In a recent technical analysis published by crypto analyst Egrag, an inverse head and shoulders (H&S) formation has been identified on the XRP/USD chart, indicating a potential bullish reversal in the near term. The pattern, which has been forming over the last two weeks, suggests that XRP could be setting up for a significant price jump.

XRP Price Poised For Imminent 20% Jump?

The chart by Egrag showcases the XRP price action in a 4-hour time frame, where it has been trading within a descending channel (blue) since the beginning of November. A descending channel is typically considered a bearish pattern.

However, last Wednesday, the XRP price broke out of the descending channel. While the breakout didn’t hold up and ended up being a fake-out, it paved the way for the emergence of the inverse H&S pattern which is now changing the momentum in favor of the bulls.

Technically, the inverse H&S pattern is distinguished by two smaller peaks (shoulders) on either side of a larger trough (head), which is evident from the chart’s annotations. The left shoulder formed around the $0.586 support level, with the head dipping as low as $0.574, before rising to form the right shoulder at $0.593.

This pattern is indicative of a bearish trend losing momentum and a potential bullish reversal if the pattern completes. Egrag’s analysis points to key price levels to watch, with the neckline of the inverse H&S pattern sitting at approximately $0.6289.

A decisive breakout above this resistance level could see XRP prices rally towards the $0.7000 mark, which aligns with the pattern’s predicted breakout target. Beyond this, the analyst’s target sits at $0.7311, which marked the beginning of the descending channel. A rally to this price level would represent a 20% increase from the current XRP price.

It is crucial to note that while the inverse H&S pattern suggests a bullish outcome, the validity of the pattern will only be confirmed upon a clear break and closure above the neckline. As always, while the technical setup is constructive for XRP bulls, market participants should consider various factors, including market sentiment, news flow, and broader market trends.

In a bearish scenario where the inverse head and shoulders pattern is invalidated, the XRP price could move towards the trend line of the descending channel. In his chart, Egrag marks $0.5564 and $0.53 as crucial support levels for the XRP price where a reversal could take place.

At press time, XRP traded at $0.61348. On the 1-day time frame, the 0.382 Fibonacci retracement level at $0.628 remains the key resistance level in the short-term.

Dogecoin is showing positive signs above the $0.0750 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0812 resistance zone.

DOGE started a decent increase above the $0.0750 resistance against the US dollar.
The price is trading above the $0.0785 level and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a strong rally like Solana if it clears the $0.0812 resistance.

Dogecoin Price Eyes Fresh Rally

After forming a base above the $0.070 level, Dogecoin price started a fresh increase. DOGE broke the $0.0725 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0750 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. However, the price seems to be struggling near the $0.0812 resistance.

DOGE is now trading above the $0.0785 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair.

On the upside, the price is facing resistance near the $0.0812 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. The next major resistance is near the $0.0835 level.

Source: DOGEUSD on TradingView.com

A close above the $0.0835 resistance might send the price toward the $0.088 resistance. The next major resistance is near $0.0920. Any more gains might send the price toward the $0.095 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.0812 level, it could start a downside correction. Initial support on the downside is near the $0.0792 level and the trend line.

The next major support is near the $0.0770 level. If there is a downside break below the $0.0770 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

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

Major Support Levels – $0.0792, $0.0770, and $0.0710.

Major Resistance Levels – $0.0812, $0.0835, and $0.0880.

Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and might rise further if it clears the $2,075 resistance.

Ethereum is recovering higher from the $1,985 zone.
The price is trading above $2,040 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it stays above the 100-hourly Simple Moving Average.

Ethereum Price Eyes Fresh Increase

Ethereum price spiked before the $2,000 support before the bulls appeared. ETH traded as low as $1,986 and recently started a recovery wave, like Bitcoin.

There was a decent increase above the $2,020 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low. Besides, there was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,040 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,075 zone. It is close to the 61.8% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low.

The first key resistance is near the $2,100 level. The next resistance sits at $2,130. A clear move above the $2,130 level could send the price toward the $2,150 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,220, above which the price could aim for a move toward the $2,265 level. Any more gains could start a wave toward the $2,320 level.

Another Decline in ETH?

If Ethereum fails to clear the $2,075 resistance, it could start a fresh decline. Initial support on the downside is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears might gain strength.

The next key support is $2,000. A downside break below $2,000 might spark a strong bearish move. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term.

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 – $2,045

Major Resistance Level – $2,075

Bitcoin price trimmed losses and climbed above $37,750. BTC gained pace but it is still struggling to clear the $38,500 resistance zone.

Bitcoin is again facing heavy resistance near the $38,500 zone.
The price is trading above $37,500 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is struggling to clear the $38,500 resistance and correcting gains.

Bitcoin Price Extends Decline

Bitcoin price revisited the $36,720 support zone. BTC managed to avoid a collapse and started a fresh increase above the $37,000 level. There was a clear move above the $37,500 level.

Besides, there was a break above a major bearish trend line with resistance near $37,250 on the hourly chart of the BTC/USD pair. The pair surged above the $37,750 resistance. However, the bears were again active near the $38,500 resistance.

A high was formed near $38,390 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high.

Bitcoin is now trading above $37,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $38,200 level. The first major resistance is forming near $38,400. The main resistance is now near the $38,500 level. A close above the $38,500 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $39,200, above which BTC could rise toward the $39,500 level. Any more gains might send BTC toward the $40,000 resistance.

Another Drop In BTC?

If Bitcoin fails to rise above the $38,400 resistance zone, it could start another decline. Immediate support on the downside is near the $37,600 level.

The next major support is $37,500 or the 50% Fib retracement level of the recent wave from the $36,720 swing low to the $38,390 high. If there is a move below $37,500, there is a risk of more downsides. In the stated case, the price could drop toward the $36,720 support in the near term.

Technical indicators:

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

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

Major Support Levels – $37,600, followed by $37,500.

Major Resistance Levels – $38,400, $38,500, and $39,200.

In a recent investigative report by the media outlet Unlimited Hangout, serious allegations were made against Noah Perlman, the chief compliance officer of Binance. 

The report highlights Perlman’s alleged ties to the collapse of FTX, the troubled Gemini exchange owned by the Winklevoss twins, and even convicted and deceased sex trafficker Jeffrey Epstein.

If the allegations made by the media outlet prove true, and Perlman is investigated by US authorities, Binance could find itself embroiled in another executive scandal following the departure of former CEO Changpeng Zhao (CZ).

Associations With Epstein And Alleged Fraud 

Unlimited Hangout alleges that Perlman’s father, Itzhak Perlman, a renowned violinist, had flown on multiple occasions on a plane owned by Jeffrey Epstein. Itzhak Perlman also reportedly accompanied Epstein to Michigan’s Interlochen Center for the Arts, where Epstein later built a lodge for him, which was later described as a “lair to target girls.” 

While Noah Perlman served as a federal prosecutor for the Department of Justice’s Special Coordinator for Crimes against Children, these family connections to Epstein raise questions about his associations.

After leaving the Department of Justice, Perlman joined Gemini, the cryptocurrency exchange owned by the Winklevoss Twins, as the chief compliance officer. Although Perlman had left Gemini months before the New York Attorney General filed a lawsuit against the exchange, he had been allegedly “heavily involved” in Gemini’s Earn program, which became the focus of the alleged $1.1 billion fraud. 

As reported by NewsBTC, the lawsuit alleges that certain individuals knew that the program’s partner, Genesis, was financially unstable and withdrew their funds before its collapse.

Per the report, Perlman held the position of chief operating officer at the time, raising suspicions about his role in the alleged misconduct.

Troubled Bank’s Links To Binance Officer And FTX

Perlman’s involvement with Farmington State Bank, later renamed Moonstone, adds another layer of complexity to the alleged wrongdoing cited by Unlimited Hangout.

According to the report, in 2019, Perlman was listed as a director of FBH Corp., the entity that took over the rural bank. Moonstone Bank later garnered attention when Alameda Research, linked to FTX, acquired an $11.5 million stake. 

Sam Bankman-Fried, the former chief of FTX, also reportedly invested $50 million in the bank. However, Moonstone Bank faced regulatory challenges, with the Federal Reserve initiating an enforcement action against it shortly before the Bank of Eastern Oregon acquired its deposits and assets.

Overall, Perlman is at the center of serious allegations concerning his alleged connections with Jeffrey Epstein, the failed Earn program at Gemini, and Moonstone Bank. 

However, it is important to note that these allegations have not been substantiated by any investigations or official connections made by US authorities or other global agencies. 

The claims and allegations put forth by media news outlets require further response from Binance’s executives and investigation by relevant authorities.

There has been no official statement from Perlman regarding these allegations. It remains to be seen how the exchange and Perlman himself will address these claims and provide clarity on the matter.

Featured image from Shutterstock, chart from TradingView.com 

Controversial Stock-to-Flow (S2F) model creator PlanB has recently made a bold prediction about Bitcoin (BTC) that’s captured the crypto community’s attention.

Via his social media handle X, PlanB stated that Bitcoin’s price would never plummet below the $35,000 threshold again. PlanB supported his claim with a chart illustrating Bitcoin’s valuation trend about its intrinsic hash rate. According to PlanB, this relationship is a critical indicator of the digital currency’s enduring value.

Despite acknowledging potential black swan events or short-term market volatility, PlanB insists that based on the current fundamentals, particularly the cost of electricity ($/kWh) used in mining Bitcoin, the asset’s market value is “unlikely” to retract below the mentioned support level – $35,000.

Mining And Market Arbitrage: A Key Factor

The crux of PlanB’s argument lies in the unique arbitrage opportunity that exists between Bitcoin miners and everyday users. Miners, who invest heavily in electricity to mine the digital asset, and users, who typically purchase Bitcoin with fiat currency on exchanges, create a dynamic market environment.

According to PlanB, this arbitrage might become even more pronounced with the advent of a potential launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the US.

BREAKING: Bitcoin valuation based on difficulty (hashrate) increased to $35k yesterday. IMO this could mean that, apart from possible black swans or short term volatility, based on $/kWh-arbitrage fundamentals … BTC will never go below $35k ever again. pic.twitter.com/JPLkXieQAP

— PlanB (@100trillionUSD) November 27, 2023

PlanB suggests that miners, equipped with specialized knowledge about the market and the actual cost of producing Bitcoin, might begin to demand a premium when selling the cryptocurrency. This shift could fundamentally alter the way Bitcoin is traded and its perceived value.

The introduction of BTC spot ETFs, in particular, is expected to bring a new level of mainstream acceptance and investment into Bitcoin, potentially solidifying its price floor as predicted by PlanB.

Bitcoin Hash Rate And Market Dynamics

Delving deeper into the concept of Bitcoin’s hash rate, it’s essential to understand its role in securing the network and validating transactions. The hash rate basically measures the computational power being used to mine and process transactions on the blockchain.

A higher hash rate indicates more robust security and efficiency in the network, often correlating with increased investor confidence and, consequently, a higher asset valuation.

PlanB’s analysis posits that Bitcoin’s valuation will follow suit as the hash rate continues to rise, driven by technological advancements and increased mining activities. This relationship forms the basis of his prediction that Bitcoin will maintain a strong market position, unlikely to fall below the $35,000 mark.

Currently, BTC is trading above $37,000, marking an increase of over $2,000 from the support level PlanB mentioned. Specifically, at the time of writing, Bitcoin’s price stands at $37,605, reflecting a 2% rise in the last 24 hours.

Featured image from Unsplash, Chart from TradingView

Anyone paying attention to the crypto industry and altcoins in the last few months will have noticed the incredible run that the Kaspa native token, KAS, went on. When all was said and done, the token’s price had risen over 70000% from its all-time low of $0.0001699 which was recorded on June 1, 2022, according to data from Coinmarketcap.

Given that the KAS token has risen so much, all eyes are now on the next coin that could replicate this growth. With thousands of altcoins in the space to pick from, with many of them being scams, it can be daunting to know which coins have the potential for such a rally. So in this report, we take a look at two altcoins that could potentially go the way of KAS and secure massive gains for investors.

Geeq (GEEQ) Leads Low Cap Altcoins With Utility

Geeq (GEEQ) was one of the many altcoins that burst into the scene back in 2020 as the bull market took flight. In the same year, the token would hit a new all-time high. But perhaps the most alluring part of the project was the many utilities that followed suit.

As X (formerly Twitter) user Dexter lists out, GEEQ has a host of things that contribute to a bullish narrative. These include patented technology, its own payment service called GEEQ Pay, GEEQ Data, the GEEQ chain, the Internet of Things (IoT), supply chain, real-world assets (RWAs), etc.

Generational Bottom for the $GEEQ?

Patented tech.
Geeq Data
Geeq Chain
Geeq Pay#SupplyChain#IoT,
Secure Data,
NFTs or RWAs etc.

L0, micropayment, smartcontract.
Partnership with @MNWSupplyChain for #SupplyChain#IoT, Secure Data, NFTs or RWAs etc.

Aped a little today, will… pic.twitter.com/e3ATuYBPZe

— deXer (@DexerXP) November 13, 2023

The project is currently in the testnet phase which has often been a bullish narrative for the likes of Kaspa (KAS). When a mainnet arrives, it will make it a prominent player among established blockchains.

GEEQ’s market cap is currently sitting at less than $5 million which gives it a lot of runway to pull a run like KAS. It is also listed on multiple centralized and decentralized exchanges, including KuCoin, AscendEX, and Uniswap, among others.

OXBT Piggybacks Off The Ordinals Craze

As Ordinals became more of a fixture in the crypto market, multiple projects emerged that enjoyed the majority of the popularity. Some of these include the ORDI project that eventually scored a Binance listing and its price soared above $20 sending its market cap to $400 million.

However, others such as OXBT (Ordinals) were right behind ORDI and have enjoyed a good level of success as well. OXBT’s price rose as high as $70 before falling more than 99%. But still remains one of the largest Ordinals tokens in the market.

For OXBT, which is currently sitting at just a $4.1 million market cap, the bull narrative lies in the fact that Ordinals could make a comeback. This is not the first time that a narrative could be seen as over but yet come back stronger. Even the Ordinals have already proven this is possible. In such a case, then OXBT would be right behind ORDI and a run up to a $400 million market cap would mean a 100x, and could go higher as the bull market rolls around, performing similarly to Kaspa (KAS).

“Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.”

Bitcoin (BTC) has again demonstrated its bullish momentum by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24. However, this is just one of the many milestones BTC has achieved during its ongoing bullish resurgence.

Bitcoin Achieves New 52-Week Closing Record

According to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by a small margin, holding above $32,000 for four consecutive weeks, demonstrating the continued strength of the uptrend. 

Per the firm’s analysis, the observed performance aligns with the principles of Elliott Wave Theory and signifies the presence of the third wave within the ongoing bull market.

Notably, of the five waves outlined in the theory, the third impulse wave is a visually captivating and crucial element of the overall pattern.

Following the consolidation phase of the second wave that Bitcoin experienced between August and October, as seen on the 1-day chart of BTC above, the emergence of the third wave is characterized by a breakout that drives price action in line with the prevailing trend.

In particular, this wave is known for its extended nature, which often exceeds the length of the first wave, which began at the beginning of January 2023 for BTC.

The third wave exhibits a substantial extension relative to the length of the initial wave, typically reaching the 161.8% Fibonacci level. In simpler terms, the third wave can be interpreted as a 161.8% Fibonacci extension of the first wave.

Solid Support Levels Reinforce Positive Outlook For BTC 

According to The Birb Nest, key technical indicators further support Bitcoin’s market momentum. The 200-week moving average (MA) at $29,130 and the 50-week MA at $27,450 serve as solid support levels, reinforcing the positive outlook for the cryptocurrency.

Additionally, Bitcoin’s correlation coefficient has risen to 0.75, indicating an increased synchronization with the performance of the S&P 500. This correlation can be viewed as a positive sign, particularly as the S&P 500 and Nasdaq enter their ‘Best Months’ strategy, which historically has been associated with market gains.

Furthermore, the firm believes that anticipation surrounding the upcoming Bitcoin halving event and the potential approval of a Bitcoin spot exchange-traded fund (ETF) is fueling investor interest. These factors hint at the potential for further market upturns and provide an optimistic outlook for Bitcoin’s future.

It remains to be seen if the current bullish momentum will be sustained and if BTC can consolidate above $38,000 and target the $40,000 level yet to be reached in 2023.

Featured image from Shutterstock, chart from TradingView.com 

Data shows altcoins have been losing correlation with Bitcoin recently, and among them, XRP and BNB have seen particularly pronounced decoupling.

XRP & BNB Have Seen Largest Drops In 60-Day Correlation To Bitcoin

As pointed out by an analyst in a post on X, BTC has recently seen a drop in correlation with the altcoins. The “correlation” here refers to an indicator that keeps track of how tied the prices of any two assets are right now.

When the value of this metric is positive, it means that the given assets respond to moves in each other’s price by moving in the same direction. The closer the indicator’s value is to 100%, the stronger this correlation is.

On the other hand, negative values imply that there is a negative correlation between the assets, as their prices are moving opposite to each other. In this case, the extreme is -100%, so the more negative the value, the more tight the relationship is.

The 0% mark represents the point where no correlation exists between the prices, implying that movements in one have no bearing on how the other might perform.

Now, here is a chart that shows what the 60-day correlation between Bitcoin’s daily log returns and various altcoins looks like right now, as well as how it compared a year back:

As displayed in the above graph, the 60-day correlation between Bitcoin and XRP appears to have significantly decreased in this period, as it has plunged from nearly 80% to almost 40%. This means that XRP’s price has been moving much more independently of BTC during the past 60 days.

BNB (BNB), Avalanche (AVAX), and Solana (SOL) have also seen some decoupling from the original cryptocurrency. Still, these alts have seen the indicator decline by much less than XRP has observed.

Cardano (ADA) and Dogecoin (DOGE) are the altcoins that have observed the least amount of change. However, in the case of the memecoin the correlation was lesser than the other assets to begin with, so even with the small decoupling, its correlation level is still matching that of BNB.

Generally, correlation is something to watch for whenever an investor is trying to diversify their portfolio, as two assets with significant correlation wouldn’t provide much safety.

Thus, as XRP is currently the cryptocurrency least correlated with Bitcoin on this list, it might be a better diversification option than coins like Ethereum (ETH) or Polygon (MATIC), which have the 60-day value of the indicator at relatively high levels still.

XRP Price

Just a few days back, XRP had revisited the territory above the $0.63 mark, but it wasn’t long before it slipped again and went under the $0.60 level. Since this low, though, the cryptocurrency has seen some recovery, as it has now neared $0.61 once again.

Crypto analyst CryptoInsightUK has shared his bullish sentiment on the XRP price. He noted that something may be brewing for the token and its ecosystem. Interestingly, he agrees that XRP could rise as high as $9.6.

XRP Price Could Replicate 2017 Impulse

In a post shared on his X (formerly Twitter) platform, CryptoInsightUK shared a monthly XRP/BTC chart. He noted that XRP’s largest impulse against BTC was around 5,200%, which occurred back in 2017. Analyzing the chart that he shared, he suggested that a similar setup to that time was building up.

This time, XRP could see higher gains against BTC as CryptoInsightUK stated that the XRP is holding a higher floor. He also mentioned that the technical structure is more bullish after a longer consolidation. Besides these indicators, he highlighted the Relative Strength Index (RSI), which is grinding upwards.

With all this in mind, the crypto analyst believes that “something is coming” for the XRP token. CryptoInsightUK seemed very careful not to provide any projections on how much the XRP token could rally or what price action to expect when this happens. 

However, another prominent crypto analyst, Egrag Crypto, provided an insight into what price action CryptoInsightUk may have in mind. In response to the main post, Egrag replied and stated that XRP could hit between $9.6 and $10 this time around. CryptoInsightUK responded and stated that Egrag’s prediction is “perfect for the range.”

XRP’s Success Hinged On Bitcoin’s?

CryptoInsightUK shared some further thoughts when quizzed by another X user if the community may see any XRP price action this year. He suggested that any XRP rally was dependent on Bitcoin’s move as XRP goes higher whenever Bitcoin does so. As such, he is cheering Bitcoin on right now so that there can also be some price action from XRP. 

As to when to expect this rally from XRP, he isn’t certain, as he stated that finding the starting point is hard. That is why the analyst is just comfortable with holding and waiting with his XRP bags. Despite the uncertainty, the crypto analyst seems to be one of those who is very bullish on the XRP token. 

Another prominent figure in the XRP community, Rob Art, also shared similar sentiments with CryptoInisghtUK. He suggested that XRP cannot make a new all-time high (ATH) without Bitcoin doing so in the same cycle. As such, he believes that XRP can only fly when Bitcoin does so, too. 

At the time of writing, XRP is trading at around $0.60, down almost 1% in the last 24 hours, according to data from CoinMarketCap.