Blockchain

BitMex founder Arthur Hayes has revealed that he is diverting his interest toward Ethereum (ETH) while disclosing a bold prediction for the crypto asset.

Arthur Hayes Doubling Down On Ethereum

Arthur Hayes recently took to X (formerly Twitter) to share his optimism and prediction about the future of Ethereum, and the post has since caused quite a stir in the entire cryptocurrency community.

Renowned for his perceptive market analysis, Hayes claimed to have had a revelation on ETH during one of his meditations, and this prompted him to significantly alter his cryptocurrency holdings. He sarcastically asserted in the X post to have gotten the direction from the Lord. 

Following this supposed heavenly direction, Hayes allegedly sold his Solana holdings and increased his stake in Ethereum. In addition, he has predicted a spike that would take the price of the cryptocurrency asset to an astounding $5,000.

He further conveyed his love and appreciation for Vitalik Buterin, the co-founder of Ethereum. Hayes called Vitalik an Archangel while doing so.

Hayes’ evaluation of the market dynamics might have played a role in his choice to divert from Solana to Ethereum. In another X post, Arthur Hayes shared a chart of Ethereum to back up his predictions. The crypto exchange founder has urged the crypto community to “get down” on the digital asset.

The BitMex founder’s projections come after his previous call, in which he predicted that Solana’s price would hit $100. Hayes’ prediction has appeared to be almost accurate, as the digital asset’s price has recently reached a peak of $99.

Since mid-December SOL has been demonstrating a rally, increasing by an astounding 350%. Despite the fact that Solana is displaying an upward trajectory, Hayes seems to think that Ethereum still has the potential to outperform SOL.

Glassnode Co-Founders Give Next Target For The Crypto Asset

Jan Happel and Yann Allemann, cofounders of Glassnode and collectively known on X as Negentropic, have highlighted the next target for Ethereum. According to the cofounders, the next target for ETH is $2,500 and has urged the community to keep an eye on this level.

Negentropic asserted that the asset reaching the $2,500 target will be triggered by market enthusiasm. Another target identified by the founders is $2,700, which ETH will attain by continuous ambitious push.

The co-founders also highlighted a support level at $2,100, which was once a resistance level but now a key zone. However, Negentropic pointed out that the level has now turned out to be critical for short-term rebounds. In addition, they asserted that if ETH ends up breaching the support level, it might activate the 50-Day EMA.

As of the time of writing, Ethereum is trading at $2,307, indicating a 1.30% increase in the past 24 hours. Its trading volume has increased by 19% to $16,690,793,321, its market capitalization has increased by 1.31% to $277,454,559,883.

Wyckoff Analysis (WA) aims to understand why prices of stocks and other market items move due to supply and demand dynamics. It typically is applied to any freely traded market where larger or institutional traders operate (commodities, bonds, currencies, etc.). In this article we will apply WA to the cryptocurrency Cosmos ($ATOM) to make a forecast for approximate future events.

Link to the raw image: https://www.tradingview.com/x/r8asKWOI

Cosmos $ATOM is currently in Phase D of a Wyckoff Accumulation Schematic #1. Note the volume spike near where I placed the SC and Spring. In Wyckoff Analysis these typically must align even if the overall form isn’t perfect. The only slight anomaly is that the ST dips sharply below the SC breaking the ICE (not labeled). There are Advanced Schematics that you can find online that accommodate many of these anomalous formations.

Phase D is where demand greatly overcomes supply leading the rallies on higher (or noticeably increasing) volume. When an LPS occurs that is typically a favorable (even optimal) place for a long position. It recently finished a Reaccumulation, to which it’s rallying sharply. Below are the typical schematics for both Wyckoff Accumulation Schematic #1 and a Reaccumulation for reference.

Cosmos Price Targets

The basic target (per the schematic) is the top of the trading range. In this case it’s at $18, but $15 is a preliminary target it must concretely clear first. Doing some more work using the Horizontal Count method with PnF charts yields different results. My settings are currently a $0.25 box size and a three box reversal on a High-Low lookback.

When using the Horizontal Count method Extended Congestions need to be accounted for differently. The main thing is finding the relevant column in and out to create the Congestion Box. In our case that’s from 13 to 20 December 2023 spanning 7 bars. Since this is a Reaccumulation “breakout” we will need to add the value from the formula the Horizontal Count uses.

7 x $0.25 x 3 = $5.25

The relevant low to add this to is $10.25 so the PnF target is $15.5.

Glossary

All quotes are from the first link in Supplemental Reading.

Preliminary Support (PS) – “where substantial buying begins to provide pronounced support after a prolonged down-move”

Selling Climax (SC) – “the point at which widening spread and selling pressure usually climaxes and heavy or panicky selling by the public is being absorbed by larger professional interests at or near a bottom”

Automatic Rally (AR) – “occurs because intense selling pressure has greatly diminished”

Secondary Test (ST) – when “price revisits the area of the SC to test the supply/demand balance at these levels”

Spring – “allow the stock’s dominant players to make a definitive test of available supply before a markup campaign unfolds”

Test – where larger traders “test the market for supply throughout a TR”

Sign of Strength (SoS) – “a price advance on increasing spread and relatively higher volume”

Last Point of Support (LPS) – “a pullback to support that was formerly resistance, on diminished spread and volume”

Back Up (BU) – “a common structural element preceding a more substantial price mark-up, and can take on a variety of forms, including a simple pullback or a new TR at a higher level”

Supplemental Reading

“The Wyckoff Method: A Tutorial” by Bogomazov & Lipsett

“Reaccumulation Review” by Bruce Fraser (2018)

“Jumping the Creek: A Review” by Bruce Fraser (2018)

“Distribution Review” by Bruce Fraser (2018)

“Introduction to Point & Figure Charts” from StockCharts

“P&F Price Objectives: Horizontal Counts” from StockCharts

“The Wyckoff Methodology in Depth” by Rubén Villahermosa (2019)

“Wyckoff 2.0: Structures, Volume Profile and Order Flow” by Rubén Villahermosa (2021)

The possibility of Ripple ‘burning’ its escrowed XRP funds has come up for discussion. This development could become a major talking point as the XRP community continues to clamor about XRP’s tepid price action. 

Can Ripple Burn Its Escrowed XRP Funds?

In a post on his X (formerly Twitter) platform, former Ripple Director Matt Hamilton suggested a way in which Ripple could potentially ‘burn’ its XRP holdings in escrow lockups. He stated that Ripple could disable the master key on the destination account, which usually receives these escrow funds. 

Hamilton believes that this achieves the same purpose for which tokens are burned, considering that they become inaccessible to anyone when they are released from escrow. His statement formed part of a larger discussion among some members of the XRP community on what to do with the escrowed funds if there was a need to get rid of them. 

Crypto sleuth Mr. Huber had also weighed in on the discussion as he stated that Ripple can’t burn these escrowed funds as the decision isn’t theirs to make. Ripple will apparently need the approval of validators on the XRP Ledger before they can make such a move. 

From the discussion, one could see that they were alluding to the escrowed funds possibly being encoded on the XRP Ledger. As such, Ripple will need the permission of these validators to alter the code and burn those funds. However, Hamilton’s comment was more focused on Ripple burning these funds by simply disabling access to the destination account. 

Ripple Burning Escrowed Funds And Its Significance

Ripple burning their escrowed funds is something that could easily pique the interest of the XRP community. This is true, especially considering recent talks about Ripple deliberately suppressing XRP’s price. As such, there could be shouts for Ripple to burn some of these tokens to show its commitment to XRP’s growth.

However, from all indications, this isn’t a straightforward process, and there is no guarantee that it will affect XRP’s price. At some point in the discussion, XRP YouTuber Moon Lambo alluded to the fact that Ripple’s XRP holdings aren’t part of those in the open market. It has also been reported that Ripple’s XRP transactions do not impact prices on crypto exchanges. 

Therefore, there is the likelihood that Ripple burning their XRP holdings (the escrowed funds in particular) might not impact XRP’s price on the open market. Ripple probably knows this, and that is why they haven’t made such a move. Instead, to provide stability to XRP, they return most of their unlocked tokens to escrow. 

Polygon has seen some sharp uptrend during the past day and has now broken above $0.85. Here’s why this break could pave the way for a further rally.

Polygon Has Risen By More Than 6% During The Past 24 Hours

After topping above the $0.94 mark earlier in the month, MATIC had gone on to register some significant drawdowns. In the last few days, though, the asset appears to have hit a bottom around the $0.75 level, as it hasn’t gone below the mark yet.

Something that could add further evidence for this is the fact that bullish momentum has returned for Polygon in the past day, as its price has shot up over 6%.

The below chart shows how the cryptocurrency has performed during the past month:

With this sharp surge, the cryptocurrency has recovered back above the $0.85 mark. This break could turn out to be significant for Polygon if on-chain data is anything to refer to.

MATIC Has Broken Past A Major Resistance Zone With The Latest Surge

In a post on X, analyst Ali discussed about how Polygon was about to face a major test of on-chain resistance. When the analyst had made the post, the coin was still trading around the $0.78 mark.

Here is a chart that shows how the on-chain support and resistance levels looked like at the time of the post:

In on-chain analysis, the potential of any price range to act as support or resistance depends on the number of coins that the investors purchased inside the particular range.

This is because of the fact that holders are more likely to react whenever the price retests their cost basis or acquisition price, as such a retest can flip their profit-loss condition. The more addresses that have their cost basis inside a particular range, the stronger the market reaction when the price retests said range.

From the chart, it’s visible that Polygon’s price had been trading just under the $0.79 to $0.84 range at the time Ali had made the post. This range carried the cost basis of around 38,570 addresses, which bought 4.24 billion MATIC at it.

Generally, whenever the investors are in a loss (as these holders would have been when MATIC was trading under the range), there is a chance that they sell when the price retests their cost basis since they might get desperate to exit the market and break-even would sound like a good opportunity to do so.

As a result of this, price ranges above the spot price that are dense with investors can provide resistance to the cryptocurrency. This had made the aforementioned thick $0.79 to $0.84 range important for Polygon. “For MATIC to embark on a journey to new heights, it’s crucial to break through this level with conviction,” the analyst noted in the post.

Following the latest surge, MATIC has clearly surged past this major obstacle. And as is visible in the graph, there aren’t any ranges this difficult to break anymore, either. It now remains to be seen how the Polygon price develops from here, given the lower on-chain resistance at the levels above.

As the bull market returns, market intelligence platform Santiment has provided some insights into altcoins that one should keep an eye on. This comes as other altcoins like Solana (SOL) and Cardano (ADA) are already leading the way on the back of a significant rally from both tokens.

Four Altcoins To Keep An Eye On

In a post on their X (formerly Twitter) platform, Santiment highlighted ETH, SHIB, FET, and DENT as four altcoins to keep an eye on. These four crypto tokens are said to be seeing their top 10 respective exchange wallets move coins away from exchanges. This usually connotes a long-term bullish signal as it suggests that these wallets are moving the tokens to cold storage. 

The timing is also important. Many anticipate that the next bull run is around the corner, while some even say that it has already begun. Whatever the case might be, it is obvious that crypto investors are looking to position themselves ahead of the market boom that lies ahead. As such, the decline of these coins on exchanges could mean that some people are betting big on them.

According to further data provided by Santiment, Ether has seen a 4.3% drop in the holdings of these top 10 exchange wallets in the last 3 months. In the same period, Shiba Inu (SHIB) and DENT have seen 2.7% and 1.5% drop respectively. Fetch.ai’s FET happens to have been the most significant drop among the four at 26.1%.

ETH will undoubtedly be among the altcoins that crypto investors will be keeping an eye on in the next bull run. If certain price predictions are anything to go by, the second-largest crypto token by market cap could be one of the best performers in the next cycle. For one, the Blockchain analytics platform Token Terminal predicts that it will rise to as high as $13,000. 

Shiba Inu Could Be A Dark Horse 

From Santiment’s report, it is obvious that crypto investors believe that Shiba Inu (SHIB) could be one of the best-performing tokens in the next bull run. The reason is not farfetched, as the team and community continue to show they are committed to the meme coin’s growth. This is evident in how Shibarium’s utility has increased significantly, which could potentially affect SHIB. 

Another milestone that can be credited to the team and community is the spike in SHIB burns. Recently, Bitcoinist reported how the SHIB burn rate has spiked by 420%. The majority of these tokens burnt are from transaction fees made on the Shibarium network. The Shiba Inu team had committed to converting some of these fees to SHIB and burning them. 

The SHIB burn rate will continue to spike, considering that Shibarium’s utility will more likely than not see new highs when the bull market returns. As the meme coin continues to see its circulating supply decline, one can expect its value to rise. Therefore, there is no doubt that SHIB should be one altcoin that many should keep an eye on. 

In contrast to the majority of cryptocurrencies, which began the week on a downward trajectory, Stacks (STX) deviated from the prevailing trend and registered gains.

Stacks Network’s native token, STX, had a strong 600% increase in 2023. Stacks is a noteworthy 2019 SEC-qualified token that functions as a layer-2 Bitcoin protocol for smart contracts.

Stacks Surges: Social Buzz And Growth

Stacks has been the talk of the cryptocurrency community lately, receiving a lot of attention on social media. The altcoin’s market value has experienced a notable upswing, having reached a new eight-month high, concomitant with this rise in social volume.

STX’s price has increased by more than 30% in the last week, which has been an impressive rise. This increase in social media mentions and the price gain that followed highlight the rising attention and involvement that Stacks is getting, pointing to increased excitement and hope among investors and the cryptocurrency community as a whole.

Furthermore, in the last few hours, the Bitcoin scaling solution minted its first STX-20. The inscription caused a spike in network activity that led to a sharp rise in transactions and brief network congestion.

The upsurge coincided with the excitement surrounding Bitcoin Ordinals and BRC-20. The average transaction amount experienced a record increase earlier this month, rising from $5 to $7.

Because more users were etching non-financial data onto the Bitcoin blockchain, there was an increase in demand for block space, which contributed to the growing transaction costs.

The token’s price has been steadily rising for the past month, which has encouraged more social contact among members of the cryptocurrency community.

Meanwhile, on-chain data provider Santiment cautioned in a recent post on X (formerly Twitter) that excessive social media activity frequently leads to “fear of missing out” (FOMO) buying.

#Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea

— Santiment (@santimentfeed) December 21, 2023

STX Price Surge Raises Red Flags

The emergence of local price peaks is usually the result of this trend, and as the initial euphoria wears off, prices frequently correct quickly. Following a spike in enthusiasm and speculative interest that drives price increases, there follows a correction phase in the market.

The Bollinger Bands (BB) indicator for STX shows a growing gap between its upper and lower bands, indicating more volatility following the recent price ascent. Since December 3rd, the Average True Range (ATR) has increased by 140% to reach 0.12, suggesting that there may be notable price swings.

Due to the spike in demand, STX’s major momentum indicators—the Money Flow Index (MFI) at 80.22 and the Relative Strength Index (RSI) at 71.56—have reached overbought levels, indicating a potential for a short-term price decrease and the probability of buyer exhaustion.

Despite an endorsement from billionaire investor Tim Draper, it seems that STX couldn’t leverage this significant support to its fullest potential.

In a recent interview with Coin Bureau, Draper designated Stacks as the foremost “showstopper” among crypto projects, highlighting it as the most impactful project he discovered this year.

As STX captures attention and climbs to new heights, the unfolding twists in its journey continue to captivate the cryptocurrency space, leaving enthusiasts eager to see what the next chapters hold for this compelling digital asset.

Featured image from Shutterstock

Solana has had one of the best price journeys this year, increasing an outstanding 665% since January. The cryptocurrency has particularly done well in the last quarter of the year, registering price gains that were practically absent for the majority of the year. 

This week, SOL flipped BNB to become the 4th largest cryptocurrency and second-largest altcoin by market cap. At this rate, Ethereum’s spot may be next.

Solana’s Impressive Growth

Solana’s price movement this year has been nothing but surprising, and it has no intention of slowing down anytime soon. At the same time, Solana’s blockchain has grown in different metrics. The growth can also be simultaneously linked to various airdrops in Solana-based projects and the Solana Saga Phone which gave out 30 million BONK tokens, a Solana meme coin, for each new owner of the phone. As a result, Solana overtook XRP in market cap rankings for the first time ever, with the latter having a 1.82% price decrease in a 7-day timeframe.

Solana’s native token, SOL, recently reached a yearly high of $99, helping the network to also briefly overtake BNB in terms of market cap. According to data from Coinmarketcap, SOL’s 24-hour trading volume increased by over 33% to over $5.86 billion. 

However, Solana has since undergone a price correction and is now trading at $91. On the other hand, BNB’s price growth has been slow this year, with the crypto only registering a 9% gain in the past 365 days. 

At the time of writing, BNB is trading at $269, a 22.7% decrease from its yearly high of $348. Solana is now at loggerheads with BNB and it is only a matter of time until it fully overtakes and claims the position of the 2nd largest altcoin.

Can Solana Catch Up With Ethereum?

The question now is whether Solana can catch up to Ethereum, the second-largest blockchain network. While Ethereum still dominates in the DeFi, NFTs, and smart contracts space, Solana is continuing to acquire a growing share of the industry.

In particular, activity on Solana has been on par with Ethereum in the past few weeks, with the chains now rivaling in terms of DEX volume, NFT volumes, active addresses, transaction count, and stablecoin transfers. According to on-chain analytics platform Artemis, total SOL trading volume on decentralized exchanges reached $1.5 billion in the past 24 hours, its highest so far this year.

Solana is currently trading at $91, up by 17% in the past seven days, and is on its way to breaking the $100 price level again. If the current pace of price growth continues, we could see Solana revisiting its current all-time high of $259 in the first half of 2024.

However, Solana still has a long way to go to match Ethereum’s network effects and price. Ethereum’s total market cap currently stands at $278.3 billion, $244 billion more than Solana’s $39.4 billion market cap.

BONK has encountered a challenging period following its recent peak at an all-time high of $0.00003, which occurred just this past Wednesday. Since reaching this pinnacle, the price has undergone a significant decline, plummeting by more than 50%.

This notable downturn has raised concerns within the market, emphasizing the urgency for buyers to re-enter the scene promptly. The next moves by buyers will play a pivotal role in determining the trajectory of BONK’s price action.

BONK: Meme Coin’s Price Rollercoaster Ride

At the time of writing, the meme coin was trading at $0.000018, down 29% in the last 24 hours, and sustained a significant loss of 30.6 in the last seven days, data from Coingecko shows.

Latest BONK data mirrors a substantial price surge, drawing parallels to the remarkable and sometimes notorious ascents witnessed in other meme coins, such as Shiba Inu.

Yet, the chart now reveals the initiation of a descending pattern, with the emergence of red candles signaling a sell-off phase and hinting at the potential conclusion of the BONK narrative.

The evolving chart dynamics raise questions about the sustainability of BONK’s earlier success and introduce an air of uncertainty into its once-bullish trajectory.

This week, Binance announced a notable expansion of BONK trading on its platform by introducing it to Binance Margin. This strategic move followed the earlier listing of BONK on the exchange with three additional pairs, a decision fueled by substantial demand for the meme coin.

The introduction of BONK to Binance Margin fueled speculation within the crypto community, with expectations of a potential price boost for the meme coin. However, the unfolding events took an unexpected turn, diverging from the anticipated trajectory.

Despite initial speculations, the market dynamics surrounding BONK underwent a different outcome, introducing a layer of unpredictability to its trading journey.

As the price approaches the $0.000018 support level once again, the direction that BONK is moving in appears to be bearish. If it starts to decrease, it can soon reach the $0.000014 barrier.

RSI Decline Raises Concerns For BONK

The RSI on the three-day timeframe has been falling rapidly, going from 98 points in early December to 78 points today as the purchasing momentum has faded and the sell volume is increasing. Remaining bullish would be difficult if this kept up.

The chart’s high volatility, which is seen in its large price swings and suggests a struggle between buyers and sellers, is another important component. The market may be losing the sharp rising trend that typified previous rises as the Moving Averages (MAs) begin to flatten out.

According to CoinCodex technical indicators, the current sentiment is bullish despite the depressing numbers for BONK, and the Fear & Greed Index is currently displaying 74 (Greed).

As for the meme coin, the current price projection indicates a decline to the $ 0.000021 level by December 27, 2023, or a loss of 2.39%.

Despite an initially enchanting journey, BONK’s narrative now suggests a fading magic, leaving investors with another dog-themed asset lacking a clear use case.

The coin’s future appears to be navigating a cycle where exuberant explosions are followed by significant corrections, echoing the market’s sobering from speculative fervor.

Featured image from Pixabay

The pseudonymous crypto analyst Rekt Capital’s observations point to a promising future for the artificial intelligence (AI) cryptocurrency project, with a focus on Fetch.ai (FET).

Along with with a sizable 377,500 followers on the social media network X, the analyst offers a bullish prediction, stating that Fetch.ai is about to reach a new all-time high (ATH).

Rekt Capital’s investigation shows that the machine learning platform is presently experiencing a notable upswing following a successful retesting of a critical price level.

Technical Analysis Illuminates Fetch.ai Momentum

The spotlight placed on Fetch.ai’s retest points to a technical analysis viewpoint in which the price behavior of the project at this crucial level acts as a key predictor of potential future profits.

FET has increased over 300% since the cryptocurrency watchlist, claims Rekt. In terms of fluctuation in price, the AI cryptocurrency went up from $0.53 on December 9 to $0.67 on December 16.

$FET

Up almost +300% since the Altcoin Watchlist

Now trying to breach one of the final resistances before new All Time Highs

Weekly Close above the red resistance would be bullish#FET #Fetchai #Crypto https://t.co/kNZBSTw7Nw pic.twitter.com/KUlU5ovkzH

— Rekt Capital (@rektcapital) December 15, 2023

Additionally, the technical analysis presents a positive picture for the cryptocurrency Fetch.ai, which has seen 60% of “green” trading days. Additionally, Fetch.ai is showing bullish indications from almost 30 technical indicators.

The rise in cryptocurrencies with an AI focus indicates a rising awareness of the possibilities at the nexus of blockchain technology and artificial intelligence.

An illustrative case in point is the significant increase in the value of Fetch.ai (FET) that followed its partnership with SingularityNET (AGIX).

The collaboration between Fetch.ai and SingularityNET most likely represents a strategic relationship with the goal of maximizing the technological synergies between the two enterprises.

SingularityNET is a platform that facilitates the production and trading of AI services. Fetch.ai could gain from SingularityNET’s experience and skills.

Earlier this week we announced we’ve strategically partnered with @SingularityNET to tackle some of #AI‘s biggest challenges!

This partnership focuses on overcoming #LLM hallucinations and enhancing multi-step reasoning

Read all of the details https://t.co/2WWukiqqH0

— Fetch.ai (@Fetch_ai) December 17, 2023

Crypto And AI Synergy: Catalyst For Innovation

This partnership is proof of the expanding fusion of blockchain and artificial intelligence (AI), which many investors think has the potential to usher in a new wave of innovation in the cryptocurrency space.

At the time of writing, FET was trading $0.76, up 7.5% in the last 24 hours, and sustaining a weekly gain of 10% in the last week, data from Coingecko shows.

$FET

FET performed a picture-perfect retest of the purple level as support this week

Trying again to break beyond the red resistance

Very close to challenging for new All Time Highs

Just needs to break this red resistance and flip it to support#FET #Fetchai #Crypto https://t.co/oCKhEegMyV pic.twitter.com/UptI8o74B1

— Rekt Capital (@rektcapital) December 19, 2023

There is a chance that FET would reach new all-time highs, which would be a challenge. According to Rekt, the crucial next step in realizing this potential is to successfully break through the red resistance and turn it into a level of support, which would represent a turning point in the price trend of FET.

All of this information was considered by industry experts when developing their Fetch.ai price forecasts. They anticipate that Fetch.ai’s value will reach $0.77 by the end of 2023, making it an intriguing DeFi coin to monitor.

Featured image from Shutterstock

XRP price is eyeing a fresh rally above the $0.630 resistance. The price could gain bullish momentum if it clears the $0.630 and $0.640 resistance levels.

XRP is slowly moving higher from the $0.600 support level.
The price is now trading below $0.630 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair start a fresh rally if it clears the $0.630 and $0.640 resistance levels.

XRP Price Aims Fresh Surge

After a major decline, XRP found support near the $0.580 zone. A low was formed near $0.5781, and the price started a steady increase. There was a move above the $0.600 resistance, but XRP lagged momentum compared to Bitcoin and Ethereum.

There was a break above the 23.6% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low. Besides, there was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair.

The price is now trading below $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.630 zone. It is close to the 50% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low.

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.640 zone. A close above the $0.640 resistance zone could spark a strong increase. The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

Another Decline?

If XRP fails to clear the $0.630 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.606 zone.

The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.578 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.606, $0.600, and $0.578.

Major Resistance Levels – $0.630, $0.640, and $0.672.