Blockchain

As the XRP price and its future trajectory continue to be a hot topic for debate, crypto research firm Sistine Research has weighed in on this debate using technical analysis. XRP holders are set to love this one, as their prediction is bullish. 

Where Is XRP Price Headed?

In a post shared on the X (formerly Twitter) platform, Sistine Research stated that, despite the current market outlook, XRP is one of the tokens with a bullish chart in the crypto market as of now. 

Their bullish sentiment was projected in their post, which contained a weekly chart that suggested an accumulated pattern since May 2022, with the XRP price having the potential to rally to as high as $1.5, an over 200% increase from its current price of $0.49.

The research firm also used the XRP/Bitcoin chart to further drive home their bullish sentiment. The chart showed XRP’s potential to outperform the flagship cryptocurrency with its projected rally to $1.5. However, it seems that the XRP price could decline to the $0.40 support level before any massive rally.

Clarification On The Charts

Sensing that there was some form of skepticism from many in the crypto community, Sistine Research released a subsequent post where it further elaborated on its technical analysis. It explained that from the charts, it was evident that there is a long-term accumulation that is trending upwards. 

According to them, during this period, buyers are willing to dive into the market and provide support to the token at higher and higher prices, likely suggesting that a potential retracement or dump by the bears doesn’t faze the bulls. 

Sistine alluded to the fact that the most recent pump on the chart was larger than the previous pump. This supposedly shows that buyers are active as they are still accumulating at higher prices rather than waiting for a decline before going in. While all this is happening, sellers are still holding their tokens as they anticipate higher prices before selling. 

They compared this XRP chart to the BTC chart in 2018, when buyers got weaker, and sellers had control of the market, selling every pump at lower prices. 

The research firm also suggested that DOGE’s chart is currently experiencing something similar (to the 2018 BTC chart) as they stated that the XRP price chart is “objectively bullish” in comparison to the meme coin, which is “exhibiting major signs of buyer exhaustion.”

As of the time of writing, the XRP price is trading at $0.49, around 0.30% in the last 24 hours, according to data from CoinMarketCap. 

Renowned crypto analyst Josh Olszewicz recently spotlighted an extremely bullish technical pattern for Solana (SOL) price, suggesting a potential significant uptrend for the cryptocurrency against the US dollar (SOL/USD). Olszewicz shared his analysis on X (formerly Twitter), commenting, “SOL iHS alert. Chart is the chart, love it or hate. Looks a helluva lot better than spot ETH that’s for sure.”

Solana Poised For A 50%+ Rally?

After reaching a peak of $260 in November 2021, the Solana price experienced a steep decline in value, plummeting to a low of $8 by the end of 2022. This decline mirrored the general downturn in the crypto market, which was further aggravated by the collapse of the crypto exchange FTX, with SOL being particularly affected.

However, 2023 began with a positive twist for Solana. The price of SOL rebounded from its $8 low to almost $26 within the first half of January, setting the stage for the formation of an inverse head and shoulders (H&S) pattern.

This inverse H&S pattern, recognized as a typical bullish reversal signal, began taking shape in mid-January and extended through October 2023. By mid-March, the left shoulder was evident, with the head forming in early June, and the right shoulder becoming prominent in October.

A significant feature of this pattern is the neckline resistance, identified at around the $25.81 mark. Solana’s price has already challenged this resistance multiple times, and a decisive breach above this threshold would serve as a strong indicator of a bullish trend reversal. Olszewicz, in his analysis, marked the stop loss (SL) for this trade idea just below the right shoulder, specifically around $19.30.

Using Fibonacci extensions, Olszewicz charted potential price trajectories for SOL, should it successfully surpass the $25.81 neckline. The targets are marked at the 1.618 ($33.85) and 2.0 ($38.82) Fibonacci levels. If these predictions hold, traders might be looking at potential profits ranging between 35% and 55% from the current price.

VPVR Supports This Thesis For SOL

Additional insights from the Volume Profile Visible Range (VPVR) reveal that the most substantial trading activity for SOL is clustered around the $14 to $15 bracket. Another volume cluster is situated between the $20.83 and $19.30 marks, aligning with Olszewicz’s stop loss placement.

Another important takeaway is that should SOL break above the inverse H&S pattern’s neckline, there is a large volume gap up to the first price target at $33.85 where the 1.618 Fibonacci level is situated, suggesting this area is of significant interest and potential resistance.

In conclusion, while the inverse H&S pattern’s emergence paints a super bullish picture for Solana’s price trajectory, it is essential to await a confirmed breakout above the $25.81 neckline, ideally supported by a substantial trading volume, before confirming the bullish projections laid out by Olszewicz.

At press time, SOL rose above 200-day EMA and traded at $23.81.

XRP price is attempting a fresh increase from $0.4730 against the US Dollar. The price could climb toward $0.5320 unless there is a downside break below $0.4880.

XRP is struggling to gain pace above the $0.5065 resistance against the US dollar.
The price is now trading below $0.500 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.4915 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to move down if it breaks the $0.4880 support zone.

XRP Price Eyes Recovery

After a steady decline, XRP found support near the $0.4730 zone. The price started a recovery wave above the $0.480 level, like Bitcoin and Ethereum.

There was a move above the $0.4880 resistance. The bulls pushed it above the 23.6% Fib retracement level of the main drop from the $0.5510 swing high to the $0.4730 low. Besides, there was a break above a major bearish trend line with resistance near $0.4915 on the 4-hour chart of the XRP/USD pair.

However, the bears remained active above the $0.500 resistance zone. The price is now trading below $0.500 and the 100 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.500 level. The first major resistance is near the $0.5065 level and the 100 simple moving average (4 hours) or the 50% Fib retracement level of the main drop from the $0.5510 swing high to the $0.4730 low.

Source: XRPUSD on TradingView.com

A close above the $0.5065 level could send the price toward the $0.521 resistance. A successful break above the $0.521 resistance level might start a strong increase toward the $0.550 resistance. Any more gains might send XRP toward the $0.585 resistance.

More Losses?

If XRP fails to clear the $0.5065 resistance zone, it could continue to move down. Initial support on the downside is near the $0.488 zone.

The next major support is at $0.4730. If there is a downside break and a close below the $0.4730 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4320 support zone.

Technical Indicators

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

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

Major Support Levels – $0.488, $0.473, and $0.432.

Major Resistance Levels – $0.5065, $0.5210, and $0.550.

Ethereum price started a steady increase from the $1,520 zone against the US dollar. ETH is now struggling to clear the $1,605 and $1,620 resistance levels.

Ethereum is attempting a recovery wave above the $1,570 level.
The price is trading just above $1,575 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,572 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further if there is a close above the $1,620 resistance level.

Ethereum Price Gains Traction

Ethereum started a fresh increase from the $1,520 level. ETH gained traction like Bitcoin and spiked above the $1,600 resistance level. It even climbed above $1,620, but the bears appeared near $1,650.

A high was formed near $1,669 before there was a fresh decline. Ether trimmed gains and settled below the $1,600 level. It tested the $1,575 support and is currently consolidating near the 23.6% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low.

Ethereum is now trading just above $1,575 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,572 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,605 level. The first major resistance is near the 50% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low at $1,620. A close above the $1,620 resistance might start a decent increase.

Source: ETHUSD on TradingView.com

In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.

Another Decline in ETH?

If Ethereum fails to clear the $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100-hourly Simple Moving Average.

The next key support is $1,550. A downside break below the $1,550 support might send the price further lower. In the stated case, the price could drop toward the $1,520 level. Any more losses may perhaps send Ether toward the $1,440 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 – $1,575

Major Resistance Level – $1,620

Bitcoin price spiked toward $30,000 after fake news about spot ETF hit the market. BTC is now consolidating above $28,200 and could rise toward $29,200.

Bitcoin is holding gains above the $28,000 and $28,200 levels.
The price is trading above $28,200 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if there is a clear move above the $28,800 resistance.

Bitcoin Price Aims Higher

Bitcoin price started a strong increase above the $27,500 resistance zone. BTC saw a wild increase after fake news about the spot ETF approval hit the market.

There was a nasty increase above the $28,500 resistance. The price even spiked toward $30,000 before trimming gains. There was a drop below the $29,200 and $28,800 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.

Bitcoin price is now trading above $28,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.

On the upside, immediate resistance is near the $28,600 level. The next key resistance could be near $28,800. A clear move above the $28,600 and $28,800 resistance levels could set the pace for a larger increase. The next key resistance could be $29,200.

Source: BTCUSD on TradingView.com

A close above the $29,200 resistance might start a steady increase toward the $29,500 level. Any more gains might send BTC toward the $30,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $28,800 resistance zone, it could slide further. Immediate support on the downside is near the $28,000 level and the trend line zone.

The next major support is near the $27,800 level. A downside break and close below the $27,800 support might send the price further lower. The next support sits at $27,200 and the 100 hourly Simple moving average.

Technical indicators:

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

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

Major Support Levels – $28,000, followed by $27,800.

Major Resistance Levels – $28,600, $28,800, and $29,200.

The ADA price has moved in tandem with the rest of the crypto market after a small rally but Cardano whales continue to threaten this positive price action. According to recent data, the balances of large ADA whales have continued to decline, suggesting that they may be selling off their substantial holdings.

Cardano Whale Balances See Large Drop

Over the last month, the balances of Cardano’s largest holders have been on a decline. This has occurred as the price of ADA has fallen but with each small recovery, these whales seem to be taking advantage of the market to sell at a profit.

The significant drop in balances over time has been noticed in the wallets holding between 1 million and 10 million ADA have fallen. This assertion is backed up by data from IntoTheBlock which shows a large decline in the holdings of these large holders.

Toward the end of September, addresses holding between 1 million and 10 million ADA held a total of 5.63 billion tokens. However, going into October, their balances began to drop by the millions. By October 15, their total balance was sitting at 5.41 billion, representing a drop of 220 million tokens.

At the same time that this was happening, larger whales holding between 10 million and 100 million ADA have been increasing their balances. Their holdings increased from 11.81 billion ADA to 12.26 billion ADA toward the end of September. It then saw a small reversal but in August, their holdings settled at 12.16 billion tokens, representing a 300 million increase.

This would suggest that while the 1 million to 10 million cohort had been selling, the 10 million and 100 million cohort had seized the opportunity to buy. This ended in a transfer of over 300 million ADA to these already massive whales, increasing their dominance in the market.

ADA Holders Plunge Further Into Losses

Amid the sell-offs from the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies which have maintained a good profitability ratio, ADA has performed horribly.

According to data from IntoTheBlock, only 6% of the almost 4.5 million ADA holders are seeing profit. A whopping 4.09 million addresses are sitting in losses, accounting for 91.76% of the total holder base. In contrast, 2.06% (91,990) addresses are breaking even.

ADA is currently trading at $0.25, a 91.84% drop from its all-time high price of $3.10, according to Messari. However, it remains the 8th-largest cryptocurrency with a market cap of $8.88 billion.

Due to its innovation, Uniswap Labs plans to introduce Hooks in the upcoming Uniswap v4, putting the world’s leading decentralized exchange in the spotlight. According to a critic on social media platform X, the DEX is on the know-your-customer (KYC)-verification route once Hooks on Uniswap v4 are released.

Uniswap v4 Hooks Is The Beginning Of Censorship?

Sharing screenshots, the user shared insights and said the exchange brings KYC verifications on the latest iteration. At the same time, the platform plans to use the “permission required” off-chain server on UniswapX for performance enhancements. 

UniswapX is an open-source solution allowing permissionless and open trading across Automated Market Makers (AMMs) and other liquidity sources. It is currently being tested on the Ethereum mainnet.

Though the community has embraced these developments, the critic said these requirements, especially the identity verification requirement on Hooks, will be available as an option before being gradually made mandatory down the line.

Uniswap v4 is being developed, and Hooks will be one of the key updates. Hooks are programmable extensions for customizing pool and trade behavior, tightly integrated with Uniswap’s core protocol. 

With Hooks, it becomes easier for developers to implement other features such as dynamic fees, on-chain limit orders, and overly improved customization. In this way, it will also be possible to integrate Uniswap v4 into other protocols.

Uniswap Evolution: Building “Real” DeFi?

The DEX has constantly evolved and released new features since the first version went live in late 2018. Uniswap v1 introduced AMM, opening up decentralized finance (DeFi). This allowed liquidity providers (LPs) to be crucial to market making. 

In Uniswap v3, the exchange released concentrated liquidity (CL). This feature allows LPs to specify a price range within which they are willing to provide liquidity. In Uniswap v2, LPs provided liquidity across the entire price range of the token pair. In v3, liquidity depth increases while traders get better pricing.

Despite the criticism, Hooks has been supported in some quarters. For instance, the user acknowledged that the feature would amplify the value proposition of some protocols, making them real “DeFi” platforms. At the same time, while responding to the critic, another commentator said the feature will do more than what anybody else has done for “real DeFi.”

On-chain data shows the Chainlink whales showed some high activity right before the latest surge in the cryptocurrency took place.

Chainlink Whales Made Moves Before LINK’s 3% Surge

As pointed out by an analyst in a post on X, whales and institutional investors have shown an increasing amount of activity recently. The relevant indicator is the “large transactions volume” from the market intelligence platform IntoTheBlock, which keeps track of the aggregate volume of Chainlink transactions larger than $100,000.

Generally, the whales and institutional entities are the only investors capable of shifting such a large amount with a single transaction. These holders carry large balances in their wallets, making them influential on the network.

When the value of this metric is high, it means that these humongous investors are moving around large amounts right now. Such a trend implies that these investors are participating in some trading activity.

However, this metric alone can’t discern exactly what kind of activity it is, as both selling and buying transactions appear the same on the blockchain and count towards this volume.

On the other hand, when the indicator has low values, it suggests that the whales and institutional players aren’t interested in the cryptocurrency as they aren’t making too many moves. Now, here is a chart that shows the trend in the Chainlink large transaction volume over the past few weeks:

As displayed in the above graph, the Chainlink large transactions volume registered a spike recently, implying that the whales had been moving many tokens across the network.

At the peak of this spike, the whales transferred around 20.38 million LINK within 24 hours. This stack would be worth over USD 150 million at the current exchange rate.

It’s uncertain why these humongous holders suddenly showed so much activity, but perhaps the surrounding price action could hint at it. This spike was seen a few days back, and since then, Chainlink has observed some net uptrend.

Thus, the timing of the transactions could suggest two likely possibilities. These large investors bought in anticipation of this rally (perhaps due to some inside information), or their buying is why the price surge found its appropriate fuel in the first place.

Either way, it’s a positive sign that the whales and institutional investors have recently participated in potential accumulation activity. In the coming days, this metric can be the one to keep an eye on, as further activity from these holders could signal that more volatile price action may be ahead.

Once again, though, any future spikes could arise from both buying and selling, so they won’t necessarily be a bullish signal for Chainlink like this latest one turned out to be.

LINK Price

At the time of writing, Chainlink is trading around $0.74, up more than 3% in the past week.

In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community. 

False Rumors of BTC Spot ETF Approval Trigger Volatility

Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval. 

However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated: 

I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment. 

Subsequently, BlackRock confirmed to FOX reporter Eleanor Terret that the application was still under review, rendering the initial report false.

The repercussions of this misinformation were immediately evident in the market. BTC experienced a brief surge from $27,800 to $30,000 within minutes as traders reacted to the purported ETF approval news. However, as the truth emerged, the market corrected itself, causing a wave of liquidations.

According to data from Glassnode, the aftermath of the surge saw a significant increase in liquidations. Within four hours, $113.75 million in long positions and $78.87 million in short positions were liquidated, reflecting the volatility and sudden reversal prompted by the false news.

The incident also prompted Cointelegraph to apologize for a post that had disseminated inaccurate information regarding the BlackRock Bitcoin ETF. 

The media outlet announced that an internal investigation is underway to determine the source of the misinformation. Cointelegraph stated:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.

False Breakout Fails To Dampen Bitcoin Profitable Streak

Despite the false breakout above $30,000, Bitcoin has retained significant profits within 24 hours. Currently trading at $28,100, it remains $1,000 higher than the initial price before disseminating the fake news across all platforms. This marks a 5.1% profit during this period.

Consequently, this positive turn of events has caused Bitcoin to shift from negative to positive figures across various time frames. In the past 7 days, Bitcoin has recorded a 2.6% profit, while over 30 days, it has seen a 6.4% increase. Only in the 14 days was a slight decrease of 0.4%.

Furthermore, a closer examination of BTC’s 1-day chart reveals its ability to surpass significant resistance levels. Notably, Bitcoin successfully overcame two critical moving averages: the 50-day MA at $27,150 and the 200-day MA at $27,030. 

These moving averages posed major obstacles for Bitcoin’s price after initially dropping below this threshold.

In addition, Bitcoin managed to break through the $28,000 resistance level, which had previously acted as a significant barrier following the false breakout above this mark.

Moving forward, the sustainability of Bitcoin’s current price level and bullish momentum remains to be seen amidst the circulating rumors surrounding the long-awaited ETF decision by the applicants and the US SEC.

Featured image from Shutterstock, chart from TradingView.com 

Bitcoin’s price performance last week may have disappointed investors, but there are indications of a growing momentum as the new week started. Bitcoin spiked up in the early hours of Monday to almost $28,000 before facing resistance that sent it back down. 

It would seem whales have been making moves to push BTC up, as indicated by the increasing number of whale wallets. New Bitcoin mid-whale addresses, meaning addresses holding between 100-1,000 BTC, saw a huge single-day increase recently, according to data from analytics firm Santiment. 

Unprecedented Growth in New Bitcoin Whale Addresses

On-chain data have shown, as was previously reported, that Bitcoin whales are increasing their holdings, with long-term holders adding more than 50,000 BTC to their wallets each month. A similar occurrence took place over the weekend when the number of Bitcoin wallets holding between 100 and 1,000 BTC experienced its largest jump this year. 

An X post by crypto on-chain analytic platform Santiment revealed that this metric grew by 16 more wallets, its largest since February 2022. During the same period, wallets between 10-100 BTC fell, indicating smaller wallets adding to their holdings to proceed to the next tier. 

Will We See BTX Reach $30,000 Again Soon?

Whale addresses have increased by 117 BTC in the past 48 hours, worth roughly $3.2 million, as whales look to push price gains. Although on-chain signals currently point to bearish, the continued influx of investors accumulating Bitcoin could signal higher demand and price appreciation for the leading cryptocurrency. 

#Bitcoin whales bought around 117 $BTC in the past 48 hours, worth roughly $3.2 million. pic.twitter.com/Aoshmy0r4D

— Ali (@ali_charts) October 15, 2023

With whales stocking up their wallets, the 24-hour trading volume for Bitcoin climbed by 180.15%, and the price of Bitcoin increased by 3.26%. If the current pace is maintained, there is a significant likelihood that it will reach $30,000 by the end of this week. 

This push was likely aided by large amounts of older, stagnant coins that were finally moved. According to Santiment’s “Age Consumed” measure, which tracks the average age of cryptocurrencies that are traded, the most dormant BTX has changed wallets since July.

Bitcoin has a history of being used as a hedge against inflation, but its short-term price trajectory is currently hard to predict. There are many market factors that can either send the cryptocurrency up or spiraling downwards. 

One example is the SEC’s approval of spot Bitcoin applications, which many have hinted could signal the start of a new bull run to new highs. At the time of writing, BTC is trading at $27,740 and is looking to cross over $28,000.