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Blockchain

Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

This can be seen in the image below:

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

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Blockchain

Uniswap 71% Single-Day Rally Raises Eyebrows – Can DeFi Maintain Momentum?

The cryptocurrency market witnessed a significant shift in momentum on February 23rd, as Uniswap native token, UNI, skyrocketed by an impressive 71%. This surge marks the token’s highest price point since March 2022, sending shockwaves through the crypto landscape and reigniting interest in the decentralized finance (DeFi) sector.

Uniswap Proposes Fee-Sharing Feast For Stakers

The primary catalyst behind this astronomical rise appears to be a pivotal proposal unveiled by the Uniswap Foundation. This proposition advocates for the implementation of a novel fee-sharing mechanism, fundamentally altering the token’s utility and incentivizing long-term participation within the Uniswap ecosystem.

Under the proposed system, UNI holders who stake their tokens will be rewarded with a portion of the fees generated by the Uniswap protocol. This not only grants them a direct financial incentive but also empowers them to choose delegates who vote on governance proposals, shaping the future direction of Uniswap.

This revolutionary approach resonates with a broader trend of resurgent interest in DeFi. According to on-chain data provider Santiment, assets associated with decentralized lending, borrowing, and cryptocurrency exchange, like $COMP, $SUSHI, and $AAVE, have all experienced notable value increases, mirroring UNI’s upward trajectory.

Trade Volumes On A Roll

Further bolstering this trend, trading volumes across these protocols have also seen explosive growth. For instance, the COMP price jumped alongside a staggering 400% increase in trading volume, reaching over $175 million.

Similarly, SushiSwap (SUSHI) witnessed a 27% price surge coupled with a 153% increase in trading volume. This shift in investor focus is further underscored by a corresponding decline in the value of AI-related coins, indicating a potential capital rotation within the market.

Uniswap v4 Upgrade On The Horizon: Efficiency And Customization Beckon

Adding fuel to the fire is the impending arrival of the highly anticipated Uniswap v4 upgrade, slated for release in Q3 2024. This transformative update promises to enhance the protocol’s efficiency and customizability, catering to the evolving needs of the DeFi space.

While the direct impact of v4 on the current price surge remains debatable, its potential to revolutionize the Uniswap experience undoubtedly contributes to the overall bullish sentiment surrounding UNI.

Beyond Uniswap: DeFi Dominance On The Rise?

The Uniswap fee-sharing proposal and upcoming v4 upgrade have not only revitalized the UNI token but also cast a spotlight on the broader DeFi landscape. Analysts predict that other DeFi protocols like Blur and Lido Finance could witness similar surges in the wake of Uniswap’s bold move.

This potential domino effect underscores the growing importance of DeFi within the cryptocurrency ecosystem, attracting investors seeking innovative financial solutions beyond traditional centralized systems.

Featured image from Adobe Stock, chart from TradingView

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Blockchain

Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural, Rally Imminent?

XRP’s price action for the last three years has been majorly disappointing, with the crypto yet to turn positive for its holders. Notably, XRP’s price action for the past three months has been brutal and needs to catch up when compared to other large cryptos.

Despite this underwhelming price movement, many analysts haven’t stopped predicting a potential rally for XRP in the coming months. Particularly, attorney Bill Morgan, who is known for his bullish stance on XRP, recently took to social media to share his take on the asset’s lackluster performance, calling it “unnatural.” 

Pro-XRP Lawyer Calls The Decline ‘Unnatural’

Morgan’s recent observation on XRP goes along with the wider thought among investors. According to him, XRP’s performance over the past 90 days has been so unnatural, raising the question of how this poor performance came to be. This observation came as a reply to a chart shared by another investor comparing crypto gains. 

At least XRP isn’t last. The question is why has the performance over 90 days been so poor. It is unnatural. https://t.co/hsvBBhUBJQ

— bill morgan (@Belisarius2020) February 13, 2024

According to the data, XRP is currently on a 17.8% decline in the past 90 days. However, other top cryptocurrencies like Bitcoin, Chainlink, BNB, and Ethereum have performed 30% gains in the same timeframe amidst wider crypto market rallies. The insights made by Morgan have not only shed light on the underperformance of XRP but have also sparked discussions among supporters.

This says it all…. pic.twitter.com/nLHxbawqDz

— MerlinR₳s (@MerlinRas21) February 13, 2024

The general consensus has been of an unnatural price action. The unnatural in this case has mostly been caused by the legal tussle between the SEC and XRP’s payment company, Ripple, which has lingered for the past three years. Although Ripple has made major headways against the SEC in the past year, the recent price action indicates that XRP is yet to garner support from institutional and large investors.

Reversal Into A Rally?

The XRP community remains optimistic about the digital asset’s future. Many long-term XRP holders, often called “XRP Army” members, believe the lackluster price action is temporary and that XRP will rebound significantly in the coming months. 

According to Crypto Rover, a crypto YouTuber, XRP is on the verge of breaking out of a triangular price action to the upside. His XRP/USD price chart indicates the formation of lower highs and higher lows for the past three years and is now at a squeeze. Morgan also relayed optimism to the analysis, stating “Now or never!”

$XRP

It has been 3 years now…

But I do believe the breakout can be massive! pic.twitter.com/lUZNTvzQNc

— Crypto Rover (@rovercrc) February 12, 2024

At the time of writing, XRP is trading at $0.54, down by 3.50% in the past seven days. Crypto analyst Dark Defender forecasted a $0.66 price point and beyond in the coming months. Talks continue to linger around the potential of a spot XRP ETF.

Now or never! https://t.co/rxPTBpdFSf

— bill morgan (@Belisarius2020) February 12, 2024

Featured image from Adobe Stock, chart from TradingView

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Blockchain

Analyst Forecasts $40 Target For Chainlink (LINK)

Chainlink (LINK) continues to remain among the headlines following a negative performance, which saw the token’s price decline by 7.63% in the last week based on data from CoinMarketCap. However, despite this discouraging price loss, investors and market experts appear to remain bullish on the altcoin. For instance, popular crypto analyst Michaël van de Poppe has recently released a price prediction that states LINK could double its market price in the coming months.

Chainlink (LINK) Poised To Notch 122% Gains, Analyst Says

In a Friday post on X, Michaël van de Poppe presented a bullish case for Chainlink using the LINK/BTC 3-day chart. The analyst began his prediction by noting LINK’s positive stint in the first two weeks of February, during which the token rose by 32.77% to trade above the $20 price mark.

#Chainlink had another leg upwards in their $BTC pair towards the crucial resistance.

Failed to break out.

It’s looking for a higher low & support and then a reversal towards 4500 sats again.

I think $LINK is likely to run to $30-40 in the coming months. pic.twitter.com/HtwHogdvsJ

— Michaël van de Poppe (@CryptoMichNL) February 23, 2024

However, despite this impressive price gain, the prominent altcoin failed to breach a crucial resistance zone at 0.00480 BTC, thus failing to initiate a breakout. Following this event, van de Poppe believes that Chainlink is now seeking a higher low to serve as its support level.  For context, a higher low In technical analysis refers to a pattern on a price chart in which a successive low point in a trend is higher than the previous low point. It is usually interpreted as a bullish signal indicating a potential trend reversal or continuation of an upward trend.

After successfully finding its higher low, van de Poppe anticipates LINK to experience a price reversal, gaining by 4,500 satoshis, which is currently valued at $2.29 at the current Bitcoin price of $50,761. Thus, Chainlink could soon return above the $20 mark. Furthermore, the analyst believes this price gain could lead to LINK finally initiating a breakout, hitting a price in the range of $30-$40 within the next few months. If this prediction proves true, the altcoin could experience a potential maximum gain of 122.71% on its present market price.

LINK Price Overview

At press time, Chainlink continues to exchange hands at $17.96 with a 0.11% gain in the last day. Meanwhile, the token’s daily trading volume has experienced a slight decline of 0.70% and is now valued at $426.65 million. Based on market shares, Chainlink is ranked as the 12th largest cryptocurrency with a total market cap value of $10.55 billion.

LINK trading at $17.944 on the daily chart | Source: LINKUSDT chart on Tradingview.com

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Blockchain

800,000 ETH Flow Out Of Centralized Exchanges In 2024 – Bullish Sign For Ethereum Price?

The price of Ethereum has been a joy to watch since the start of 2024, climbing by more than 30% in less than two months. The latest on-chain revelation suggests that ETH investors are approaching the market with more confidence, as the cryptocurrency’s price rally seems to be far from over.

$2.4 Billion Worth Of ETH Leaves Exchanges: CryptoQuant

A pseudonymous analyst on CryptoQuant’s Quicktake revealed that significant amounts of the Ethereum token have been making their way out of exchanges in the last few weeks. This observation is based on the “Exchange Reserve” metric, which tracks the amount of ETH tokens in the wallets of all centralized exchanges.

When the value of this metric increases, it implies that investors are making more deposits than withdrawals of an asset (Ether, in this case) into centralized exchanges. Meanwhile, the metric’s decline means that more assets are flowing out than entering these platforms.

According to data from CryptoQuant, more than 800,000 ETH (equivalent to approximately $2.4 billion) has flowed out of cryptocurrency exchanges since the turn of the year. Typically, the movement of significant amounts of cryptocurrencies out of these platforms suggests a rise in investor confidence.

As the CryptoQuant Quicktake author noted, this reduction in Ether’s exchange reserve balance could be a bullish catalyst for the altcoin’s price. A sustained decline in the ETH’s supply on exchanges could trigger a supply crunch, potentially driving the Ethereum price higher.

As of this writing, the Ethereum price stands at around $2,920, reflecting a 1.8% decline in the past day. Nevertheless, the “king of altcoins” is still in the green on the weekly timeframe, with an almost 5% price jump over the last week.

Ethereum Price Rise Due To Anticipation Of Dencun Upgrade: Grayscale

In a recent report, Grayscale has offered commentary on Ethereum’s positive price performance so far in 2024. The asset management firm tied ETH’s bullish trajectory to the upcoming Dencun upgrade of the Ethereum network.

William Ogden Moore, Grayscale’s research analyst, wrote in the report:

We believe that recent price performance reflects the market’s anticipation of this upgrade, as Ethereum (up 26% YTD) has outperformed the broader Smart Contract Platforms Sector (up 3% YTD) since January 1st, 2024.

The Dencun upgrade, which is less than a month away, will aim to enhance Ethereum in terms of scalability and cost-effectiveness. It is also expected to help the network compete with “faster chains in the Smart Contract Platforms Crypto Sector, such as Solana.”

Another narrative that may be propelling the price of ETH is the approval of Ethereum spot exchange-traded funds (ETFs) in the United States. Interestingly, Grayscale is amongst the asset managers looking to debut an Ether spot ETF.

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Blockchain

Fidelity Director Analyzes Bitcoin Potential: Could It Hit $6 Trillion Market Cap?

In recent years, the debate surrounding Bitcoin’s (BTC) potential market share relative to gold has garnered significant attention, as recently approved Bitcoin Exchange-Traded Funds (ETFs) can bring Bitcoin significantly closer to gold in key metrics.

Jurrien Timmer, Director of Global Macro at Fidelity Investments, has put forward an analysis that sheds light on this subject. By examining the value of “monetary gold” and Bitcoin’s market capitalization, as well as considering the impact of halvings on Bitcoin’s supply, Timmer presents insights into the future dynamics of these two assets. 

Gold Vs Bitcoin

Timmer’s analysis begins by estimating the share of gold held by central banks and private investors for monetary purposes, excluding jewelry and industrial usage. While this estimation is not exact, based on data from the World Gold Council, Timmer suggests that monetary gold accounts for approximately 40% of the total above-ground gold.

Drawing upon his previous calculations, Timmer posits that Bitcoin has the potential to capture around a quarter of the monetary gold market, with monetary gold valued at around $6 trillion and Bitcoin’s market capitalization at $1 trillion.

Timmer further delves into the impact of Bitcoin halvings on its price. Historically, halvings have had a substantial effect on Bitcoin’s value. However, Timmer raises the hypothesis that diminishing returns may occur in the future as the incremental supply of new Bitcoin decreases.

By comparing the outstanding supply and incremental supply of Bitcoin with those of gold, Timmer demonstrates that the diminishing impact of the halvings is likely to be more pronounced in the future. 

As the number of coins available for mining dwindles, the influence of each subsequent halving event on Bitcoin’s price may diminish. This insight prompts Timmer to explore alternative ways to project Bitcoin’s price trajectory.

BTC’s Price Projections

To account for the diminishing impact of halvings, Timmer introduces the concept of a modified Stock To Flow (S2F) curve. This curve is derived by overlaying an asymptotic supply curve, representing the percentage of coins mined relative to the final supply cap, onto the original S2F curve.

Timmer proposes using a regression formula incorporating PlanB’s original S2F curve and the asymptotic supply curve as independent variables. This modified S2F curve aligns more closely with the supply dynamics of gold, reflecting a scenario in which Bitcoin’s scarcity advantage continues, but its impact on price gradually diminishes over time.

Using the modified S2F model and considering the supply characteristics of gold, Timmer generates hypothetical price projections for Bitcoin that place the cryptocurrency at approximately $100,000 by the end of 2024.

According to Timmer, if Bitcoin were to capture a quarter of the monetary gold market, it would represent a remarkable shift in the global distribution of wealth, which would gradually drive up the cryptocurrency’s price over the coming years.

Featured image from Shutterstock, chart from TradingView.com

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Blockchain

Crypto Platform Which Predicted Bitcoin To Reach $50,000 Has Released A New Target

Crypto financial services platform Matrixport has made another bullish prediction for the Bitcoin price. This time, they predicted that Bitcoin would rise to $63,000, including when the flagship crypto token hits this target. Matrixport had previously predicted that BTC would rise to $50,000 by the end of January, although that didn’t happen. 

Bitcoin Will Rise to $63,000 By March!

Matrixport mentioned in their latest report that BTC will rise to $63,000 by March this year. Although this price level seems ambitious, the crypto platform noted that it is achievable with certain factors in mind. One includes the Spot Bitcoin ETFs, which were approved over a month ago.  

These Bitcoin ETFs have so far contributed largely to BTC’s resurgence (even before they were approved). They have continued to record an impressive demand, which has led to a significant accumulation of BTC by the fund issuers. Interestingly, Bitcoin maximalist Samson Mow recently argued that BTC would have been down as much as 20% if not for these ETFs. 

Meanwhile, Trading firm QCP Capital shares similar sentiments with Matrixport as they noted in a previous report how Bitcoin could rise to as high as $69,000 thanks to these Spot Bitcoin ETFs. Then, they stated that BTC revisiting its all-time high (ATH) will depend on the “genuine flow the actual ETF will bring in the first few weeks of trading.”

The Spot Bitcoin ETFs have not disappointed, recording $2.8 billion in net inflows during the first 21 trading days. Bitcoinist also reported how these funds saw $2.2 billion in inflows last week. 

Other Catalysts That Will Contribute To Bitcoin’s Rise To $63,000

Matrixport also mentioned the Bitcoin Halving, interest rate decisions, and the US presidential election as factors that could make BTC rise to $63,000. The Bitcoin Halving, expected to take place in April, continues to be projected as an event that could cause Bitcoin’s price to increase exponentially. 

In Matrixport’s case, they expect that the hopium around the event will cause BTC to rise to $63,000 even before it occurs. It is not uncommon for the flagship crypto token to get priced in ahead of a much-anticipated event like the Bitcoin Halving. Moreover, Bitcoin historically makes significant gains pre-halving. 

Furthermore, the Federal Reserve is expected to cut interest rates as inflation cools. However, it is uncertain how much this could impact Bitcoin’s rise to $63,000, considering that the Fed’s minutes showed they are still cautious about cutting rates too quickly (at least not as soon as March).

Matrixport also stated that the US presidential election could influence Bitcoin’s price. Just like the interest rate decision, it is unlikely that the election, slated for November 2024, will impact Bitcoin’s trajectory in the short term. 

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Blockchain

Bitcoin Bulls On The Charge: Crypto Platform Forecasts $63K Surge By March

Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.

This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.

Rationale Behind Matrixport’s Optimistic Projection

The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.

Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.

[1/3] Bitcoin ETF Flow – Up to 22 Feb 2024

All data in. +$251.4m net flow on 22nd Feb. A strong day. pic.twitter.com/IdrCmgq5u8

— BitMEX Research (@BitMEXResearch) February 23, 2024

Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.

Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.

Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.

Bitcoin Price Action And Expert Sentiments

Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the $1 trillion mark.

An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.

#Bitcoin has never been this bullish

For the first time ever, BTC is deviating from the 4 year cycle by closing a weekly candle above the 0.618 level before the halving event.

The best part about this deviation is it’s a bullish one, with the rise in demand among institutional… pic.twitter.com/F9xpTbEZ1d

— Mags (@thescalpingpro) February 22, 2024

However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the $45,000-$42,000 range.

Featured image from Unsplash, Chart from TradingView

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Blockchain

SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up

AI Token SingularityNET (AGIX) has recently observed a rally of 128% as on-chain data shows activity-related metrics have heated up for the coin.

SingularityNET Has Seen Sharp Growth In Volume & Whale Activity

In a new post on X, the on-chain analytics firm Santiment has talked about how SingularityNET has fared in its underlying metrics, with its market cap more than doubling in its latest rally.

In particular, the analytics firm has shared data for four of the AI token’s indicators. The chart below shows their trend over the past month.

The first indicator on the chart is the “Transaction Volume,” which keeps track of the total amount of AGIX (in USD) involved in network transfers every day.

This metric tells us about the amount of activity the users on the blockchain are displaying currently. The graph shows that this metric has climbed as SingularityNET has gone through its rally.

Generally, many traders must continue participating in the market for any rally to be sustainable. As the transaction volume has been rising, this is clearly what has been going on. If the volume shows any signs of cooling off, though, that’s when the coin might slow down.

The second metric of interest here is the “Whale Transaction Count,” which measures the total number of transactions on the SingularityNET blockchain worth at least $1 million in value.

Only the whales can make transfers so large, so this metric can provide hints about the current activity level of these humongous holders. As the chart shows, this metric has also been high recently, implying that the current transaction volume isn’t just because of smaller hands showing interest in the asset but also from these titans.

AGIX’s adoption also appears to be proceeding swiftly as the “Total Amount of Holders” metric has also been climbing up recently. This indicator keeps track of the number of addresses on the network carrying a non-zero balance.

Adoption is naturally a constructive sign for any cryptocurrency, as a large user base can provide a stronger foundation for sustainable moves to occur in the future. This constant influx of users would also contribute to the uptrend in the Transaction Volume.

Finally, Santiment has listed the “Social Dominance” in the chart, which, in short, tells us about the portion of social media talks around the top 100 cryptocurrencies that SingularityNET alone is contributing.

It would appear that the coin’s mindshare on social media has also skyrocketed with its price surge. This metric may be one to keep an eye on, as excessive hype has historically been something that has led rallies to top out.

AGIX Price

SingularityNET is trading around the $0.76 level after its incredible run over the past week.

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Blockchain

Crypto Analysts Are Giga-Bullish On XRP Price, Set Multiple Price Targets

Crypto analysts are currently optimistic about the XRP price trajectory in the coming months, setting different price targets, with some of them more bullish than others. XRP, like most top cryptocurrencies, is always subject to price predictions from analysts as the entire crypto market continues to anticipate the resumption of a market-wide rally

Consequently, experts on social media are calling for some pretty wild price targets for XRP if the bull run kicks back into gear. Other market factors, like the possibility of an XRP ETF, are also bound to come into play in the quest for a price rally.

Crypto Analysts Remain Bullish On XRP Despite Price Consolidation

XRP has been on price decline since the beginning of the year. At the time of writing, the XRP price is trading at $0.5375, down 14% from the $0.625 level in early January. Notably, price movement recently went on a surge at the beginning of February as the broader cryptocurrency market witnessed inflows spearheaded by Bitcoin. As a result, XRP climbed to the $0.57 price level on February 15. 

Despite the ongoing consolidation and lackluster price action, crypto analyst EGRAG CRYPTO has predicted a $1.4 XRP price target in the coming months. The analyst, known for his strong positive stance on XRP, made this prediction while looking at the wicking, ranging, consolidation, and bullish stages of XRP.

According to a color-coded price chart shared on social media by EGRAG, XRP is currently in the wicking stage. XRP recently closed above a long-term support level of $0.5141 at the top end of the red flag stage. Consequently, we could see XRP passing through into the bullish stage and $1.4 in the coming months. 

It’s worth noting that the $1.4 price point coincides with a 1.618 Fib extension from $0.3536. EGRAG had noted in the past that XRP reaching $1.4 would set the stage for a progression to $5.

Dark Defender, another crypto analyst, used the wave strategy to predict various bullish price points. According to a social media post, XRP could continue the current downturn until it reaches the end point of a wave 2 correction between $0.5198 and $0.5066. Subsequent waves 3, 4, and 5 formations would then see XRP tearing past  $0.6649, $0.7707, and $0.9191.

Analyst Dr. Profit also noted the potential of inflows rushing into XRP in the next 30 to 60 days. The analyst divulged that he bought 500,000 recently while calling XRP the “next shining bull.”

In the spirit of bullish countenance, a popular Bitcoin day trader recently disclosed that his father sold his house for $800,000 and allocated the proceeds to purchase XRP. Although this might seem very daring and unbelievable, it emphasizes the vast amount of optimism among some XRP investors.

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