Blockchain

In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.

Bitcoin ETFs Gain Ground on Gold ETFs

The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years of trading. 

In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.” 

According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.

McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends. 

Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.

Bitcoin Rally Driven By Institutional Demand 

The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.

According to analyst Ali Martinez, as the price of Bitcoin continues to hover between $51,800 and $52,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.

However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement. 

As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start/end of a cycle top parabola (which occurred most frequently).

According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual. 

Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend.

Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions. 

While BTC is currently trading at $51,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.

Featured image from Shutterstock, chart from TradingView.com

A technical indicator shift has sparked predictions of an imminent altcoin surge, with one analyst on X forecasting gains as sharp as those posted in 2017 and 2021.

This Technical Indicator Just Shifted To Green

Taking to X, the analyst said this optimism follows a change in the Gaussian Channel, a technical indicator used to assess market momentum. On X, the trader notes that the Gaussian Channel has, after weeks, flipped from red to green.

Reading from historical performance and indicator changes suggests that there could be a bullish shift for leading altcoins like Ethereum, Solana, and even Dogecoin in the days ahead.

However, from a technical standpoint, this upswing would be better confirmed once there is a comprehensive breakout above the immediate resistance. If this happens, the altcoin market could have a “parabolic” rally.

The broader crypto market is bullish, sparked by the encouraging Bitcoin rally. The world’s most valuable coin trades above $50,000, trending at December 2021 levels. Supporters are optimistic that not only will Bitcoin register more gains in the days ahead but will likely float to break November 2021 highs.

This uptick in demand follows institutions and investors leveraging spot Bitcoin exchange-traded funds (ETFs) to hold Bitcoin. 

Surging Bitcoin prices have immensely benefited coins like Solana and Ethereum and meme coins like BONK, which continue to trend. To illustrate, SOL is now trading above $100 despite a recent network outage that questioned the platform’s reliability. In January, SOL peaked at over $125.

On the other hand, Ethereum continues to rally but remains below $3,000. Rising decentralized finance (DeFi) activity and optimism of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded funds (ETF) continue to fuel demand. Recently, Franklin Templeton applied with the regulator for a spot in Ethereum ETF, joining BlackRock and Fidelity.

Altcoin Market Cap Approaches $1 Trillion

It is unclear how strongly altcoins will rally should buyers take over. Gauging from how leading altcoins like Solana and Cardano have performed in Q1 2024, it is likely that prices will explode to register new 2024 highs, breaking above 2023 resistance levels.

Based on CoinMarketCap data, the altcoin market cap has nearly doubled. It is up from around $475 billion in late 2022 to over $910 billion when writing in mid-February. When altcoins peaked in November 2021, their cumulative market cap exceeded $1.6 trillion.

Avalanche (AVAX), the blockchain platform known for its scalability and infrastructure, made significant strides in the fourth quarter (Q4) of 2023. According to a report by Messari, AVAX emerged as one of the best-performing tokens, driving the protocol to record notable gains in key metrics.

Record-Breaking Milestones For Avalanche 

The report shows that AVAX experienced a notable increase in its market cap, which climbed 344% quarter-over-quarter (QoQ) and 326% year-over-year (YoY), reaching $14.4 billion at the end of the year. This large increase propelled AVAX’s market cap rank among all tokens from 20 to 9, up 11 spots (currently 10th behind Cardano (ADA).

One of the driving factors behind Avalanche’s significant revenue growth was the surge in inscriptions, particularly Avascriptions (ACS-20 tokens). 

These on-chain call data transactions saw a significant boost, resulting in a substantial increase in revenue. From November to December, Avalanche witnessed a surge in revenue, with a 2,874% increase measured in USD, from $1.9 million to $56.5 million.

The surge in revenue was accompanied by a significant increase in daily transactions, which jumped 450% QoQ to 1.5 million. The emergence of Avascriptions also drove the majority of these transactions.

Avalanche’s C-Chain experienced a record-breaking 6.3 million transactions, with nearly 6.1 million being inscriptions. This marks the highest number of transactions ever recorded in a single day for Avalanche.

While C-Chain saw a 50% QoQ decrease in daily active addresses, this was primarily due to decreased activity on LayerZero – a bridge between different blockchains. However, the report highlights that Avalanche saw a significant increase in active validators, growing 20% QoQ from 1,374 to 1,651 validators. 

According to Messari, this growth in validators, coupled with an 11% QoQ increase in AVAX stakes, indicates a promising long-term appetite for AVAX in the coming year.

Avalanche’s TVL Surges 78%

Avalanche’s Total Value Locked (TVL) denominated in USD experienced a substantial 78% QoQ increase, reaching $1.03 billion by the end of Q4 2023. This positioned Avalanche as the 7th chain by TVL, denominated in USD. 

However, TVL-denominated in AVAX decreased by 71% QoQ, primarily due to AVAX price appreciation driving the increase in USD-denominated TVL.

The report also sheds light on the performance of various protocols on Avalanche. AAVE, the largest protocol by TVL, witnessed a 60% QoQ growth, while Benqi and Trader Joe demonstrated strong gains of 205% and 131% QoQ, respectively. Together, these three protocols accounted for 79% of Avalanche’s TVL, showcasing their dominance in the ecosystem.

Smaller-sized protocols, such as Pangolin and GMX, also showcased impressive growth, while Balancer, aided by Benqi’s sAVAX liquidity pool, attracted significant TVL on Avalanche. Additionally, Q4 witnessed a surge in average daily DEX volumes, rising by 245% QoQ.

Analysis of the 1-day chart reveals that Avalanche’s token trading pair AVAX/USD experienced significant growth during Q4, breaking free from a prolonged period of sideways price action.

However, following a notable uptrend that propelled the token to reach $50, its highest level in 20 months, on December 24, AVAX underwent a sharp correction, plunging to the $27 price level. 

The cryptocurrency has rebounded in response to Bitcoin’s (BTC) rally and the prevailing bullish sentiment in the market. Over the past fourteen days, AVAX has witnessed a 13% price increase, currently reclaiming the $40 zone.

Featured image from Shutterstock, chart from TradingView.com

On-chain data from Glassnode shows that the Bitcoin short-term holders have recently participated in a massive $647 million profit-taking event.

Bitcoin Short-Term Holders Have Realized Large Net Profits Recently

According to data from the on-chain analytics firm Glassnode, the short-term holders have given a strong reaction to the $52,000 break. The “short-term holders” (STHs) here refer to the Bitcoin investors who bought their coins within the past 155 days.

Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. The STHs have a relatively low holding time, so they easily sell during price rallies or crashes.

On the other hand, the “long-term holders” (LTHs), which make up the rest of the userbase (that is, those withholding time greater than 155 days), tend to carry a strong resolve.

Since the STHs are fickle-minded, it’s not surprising that they have made some selling moves after the latest rally in the asset. One way to gauge the reaction of this cohort is through the “Net Realized Profit/Loss” metric.

This indicator keeps track of the net profit or loss the investors realize across the network. The metric finds this value by going through the on-chain history of each coin being transferred right now to check the price it was moved at before.

Assuming that a change of hands occurred in the previous transfer and that another such change is happening with the current one, then the coin’s sale would realize a profit or loss equal to the difference between the two prices.

The Net Realized Profit/Loss sums up all such profits and losses and outputs the net value. Now, here is a chart that shows the trend in this indicator specifically for the Bitcoin STHs over the past few years:

As displayed in the above graph, the Bitcoin STH Net Realized Profit/Loss has spiked to highly positive levels recently, implying that these investors’ profits have significantly outweighed the losses.

This cohort has realized $647 million in net profits during this latest selling spree. The chart shows that the last time the indicator was at higher positive values was back around the formation of the 2021 all-time high.

The current values aren’t off this mark, but the STH Net Realized Profit/Loss levels that hit back during the first half of the 2021 bull run are still far away. For perspective, the peak in the metric achieved back then was $2.5 billion, which remains the all-time high for the indicator.

BTC Price

Since the rapid surge above $52,000, Bitcoin has calmed down slightly, as it has moved sideways in the past few days. At present, BTC is trading at around $52,500.

An analyst has explained that if history repeats for Cardano (ADA), its price could break $8. Here’s when this might happen for the asset.

Cardano Has Been Mirroring Past Price Pattern Recently

In a new post on X, analyst Ali has discussed a potential breakout happening in the weekly price of Cardano. ADA has appeared to have surged above a long parallel consolidation channel in this latest breakout.

Below is the chart shared by the analyst that shows this recent pattern in the price of cryptocurrency.

As the graph shows, ADA had been moving inside a parallel channel until the recent surge toward the upside came. In technical analysis, a “parallel channel” refers to the region enclosed by two parallel trendlines.

This pattern forms when the asset trades sideways inside a specific range. The upper line of the channel can be a source of resistance for the asset; thus, reversals towards the downside can likely take place after retests of it. Similarly, the lower line can be a probable point for bottoms to take form.

However, breaks out of either of these lines imply a potential strong continuation of the trend in that direction. This means an escape above the channel can be a bullish signal for the price, while a drawdown under it can be a bearish predictor.

During 2019-2020, Cardano was also stuck in consolidation inside a parallel channel similar to the one witnessed recently, as Ali highlighted in the chart.

In this previous period, the cryptocurrency had eventually managed to break above the channel, leading to the 2021 bull run. In total, the asset enjoyed a rally of 3,200% back then.

The coin’s trajectory inside the latest channel ended up being similar to that one, and recently, the ADA price has also broken beyond the channel in a fashion that has been reminiscent of the break of the previous one.

After the previous break, the coin rallied for a bit and then returned to retest the upper level of the channel, which has been repeated this time as well.

The difference this time, however, is that Cardano appears to be heading up now, which took a bit more time to happen last time around.

“The Cardano breakout may come earlier than expected!” notes the analyst. “Still, if history repeats itself, we are anticipating ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025!”

If the cryptocurrency follows this path set by history, the rally toward the $8 level would mean a total uplift of more than 1,200% from the coin’s current price.

ADA Price

Cardano has enjoyed a surge of more than 11% in the past week and has risen to the $0.60 mark.

Aptos (APT), a Layer-1 blockchain network, has shown significant growth in key metrics during the fourth quarter (Q4) of 2023, following the overall recovery of the crypto market. Furthermore, according to a recent report by Messari, Aptos experienced notable advancements in various aspects of its ecosystem.

Inflation And Genesis Supply Unlocking

The circulating market cap of APT witnessed a remarkable 126% quarter-on-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed that of similar market cap projects, leading to an improvement in APT’s market cap rank from 35 to 33 (currently 30).

Although the price of APT did not rise as much as its market cap, it still recorded a solid 75% QoQ increase.

Revenue generated by Aptos, represented by the fees collected through the protocol, also continued to grow in Q4 after recovering from lows in Q2. Denominated in APT, quarterly revenue grew by 10% QoQ, exceeding 46,000. 

With the appreciation of APT’s price, revenue in USD experienced an even greater surge of 30% QoQ, totaling $345,000. Notably, there was a spike in daily revenue towards the end of December due to an “inscription craze”.

Moreover, Aptos implemented an inflation model for APT, beginning at a 7% annualized rate and gradually decreasing by 1.5% each year until it reaches 3.5%. In mid-October, the inflation rate reduced to just under 6.9% as per the initial total supply of 1 billion APT. 

Additionally, APT faced inflationary pressure from the unlocking of the genesis supply, which includes the initially allocated 1 billion APT tokens.

By the end of Q4, over 23% of the genesis supply was distributed, marking a 30% QoQ increase.

In Q1 of 2024, another 7.5% of the genesis supply is set to unlock, with 48% allocated to core contributors and 34% to private investors. This unlocking is expected to release $574 million worth of APT tokens, representing 20% of Q4’s circulating supply. 

Additionally, $91 million worth of APT will unlock towards the Ecosystem category, although the immediate distribution of these tokens may not occur. It is important to note that, before distribution, 80% of these tokens are held by the Foundation, while 20% are held by Aptos Labs. 

These tokens are intended for grants, incentives, and other initiatives. So far, slightly over 20 million APT from this allocation has been airdropped.

Aptos Dip In Network Activity

Network activity on the Aptos blockchain, as measured by transactions and active addresses, decreased slightly in the fourth quarter, but remained at elevated levels compared to the first half of 2023. Average daily transactions decreased 1% sequentially to 483,000, while average daily active addresses decreased 31% sequentially to 60,000.

According to the report, the surge in network activity during Q3 was primarily driven by the integration of the social media platforms Chingari and Oracle Pyth with Aptos. In Q4, two notable events contributed to increased network usage: the Graffio communal art creation event in mid-October and inscriptions towards the end of December.

However, the number of new addresses created per day decreased by 33% QoQ in Q4, following a significant increase of 419% in Q3. The weighted average one-month retention rate also fell by 41% QoQ to 5%, marking the lowest rates since December 2022 for the October and November 2023 cohorts.

Looking ahead, Aptos has outlined key priorities for Q1 2024, which include further enhancing the stability and scalability of the network, expanding partnerships and integrations, and implementing new features and improvements based on community feedback. 

Additionally, the upcoming unlocking of the genesis supply and the subsequent distribution of APT tokens will be a significant event to monitor, as it may impact the token’s price and overall market dynamics.

APT is currently trading at $9.82, which corresponds to a price correction of 5.9% over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

In an unprecedented case that underscores the complex regulatory environment in the European Union, Jupiter Asset Management was compelled to divest its XRP Exchange Traded Product (ETP) investment valued at approximately $2.5 million. This decision underscores the complexities and regulatory discrepancies within the European Union concerning cryptocurrency investments.

The Forced XRP ETP Sale

The incident, which was initially reported by the Financial Times, involved Jupiter’s Ireland-domiciled Gold & Silver fund. The fund had invested $2,571,504 in 21Shares’ Ripple XRP ETP during the first half of 2023, a move that was subsequently flagged by Jupiter’s compliance department.

“The trade was made, picked up by our regular oversight process and then cancelled,” a Jupiter spokesperson articulated, emphasizing the rigorous internal review processes that led to the identification and rectification of the regulatory misalignment.

Ireland’s firm stance against incorporating crypto assets into Undertakings for Collective Investment in Transferable Securities (UCITS) funds mandated the reversal of this investment. Consequently, the cryptocurrency ETP holding was sold for $2,570,670, resulting in a nominal loss of $834, which the firm addressed.

“Jupiter sold the cryptocurrency ETP holding for $2,570,670, at a loss of $834, according to a financial statement. The firm has made up the difference,” confirmed a spokesperson from Jupiter.

This development is particularly noteworthy as it contrasts with the regulatory positions of other EU countries. For instance, Germany’s regulator permits a more flexible approach, allowing crypto ETP exposure in UCITS funds under specific conditions, as demonstrated by DWS’s Fintech fund maintaining an investment in an Ethereum exchange-traded note.

Inconsistent Directives Within The EU

The incident has sparked a broader discussion on the need for a harmonized regulatory approach within the EU. The discrepancy not only affects investment strategies but also impacts the overall investment ecosystem, creating a fragmented market.

This is further complicated by the varying interpretations and applications of the UCITS directive across different member states, leading to a lack of clarity and uncertainty for fund managers looking to innovate their investment portfolios.

Regulatory bodies in Ireland and France have recently affirmed their positions against the inclusion of crypto assets in UCITS funds, underscoring a cautious approach towards investor protection within regulated fund structures. Meanwhile, the UK and Germany adopt distinct stances, with the latter allowing certain crypto exposures under defined criteria.

This incident is not only highlighting the complexities involved in navigating the regulatory landscape for crypto investments but also emphasizes the need for a unified regulatory framework within the European Union.

XRP Price Confirms Breakout

At press time, the XRP price stood at $0.57196. As predicted yesterday, XRP has managed to break out of the descending channel and rise above the 20-, 50-, 100- and 200-day EMA cluster. This means that the XRP bulls have a good chance of gaining the upper hand again. A breakout above the 0.5 Fibonacci level at $0.5897 would be another important step.

VeChain (VET), a blockchain platform focused on supply chain management and enterprise solutions, is experiencing a surge in price and trading volume, fueled by bullish predictions and anticipation of a major announcement related to environmental sustainability.

Over the past 24 hours, VET has jumped an impressive 12%, currently trading at $0.047. This follows a remarkable week where the altcoin gained a solid 67%, defying the recent lull in the broader cryptocurrency market. Notably, trading volume has skyrocketed by a staggering 155%, reaching over $135 million within the same period.

VeChain: Technical Breakout And Price Target

Crypto analyst Ali Martinez has garnered attention with his technical analysis, suggesting that VET is nearing the end of its consolidation phase. Martinez, referencing historical price patterns, predicts a breakout to the $0.05 region this week. If his prediction holds true, this would represent a further increase of 36% from the current price.

It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November! pic.twitter.com/wTdPW34NNH

— Ali (@ali_charts) February 14, 2024

Martinez’s analysis draws parallels to VET’s 2021 bull run, preceded by a 595-day consolidation period. He posits that a similar trajectory could unfold this year, with a potential first target of $0.054, a level not seen since February 2022. This would translate to a remarkable 56% gain from the current price.

Impending Announcement Fuels Speculation

Adding to the bullish sentiment is the anticipation of a significant announcement from VeChain. Industry insiders hint at the company’s plans to unveil initiatives leveraging blockchain technology to address environmental challenges. The potential for blockchain to promote sustainable practices and create interconnected ecosystems that reward eco-conscious behavior is resonating with investors.

VeChain is joining the global tech community later this month, embarking on a tech-driven campaign to drive a sustainable future at #MWC2024.https://t.co/g1vjVbWuTD

— vechain (@vechainofficial) February 14, 2024

This strategic direction aligns with VeChain’s core values of sustainability and transparency, potentially attracting new investors and partnerships focused on environmental solutions. The announcement’s specifics remain undisclosed, but the buzz has undoubtedly contributed to the recent price surge.

Community Anticipates Price Explosion, Analyst Cautions

VeChain’s strong community is particularly optimistic, with some predicting a price of $0.7 by November 2024. This ambitious target represents a staggering 1,921% increase from the current price. While the potential for growth is undeniable, it’s crucial to approach such predictions with caution.

Martinez acknowledges the bullish sentiment but warns of a potential short-term correction in June before the anticipated upward rally. He emphasizes the inherent volatility of the cryptocurrency market, reminding investors to conduct thorough research and adopt a risk-management approach before making any investment decisions.

Meanwhile, VeChain’s recent price surge and upcoming announcement have ignited excitement within the cryptocurrency community. While technical analysis suggests a potential breakout and ambitious price targets are circulating, it’s essential to remember the inherent volatility of the market and exercise caution.

Featured image from Adobe Stock, chart from TradingView

The foremost crypto exchange in the United States, Coinbase, released its earnings report on February 15th. As expected, there were major takeaways from the financial report, highlighting the crypto company’s performance in the fourth quarter of last year.

Coinbase’s Trading Volume Exceeds Expectations

Coinbase maximalist Coinbase Duck noted in an X (formerly Twitter) post how the crypto exchange defied expectations in the fourth quarter of 2023. Coinbase recorded $170.6 billion in spot trading volume, exceeding the estimated $168.

Specifically, a considerable influx of retail investors accounted for 18% of the total spot trading volume against the estimated 16% that the crypto exchange was projected to record. The return of these retail investors is believed to have been partly due to the resurgence that Bitcoin and the broader crypto market experienced towards the end of the year. 

Meanwhile, consumer transaction revenue ($492.5 million) was way below the estimate of $570.9 million. However, Coinbase Duck noted that this wasn’t necessarily bad, as some investors started using advanced trading.

In a letter to its shareholders, the crypto exchange also revealed that some existing users traded significantly higher volumes, which could have necessitated the move to advanced trading. 

Coinbase also recorded a total operating expense of $838 million, which happened to be below the projected estimate of $878 million. Specifically, the crypto exchange did a great job in its transaction expenses, recording an expense of $126 million compared to the estimate of $163 million. 

However, the company’s sales and marketing expenses ($106 million) exceeded the estimate of $90 million. Coinbase revealed that this growth was “primarily driven by higher seasonal NBA spending, higher performance marketing spending due to strong market conditions, and increased USDC reward payouts due to growth in on-platform balances.”

Coinbase Had A Profitable Fourth Quarter

Coinbase recorded a net income of $273 million, beating the estimate of $104 million. Interestingly, going by figures from its Shareholder letter, the fourth quarter of 2023 was the only one in the year in which the crypto exchange didn’t record a loss for its net income. Meanwhile, the company also recorded its largest net revenue during that period.

Coinbase suggested that the excitement around the Spot Bitcoin ETFs and the expectations of more favorable market conditions in 2024 had contributed to its success in Q4 of 2023. Coinbase is a primary custodian for most Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT).

Meanwhile, the crypto exchange earned $1.13 per share, beating the forecast of $0.43. This is without the crypto exchange accounting for the FASB change, which Coinbase Duck revealed could bring its earnings per Share (EPS) to $2.1. 

Chart from Tradingview

XRP may not have had the best start to 2024, but several cryptocurrency analysts and enthusiasts are still bullish about the crypto asset, predicting a possible price surge to new highs heights.

Popular cryptocurrency analyst Egrag Crypto has made a daring prediction for XRP, suggesting a rise to a new peak. Egrag Crypto’s forecast delves into the token’s potential to reach the $2 price mark and way beyond.

XRP Poised To Skyrocket To A New All-Time High

In his projections shared on the X platform, the analyst noted that XRP is presently caught between the two moving average indicators, the 21-exponential Moving Average (EMA) and the 55-moving Average (MA).

As a result, Egrag crypto has predicted a potential 7000% price rally if XRP breaks out of the moving averages. However, the expert believes the rally will occur when XRP’s price reaches $2.2.

If such a rise occurs during the aforementioned price level, it will increase to about $139, according to Egrag. His forecasts are supported by historical data, which he uses to highlight a similar trend in the 2017 bull run.

It is noteworthy that before the 2017 bull run, XRP was similarly hedged between the 21 EMA and the 55 MA. On the other hand, XRP initially saw a price spike to $0.0302 following a breakout, and then it soared by 7,000% to the $2 mark. 

The analyst has underscored that about 99% of people might not comprehend his projections now. Nonetheless, when utility starts to take off, it might just be the start of a multi-decade trend.

Even though a breakout from the 21 EMA and 55 MA presents a possible rally, there is also a risk for a potential decline. According to Egrag Crypto, this position could lead to a decline to around $0.45.

He further claimed that XRP closing above $0.60 would be crucial, pushing the asset above the 21 EMA. Additionally, it will rise above the level of local resistance in a “candle style.”

Several Factors Of The Mega Move 

Following the prediction, Egrag has pointed out multiple aspects that set his predictions aside. “This could be the prelude to a mega move, a breakout that occurs once in a lifetime,” he stated.

The first aspect highlighted by the analyst is that if the rally takes place, XRP would conclude “the W Formation.” After that, it could “finalize the ascending triangle formation.”

Meanwhile, for the last aspect, he noted that “it could trigger a 500% rise” from the current price of XRP. This might potentially start a big price surge from higher levels. So far, Egrag has urged the crypto community not to be misled by his chart, as his forecast could be a life-changing opportunity.