Blockchain

XRP, the popular cryptocurrency, has been making significant strides in recent trading hours. Investors and traders have witnessed remarkable gains, with the hourly chart indicating a bullish trend despite a sharp rise. As the price of XRP hovers around $0.696533, CoinGecko reports an impressive 8.9% increase in the past 24 hours, marking a seven-day rally of 24.4%.

Bulls are flexing their muscles on the daily time frame, underlining the cryptocurrency’s resilience and potential for further upward movement. An analysis of XRP’s price action reveals several compelling factors that suggest a bright outlook for this digital asset.

Sustained Momentum Above Key Moving Averages

XRP’s current price of $0.696533 is not merely a fleeting spike. It is notably trading above the 50-day and 200-day exponential moving averages (EMAs), a strong indicator of bullish sentiment. When a cryptocurrency maintains a position above these key EMAs, it typically signifies a solid foundation for a prolonged uptrend.

The potential for a bullish cross between the 50-day and 200-day EMAs adds weight to the argument for sustained growth. This technical configuration implies that XRP may continue to climb, potentially attracting even more investors looking to capitalize on the positive price action.

RSI Confirms Strong Buyer Sentiment

In addition to the moving averages, the Relative Strength Index (RSI) for XRP is comfortably above the 50 mark. The RSI is a momentum oscillator that measures the speed and change of price movements. When it crosses the 50 threshold, it indicates a shift towards bullish sentiment.

With the RSI clearly in the bullish territory, it further solidifies the notion that buyers are firmly in control of XRP’s price trajectory. This heightened level of buyer confidence is a crucial driver for the cryptocurrency’s ongoing price appreciation.

Critical Resistance Point

While XRP’s recent performance is undeniably impressive, traders and investors should exercise caution and closely monitor the daily bar closure, particularly in relation to the resistance level at $0.6541. This price point serves as a critical juncture that could influence the direction of XRP’s price movement.

Breaking through this resistance could propel XRP to even greater heights, possibly establishing new support levels at higher values. Conversely, failing to surpass this obstacle may lead to a temporary setback. Therefore, staying vigilant and responsive to the market’s dynamics is paramount for those considering XRP investments.

XRP Whale Appetite Increasing

Meanwhile, there has recently been a notable increase in the acquisition of XRP by prominent cryptocurrency investors, referred to as “crypto whales.”

This surge in purchasing activity has contributed to a highly dynamic commencement of the month of November this year. The XRP price surge has been significantly influenced by bullish trading activity observed within a cohort of strategic crypto whales, as indicated by recent on-chain data.

Whales, who possess between 100,000 and 1 billion XRP, accumulated an extra 1.26 billion XRP between October 24 and November 6, setting a new record for their total holdings in 2023. The chart above illustrates how the price of XRP began to rise positively around October 24, which is when these wealthy investors started making large purchases of the cryptocurrency.

At $0.68 per XRP, the 1.26 billion XRP obtained are worth $850 million. XRP price rose over the important resistance zone at $0.65 after this significant investment in two weeks.

(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 Shutterstock

CryptoCon, a figure in the crypto analysis community, has presented a detailed chart that anticipates the next Bitcoin cycle peak to be in the vicinity of $130,000. According to the analyst, the date for the next cycle high will be November 28, 2025, with a possible deviation of 21 days. This projection is based on the Halving Cycles Theory, which aligns the Bitcoin price movement with the dates of its halving events.

Bitcoin Halving Cycle Theory

The chart delineates Bitcoin’s historical and projected price trajectory across four color-coded cycles, each representing a different market phase postulated by CryptoCon. The “Green Year” indicates periods of accumulation, with the best cycle buying prices and a return to the median, which is half of the previous all-time high (ATH).

The “Blue Year” is identified as a preparatory phase where the price gravitates around the median before climbing towards new ATHs at the end of the year. The “Red Year” heralds new ATHs, while the “Orange Year” suggests a bear market where the price becomes undervalued and bottoms out at the end of the year.

CryptoCon’s theory is grounded in the historical patterns observed around Bitcoin’s halving events—the first on November 28, 2012, and the second on July 9, 2016. The analyst asserts, “Every prediction of this model has remained precisely on track since its creation in Jan of this year.”

Despite criticisms regarding the exact timing of past cycle peaks, CryptoCon maintains confidence in the model, stating, “The biggest critique I have seen of this model is that the technical top came in April 2021 and not November. But you can’t argue with the numbers, the price was higher.”

Early Top, Top, And Bottom For The Next BTC Cycle

The analyst’s approach combines various price experiments and a Trend Pattern Price model, leading to a consensus target of $130,000. The shared chart also specifies that Bitcoin is on the cusp of a “Blue Year.” According to CryptoCon, the next early top for Bitcoin is anticipated to occur within a 21-day window around July 9th, 2024, with an expected price range of $42,000 to $48,000.

The chart analysis goes on to forecast the next cycle top, which is expected to fall within a similar 21-day margin around November 28, 2025. The projected price range for this peak is notably bullish, setting the target between $90,000 to $130,000.

CryptoCon’s tweet underscores this prediction, stating: “Nothing has changed about my time frame or expected price for the next Bitcoin cycle top. 90 – 130k +/- 21 days from Nov 28th, 2025.”

Remarkably, Cryptocon is also providing insights into the next cycle bottom. His forecast suggests a price floor of approximately $27,000, again within a 21-day range from November 28th, 2026. This aligns with the model’s ‘Orange Year,’ which is typically characterized as a bear market period where the price is expected to bottom out by the end of the year.

At press time, BTC traded at $35,229.

A video has surfaced on social media where Ethereum founder Vitalik Buterin revealed he sold 70,000 ETH tokens during its price all-time high. 

Buterin Acknowledges Shorting Ethereum

Crypto community member, MetaMan X, published a video post on X (formerly Twitter), disclosing a conversation where Ethereum Founder, Vitalik Buterin admitted that he had sold about 70,000 ETH tokens, essentially shorting the cryptocurrency during a major all-time high. 

In the podcast with American hedge fund director, Eric Ross Weinstein, Buterin spoke on the price of Ethereum and Bitcoin in 2017. During Ethereum’s previous all-time high in 2017, when the price of ETH rose as high as $1,600 and Bitcoin’s price was up $20,000, Buterin voiced doubts about whether the significant price surge truly aligned with the crypto market’s modest achievements over the years. 

“The crypto space has reached half a trillion dollars, does it deserve it?” Buterin stated. 

When asked if he had shorted Ethereum during the all-time high, Buterin stated that he had convinced the Ethereum Foundation to sell a considerable amount of ETH tokens, and the result of the decision made a huge impact on the cryptocurrency later.

“I did get the Ethereum Foundation to sell 70,000 ETH like basically at the top, and that’s doubled our runway now, so it was one good decision that had a lot of impact,” Buterin said. 

Community Worries Over Buterin’s ETH Sell-Offs

Many crypto community members have raised concerns about the multiple ETH transactions said to be conducted by Ethereum’s founder. Recently, Buterin was spotted making a transfer of 100 ETH, worth about $181,000 to Coinbase, one of the world’s largest crypto exchanges. 

The motive behind the transaction has sparked curiosity among Ethereum investors and the crypto community. Earlier in August, Buterin was also reported moving 600 ETH worth $1 million to Coinbase. 

However, the Ethereum Founder had publicly clarified in October that he had not sold any ETH tokens for personal gain since 2018. He also stated that most ETH transactions were not him selling, but rather the recipients of his charitable donations selling the ETH tokens. 

The founder has also been caught in controversy over the weekend when Ethereum whistleblower Steven Nerayoff alleged that Buterin was involved in some sort of fraud involving ETH.

Nerayoff says Ethereum is linked to corrupt SEC officials to carry out this fraud which he says is on a larger scale than what happened with FTX. For reference, FTX founder Sam Bankman-Fried has been found guilty of fraud charges after the exchange filed for bankruptcy in 2022 with a $9 billion hold in its balance sheet.

On-chain data shows the XRP sharks and whales have been accumulating as the recent rally in the token’s price has occurred.

XRP Sharks & Whales Are Backing The Current Rally In The Asset

According to data from the on-chain analytics firm Santiment, the large XRP holders have participated in buying recently. The relevant indicator here is the “Supply Distribution,” which measures the percentage of the total supply that each investor cohort in the market is holding in their wallets as a whole right now.

In the context of the current discussion, the 100,000 to 1 billion token group is of interest. This cohort naturally includes all investors or addresses who are carrying at least 100,000 and at most 1 billion XRP in their balance.

At the time of writing, this range converts to about $69,000 at the lower end and $690 million at the upper end. The holders that carry such large amounts are popularly called the sharks and whales (with the sharks obviously being the smaller cohort of the two).

Here is a chart that shows the trend in the Supply Distribution specifically for these sharks and whales over the past few months:

As displayed in the above graph, the XRP sharks and whales addresses hit a low last month at the same time as the asset’s ratio with Bitcoin had reached a bottom. At these low prices, the cohorts participated in some rapid accumulation, leading to their holdings shooting up.

In the period since this buying started, the cryptocurrency has enjoyed a sharp rally. From the chart, it’s also visible that the sharks and whales aren’t done with the asset just yet despite all the price increases it has already seen so far, as their holdings have continued to trend up recently.

After the latest rise in the indicator, these humongous entities now control about 45.8% of the entire circulating supply of the asset, which is the highest level for the year 2023.

During the last 24 hours, XRP has registered a further 11% uplift and so far, the sharks and whales haven’t shown any reaction to it. Further buying or even sideways movement at these highs would naturally be an optimistic sign for the asset.

One obstacle that the coin could face, though, is the social dominance spike that it has just seen with the latest leg in the rally. The “social dominance” is a metric that tells us how the social media talk related to XRP currently compares against that of the top 100 coins by market cap.

As is visible in the graph, this indicator has now hit its highest point since mid-July, suggesting that the coin is receiving considerable attention right now. Historically, such hype has often not been a good sign for rallies, as tops have become more probable to form in these conditions.

XRP Price

Following the latest rise, XRP has managed to break through the $0.69 mark for the first time since the start of August.

Chainlink (LINK) has witnessed a noteworthy surge in its price over the past week, defying the increasing overhead supply pressure that typically exerts downward force on cryptocurrencies. Despite these challenges, LINK’s price has managed to maintain a slow yet steady rally, driven by the influence of a rising channel pattern.

As of the latest data from CoinGecko, Chainlink is currently trading at $12.44, marking a 1.3% gain in the last 24 hours and a remarkable 12.9% rally over the past seven days. This upward trajectory has left many investors and analysts wondering whether this rally is likely to persist or if a correction is on the horizon.

Rising Channel Pattern Supports Chainlink Rally

According to LINK’s price chart, LINK buyers may find a strong support level at $10.75. This support trendline is critical, as it serves as a safeguard against a steep correction. As long as this trendline holds, it suggests that LINK may avoid a sharp decline. A rebound from this level could empower buyers to challenge the immediate resistance at $12.6, paving the way for an advance towards the $14.65 to $15 price range.

However, amid the price action, the cryptocurrency community is abuzz with news of a substantial Chainlink transfer, meticulously tracked by Whale Alert. An impressive 3.8 million LINK tokens, equivalent to approximately $46 million, were moved between wallets of unknown origin. Such large-scale transfers within the crypto space often trigger close scrutiny, as they can potentially foreshadow significant market-moving events, including large sell orders or liquidity provisions.

3,894,965 #LINK (46,000,786 USD) transferred from unknown wallet to unknown wallethttps://t.co/CKzDNxxG9O

— Whale Alert (@whale_alert) November 5, 2023

With these developments in mind, the future of Chainlink’s price trajectory remains uncertain. The rising channel pattern and recent gains indicate a degree of bullish sentiment, but it’s important to remain cautious, as the cryptocurrency market is known for its volatility.

A Crucial Level For LINK’s Future

The ability of LINK to maintain its rally and potentially breach the $12.6 resistance level will be closely monitored by traders and analysts alike. It is essential to keep an eye on the $10.75 support level, as a breach could signal a change in the current trend. Additionally, large transfers like the one observed may hint at influential market actions on the horizon.

Chainlink (LINK) is showing resilience in the face of overhead supply pressure, and its performance over the coming days will be a focal point for the crypto community. While the current rally is promising, investors should exercise caution and remain attentive to potential market-moving events that may arise.

(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 iStock

Many had speculated that the rally in the crypto market was going to wane following the Spot Bitcoin ETF rumors fading out. That hasn’t been the case, though, and a recent revelation from a prominent crypto analyst suggests that the two largest cryptocurrencies by market cap, Bitcoin and Ethereum, could continue to see an upward trend. 

New Liquidity Coming Into The Market Could Boost Bitcoin, Ethereum

In a post shared on his X (formerly Twitter) platform, Crypto analyst Ali Martinez revealed that the crypto market has seen close to $10.97 billion in positive capital inflows, which represents the highest level this year. According to him, this inflow of capital into crypto could potentially mean that investors are heavily bullish on these assets. 

Meanwhile, there is also further evidence that the market, most especially Bitcoin, could see an influx of new money in the coming days, as Martinez mentioned in a subsequent post that over 700,000 new BTC addresses were created on November 4. The analyst believes that such a happening is an important milestone as Bitcoin’s network growth is one of the best price predictors.

It is uncertain what could be behind these inflows and the revived interest in the crypto market. However, some believe that it could be institutional investors who are taking positions ahead of a possible approval of the pending Spot Bitcoin ETF applications by the Securities and Exchange Commission. 

Others believe that the Bitcoin Halving could be contributing to the resurgence in Bitcoin’s price and the crypto market by extension. Historically, Bitcoin has seen significant gains in the period leading up to the Halving event. The next Halving is expected to happen in April 2024. 

Whatever the reason, there is no doubt the influx of new money into the ecosystem is a positive development. A particular crypto analyst had once noted that many altcoins were tepid due to the lack of liquidity in the market and that they could pick up once there is renewed interest in the market.

Institutional Interest Coming From Overseas

According to a Bloomberg report, Hong Kong’s financial regulator, the Securities and Financial Commission (SFC), is considering allowing the launch of exchange-traded funds (ETFs) that allow investors to invest directly in the cryptocurrency itself (Spot trading). 

This development comes amid the US SEC’s reluctance to approve the pending Spot Bitcoin ETF applications, which would allow US investors to have direct exposure to the flagship cryptocurrency, Bitcoin. 

This further highlights the stark contrast between the treatment that the crypto industry has received overseas and in the United States. The positive approach taken by regulators overseas is, however, commendable as the crypto industry continues to see interest from such regions. 

A recent social media post by crypto pundit MartyParty has sparked renewed interest in the early investment patterns surrounding Solana. This interest centers around the revelation that Lyndon Rive, a cousin of Elon Musk, was among the first investors in Solana, a fact that has largely flown under the radar since Rive’s announcement on July 30, 2019.

“Why is Elon Musk’s cousin Lyndon Rive one of the first investors in Solana. Rive is a cousin of Elon Musk as their mothers are twin sisters,” Marty remarked.

The Story Of Solana And Elon Musk’s Cousin

Lyndon Rive, better known as the co-founder of SolarCity and cousin to tech mogul Elon Musk, has maintained a lower profile compared to his renowned relative. Despite their familial ties, Rive’s investment trajectory has diverged notably from Musk’s, especially after Rive left SolarCity following its acquisition by Tesla in 2016.

In July 2019, Rive invested in Solana Labs, the company behind the SOL blockchain. The project, launched in 2018, is distinguished by its use of a Proof of Stake consensus mechanism, which aligns with the growing interest in more energy-efficient blockchain technologies.

While Rive’s participation in the Series A funding of Solana was not singularly significant, it was part of a crucial $20 million funding round that helped kickstart the project. Subsequent investments by entities like CoinList and MXC Exchange bolstered Solana’s growth, cumulatively raising an additional $40 million.

The connection between Rive’s investment in Solana and Musk’s stance on SOL remains unclear. Elon Musk is widely recognized for his enthusiasm for Dogecoin, often expressing support for the meme coin. Additionally, Tesla, under Musk’s leadership, has included Bitcoin as part of its corporate balance sheet.

However, Solana was never mentioned by Musk. Notably, after Tesla ceased accepting Bitcoin in May 2021 citing environmental concerns, the Solana Foundation reached out to Musk via Twitter, answering “dms are open”. Musk has never responded publicly, suggesting that there is no official connection between Musk and Solana despite his cousin’s investment.

The intrigue deepens with the parallel choices of Musk and Solana’s co-founder, Anatoly Yakovenko, in favoring the Rust programming language for their respective projects, xAI and SOL. xAI’s recent announcement lauds Rust for its robustness and reliability, essential for scalable and maintainable infrastructure. Crypto expert Joe McCann commented: “Elon Musk chooses Rust for xAI. Anatoly Yakovenko chose Rust for Solana.”

In conclusion, while Rive’s early investment in Solana is a notable piece of the platform’s history, the extent of his influence or any indirect connection to Musk remains speculative. Nevertheless, it is a story to keep in mind.

SOL Prize Takes A Break

At press time, SOL was trading just below $40 and was undergoing a retest after the price broke out of the trading range post the FTX crash last week. A daily close above $38.76 could be crucial to establish a new range and possibly target the 1,618 Fibonacci extension level at $57.85.

BNB price avoided a major decline below $200 and recovered against the US Dollar. It climbed above $235 and now faces many hurdles near $245 and $250.

BNB price is slowly moving higher toward the $250 resistance.
The price is now trading above $235 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a clear move above $250.

BNB Price Recovers 10%

These past few days, BNB price managed to start a recovery wave above the $220 resistance. The recent positive moves in Bitcoin, Ethereum, and other altcoins sparked a decent increase in BNB.

There was a steady move above the $232 and $235 resistance levels. The price even climbed toward the $245 resistance. A high is formed near $245.8 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high.

BNB is also trading above $235 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

If there is a fresh increase, the price could face resistance near the $245 level. The next resistance sits near the $250 level. A clear move above the $250 zone could send the price further higher. In the stated case, BNB price could test $265. A close above the $265 resistance might set the pace for a larger increase toward the $280 resistance.

Downside Correction?

If BNB fails to clear the $245 resistance, it could start a downside correction. Initial support on the downside is near the $240 level and the trend line.

The next major support is near the $235 level or 50% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. If there is a downside break below the $235 support, the price could drop toward the $226 support. Any more losses could initiate a larger decline toward the $220 level.

Technical Indicators

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

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

Major Support Levels – $240, $235, and $226.

Major Resistance Levels – $245, $250, and $265.

Ethereum price is moving higher above $1,850 against the US dollar. ETH is outperforming Bitcoin and might climb further higher toward the $2,000 resistance.

Ethereum is gaining pace for a move toward the $2,000 level.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move higher above the $1,920 and $1,950 levels.

Ethereum Price Outperforms Bitcoin

Ethereum remained in a positive zone above the $1,780 support zone. ETH started a fresh increase and was able to clear the $1,850 resistance, outperforming Bitcoin.

The price even spiked above the $1,900 level. It traded to a new multi-week high at $1,912 and the price is now consolidating gains. It is now trading near the 23.6% Fib retracement level of the upward move from the $1,781 swing low to the $1,912 high.

Ethereum is now trading above $1,850 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,900 level. The first major resistance sits at $1,920. If ETH surpasses the $1,920 resistance, it could rise toward the $1,950 barrier. Any more gains might open the doors for a test of the $2,000 handle. The next key resistance is near $2,050, above which the price could accelerate higher toward the $2,120 level.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,870 level or the trend line.

The next key support is $1,850 or the 100 hourly SMA. It is also near the 50% Fib retracement level of the upward move from the $1,781 swing low to the $1,912 high. A downside break below the $1,850 support might spark a bearish wave. In the stated case, Ether could drop toward the $1,780 level.

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 – $1,850

Major Resistance Level – $1,920

Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels.

Bitcoin is aiming for a fresh move above the $36,000 resistance zone.
The price is trading near $34,850 and the 100 hourly Simple moving average.
There is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $34,150 support to start a fresh increase in the near term.

Bitcoin Price Eyes More Gains

Bitcoin price remained well-bid above the $34,000 support zone. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase.

There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level.

Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple moving average.

There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line.

Source: BTCUSD on TradingView.com

A clear move above the $35,250 resistance might open the doors for a move toward the $35,500 resistance. The next key resistance could be $36,000, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.

Downside Continuation In BTC?

If Bitcoin fails to rise above the $35,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,500 low.

The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downsides. In the stated case, the price could even decline below the $34,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $34,500, followed by $34,150.

Major Resistance Levels – $35,050, $35,250, and $35,500.