. To ascertain a price range for the token, she takes into account the total supply, including circulating tokens, burnt tokens, those owned by banks, governments, and individuals, and assumes that Ripple has released all their XRP from escrow. According to Thorp, if one company were to possess all 100 billion tokens, their Liquidity Strength (LS) in a price range of $1.00 to $5.00 would amount to $100 billion to $500 billion. However, she argues that such a calculation fails to consider the potential growth in the economy, messaging and settling activities, and the continuous benefits derived from using XRP. Drawing on real-world examples, Thorp compares the token’s potential to that of SWIFT, which handles approximately 44.8 million messages per day. Even if Ripple could capture only 30% of SWIFT’s daily value, which she approximates at $7 trillion, it would result in a staggering $2.1 trillion in daily value (roughly 13.2 million messages) for XRP. Considering XRP’s quick settlement time of 1 to 5 seconds, the liquidity would indeed be present. However, Thorp highlights the challenge of conducting large transactions with limited Liquidity Strength, as it may require a significant portion of a bank’s XRP holdings. XRP Price Prediction To arrive at her price prediction, Thorp factors in various elements such as all global banks, burnt XRP, individual holdings, XRP distributed to large banks and creators, and tokens available on liquidity hubs and exchanges. She estimates that at any given time, there may be 50 to 75 billion XRP supporting Liquidity Strength (LS). When distributed across approximately 300 to 1000 different banks, liquidity providers, and governments, this would yield around $75 million XRP/dollars for each institution. Taking into account J.P. Morgan as a top-tier bank with a daily transaction volume exceeding $8 trillion, Thorp postulates that even if Ripple captured only 10% of this market, which amounts to $800 billion, the existing 75 billion XRP in circulation would not suffice to move such massive sums efficiently. Thorp acknowledges that this estimation solely pertains to cross-border transactions and does not encompass derivatives, real estate, CBDCs, technical parallels, and NFTs. Related Reading: Traders’ Interest In XRP Remains Solid Despite Price Retreat, Data Shows With the groundwork laid, Thorp makes her price prediction, projecting XRP’s price range to be anywhere from $100 to $500 in the near short term (4 – 7 months). Her calculation is based on the Liquidity Strength (LS) scenario, where a XRP price of $100 with a supply of 50 billion XRP would yield an LS of $5 trillion, while $500 would result in an LS of $25 trillion. According to Thorp, this valuation gives the market breathing room, allows for growth, and assures that no single entity needs to hold billions of XRP to operate daily. Furthermore, Thorp believes that a potential “flip of the switch” moment could trigger this price surge – an event akin to a re-evaluation for XRP, similar to how gold is assessed. Notably, Thorp’s speculation sets an exciting stage for the future of XRP, albeit it is important to remember that her prediction is based on several assumptions that may or may not actualize. As always, those interested in investing should conduct their due diligence, consider multiple perspectives, and make informed decisions. At press time, the XRP price was at $0.7074. Featured image from iStock, chart from TradingView.com

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Zero-knowledge (ZK) proofs allow for proving a statement’s truth without revealing any information beyond its validity.

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Bitcoin prices have been stagnant, trading below the psychological $30,000 level. The coin is technically under pressure, declining from its peaks of around $31,800 recorded in early July 2023. Amid this development, on-chain data reveals that the Bitcoin miner reserve has been increasing, notwithstanding prevailing market conditions, bouncing back from May 2023 lows. According to data from CryptoQuant, the BTC miner reserve stands at 1.841 million as of July 30, up from 1.826 million on May 27. Bitcoin Miner Reserve Rising The increasing BTC miner reserve and relatively stable and steady coin prices suggest a sense of optimism among miners. This could improve sentiment and confidence among miners, possibly boosting prices and preventing sellers from pressing the coin even lower. Presently, as mentioned earlier, BTC is trending below $30,000. In crypto, the Bitcoin miner reserve measures all BTC in the hands of all miners and mining pools. It shows the total number of BTC that is yet to be liquidated. Price-wise, this is important. Miners frequently sell their coins to cover operational costs and realize profits. Therefore, trackers often monitor their trading patterns for valuable insights into market sentiment. Related Reading: Shibarium Hype: Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens Bitcoin miner reserve trends are important for traders. However, other critical factors could influence prices in future sessions, some of which might have adverse effects. One key consideration is how different countries decide to regulate cryptocurrencies, including Bitcoin, as their move can impact liquidity and investor perception.  Regulation, Energy Consumption Criticism Negative For Prices In the United States, for instance, the approval or rejection of a Bitcoin Spot ETF by the Securities and Exchange Commission (SEC) could significantly affect Bitcoin’s price in the months ahead. The approval of a Bitcoin ETF would enable institutional players to include Bitcoin in their portfolios, injecting capital into the crypto markets and potentially increasing liquidity. Currently, Grayscale’s GBTC, a close-ended trust, allows institutions to get exposure to Bitcoin without directly buying BTC.  Related Reading: Here’s How Long The Majority Of New Ethereum Wallets Are Used Before They’re Dumped Beyond price-related factors, Bitcoin’s proof-of-work network has faced criticism for its substantial energy consumption to power its operations. In response to environmental concerns, China banned Bitcoin and crypto mining activities, resulting in a drop in the network’s hash rate and negatively impacting BTC prices. Whether the US and Europe will follow a similar path in the future could also have implications for Bitcoin’s price trajectory. Featured image from Canva, chart from TradingView