Blockchain

Here’s where the next major resistance to clear Bitcoin could lie from the perspective of on-chain analysis.

Bitcoin Resistances According To On-Chain Data

Bitcoin has recently observed a surge beyond the $27,000 mark, and many have been wondering how long this fresh rally could continue for the cryptocurrency. One way to determine this could perhaps be by looking at where the major resistance levels are.

In terms of on-chain analysis, “resistance” generally lies in regions where many investors have their cost basis present because of how holder psychology tends to work.

The “cost basis” here refers to the average price at which an investor buys coins. When the spot price is below a holder’s cost basis, they are in a net amount of loss.

Once BTC returns to the investor’s acquisition price, they may want to sell, as at least that way, they would have avoided exiting at any losses. Due to this reason, whenever a large number of investors have their cost basis present inside a particular price range, the range could provide resistance to the asset because of the volume of selling pressure that may arise in it.

Now, here is what the different Bitcoin price ranges look like in terms of investor cost basis concentration, according to data from the market intelligence platform IntoTheBlock:

As displayed above, the following particularly thick cost basis range is $25,853 to $29,662. “Key resistance is anticipated around $29.2K — a point of acquisition for over 1.77M addresses,” explains IntoTheBlock.

The $27,200 to $28,000 range (the range just after the current spot price of the cryptocurrency) isn’t exactly thin, either, but it has notably fewer investors than the other one. The following range, $28,000 to $28,853, doesn’t have many investors, so if BTC can clear the upcoming range, the run-up to nearly $29,000 may be clear.

While investor cost basis can act as resistance on retests from below, they can also support when being touched from up. The reason behind this could be that an investor that had earlier been in profits might have reason to believe the asset would go up again, so they might buy more at their cost basis, thinking it to be a profitable entry point.

From the image, it’s apparent that both the ranges just below the current price are very thick with addresses because Bitcoin had earlier consolidated at these price levels for a significant time.

It might be due to these strong support levels that when the asset had retraced back to $26,600 yesterday, it quickly found a rebound to the current price level.

BTC Price

At the time of writing, Bitcoin is floating around the $27,200 level, up 4% during the past seven days.

A Terra Classic community member with the X handle Rexyz has kicked against burning USTC tokens to enable the stablecoin to recover its dollar peg.

According to the X post made on September 18, Rexyz outlines an alternative solution that may lead to USTC being re-valued $1 as well as push Terra Classic (LUNC) price to reach the $1 price mark.

Since the collapse of the Terra ecosystem in 2022, the USTC stablecoin has lost its dollar peg and now trades at 98.8% below the $1 mark. 

Following this catastrophic event, members of the Terra Class community have continued to submit various proposals to burn more USTC contains as a deflationary mechanism that could result in the stablecoin recovering its dollar peg. 

Currently, the Terra Classic community is voting on a proposal that aims to direct the Binance exchange to start burning 50% of USTC every month. It is believed that if the world’s biggest exchange aids in reducing the circulating supply of USTC, it could significantly boost the token’s rise to $1.

A Reverse Split Is More Efficient Than Buring Tokens, Community Member Says

According to Rexyx, burning USTC tokens may not be the best way of regaining the stablecoin’s dollar peg. The Terra Classic community member explains that there are currently 9.8 billion USTC tokens in circulation, and users will need to burn massive amounts of USTC to record any significant rise in value.

LUNC to reach $1?

Its a long post, but this ‘could’ rescue #TerraClassic, $LUNC and $USTC at speed.

Why I think burning $USTC is maybe not the best use of your money.

Currently there is nearly 9.8bn $USTC minted, to make a real difference to the price you need to…

— Rexyz (@RexYellerBelly) September 18, 2023

Alternatively, Rexyz proposes that the Terra community implements a reverse split of the USTC token, which leads to a revaluation of the stablecoin, albeit at some investment cost.

In this proposal, Rexyz gives an example, stating that if 100 USTC is the current equivalent of $1, a 100/1 reverse split would convert 100 USTC to just one USTC token, which will now be valued at $1. Through this mechanism, USTC holders retain their holdings’ current value, and there is no need to burn more tokens. 

However, Rexyz notes that a reverse split would erase all existing network debt. This means that USTC investors will have to forfeit whatever losses incurred during the collapse of the Terra ecosystem. 

Could A USTC Reverse Split Rescue The Terra Classic Ecosystem? 

Interestingly, Rexyz also stated that the revaluation of the USTC token could initiate a recovery of the Terra Classic network. The community member explained that once USTC regains its dollar peg and the LUNC-USTC swap mechanism is tested with the implementation of improved capital controls, investors can start burning trillions of LUNC.

Related Reading: USTC Surprises With Nearly 60% Rally – What’s Going On?

Rexyx believes this will lead to a massive rise in LUNC’s value, and the altcoin may even record new all-time highs. Rexyz advises the Terra community to implement the reverse split of USTC and “pin” their hopes of recovering past losses by investing in LUNC, which also lost 99.9% of its market value in 2022.

However, the Terra classic community member states this initiative should executed upon research and approval by the relevant experts.

A prominent Shiba Inu team member “Lucie” has shared insights on the highly anticipated Shiba Inu token burn through Shibarium, Shiba Inu’s Layer 2 blockchain, and has revealed what investors should do if they want the Shiba Inu token burns.

Shiba Inu Team Member Tells Investors What To Do

The content marketing specialist for Shiba Inu took to X on Monday, September 18, 2023, to address the Shiba Inu token burn questions coming from the community saying that SHIB burns are set per transaction, not based on tweets about burns.

Lucie told the community that when will Shibarium initiate the SHIB burn is the wrong question and “The real question is, ‘when will you all migrate from exchanges and start using Shibarium?’”

When will Shibarium initiate the SHIB burn?”
Wrong question ☓

The real question is, “When will you all migrate from exchanges and start using Shibarium?” (hello DEFI, remember bankrupted exchanges like FTX)

The burns are set per transaction, not based on tweets about burns.…

— 𝐋𝐔𝐂𝐈𝐄 | Shibarium (@LucieSHIB) September 18, 2023

Lucie further explained that the Shiba Inu token burns through Shibarium is a collective effort from both the community and the Devs since the burns are based on transaction activity and real engagement from within the platform. She told the community that expecting burns to happen solely through transactions without active community participation is unrealistic.

The marketing expert went on to highlight the security features of choosing Shibarium as an alternative to centralized crypto exchanges. She guaranteed SHIB holders that assets stored on the platform are just as safe as they would be on centralized crypto exchanges. 

She also stated that centralized crypto exchanges can be fragile using the case of the bankrupted centralized crypto platform FTX to back up her claims.

So far, Lucie has urged the millions of SHIB holders to support this movement using Shibarium as an alternative to centralized crypto exchanges since each transaction on the platform contributes to the SHIB token burns. 

She also added that transaction fees are pretty low on the platform, but might increase in the future along with the higher traffic, which would translate to a higher number of SHIB being burned.

Lucie also stretched her opinions to one of the most popular NFT marketplaces Opensea, inviting them to consider integrating Shibarium on the platform.

Shibarium is a layer 2 blockchain built on the Ethereum network. It is a decentralized finance (DeFi) platform that was designed to serve as an alternative to centralized crypto exchanges which aims to provide a more sustainable and scalable infrastructure for Shiba Inu transactions.

SHIB Price Predictions Following Shibarium’s Success

For years now, Shiba Inu has been one of the most notable cryptocurrencies in the crypto market. The famous meme coin is likely to experience an upward trajectory if Shibarium becomes a success since it could catalyze a larger adoption and popularity of the SHIB tokens.

SHIB token is expected to reach $0.00001038 from its current price of $0.0000073 by the end of 2023 with expectations of another crypto market rally. However, with the success of Shibarium and the new development on the platform, the SHIB token could grow up to $0.000050 by the end of 2023.

Nevertheless, if the SHIB token manages to maintain this trajectory, during the next bull market the token could beat its all-time high price of $0.00008845 achieved in the 2021 bull market.

The Bitcoin Coinbase Premium Gap has been positive during the past few days, implying the surge above $27,000 may be driven by the platform’s users.

Coinbase Users Have Been Participating In Aggressive Bitcoin Buying Recently

In a new post on X, the CryptoQuant Netherlands community manager, Maartunn, has pointed out how there appears to have been buying going on at Coinbase recently.

The relevant indicator here is the “Coinbase Premium Gap,” which keeps track of the difference between the Bitcoin prices listed on the cryptocurrency exchanges Coinbase and Binance.

The former platform is more popular among US-based investors (including large institutional holders), while the latter receives more global traffic. As such, the Premium Gap’s value may provide insight into how the behaviors of these two audiences differ.

When the value of this metric is positive, it means that the price on Coinbase is greater than that on Binance right now. This would imply that the American investors have either been applying a higher buying pressure or a lower selling pressure as compared to the global users.

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last few days:

As displayed in the above graph, the Bitcoin Coinbase Premium Gap had been negative earlier in the month, implying that Coinbase users had been selling more than Binance users.

The metric had turned especially deep in the leadup to and during the plunge towards the $25,000 level, suggesting the selloff was driven by the American holders.

During the recovery that had followed, the Premium Gap had turned positive, but only after a delay, implying that the US-based investors didn’t initially contribute towards the surge.

Since then, however, the indicator has remained at notable positive values, meaning that the platform’s user base has been constantly accumulating the cryptocurrency.

From the graph, it’s visible that the buying on Coinbase appears to have only ramped up during the past couple of days, as the Premium Gap has observed a sharp spike.

The timing of this surge could indicate that the US-based investors are the ones helping the asset’s recent growth beyond the $27,000 level. This is a good sign, naturally, as strong buying pressure from the US institutional holders could provide the appropriate fuel for the cryptocurrency to retest higher levels.

It now remains to be seen whether the Bitcoin Coinbase Premium Gap would continue to remain at positive values in the coming days, or if buying would cool down on the platform.

BTC Price

Bitcoin had observed a sharp drop from the $27,200 level to $26,600 yesterday but has since made a swift recovery back to the mark, as the below chart displays.

XEC has continued its uptrend today, September 19, following a sharp spike from $0.000022 to a high of $0.000028 on September 18. This price move represents a nearly 23% increase.

Although there’s been a slight pullback, its price remains around $0.000027. In the early hours of today, XEC traded at $0.000027, with a 15% 24-hour price increase. 

But as of the time of writing, XEC traded at $0.000026, with a 4% decline in the last 24 hours. Nonetheless, its trading volume remains up by 311% in the last 24 hours, depicting increased network activity. 

Interestingly, the ongoing uptrend has persisted over the past seven days with an over 17% increase in its price. The bullish momentum has allowed XEC to retain most of its past month’s gain, with an 8% 30-day price increase. But what’s driving it, and how long can it last?

What Is Driving XEC’s Rally And How Long Will The Rally Last?

The eCash ecosystem has witnessed exciting developments that sparked massive investor interest in the past few weeks. These developments might be the driving force behind XEC’s impressive performance. 

One such innovation is the eCash Mainnet integration with RocketX, a crypto-swapping platform. This integration helps users easily swap several cryptocurrencies, including BTC, ETH, and Cosmos, with the XEC token, thus increasing network activity. 

Furthermore, on September 13, eCash developers announced that PayButton, an online vendor payment portal, now supports XEC. The upgraded PayButton, initially launched in February 2019, will make it easier for online vendors to monitor their payments. 

According to the developers, the goal is to increase eCash usage online. Also, they aim to achieve increased adoption by making eCash user-friendly. 

The upgrade has likely spiked the interest of investors, given the rise in the global relevance of e-commerce. According to Santiment data, eCash witnessed a 270% uptick in social volume in the last three days. Also, network development has increased by 120% over the past seven days.

While these developments boosted XEC’s price these past few days, the ongoing rally’s longevity remains uncertain, given the market’s unpredictable nature. However, the following analysis could provide hints.

Buyers Show Dominance On The Daily Chart: Will Their Charge Sustain XEC’s Rally?

A close examination of the daily chart suggests the bulls are determined to facilitate more gains for XEC. Their strong market dominance is evident in the formation of the large green candle on the daily chart.

While the token’s price remains below the 200-day Simple Moving Average, the upper wick of today’s candle has a charge above this price level ($0.0000277). This suggests that the bulls intend to sustain the rally for longer.

Nonetheless, XEC is bullish on the short term as the buyers have sustained its price above the 50-day SMA. This observation also confirms an ongoing accumulation of the tokens, leading to the prevailing price surge. 

Given these technical indicators, the uptrend will continue if XEC closes above the 200-day SMA in the coming days. Moreover, the Relative Strength Index (RSI) at 64.2, approaching the overbought area, confirms buyers’ dominance.

Additionally, this setup depicts an accumulation phase as more traders open new long positions ahead of further price gains. The ongoing rally will likely persist until XEC attains an overbought condition when buyers reach saturation. However, a retracement after it enters the overbought zone is still possible.

The OneCoin scam saga has continued to linger despite it being years since it took place, and this time around, a lawyer who was involved in the pyramid scheme has received a rather shocking response from the court. 

OneCoin Lawyer Denied Retrial

According to a report by Bloomberg, a US court has denied Mark Scott’s request to be granted a new trial. The lawyer is said to have helped launder $400 million as part of the proceeds from the scheme and was found guilty by the court in November 2019 of money laundering and bank fraud conspiracy. 

However, Scott was hoping to get a new trial on the grounds of “legal mistakes” and following evidence that the prosecution witness, who happens to be the brother of the “cryptoqueen” Ruja Ignatova, perjured himself on the witness stand.

As to the court’s reason for the decision, US District Judge Edgardo Ramos stated that he wasn’t convinced that Scott was innocent despite the fact that Ignatova’s brother, Konstantin Ignatov, lied in his testimony. 

The judge may have reached this conclusion because the prosecution provided other irrefutable evidence to the fact that Scott was guilty, and the court’s ruling paves the way for Scott to be sentenced. 

However, Bloomberg reports that Scott’s lawyer mentioned that his client intends to appeal the decision. According to him, it is disappointing that the court didn’t grant a new trial despite being provided with “undisputed evidence that the Government’s sole cooperating witness perjured himself.”

Ignatov had himself been prosecuted for his role in his sister’s fraudulent scheme. However, he pleaded guilty and agreed to cooperate with the prosecutor, including testifying against other alleged conspirators like Scott.

One Of The Largest Fraud Schemes

On September 12, US District Judge Edgardo Ramos sentenced OneCoin’s co-founder Karl Greenwood to 20 years imprisonment and ordered him to pay close to $300 Million in forfeiture. In the Department of Justice’s (DOJ) statement, Greenwood, alongside Ruja Ignatova, is said to have “operated one of the largest fraud schemes ever perpetrated.”

Karlwood and Ignatova reportedly made over $4 billion from their fraudulent scheme, with many investors worldwide investing their money in the cryptocurrency OneCoin. At the time, Ignotova claimed that crypto would be the “Bitcoin killer.” 

The “Cryptoqueen” still remains at large and is listed on the Federal Bureau of Investigation’s (FBI) top 10 most-wanted fugitives. She is also listed as one of the most wanted criminals in Europe, with Europol offering a reward of 5,000 Euros for information leading to her arrest. 

The last known fact as to her whereabouts is that she boarded a plane from Bulgaria to Athens and has ‘disappeared’ since then.

The Cryptocurrency market moves fast, and without the right knowledge, it can be difficult to capitalise on opportunities or avoid major losses. That’s where the PrimeXBT Trading Academy comes in. As a comprehensive educational resource for Crypto traders of all levels, the PrimeXBT Trading Academy offers the insights you need to make smarter trades.

In this article, we’ll explore some key tricks of the trade to help you get the most out of the PrimeXBT Trading Academy. Whether you’re just starting out or looking to take your skills to the next level, these tips will ensure you extract maximum value from all the academy has to offer.

What is PrimeXBT?

But first, what exactly is PrimeXBT? PrimeXBT was founded in 2018 and offers clients access to an award-winning multi-asset trading platform. It allows users to trade not only Crypto Futures on assets like Bitcoin and Ethereum, but also offers margin trading on Forex, Commodities, and Stock Indices – all from one account.

The company is known for offering advanced trading tools, robust security features, excellent liquidity, and competitive fees. PrimeXBT also hosts the exclusive Covesting module, a peer-to-peer Copy Trading platform that connects less experienced followers with successful professional traders.

Now onto the tricks of maximising your learning from the PrimeXBT Trading Academy.

Master the essentials

The foundation for all successful Crypto trading is having a solid grasp of the essential concepts and terminology. The PrimeXBT Trading Academy has an entire section dedicated to Crypto essentials.

Spend time ensuring you understand key ideas like what Cryptocurrencies are, what ledgers and blockchains are, the difference between centralised and decentralised networks, what wallets are, and important vocabulary like HODL, FUD, FOMO, and more.

Without fluency in Crypto basics, it’s easy to get overwhelmed by more advanced material. So take it step-by-step, mastering Crypto essentials before moving to more complex topics.

Learn multiple trading strategies

One of the biggest mistakes new traders make is trying to master just one trading strategy or style, like day trading or swing trading. The reality is, to consistently profit in Crypto, you need versatility to adapt to ever-shifting market conditions.

The PrimeXBT Trading Academy provides education on multiple approaches, including long-term investing, day trading, swing trading, scalping, dollar-cost averaging, and more. Study the pros and cons of each, and develop skills across multiple strategies. This expands your ability to generate returns regardless of whether markets are steady, volatile, bullish, or bearish.

Practise good risk management

Perhaps the most important element of trading success is effective risk management. Skilled risk management is what separates profitable traders from gamblers who are soon wiped out. The PrimeXBT Trading Academy offers many tips and tactics for minimising risk, such as using stop loss and take profit orders, maintaining proper position sizing, diversifying, and more.

But knowledge alone isn’t enough – you must repeatedly practise implementing good risk management until it becomes second nature. Don’t skip risk management lessons even if other topics seem more exciting. Making risk management an ingrained habit is essential for long-term trading success.

Keep an organised trading journal

A trading journal is one of the most powerful (and underutilised) learning tools. Recording details of each trade, analysing wins and losses, and tracking key performance metrics over time provides data-driven insights into strengthening your approach.

The PrimeXBT Trading Academy emphasises the importance of keeping a detailed trading journal. So be sure to put this advice into action. Over time, the patterns and trends in your trading journal will reveal both strengths to leverage and weaknesses to address.

Learn technical analysis

Understanding technical analysis is what enables traders to forecast price movements, identify emerging trends, and pinpoint optimal entry and exit points. The Trading Academy offers extensive technical analysis education, covering chart types, indicators, support and resistance, triangle and wedge patterns, and more.

But technical analysis is a skill requiring lots of practice, so don’t just read about it – actually learn how to plot charts and indicators yourself. The PrimeXBT platform even provides charting tools from TradingView connected to real price data so you can hone your TA abilities with hands-on experience.

Turn insights into action

With so much material to cover, the PrimeXBT Trading Academy offers tons of powerful insights. But simply reading the content isn’t enough – you must apply what you learn in the real world. After studying a concept, put it into practice right away rather than postponing it.

Actively practising trading skills accelerates the learning curve. So frequently take the knowledge you gain and test it out yourself. Day trade a volatile Crypto, try your hand at technical analysis, implement a new risk management tactic, or whatever else you’ve learned. Turning insights into hands-on experience is key for progress.

Stay disciplined and consistent

Lastly, understand that mastering trading takes discipline and consistency over the long-term. Don’t expect to become an expert overnight. But stick with it, make trading education a regular habit, and regularly assess both strengths and weak spots. Maintaining this mindset is crucial for learning and development.

The PrimeXBT Trading Academy is packed with invaluable lessons for traders at every level. Applying these 6 proven tricks of the trade will help you get the most out of the platform’s educational offerings. Keep studying, practising, tracking data, and implementing new skills to accelerate your trading expertise. Consistent education is the path to Crypto trading success.

Arbitrum (ARB) is gearing up for a monumental token unlock scheduled for March 2024, poised to inject a staggering 1.11 billion ARB tokens, worth approximately $907 million at current market prices, into the cryptocurrency market.

Token unlocks refer to the release of previously restricted or vested tokens into circulation. These events often have significant consequences on the price and sentiment surrounding a cryptocurrency. 

They can introduce inflationary pressure into the market and act as bearish catalysts, causing traders to closely monitor their schedules.

Is anyone curious about the pre/post-unlock analysis of @arbitrum ?

There was only one cliff unlock of $ARB
Here are the price impact results after the unlocks;

– On the first day after unlocks, the price rose by 3%
– Then, it gradually dropped to -21% (around 21… pic.twitter.com/GQtxGCgoQF

— Token Unlocks (@Token_Unlocks) September 18, 2023

ARB Token Poised For Massive Potential Price Growth

Token analytics firm Token Unlocks recently conducted a comprehensive analysis of ARB’s price impact following previous unlocks. Their findings shed light on the market’s response to these events. 

According to their data, ARB experienced a 3% price appreciation on the first day of the unlocks. However, this initial uptick was followed by a prolonged three-week downtrend, during which the price dipped by more than 20%. Surprisingly, 25 days after the unlock, prices began a remarkable recovery, ultimately rising by nearly 19% from the unlock day.

Is anyone curious about the pre/post-unlock analysis of @arbitrum ?

There was only one cliff unlock of $ARB
Here are the price impact results after the unlocks;

– On the first day after unlocks, the price rose by 3%
– Then, it gradually dropped to -21% (around 21… pic.twitter.com/GQtxGCgoQF

— Token Unlocks (@Token_Unlocks) September 18, 2023

Implications For The Market

The upcoming 2024 unlock poses both opportunities and challenges for the crypto market. The sheer magnitude of this release can be expected to exert downward pressure on ARB’s price in the short term, given the historical data. Traders and investors should brace themselves for potential price volatility.

Meanwhile, Layer-2 solutions have emerged as the dominant force in the cryptocurrency sector, witnessing extraordinary growth from $5 billion to $10 billion in just nine months. Arbitrum, along with Base, reportedly deserves much of the credit for this remarkable expansion. 

In a race for supremacy, Arbitrum overtook Optimism to become the world’s largest Layer-2 blockchain, with an impressive $5.3 billion in assets locked on its platform. Currently, Arbitrum controls over half of the funds locked in the Layer-2 market, while Optimism claims another 25.4% of the market share.

Key Moment For Crypto

The forthcoming ARB token unlock next year promises to be a pivotal moment for the cryptocurrency market. While it may initially introduce uncertainty and bearish sentiments, historical data suggests that ARB has the potential to rebound strongly in the weeks following the unlock. 

Furthermore, the rise of Layer-2 solutions, spearheaded by Arbitrum, highlights the ongoing evolution and growth within the crypto space. Traders and enthusiasts alike will be closely watching as this event unfolds and the market responds to this significant injection of ARB tokens.

With a current ARB price of $0.8485, as reported by CoinGecko, the cryptocurrency has seen a 2.9% increase in the last 24 hours and a notable seven-day rally of 9.0%.

(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 Nansen

Shiba Inu (SHIB) continues to be in a pivotal make-or-break moment. As described in our last in-depth price analysis of SHIB, two chart patterns on the 1-week chart could continue to determine the future of SHIB price, and their outlooks could not be more different.

We are talking about a bullish triple bottom that points to a possible end of SHIB’s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend.

Shiba Inu Price Analysis: Update

At the moment, the bulls seem to have the upper hand. SHIB was trading at $0.00000741 at press time and managed a weekly close above the crucial support line of $0.00000715 on Sunday evening. With this, SHIB may have fended off the bears’ attack for now and is targeting a rise towards the descending triangle resistance line.

The possibility of a validation of the triple bottom, a bullish chart pattern, thus remains. The chart pattern is characterized by three lows at roughly the same level, bouncing off a support level and culminating in a breakout above resistance.

However, the bulls remain vulnerable. If the SHIB price falls below the $0.00000715 support level, it could confirm the descending triangle and potentially push SHIB towards its year-to-date low of $0.000006. A break of this level could plunge SHIB into uncharted waters and make a new all-time low a grim possibility.

On the way up, key resistances include $0.00000880 (23.6% Fibonacci), the descending triangle trendline at around $0.0000095 and $0.00001, $0.00001053 (38.6% Fibonacci), $0.00001193 (50% Fibonacci), and $0.00001332 (61.8% Fibonacci). As then, the August 2022 high at $0.00001784 could be extremely important resistance.

4-Hour Chart: SHIB/USD

In the shorter timeframes, such as the 4-hour chart, we can see that the bulls cannot yet feel secure (yet). SHIB is currently stuck in the trading range between $0.00000688 (78.6% Fibonacci) and $0.00000797 (61.8% Fibonacci). After briefly falling into oversold territory (below 30) on September 11, the RSI has now risen to 42. However, this metric also shows that sentiment remains subdued.

SHIB price urgently needs to break above the 20-day EMA at $0.00000759 on the daily close to generate fresh bullish momentum. Then, resistance at the 61.8% Fibonacci retracement level ($0.00000797) would come into focus. The crossing of this resistance can be seen as a bullish confirmation in the shorter time frames.

Next price targets would then be the 50% Fibonacci retracement at $0.00000873, the 200-day EMA at $0.00000897, the 38.2% Fibonacci retracement at $0.00000949, and the 23.6% Fibonacci retracement at $0.00001043 before the yearly high at $0.00001596 would be within reach. A rise to this price level would mean a 60% rally for Shiba Inu buyers at the current price.

Over the last few months, there have been a number of XRP price predictions that have taken the crypto market by surprise. While some of these have looked to be attainable, others have carried price ranges that seem impossible for the current vantage point. A

s a result of community members questioning what Ripple can do about these predictions, Ripple CTO David Schwartz has come forward to explain why the company is not debunking the predictions.

Ripple CTO Says It’s Hard

An X (formerly Twitter) user drew the attention of the Ripple CTO toward the numerous XRP price predictions that have been making the rounds on social media. The X user who goes by Darkhorse called out Ripple and its founders for not debunking these outrageous price predictions that have gone as high as $50,000, saying that “Ripple have let people suffer, while Ripple founders hit the rich list & post $2m porches.”

To round off the post, Darkhorse explained that they could’ve easily debunked these XRP price predictions to prevent this. “Would of taken 1 post to correct the BS just 1,” the user said.

Schwartz who was mentioned in the tweet responded to Darkhorse’s complaints to explain why the crypto firm has not necessarily come forward to debunk the XRP price predictions. He starts out by saying that while he understands how the user felt, “it’s a lot harder than you think.”

The Ripple CTO explains that debunking everything could open up a chance that the company ends up debunking something that actually turns out to be true. He further added; “If we call out everything we know is false, we’ll be seen to be enforcing things we don’t know aren’t fake because we won’t can them out.”

Lastly, the CTO points to the possibility of legal risks arising from trying to debunk all of the price predictions.

I completely understand why you feel this way, I do sometimes too. But it’s a lot harder than you think. We don’t know everything, and even a small chance we “debunk” something true is worrisome. If we call out everything we know is false, we’ll be seen to be enforcing things we…

— David “JoelKatz” Schwartz (@JoelKatz) September 17, 2023

XRP Price Predictions Are Still Rampant

The XRP price predictions are still coming in hot over the last few weeks. Some of the most notable ones include the $10,000 forecast put forward by an analyst who goes by Lord XRP on X (formerly Twitter). The prediction follows one from a Wells Fargo Manager placing the XRP price at $500.

Both of these price predictions actually follow the expectation that Ripple will begin to capture a larger share of the payments market. When this happens, the analysts expect the XRP price to rise exponentially as a result of the share of the market cap commanded by Ripple.

Smaller price predictions have also included a predicted run to $130 by pseudonymous crypto analyst XRP Captain. However, the appearance of a death cross in the price trend over the last few days suggests none of these predictions would be happening anytime soon.