Blockchain

Observing traders’ decisions about crypto, such as Bitcoin, especially on prominent exchanges like Binance, often holds the key to understanding the underlying currents in the market. Two critical events today, highlighted by renowned crypto analyst Ali Martinez, paint a curious picture of BTC’s current standing.

Majority Of Binance Traders Shorting BTC

Ali Martinez, a respected figure in the crypto analysis world, revealed some interesting data concerning Bitcoin earlier today. According to Martinez’s X (formerly known as Twitter) post, most traders on Binance with open Bitcoin futures seem to expect a downturn.

Specifically, about 51% of these traders are shorting BTC. For clarity, shorting is essentially betting that the price of an asset will decrease. This data indicates that, at least on Binance, traders have a prevailing sentiment that Bitcoin’s price might be due for a dip.

As #Bitcoin nears $29,000, roughly 51% of all accounts on #Binance with an open $BTC futures position are going short! pic.twitter.com/o7SUMfHEyX

— Ali (@ali_charts) October 18, 2023

Yet, it’s important to note that shorting doesn’t necessarily always translate to a lack of confidence in the asset. Traders might be hedging their bets, capitalizing on short-term fluctuations, or employing a range of trading strategies that best suit their financial objectives and risk tolerance.

Bitcoin Notable Price Achievement

On the same day, in another tweet, Martinez shared that Bitcoin has achieved a notable milestone. The top cryptocurrency surged past the $27,900 mark, which Martinez identifies as the “short-term holder cost basis.”

This means that those who have held BTC for a shorter duration and previously saw minimal profits could potentially be realizing gains.

If Bitcoin maintains its position above this crucial price point, it may suggest a shift in market sentiment, swinging more towards the bullish side, according to the analyst.

#Bitcoin has crossed the short-term holder cost basis of around $27,900, which is a crucial psychological benchmark.

If $BTC maintains above this level, those short-term holders previously underwater may be back in profit. This could signal a shift to a bullish market sentiment! pic.twitter.com/WilZ6CB67P

— Ali (@ali_charts) October 18, 2023

This development starkly contrasts the aforementioned shorting trend on Binance, emphasizing the multifaceted and complex dynamics at play in the crypto market. Meanwhile, the global crypto market has slipped by 0.4% in the past 24 hours following BTC’s drop of nearly 1%.

Bitcoin trades for $28,348 after retracing from its recent spike earlier this week to above $30,000 due to a false report of the US Securities and Exchange Commission (SEC) approval of spot Bitcoin ETF.

Featured image from Unsplash, Chart from TradingView

Several crypto analysts and influencers in the XRP community have continued to make their predictions as to the future of the XRP price. This time, another has predicted the token to rise to $100 and given tips on how one could make money from this occurrence. 

How To Make $1 Million From XRP

In a post shared on the X (formerly Twitter) platform, Crypto Analyst and XRP influencer Crypto Assets Guy stated that XRP had the potential to reach $100 in 3-5 years. As to the best way XRP holders could benefit from such a significant increase in XRP’s price, he opined that holding 10,000 XRP is enough for those holding long-term. 

He further calculated the potential returns that these holders stood to gain if his prediction were to come through. Going by this, holders could gain as much as $1 million, assuming they were holding 10,000 XRP and each token was worth $100 in the next three to five years.

Some seemed to agree with the analyst’s prediction, with one particular X user stating that XRP “should” break $100 long before then, especially due to institutional interests. On the other hand, many seemed to disagree with the prediction and stated that it was almost impossible for the token to hit $100 by then.

There was also the category of people who seemed tired of such predictions as they stated that they had heard similar predictions in the past (years back), and still, there hasn’t been any notable increase in the token’s price. 

XRP Price Prediction Factual Or Otherwise?

The future XRP price is arguably one of the trending topics in the X crypto community, as analysts and influencers have continued to make predictions on the token’s trajectory. While some have based their prediction on certain indicators and fundamentals, others seem to be making these predictions without any conviction or any basis for it. 

With this in mind, some members of the XRP community have gone as far as accusing these influencers of simply making these predictions for engagement farming. Interestingly, the influencer Crypto Assets Guy who had made this $100 prediction was the same person who had some days back stated that XRP wasn’t going to hit “$10000, $1000, $50 or $10 any time soon.”

Although one can’t assertively state what he meant by “any time soon” in this context, it raises eyebrows as to the analyst’s recent prediction, considering that he seemed less optimistic about XRP’s future trajectory just days back. 

A rare bullish crossover between two on-chain metrics could soon be forming for Bitcoin. Here’s when this analyst believes the cross would happen.

Bitcoin Realized Prices Of Two UTXO Age Bands Are Moving Towards A Cross

As explained by an analyst in a CryptoQuant Quicktake post, a bullish crossover is expected to happen soon for BTC. The indicator of interest here is the “realized price,” which basically keeps track of the price at which the average investor in the Bitcoin market acquired their coins.

The indicator calculates this value by going through the on-chain history of each coin in circulation to see what price it was last transacted at. The metric assumes this price to be its buying price and so, after taking the mean of this value for all tokens on the network, the average cost basis of all coins is obtained.

When the cryptocurrency’s price is under this metric, it means that the average holder in the sector is in a state of loss. On the other hand, the price being above the indicator implies the overall market is enjoying net profits.

The realized price of the entire user base isn’t of relevance in the context of the current discussion, but two specific UTXO age bands which are 6 months to 12 months and 12 months to 18 months. What these age bands signify is that the coins (or more accurately, UTXOs) belonging to them were last moved inside their range.

Now, here is a chart that shows the trend in the Bitcoin realized price for these two UTXO age bands over the past few years:

As displayed in the above graph, the realized price of the UTXOs sitting dormant between 12 and 18 months ago has been heading down for a while now. The 6-month to 12 months age band had been showing a similar trajectory earlier in the year, but a while back, the metric plateaued and has since then turned itself around.

The reason the average cost basis of investors belonging to this age band has reversed its trajectory is that the 6 months cutoff for the group now lies in April, which means that those who bought during the rally in the starting months of the year would now be counted under this cohort.

Earlier in the year, the bear market buyers were a part of the group, so the average naturally headed down. The 12-month to 18-month-old group, on the other hand, still constitutes these bear market buyers, hence why its realized price is still decreasing.

If these two metrics continue in their current trajectories, they will go through a crossover. As the quant has highlighted in the chart, such a crossover where the 6 months to 12 months band has broken above the 12 months to 18 months cohort, has historically proven to be bullish for the asset.

In total, there have only been four such crossovers in the cryptocurrency’s entire history, so if this crossover goes on to form, it would only be the fifth ever. The analyst believes that November 28, 2023, is when this bullish crossover could be expected to form for Bitcoin.

BTC Price

Bitcoin had made a push toward the $29,000 level yesterday, but it appears the surge has already calmed down as the coin has retraced towards $28,400.

Shiba Inu (SHIB) has recently experienced a dramatic decline in its burn rate. This plunge, amounting to a staggering 90.57%, comes at a time when the SHIB token is facing a sharp drop in its market price. 

Typically, lower token prices present more extensive opportunities for token burning as it becomes more affordable to acquire additional SHIB tokens for the purpose of destroying them. However, it appears that the prevailing negative sentiment in the market is dampening the burn attempts.

At the time of writing, the SHIB token is trading at $0.00000692 according to CoinGecko, marking a 1.9% decline over the past 24 hours. On a more optimistic note, the token has seen a 1.2% increase in the past seven days. It’s evident that SHIB is experiencing some turbulence in its value.

Shiba Inu: Path To Revival

Yet, Shiba Inu’s burning program is making waves by bucking the trend. In a surprising turn of events, the token’s burn rate surged by over 200%, leading to the elimination of 53 million SHIB tokens and a reduction in its overall supply. This ambitious initiative is part of a strategic effort to make SHIB scarcer and, hopefully, more valuable over time. 

The successful execution of Shiba Inu’s burning program has been cited as one of the potential catalysts for a future increase in SHIB token value. The reduction in token supply can create a sense of scarcity, which often drives demand among investors.

Additionally, Shiba Inu’s innovative layer-2 blockchain solution, known as Shibarium, is another factor that could fuel a rally in SHIB’s price.

The Rise Of Shibarium

Shibarium, Shiba Inu’s layer-2 blockchain solution, was unveiled to the crypto world at the end of August, and it has since made significant strides. The network has achieved several remarkable milestones in the months following its launch.

Shibarium’s potential impact on the future of Shiba Inu cannot be underestimated, as it opens up new horizons for this meme-inspired cryptocurrency.

As Shiba Inu embarks on its journey to foster innovation and adapt to the evolving crypto landscape, the development of Shibarium stands out as a beacon of hope. The network’s rapid progress and achievements are a testament to the dedication and creativity of the Shiba Inu development team.

If Shibarium continues to hit milestones and gain traction, it could become a driving force behind the resurgence of SHIB’s value, ultimately defying the bearish market sentiment that currently looms over the crypto world.

These factors could potentially set the stage for a remarkable revival in SHIB’s value, illustrating the resilience and determination of the Shiba Inu ecosystem in the face of market challenges.

(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 Coopers Fire

In a recently concluded voting program, it was revealed that over 92% of LidoDAO members (Lido token holders) of the decentralized liquid staking protocol Lido Finance, voted in favor of Lido ceasing its operations on the Solana Network.

LidoDAO Cut Ties With The Solana Network Following Community Vote

The proposal was first introduced by Lido on Solana’s peer-to-peer (P2P) team on September 5, due to financial limitations. Following the introduction, the voting program began on September 29, 2023, and was concluded a week later on October 6. 

The P2P team in charge of the development of Lido on the Solana Network offered the community members two options in the voting program. These included the organization leaving the Solana Network, or providing funds to the organization to sustain its operations on the Solana Network.

In the proposal by the P2P team, Lido requested that LidoDAO provide $20,000 per month to fund technical maintenance activities related to sunsetting operations on Solana over the following five months. The proposal also expressed worries about not being able to meet goals in the next year due to the challenging market conditions.

“Achieving even 2% of the market share in 2023-2024 seems improbable, particularly in the current Solana market, without any marketing assistance and given Lido DAO’s committee resolution 22 to discontinue all incentives in Solana,” the team’s proposal stated.

According to Yuri Mediakov, the P2P team invested a total of $700,000 in Lido on the Solana project to build and support the product in the past year but ended up making $220,000 in revenue, resulting in a net loss of $484,000. Therefore, in order to support the project for the next 12 months, the team would need around $1.5 million.

However, at the end of the vote, over 65 million (92.7%) of LDO tokens (voted by token holders) were in favor of sunsetting operations on Solana Network. Meanwhile, 5.1 million (7.2%) of LDO tokens voted in favor of providing funds to the organization to continue its operation on the Solana Network. The total number of Lido (LDO) tokens concluded in the vote was 70.1 million LDO tokens.

The organization highlighted in an excerpt that the decision was a necessary one to make despite how difficult it was:

Whilst this decision was difficult in the face of numerous strong relationships across the Solana ecosystem, it was deemed a necessity for the continued success of the broader Lido protocol ecosystem.

According to LidoDAO, the organization will cease accepting staking requests as of October 16, while users will have to unstake on Solana’s frontend by February 4, 2024. Failure to unstake before the deadline will result in unstaking through the Command Line Interface (CLI). In addition, Voluntary node operator off-boarding will commence on November 17, 2023.

Nonetheless, staked Solana (stSOL) token holders are still expected to receive rewards during the sunsetting process. However, Lido’s staking services are now solely supported on Ethereum and Polygon.

The P2P team has been working on Lido’s Solana project since acquiring it from Chorus One in March last year.

Cardano (ADA) investors are currently grappling with a critical juncture as the cryptocurrency struggles to maintain its positive momentum within a triangle pattern. 

Priced at $0.246925 according to CoinGecko, the ADA market is currently navigating through a complex landscape of potential pitfalls and prospects.

Despite a 1.3% decline in the last 24 hours and a measly 0.1% dip over the past week, the market sentiment remains cautious, with traders closely monitoring the possibility of a downturn to $0.20.

At the heart of the current ADA price conundrum lies the intricate triangle pattern, a technical formation that often signifies a period of market indecision and potential trend reversal.

Within this pattern, the coin’s price movements are constrained between a converging support trendline and a resistance trendline. 

The ongoing struggle to sustain a positive cycle hints at a potential bullish breakout. However, the looming threat of a significant plunge to $0.20 keeps many traders at the edge of their seats, anxiously observing the market dynamics.

Benjamin Cowen’s Stark Warning

Adding to the air of caution, renowned crypto analyst Benjamin Cowen has sounded an alarm for ADA investors, issuing a grave warning regarding the cryptocurrency’s trajectory.

In a recent tweet, Cowen highlighted ADA’s declining value in terms of Bitcoin (BTC), predicting a potential drop to as low as 400 satoshis. 

#ADA / #BTC is breaking down, probably headed to 400 sats pic.twitter.com/ZwYZ0dxS4h

— Benjamin Cowen (@intocryptoverse) October 16, 2023

Cowen’s warning stems from an in-depth analysis of ADA’s price chart, which revealed a troubling trend that has sent ripples of concern across the market.

According to Cowen’s analysis, Cardano experienced a critical breakthrough of a key trendline, triggering a phase of accumulation before entering a subsequent downtrend.

Despite a brief consolidation phase, ADA’s gradual departure from this period led to the erosion of vital support levels. 

Currently valued at 890 satoshis per ADA, Cowen anticipates a staggering 50% drop from its present level, urging investors to tread cautiously in the volatile ADA market.

Cardano Struggle With Resistance And Support Levels

Underlying ADA’s price turmoil is the persistent battle between resistance and support levels. The crucial support at $0.24 has provided a temporary foothold for the cryptocurrency, preventing a more precipitous decline.

However, multiple lower-high formations resulting from overhead bearish pressure have cast a shadow over ADA’s short-term prospects, creating a challenging environment for sustained bullish momentum.

Despite these obstacles, ADA’s price action continues to reflect a tenacious effort to resist the downward pressure and retain a foothold within the symmetrical triangle.

Yet, the looming threat of a potential downtrend breaking below the support trendline remains a tangible concern for traders and investors alike. 

As the crypto community awaits further developments, the fate of Cardano’s price trajectory hangs delicately in the balance, with investors bracing for potential fluctuations in the days ahead.

(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 Wallpaper Flare

In a recent trend evident on crypto charts, Bitcoin dominance is once again on the rise, prompting some traders and investors to rethink their strategies concerning altcoins. An in-depth analysis of the data, coupled with insights from prominent crypto analysts, unveils several compelling reasons to exercise caution when considering an altcoin purchase at this moment.

Historical Precedence

Bitcoin’s market dominance – its market cap relative to the entire cryptocurrency market – has historically been a leading indicator of market sentiment. If Bitcoin dominance is increasing, it means that sentiment toward altcoins is waning.

In an analysis today, renowned analyst Rekt Capital has warned of this flashing signal, he shared the following chart and tweeted:

BTC Dominance has left the “retest zone”. Now in the process of entering an uptrend continuation which could see BTC Dominance revisit the 58% mark for the first time in years.

Over the past five months, the Bitcoin dominance saw a consolidation within the ‘retest zone’ after it saw a 10%+ rise since the beginning of the year. BTC dominance pulled back as part of its retest which enabled altcoins to gain some momentum for a short period of time. But, like in mid-2018, BTC is now breaking above the resistance zone, suggesting that 58% could be the next target. Notably, BTC dominance peaked above 71% during the last run in 2021.

Altcoin Liquidity Concerns

When Bitcoin’s dominance rises, it often corresponds to reduced liquidity in the altcoin market. Reduced liquidity can lead to heightened volatility, with price swings potentially wiping out significant portions of invested capital. For investors with a risk-averse profile, such conditions might not be ideal.

Moreover, recent interest appears to be concentrated primarily on Bitcoin. In times of capitulation and boredom, investors often seek the security and liquidity provided by Bitcoin over altcoins. A driving factor for this is that potential catalysts for the crypto market are Bitcoin-specific, like the halving and the potential approval of a spot ETF. As these events play out, Bitcoin will probably continue to outshine altcoins.

More Insights From Top Crypto Analysts

Joshua Lim, the former head of derivatives at Genesis Trading and former head of trading strategy at Galaxy Digital, recently weighed in on the ongoing tussle between Bitcoin and Ethereum. “ETH/BTC spot ratio is a major battleground right now,” Lim noted, adding that the rally in BTC/USD was effectively suppressing Ethereum. He highlighted a significant skew in options volume favoring Bitcoin over Ethereum, emphasizing Ethereum’s diminishing allocator interest (options volume skewed 5:1 towards BTC).

Meanwhile, Miles Deutscher, a well-regarded crypto analyst, offered a condensed perspective on the prevailing market sentiment. “We’re in the most difficult market phase… where time capitulation really starts to set in,” Deutscher remarked. He further cautioned retail participants who have been distancing themselves from the market, suggesting that this might be an inopportune moment to do so.

Deutscher added, “Accept that BTC is likely to lead in the early stages of the bull run… it’s not wise to fade BTC during this period.” He recommended a “top-down approach to the market,” emphasizing a strategy that starts with the foundational assets, Bitcoin and Ethereum, before exploring other altcoins.

At press time, BTC traded at $28,585.

A crypto wallet owned by the Ethereum founder Vitalik Buterin has seen a series of transactional activities lately, piquing the interest of crypto community members at a time when Ethereum selling pressures are rising. 

Following this, Buterin has taken the initiative to address the concerns regarding his recent transfer of digital assets to multiple exchanges. 

Ethereum Co-Founder Discloses Truth Behind Multi-Transfers

In a recent post on Warp Cast, a decentralized social network, Russian-Canadian computer programmer and founder of Ethereum, Vitalik Buterin publicized the real reason behind the latest ETH transfers made via his wallet address. 

Buterin explained to the public that the large-scale ETH transactions that were performed using his wallet were not sold by him. He stated that over the years, he has mostly focused on donating large sums of Ethereum funds to charity organizations and other projects. He further solidified his claims saying that he had not sold ETH for personal profits since 2018. 

“If you see an article saying ‘Vitalik sends XXX ETH to [exchange]’, it’s not actually me selling, it’s almost always me donating to some charity or nonprofit or other projects, and the recipient selling because, well, they have to cover expenses,” Buterin stated. 

Buterin is well-known for his philanthropic acts toward charity organizations and medical interventions. The Ethereum co-founder made headlines in 2021, after donating $1 billion worth of SHIB tokens to a COVID-19 relief fund in India. 

Additionally, in February 2023, Buterin donated $150,000 to Anka Relief to fund a crypto aid project that would support Türkiye after its recent earthquake experiences.

Although there have been many proofs of Buterin’s propensity to donate to multiple charities, the crypto community has remained skeptical and vigilant, relentlessly monitoring the Ethereum founder’s cryptocurrency activities, as well as these recent high-value ETH transactions. 

Spokesperson Reveals $15 Million ETH Transfer From Kanro Charity

According to data from PeckShield Alert, a blockchain security and auditing firm, Vitalik Buterin recently made a large-scale transaction of $15 million USDC to the Gemini Exchange. 

This transaction in question is among the list of recent transfers associated with the Ethereum founder. These movements have prompted both curiosity and concern in the crypto community, as observers attempt to determine the underlying motive behind Buterin’s transactions.

A report from Cointelegraph said an Ethereum Foundation Spokesperson has clarified the details behind the lofty transaction. According to the Spokesperson, the $15 million USDC transfer was only executed under Buterin’s Ethereum Name Service (ENS) and not from his wallet address. 

The spokesperson also supposedly confirmed that the funds were from a transfer made by a charity multi-sig wallet, Kanro, which is closely linked to Buterin to sponsor a grant.

Despite seeing a notable increase of 15.2% in value yesterday, the current price of Bitcoin SV remains steady at a little over $39 compared to the previous day.

The current market situation involves a struggle with the immediate dynamic resistance level, leading to a state of uneasiness among traders.

Bitcoin SV, a Bitcoin fork, is now the most profitable cryptocurrency out of the top 100 by market capitalization.

The value of the world’s cryptocurrency market increased to $1.09 trillion at the time of writing, a 1.4% gain in a day. On Tuesday, ETH increased by about 0.1% to $1,585, while BTC was up 2.6% at $28,466.60.

SEC Influence On Crypto Rally And BSV Price Spike

The recent rally in cryptocurrency prices was primarily driven by optimism about the Securities and Exchange Commission (SEC) potentially approving a Bitcoin ETF. This sentiment was strengthened when the SEC chose not to appeal the Grayscale lawsuit.

However, there was a spike in BSV prices due to a false report from CoinTelegraph claiming that the SEC was anticipating the iShares Bitcoin Trust, pushing Bitcoin to nearly $30,000 before it quickly dropped.

At the time of writing, BSV occupies the No. 48 spot and was trading at $39.40, up 22% in the last seven days, data form crypto market tracker Coingecko shows.

The RSI for BSV is 67.58, the same as it was yesterday. This RSI level is slowly approaching overbought zone, which could indicate that a little correction or consolidation in the price of BSV is imminent.

Bitcoin SV is displaying positive indicators in terms of trading volume and market capitalization. Its market cap has risen by 1.22% to reach $757 million, and its 24-hour trading volume has surged by a significant 83% to $238 million.

This increased trading activity suggests growing trader interest and the potential for BSV’s price to continue moving upward.

When market confidence persisted, the price of Bitcoin Cash also surged. The robust performance of American stocks served as an example of the increase. The S&P 500 and Dow Jones both experienced gains of more than 1%, but the Nasdaq 100 index saw a leap of more than 1.10%. Cryptocurrencies have historically performed well on rising stock prices.

Bitcoin SV Price At Resistance Zone: Potential For An Upside Break

Meanwhile, the current price of BSV is encountering a horizontal resistance zone ranging from $38.5 to $40.6. This resistance zone is also in alignment with the Fibonacci 0.5 level, at $39.75.

The possibility of a successful breach of this resistance level may indicate a sustained higher trajectory for Bitcoin SV.

Concurrently, there exists a proximate support region ranging from $33.85 to $36.10, which aligns with the Fibonacci 0.618 level of $35.89 and the 20-day Exponential Moving Average (EMA) of $34.79.

In the event that the BSV price is unable to maintain its position above the designated support zone, there is a possibility of an impending negative trend.

(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 CoinPayments Blog

In a detailed chart analysis of the XRP/USD trading pair, seasoned crypto analyst Dark Defender has shed light on several significant indicators that point towards a bullish trajectory for the popular cryptocurrency.

Taking to Twitter to share his insights, Dark Defender remarked, “Morning All. Hope you had a great weekend. XRP in the daily time frame is still within our price range. Above $0.52 – $0.55 is a challenge, first to break the resistance & stay above the Ichimoku Clouds.”

This sentiment aligns with the depicted interaction of XRP with the Ichimoku Cloud on the chart, a renowned technical tool that offers insights on support, resistance, and momentum. Furthermore, the analyst outlined specific price brackets, stating that XRP is: “Bullish above $0.55 – $0.66, Extra Bullish between $0.66 – $1.33, and envisions a New All-Time High Above $1.966.” These delineations echo the marked areas on the chart, notably the “Bullish Area” and “Extra Bullish Area.”

When To Get Extra Bullish On XRP

One of the primary takeaways from the chart is the “RSI Double Tap” event. For those unfamiliar, the Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. An RSI reading below 30 is typically considered oversold, while an RSI above 70 is seen as overbought. The “Double Tap” indicates that XRP has been undervalued in mid-August and mid-September, but found a strong foundation.

Further boosting the bullish sentiment is the declining trendline in the RSI that the XRP price recently broke out of, implying a potential shift in momentum. Remarkably, the RSI broke out of the downtrend for the first time at the end of September.

However, the XRP price could not keep this momentum, and as a result, the RSI once again fell below the trend line drawn by Dark Defender. But in recent days, another breakout has occurred, which could predict bullish price movements.

Moving onto the price action, the chart depicts XRP’s consistent interaction with the Ichimoku Cloud, a renowned technical tool that offers insights on support, resistance, and momentum. The fact that XRP is inching closer to entering the ‘Bullish Area’ of the Ichimoku Cloud is quite significant. This could mean that the asset is on the verge of a bullish reversal if it climbs back above $0.52.

Moreover, the chart also demarcates two distinct areas labeled “Bullish Area” and “Extra Bullish Area.” The latter is situated between the $0.66 and $1.33 mark, suggesting that if XRP manages to break above the lower boundary and hold above this price point, we might witness intensified bullish momentum. The XRP price could then more than double before major resistance is expected at the $1.33 level by Dark Defender.

Additionally, the Fibonacci retracement levels, drawn from the peak to the trough of the price movement, emphasize the 50% level at $0.5286 as a critical resistance point. Breaking through this level might propel XRP toward the “Extra Bullish Area” as specified by the analyst.

Concluding his tweet, Dark Defender aptly stated, “The clock is ticking,” indicating the expectation that the cryptocurrency could perform a strong bullish move into the “Bullish Area” between $0.55 and $0.66 at any time.

In summation, while the crypto market remains unpredictable, the technical indicators for XRP, combined with Dark Defender’s analysis, suggest a promising bullish trajectory. But as always, investors should conduct thorough research and remain cautious in their investment decisions.

At press time, XRP traded at $0.4888.