Blockchain

Edward Farina, Head of Social Adoption at XRP Healthcare, recently proposed a scenario where the price of XRP could potentially surge to $10,000. His projection is based on the possibility of the token as a bridge currency and RippleNet replacing SWIFT (Society for Worldwide Interbank Financial Telecommunication) in the global cross-border payment systems.

Could XRP Price Reach $10,000?

Farina’s commentary dives into the principles of market dynamics. He argues against common misconceptions about the cryptocurrency’s potential growth. “Few people seem to understand the principle of supply and demand. I always see people being shocked when they see someone saying that XRP can reach $10k. (Not saying it necessarily will.),” Farina remarked.

He emphasizes that the global financial sector’s movement of hundreds of trillions of dollars annually means even a small market share could lead to a significant surge in its valuation. Farina also elaborates on the current capabilities of the SWIFT system, handling billions of transactions per hour, and the impact of RippleNet potentially replacing it.

“The problem with the way most people view XRP’s potential to grow exponentially, is that they think it can’t reach that high of a market cap. They’re failing to realize that Financial Institutions move hundreds of trillions worldwide. If XRP captures a tiny fraction of that, it will catapult XRP to unprecedented levels,” he explains.

This highlights the vast, untapped market that XRP could penetrate. However, Farina does not provide exact figures, nor does he explain how much capital would have to flow into the cryptocurrency to reach the price of $10,000.

Besides that, Farina underscores XRP’s supposed technological superiority, particularly in terms of transaction speed and finality. “XRP settles value in real time (an average of 3 seconds) and with finality. BTC cannot do that, neither ETH nor SWIFT. Period,” he asserts, making a case for the tokens’ efficiency and reliability over existing systems.

Can Ripple Replace SWIFT?

The discussion about whether XRP can reach a four- or five-digit price if Ripple replaces SWIFT or only a part of it is almost as old as the token itself. It was only recently that influencer Crypto Eri unearthed a five-year-old statement from Ripple CTO David Schwartz.

Schwartz outlined the positive correlation between an asset’s price and its liquidity. “Higher prices tend to correlate with higher liquidity, which means cheaper payments,” he noted, explaining that as the tokens’ value increases, it becomes a more viable medium for large-scale financial transfers. This ties back to Farina’s vision of the cryptocurrency disrupting the current financial systems.

Grayscale has also recently confirmed XRP’s potential to compete with SWIFT. In its latest “Currencies Crypto Sector” report, the company writes, “Beyond Bitcoin, XRP is the second largest asset. Designed as an alternative to SWIFT, XRP aims to offer fast cross-border payments at lower transaction costs than competitors.”

At press time, XRP traded at $0.6208.

Dogecoin is trading in the green today, which is a reflection of what on-chain data suggests maybe whales looking to propel the crypto to a rally. Recent on-chain data shows that institutional money might be returning to the meme token, as evident by the number of Dogecoin wallets holding large amounts of DOGE tokens. 

Institutional Interest In Dogecoin

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its large transaction metric, the number of DOGE transactions worth $100,000 or more has been on a run since the middle of last month and resumed a spike in the past week. 

IntoTheBlock puts the number of transactions worth $100,000 at 1,300 in the past 24 hours and a 7-day high of 1,770. This notable increase indicates a growing interest in DOGE from institutional players and large-scale investors, which brings more stability and less volatility.

This large transaction volume has been going on for a while, as an earlier report noted large holders added more than $2 billion into DOGE throughout October and the first week of November. 

Crypto Analyst Ali Martinez also shared a similar sentiment for the translation of the metric’s data on social media. According to him, the number of huge DOGE transactions has consistently set new highs this month, which might suggest an increased interest in DOGE from institutional players. 

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

Is A Spike Imminent? DOGE To $0.2?

Large transactions are something to keep an eye on, as they might indicate a significant price spike if they are buy-ins. Similarly, on-chain analytics platform Santiment recently shared an insight into what might be another catalyst for the price of DOGE.

Santiment reported that the number of Dogecoin wallets holding over 1 million DOGE has spiked, as 121 new wallets were created in the past month. At the same time, the crypto recently had the largest spike in dormant DOGE activity in June, as massive amounts of older DOGE moved out of stagnant wallets. While this may be a sign of a selloff, Santiment pointed out that this move often signaled a positive momentum.

#Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month. https://t.co/OjXvbTEEf9 pic.twitter.com/zHMyiqBI7c

— Santiment (@santimentfeed) November 22, 2023

Despite all the whale buy-ins and large transactions since October, DOGE has struggled to post high gains compared to other altcoins. The crypto is down by 7.8% in the past week, although a 2.17% increase in the past 24 hours shows momentum might be building. A price surge to $0.2 is still in the books for DOGE, and all it needs is a major catalyst. The first hurdle to break would be a strong footing above $0.08. 

DOGE is trading at $0.0776 at the time of writing. IntoTheBlock puts the number of addresses still waiting for a profit at 557,560. On the other hand, a drop below $0.6 could cast doubt on the weak optimistic outlook.

According to crypto analyst Alan Santana, this is poised to change soon, as Dogecoin could break out in the next six months.

The news of BLUR, which saw an impressive 88% increase in price in the last week, has the cryptocurrency industry buzzing. This abrupt increase in value is directly related to what happened after the Season 2 airdrop. Coincidentally, the price spike also occurred following news of Binance CEO Changpeng Zhao’s resignation.

The cryptocurrency market saw a consecutive two-day period of downward trading activity subsequent to the disclosure of legal accusations against Zhao. Today, it seemed to have changed course and exhibited a favorable trend, with a notable increase of over 2.5% in value within the past 24 hours.

BLUR On A Tear: 200% Price Boost

In the 42 days since clearing a long-term descending resistance trend line, the price of BLUR has surged by more than 200%. The market movement indicates a positive outlook, despite the daily timeframe Relative Strength Index (RSI) providing a bearish reading.

Market analysts have reported a significant surge in purchasing activity, wherein a total of 51.3 million BLUR tokens were acquired by 19 entities. This acquisition amounts to a remarkable investment of $21 million in the aforementioned commodity.

BLUR is pumping after the Season 2 #airdrop!

19 addresses bought a total of 51.3M $BLUR($21M) after the Season 2 #airdrop. pic.twitter.com/hvgByltM5I

— Lookonchain (@lookonchain) November 22, 2023

BLUR’s recent price surge followed a consolidation phase, indicating market indecision as its value consistently traded below a critical resistance level. The subsequent airdrop triggered a substantial increase in token ownership, particularly among major stakeholders, signaling a surge in bullish sentiment and highlighting positive prospects for BLUR’s long-term potential.

New Yearly High Still In The Cards

Notably, experienced investors, possibly foreseeing enduring value, have actively engaged in sizeable BLUR positions, emphasizing a deliberate and informed move in response to the cryptocurrency’s potential.

The charts tell a tale of cautious optimism evolving into confidence in BLUR’s future. The consolidation phase hinted at a market awaiting direction, and the subsequent increase in token volume, especially post-airdrop, indicates a shift toward positivity.

Though there has been a noticeable rising trend, BLUR has not yet hit a new annual high. Since February, BLUR has been trading below a trend line of declining resistance. The decline reached a low on August 17 at $0.15.

After that, the price started to rise, reaching a higher low on October 12. It emerged from the trend line of downward resistance after five days. The trend line had been in place for 245 days at that point.

As more investors became aware of the increase in activity, they might have joined the buying momentum that followed the airdrop. This kind of movement is common in the cryptocurrency space, where important transactions and news can cause asset values to fluctuate quickly.

Keeping A Close Tab On The Crypto

Even after substantial increases, BLUR is still warranting caution in this area. Waiting for confirmation of the bullish crossover could increase the risk-reward scenario for fresh long positions on a recovery off critical support zones, thus letting the RSI reset could be a good strategy.

It will be very important to keep an eye on the important support level that is right now where the rise started. If the price of BLUR stays above this support, it could mean that the market has adjusted to the effects of the airdrop and is now setting a new price floor.

But if this level doesn’t hold, the price might go back down to the next important support zone. This could be a good chance for people who missed the first wave to buy again.

(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 Pexels

Shiba Inu (SHIB) burn tracker, Shibburn, has called out the creator of the meme coin, who goes by the pseudonym “Ryoshi”. The community project seemed to suggest that Ryoshi wasn’t acting in the best interest of the SHIB ecosystem.  

How “Ryoshi” Has Hampered SHIB’s Burn Rate

In a series of posts on their X (formerly Twitter) platform, Shibburn alleged that the founders of the token haven’t always been honest in their dealings. Specifically, the platform suggested that the founders have forestalled the token’s burn rate by refusing to burn over 103 trillion SHIB. This particular allegation stemmed from their statement about Ryoshi’s SHIB holdings.

Shibburn mentioned that Ryoshi lied about how much SHIB they held. They stated how the SHIB founder had, in their own words, claimed to hold “0 SHIB” as doing otherwise could bring about a conflict of interest. Meanwhile, that turned out to be a lie, as Ryoshi apparently holds over $1 billion worth of SHIB.

The founders have apparently gone to great lengths to hide their holdings as they keep moving them across separate wallets. In doing so, Shibburn believes that they have impeded the ecosystem’s growth as some of these tokens are meant to be burnt. Shibburn went as far as alleging that Ryoshi didn’t care about SHIB’s development and was only out for themselves.

Shiba Inu Founders Only Out To Enrich Themselves 

As part of the shocking revelations, Shibburn mentioned that Ryoshi may not be who many think of them as. Instead, they are said to be a “group of greedy investors” who are just looking to profit off the community. To achieve this, SHIB is said to be their “golden goose,” which they use as a means to enrich themselves. 

Besides Ryoshi, SHIB’s lead developer, Shytoshi Kusama, was also caught up in the mix. Shibburn accused the developer of not being a “real dev” and suggested that Shytoshi was also out to make profits off the community. One instance that they alluded to was how the developers allegedly rewarded themselves with a “large amount of $BONE” when ShibaSwap was created.

Shibburn hinted that was the reason why BONE was made a gas token for Shibarium, possibly in a bid to increase the token’s utility and make it more valuable. Shytoshi has yet to respond to these allegations neither has anything been posted on the official announcements blog, where the developers are known to give regular updates.

Shiba Inu also seems unfazed by these allegations. At the time of writing, the meme coin is trading at around $0.000008189, up in the last 24 hours, according to data from CoinMarketCap. 

In a new analysis, JPMorgan has raised concerns about the potential outflow of funds following the possible conversion of Grayscale Bitcoin Trust (GBTC) into an ETF. The banking giant estimates that the conversion could prompt investors to withdraw at least $2.7 billion.

The Grayscale Bitcoin Trust, a pivotal force in the previous bull market, has seen its discount to Bitcoin’s current market price shrink from -46% at the beginning of the year to -9.77% by November 22, the lowest level since mid-August 2021. Notably, this reduction in discount is important because it indicates that investors are expecting the US Securities and Exchange Commission (SEC) to approve Grayscale’s conversion to a spot Bitcoin ETF. However, JP Morgan has cautioned that this conversion might lead to some instability in the market.

$2.7 Billion Exodus Following Bitcoin ETF Approval?

JPMorgan analysts, including Nikolaos Panigirtzoglou, have scrutinized the inflows into GBTC since the beginning of 2023, revealing a calculated strategy by traders to exploit the discount for profit upon ETF conversion. The bank’s methodology considered the cumulative signed dollar volume, accounting for both the volume of shares traded and the direction of the price movement.

The analysts posit that this influx, primarily driven by speculation over GBTC’s conversion to an ETF, will likely reverse as investors seek to capitalize on the arbitrage opportunity presented by the narrowing of the discount to net asset value. The minimum anticipated outflow, upon conversion to an ETF, stands at $2.7 billion.

However, this could escalate if GBTC’s current fee structure, standing at 200 basis points, isn’t significantly reduced post-conversion. The competitive landscape, as suggested by the ARK 21Shares Bitcoin ETF’s 80 basis points fee, necessitates such a reduction for GBTC to maintain its market dominance.

The impact on the market could be profound. A full withdrawal of the $2.7 billion could exert substantial downward pressure on Bitcoin prices. However, JPMorgan analysts believe that much of this capital will likely be reallocated to other Bitcoin-related instruments, mitigating any drastic market disturbance.

They predict a reconfiguration of assets, shifting from $23 billion in GBTC and $5 billion in other funds to $20 billion in the trust and $8 billion in other vehicles. Nonetheless, they caution that a portion of the funds may exit the Bitcoin space entirely, which would pose a risk of a downturn in Bitcoin prices.

Remarkably, JP Morgan analysts led by Panigirtzoglou have predicted in early September that the SEC will be forced to approve spot Bitcoin ETFs after losing the case against Grayscale. Moreover, JP Morgan’s forecast hinges on the assumption that the approval of a batch of ETFs will ignite more intense competition among Bitcoin investment products, likely resulting in a fee structure more aligned with those of Gold ETFs, typically around 50 basis points.

As the market awaits the SEC’s decision, the primary concern remains: Whether the anticipated GBTC outflows will find a new home within the Bitcoin space or if they will signify a broader withdrawal from BTC investments.

At press time, BTC traded at $37,560.

UNI price rallied over 25% and climbed above $6.20. Uniswap is now consolidating gains and any dips might be attractive to the bulls in the near term.

UNI started a fresh increase above the $5.20 and $6.00 resistance levels.
The price is trading above $5.80 and the 100 simple moving average (4 hours).
There was a break above a key declining channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken).
The pair might correct lower, but the bulls could be active near the $5.60 and $5.55 levels.

UNI Price Regains Strength

After forming a support base above $4.80, UNI started a fresh surge. The bulls were able to push Uniswap’s price above the $5.25 and $5.30 resistance levels, outperforming Bitcoin and Ethereum.

There was a break above a key declining channel with resistance near $5.25 on the 4-hour chart of the UNI/USD pair. The pair pumped over 25% and even climbed above $6.20. A new multi-week high was formed near $6.60 and the price is correcting lower.

There was a move below the $6.25 level. Uniswap is now approaching the 23.6% Fib retracement level of the upward move from the $4.83 low to the $6.60 high.

UNI is still trading above $5.80 and the 100 simple moving average (4 hours). If there is a fresh increase, the price might face resistance near the $6.40 level. The next key resistance is near the $6.60 level. A close above the $6.60 level could open the doors for more gains in the near term.

Source: UNIUSD on TradingView.com

The next key resistance could be near $6.88, above which the bulls are likely to aim a test of the $7.00 level. Any more gains might send UNI toward $7.20.

Dips Supported in Uniswap?

If UNI price fails to climb above $6.40 or $6.60, it could correct further lower. The first major support is near the $6.05 level. The next major support is near the $5.70 level.

The mains support is near $5.55 or the 61.8% Fib retracement level of the upward move from the $4.83 low to the $6.60 high. A downside break below the $5.55 support might open the doors for a push toward $5.00.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is losing momentum in the bullish zone.

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

Major Support Levels – $6.05, $5.70 and $5.55.

Major Resistance Levels – $6.40, $6.60 and $7.00.

Ethereum price surged above $2,050. ETH is now consolidating gains and might soon aim for another rally toward the $2,150 level.

Ethereum is consolidating and facing resistance near the $2,080 zone.
The price is trading above $2,030 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it clears the $2,080 and $2,090 resistance levels.

Ethereum Price Holds Ground

Ethereum price started a strong increase above the $2,000 resistance zone. ETH outperformed Bitcoin yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles near the $2,080 and $2,090 levels.

A high was formed near $2,092 and the price is now consolidating gains. There was a small correction below the $2,060 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high.

Ethereum is still well above $2,030 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. There is also a short-term contracting triangle forming with resistance near $2,080 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,090 level. A clear move above the $2,090 level could send the price toward the $2,150 resistance zone. The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.

Another Drop in ETH?

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,055 level and the triangle trend line.

The next key support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The key support is now at $1,975. A downside break below the $1,975 support might trigger more losses. In the stated case, Ether could drop toward the $1,930 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,055

Major Resistance Level – $2,080

Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone.

Bitcoin is still consolidating below the $37,750 resistance.
The price is trading above $37,200 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong increase if it clears the $38,000 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price remained well-bid and started a steady increase above the $37,000 resistance. BTC trimmed all losses and even revisited the $37,750 resistance zone. It seems like the bulls are still struggling to clear the $37,750 resistance zone.

A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high.

Bitcoin is now trading above $37,200 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $37,420 level.

The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,800, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.

Another Drop In BTC?

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,200 level.

The next major support is $37,000 and the 100 hourly Simple moving average. The first key support is at $36,750 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high. If there is a move below $36,750, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $37,000, followed by $36,750.

Major Resistance Levels – $37,750, $38,000, and $38,800.

According to a report by Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has adapted to the economic system of New York’s Metropolitan Detention Center (MDC), where he is currently awaiting sentencing on multiple felony counts. 

The disgraced crypto-billionaire has reportedly been bartering, using food as currency in exchange for various services within the prison.

Former FTX CEO SBF Trades Fish For Services

Per the report, mackerel, a fish commonly referred to as “macks” among inmates, emerged as the currency of choice in federal prisons after cigarettes were banned. The fish’s popularity stems from its stability and value within the prison economy. 

Formerly incarcerated individuals like attorney Larry Levin have accepted mackerel as payment from fellow prisoners, using it to acquire services such as beard trims and shoe shines. 

The demand for mackerel became so significant that suppliers, including Global Source Marketing, witnessed increased sales, according to Business Insider.

In a prison environment where inmates lack access to traditional or digital currency, products with steady value, such as certain food items and stamps, serve as substitutes for money. 

Mackerel and other stable commodities like tuna become a means of exchange, with their value pegged to the dollar. This economic logic allows inmates to engage in various transactions while maintaining a semblance of a barter system.

The use of fish as a medium of exchange in federal prisons has been widespread since 2004, following the cigarette ban. 

Sam Bankman-Fried faces sentencing on March 28, 2024, for charges that include wire fraud and conspiracy to commit money laundering, with a potential prison term of up to 110 years. Additionally, SBF is set to stand trial for separate counts related to political bribery.

 FTT Surges with Impressive Gains

FTT, the native token of the FTX cryptocurrency exchange, has seen a remarkable surge in value in recent weeks. With substantial gains across various timeframes and an impressive market capitalization of 1.5 billion, FTT has cemented its position among the top 50 tokens in the crypto market. 

Over the past 24 hours, FTT has experienced a significant increase of 21%, showcasing the token’s upward momentum. This short-term surge is complemented by a strong performance over the past week, with a notable rise of 26%. 

However, the real standout lies in FTT’s gains over the past 14 and 30 days. Within the last two weeks, FTT has skyrocketed by an impressive 100%, while the 30-day timeframe has seen an astounding surge of 315%. 

These gains highlight the growing demand and investor interest in FTT as rumors of a possible reboot of the exchange circulate within the crypto community.

Featured image from Bloomberg, chart from TradingView.com 

A CryptoQuant Analyst has identified a significant systemic buying trend in Ethereum, suggesting a rising influx of strategic investments into the blockchain network. 

Analyst Reveals Ethereum Systemic Buying Trend

A crypto market observer and a contributing analyst at CryptoQuant, Maarten Regterschot has taken to X (formerly Twitter) to publish a systemic buying trend he witnessed in Ethereum. The analyst presented a chart indicating that one or more investors have been engaging in Time Weighted Average Price (TWAP) buying on Ethereum futures. 

Regterschot stated that the linear increase in open interest in Ethereum suggests that there has been systemic buying of ETH assets for an extended period of time. He revealed that approximately $700 million has already been added to the market. 

“Someone(s) are TWAP-buying on Ethereum futures. This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far,” Regterschot said. 

Systemic buying in this context involves crypto investments made at regular and periodic intervals. TWAP on the other hand is the measure of an asset’s average price over a specific time period.

This systemic buying trend suggests a growing demand for ETH by investors over a long period. The trend also coincides with the latest Ethereum developments in the crypto space, including the growing applications on Ethereum Spot ETFs and its potential approval by the United States Securities and Exchange Commission (SEC). 

The analyst has not revealed insights into the motives behind this systemic buying of Ethereum. However, the developments could become a catalyst for a potential bullish momentum for Ethereum (ETH).

ETH Price Holds $2000 Mark

The price of Ethereum has seen multiple upticks within the last few months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, Ethereum’s price is up by 2.3% and trading at $2,062 at the time of writing. Although its overall market capitalization is down by 23.31%, the cryptocurrency has been experiencing a fair amount of price increases recently. 

As the potential approval of Ethereum Spot ETFs by the US SEC looms next year, many investors are currently holding their crypto assets as they gear up for a possible bull run. There have also been several optimistic price projections for the ETH token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it succeeds in crossing multiple resistance levels.