On-chain data shows the Bitcoin long-term holders (the so-called HODLers) are now carrying an unrealized profit of 55% on average.

Bitcoin Long-Term Holder NUPL Has Hit A Value Of 0.55

According to the latest weekly report from Glassnode, the profit that the BTC long-term holders are holding has gone up recently. The indicator of interest here is the “Net Unrealized Profit/Loss” (NUPL), which keeps track of the difference between the unrealized profit and loss that Bitcoin investors are carrying currently.

By “unrealized,” what’s meant here is that the profit or loss is yet to be harvested, as the investor carrying it hasn’t transferred their BTC on the blockchain yet. Once the holder would eventually move the coins, the profit/loss they were holding would then become “realized.”

In the context of the current discussion, the NUPL of only a specific segment of the market is of relevance: the long-term holders (LTHs). The LTHs are the Bitcoin holders who have been keeping their coins dormant on the network since at least 155 days ago.

These are the diamond hands of the market who are known to hold through periods of uptrends and downtrends alike, only selling when major market events take place.

“This includes periods when the market sets new ATHs, around cycle tops and bottoms, and during large shifts in market structure (e.g. Mt Gox, Halvings, and now the launch of spot ETFs),” explains the analytics firm.

Now, here is a chart that shows the trend in the Bitcoin LTH NUPL over the history of the asset:

As displayed in the above graph, the Bitcoin LTH NUPL has registered a rise in the last couple of months as the cryptocurrency’s spot price has gone through a notable surge.

“This metric reached 0.55 this week, which is meaningfully positive, and puts the average long-term investor at a 55% unrealized profit,” notes the report. Interestingly, BTC has registered some resistance around this level during the past.

As Glassnode has highlighted in the chart, the bulls encountered trouble here during August 2012, June 2016, July 2019, and August 2020. In all of these cases, the resulting top was only a local one, except for July 2019, where the recovery rally of the cycle hit a top that BTC wouldn’t surpass for a significant period of time.

Generally, investors in profit are more likely to sell their coins. The higher the gains that they hold, the stronger can be the allure of profit-taking. Thus, it’s not surprising to see that the LTHs holding significant profits has lead to selling pressure in the market during previous cycles.

The LTHs have indeed participated in some selling recently as well, as the data for their supply suggests.

The Bitcoin LTH supply has now come down 75,000 BTC since the all-time high registered in November, while the opposite cohort, the short-term holders (STHs), have naturally gained some share.

“Whilst 75k BTC is a meaningful sum, it should also be viewed within the context of total LTH supply accounting for a whopping 76.3% of the circulating coin supply,” says the report.

BTC Price

Bitcoin has continued its recent sideways trend during the past day as its price currently floats around the $42,600 level.

The SUI blockchain has been ramping up since the year 2024 began, and a natural consequence of this rapid growth is that it has now surpassed some major players in the decentralized finance (DeFi) space. This has put it ahead of heavy hitters such as Bitcoin and Aptos as SUI begins to leave its mark on the market.

SUI Network TVL Crosses $360 Million

The total value locked (TVL) on the SUI network has completely exploded in the last year. The total value locked on the blockchain was sitting at less than $12 million in the middle of 2024. But now, less than a month into the year 2024, the TVL has already crossed the $360 million mark.

While this figure is still far off from the likes of Ethereum and BSC which continue to dominate the DeFi TVL, it puts it ahead of some heavy hitters in the game. For example, the Bitcoin TVL is currently sitting at $298.8 million, which means SUI TVL is much higher than that of Bitcoin.

Then again, another network which is currently lagging behind SUI is the Aptos TVL. The Aptos blockchain, which was launched to much fanfare back in 2022, is sitting at a TVL of $133 million. This means that SUI’s TVL is more than 2x higher than that of Aptos.

Other DeFi networks which SUI has surged ahead of include the likes of Kava at a TVL of $251 million, Near at a TVL of $94 million, and Metis at a TVL of $124 million. With its TVL figures, SUI is now the 13th-largest DeFi network.

DeFi Making A Comeback

After a long stretch of poor performance, the DeFi market looks to be making its comeback in 2024. As DeFiLlama data shows, after the market peaked at a TVL of almost $245 billion in 2022, it dropped more than 50%, spending the majority of 2023 trailing below $70 billion.

However, as crypto market sentiment has improved, so has the DeFi TVL. The TVL has grown from its October 2023 lows of $47 billion to more than $72 billion so far in 2024. This is as a result of the likes of SUI gaining more adoption and their token prices also increasing.

As expected, Ethereum dominates the majority of this TVL, currently sitting at $43.743 billion. The Tron and BSC networks are the second and third-largest, with TVLs of $8.14 billion and $5.41 billion, respectively.

Bitcoin Spot Exchange-Traded Funds (ETFs) have once again garnered the attention of crypto enthusiasts and investors as the products have witnessed a whopping $10 billion in total trading volume in the first three days of trading.

Bitcoin Spot ETF Sees Significant Uptick In Day 3 Trading

The development was revealed by Bloomberg Intelligence analyst James Seyffart on the social media platform X (formerly Twitter). The information shared by the analyst demonstrates a firm desire for exposure to digital assets via regulated financial markets.

Seyffart’s X post delves in on the data from the “Bitcoin ETF Cointucky Derby.” According to the analyst, “ETFs traded almost $10 billion in total over the past 3 days.” 

The analyst also provided a virtual record of the data to further elaborate on the substantial trading volume. With a total volume of over $5 billion, Grayscale Bitcoin Trust (GBTC) stands out as the top performer among the notable financial firms.

Meanwhile, iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) come next in line. The data shows that the financial firms witnessed an overall trading volume of $1.997 billion and $1.479 billion, respectively. 

ARK’s 21Shares ETF (ARKB) and Bitwise Bitcoin ETF (BTTB) followed behind with a substantial total trading volume of $568 million and $258 million, respectively. This spike in trading volume indicates that both institutional and individual investors are growing more at ease utilizing traditional investment engines to trade BTC.

Although Grayscale’s Bitcoin fund continues to gain the highest overall trading volume, the fund has seen significant withdrawals from investors seeking to lower their exposure.

There have been withdrawals totaling more than $579 million since Grayscale started trading on January 11. Currently, Grayscale is still considered the “Liquidity King” of the Bitcoin spot ETFs.

However, Bloomberg analyst Eric Balchunas anticipates that Blackrock might oversee Grayscale to claim the title. “IBIT keeping lead to be one most likely to overtake GBTC as Liquidity King,” he stated.

3-Day Trading Surpassed 500 ETFs In 2023

Following the report, Eric Balchunas has provided a context for the massive surge of these products. The analyst did so by comparing the trading volume of BTC ETFs to all the ETFs that were launched in 2023.

“Let me put into context how insane $10b in volume is in the first 3 days. There were 500 ETFs launched in 2023,” Balchunas stated. According to him, the 500 ETFs completed a $450 million combined volume today, and the best one did $45 million.

In addition, Balchunas highlighted that Blackrock‘s BTC ETF demonstrates a better performance than the 500 ETFs. “IBIT alone is seeing more activity than the entire ’23 Freshman Class,” he stated. It is noteworthy that half of the ETFs launched in 2023 recorded an overall trading volume of “less than $1 million” today.

Balchunas also stressed the difficulty in acquiring volume, noting that it is harder than flows and assets. This is because the volume has to come genuinely in the marketplace, which gives an “ETF lasting power.”

After a month of quiet paws, Shibarium, the Layer-2 solution for the popular meme coin Shiba Inu, has roared back to life with a staggering 200% increase in daily transactions over the past two days.

This surge marks a dramatic turnaround from its recent lull, reigniting optimism among the SHIB army and sending the platform’s gas token, BONE, leaping 6%.

Strong Showing: Shibarium Soars

Data from Shibariumscan reveals a notable ascent: On Saturday, transactions had slumped to a dismal 1.16 million, the lowest point in recent memory.

Awakened by increased activity, today recorded a remarkable 2 million transactions, surpassing the platform’s previous peak of 7.84 million in November.

So, what unleashed this furry fury? Gate.io, a major cryptocurrency exchange, appears to be the culprit in all the best ways.

Their recent integration of Shibarium allows users to finally break free from the shackles of centralized exchanges and withdraw BONE tokens directly onto the Shibarium network.

This marks a monumental milestone, signifying the first major partnership between Shiba Inu’s Layer-2 solution and a traditional exchange.

Huge shoutout to @gate_io for introducing #Shibarium support!

Now, easily purchase and send Bone to #Shibarium through Gateio. Appreciate this

Thank you pic.twitter.com/TOjYOXe42k

— 𝐋𝐔𝐂𝐈𝐄 | Shibarium (@LucieSHIB) January 15, 2024

Gate.io’s decision is a significant step forward for Shibarium’s accessibility and opens up exciting possibilities for the platform, according to some analysts.

With over 285 million transactions under its belt, 1.3 million active wallets, and 2.6 million blocks stacked high, Shibarium’s network metrics tell a story of continuous growth.

BONE Surge Fuels Shibarium’s Promising Future

And while the price of SHIB itself experienced a slight dip today, BONE, the fuel that powers Shibarium, surged an impressive 7%, suggesting investors are placing their bets on the Layer-2 solution’s future.

The question now: Is this just a fleeting blip on the radar, or the dawn of a new era for Shibarium? The SHIB community, ever hopeful, chooses to see it as the latter.

Some analysts say this could be a turning point for Shibarium. With more integrations and partnerships on the horizon, the platform has the potential to revolutionize how users interact with the Shiba Inu ecosystem.

Only time will tell if Shibarium can sustain this momentum. But for now, the Shiba Inu’s Layer-2 solution is back in the spotlight, its paws firmly planted on the gas pedal, and its sights set on a decentralized future for the meme coin revolution.

Featured image from Shutterstock

Grayscale, an American digital asset management company, has witnessed a staggering amount of outflows in its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). Analysts speculate that the outflows may be linked to several factors, including high trading fees and accounting irregularities. 

Grayscale Experiences Massive Outflows

After successfully securing approval for its Spot Bitcoin ETF against the United States Securities and Exchange Commission (SEC), Grayscale experienced steady inflows in its GBTC. However, recent reports suggest that the company’s gains may have been premature, as Grayscale’s GBTC recently experienced a significant outflow of approximately $594 million. 

According to James Seyffart, a Bloomberg Analyst on X (formerly Twitter), Grayscale has encountered total net outflows of $1.173 billion for its Spot Bitcoin ETF. 

Seyffart presented a screenshot of a spreadsheet detailing the cumulative inflows and trading volumes witnessed by various Spot btc ETF companies, including Bitwise, ARK/21 Shares, VanEck, and more. The analyst revealed that while many of these companies saw large amounts of inflows, the gains were not sufficient enough to offset Grayscale’s substantial outflow of almost $600 million. 

Seyffart suggested that Grayscale’s lagging outflows may be a result of T+1 accounting and settlement processes causing outflows from previous days to be reflected in recent data. On the other hand, an X user has published a scathing critique on Grayscale, stating that the crypto asset management company may continue to experience a massive exodus of shareholders due to its exorbitant ETF fees. 

Several investors may have shifted towards more affordable Spot Bitcoin ETFs, as GBTC’s ETF has an expense ratio of 1.5%, making it the most expensive Spot Bitcoin ETF in the United States. 

When asked by an X user why there were heavy outflows in Grayscale’s Spot Bitcoin ETF, Senior Bloomberg Analyst Eric Balchunas stated:

“A lot of traders came in to play the discount closing so they left to take profits, there are also captive average investors who may have decided to stomach the tax hit in order to flee the 1.5% fee, I’d expect more over time.”

Spot Bitcoin ETF Records $10 Billion In Trading Volume

The crypto market’s recent response to the increased levels of trading activities in Spot Bitcoin ETFs has been remarkably positive. 

Seyffart shared in a post on X that Spot Bitcoin ETFs have achieved an impressive trading volume of almost $10 billion in just three days. This massive trading activity underscores the growing interest and positive shift in investor sentiment regarding Spot BTC ETFs. 

In a similar vein, Balchunas disclosed that several recently launched Spot Bitcoin ETFs had seen significant inflows totalling $1.4 billion. Leading the group, iShares Bitcoin Trust (IBIT), the Spot Bitcoin ETF of BlackRock, has secured the top spot with half a billion in inflows, followed by Fidelity in second place ahead of other ETFs. 

According to Balchunas, all 500 ETFs introduced in 2023 have accumulated approximately $450 million in volume, indicating a promising upward trend for the Spot Bitcoin ETF market.

In a recent technical update EGRAG Crypto presented a compelling case for the XRP price, with historical comparisons that are suggestive of a significant upward trend. The focal point of his analysis is the Average Sentiment Oscillator (ASO), an indicator that provides insights into market sentiment by depicting the proportion of bullish to bearish perspectives through a blue and a red line, respectively.

XRP Price On Course To Hit $27

The updated ASO chart shared by EGRAG Crypto highlights a bullish cross that took place on October 3rd, 2023. This event is critical as it is indicative of a shift in market sentiment in favor of a bullish outlook.

The analysis draws a parallel to the formation observed in 2017, labeled as point A on the chart, which was followed by a 55,000% rise in the price of XRP over a span of 275 days. This historical event is used as a benchmark to compare current market behavior.

The analysis further references a similar bullish cross occurring between late 2020 and 2021, leading to a 1,500% rise in the asset’s value over 273 days, reinforcing the significance of such crossovers as precursors to considerable price movements.

Presently, the chart illustrates what EGRAG describes as “the largest jaw,” referring to the substantial gap between the bullish and bearish sentiment lines on the ASO. Egrag views this divergence as an indicator of a potentially stronger bullish trend than previously observed.

With the pattern of 9 bars, or 274 days, since the last bullish cross mirroring the timing of the past surges, EGRAG’s analysis suggests that XRP will be on a similar trajectory by July this year.

Notably, the ASO trendline is currently trending down again. According to the crypto analyst, however, this is no cause for concern. XRP remains on its bullish path. “Confidently, I can affirm that the current curve closely resembles the formation seen in 2017. Check out the chart below labeled “Check Here” for a visual representation,” Egrag states.

While the ASO’s centerline at 50% marks a balance point between bullish and bearish sentiments, the current bullish sentiment line is well above this threshold, reinforcing the expectation of a continued rise in price.

Using the XRP price movement from the previous instances of ASO bullish cross, Egrag extrapolates that the XRP price could reach $27 by July 2024. Therefore, Egrag’s advice to the XRP army is quite simple: “STAY STEADY! The key to winning this game is to #BUY, #HODL, and sit on your ass. Simply as Raoul Pal says, ‘Do not Fuck it up.’”

At press time, XRP traded at $0.57051.

Chiliz (CHZ), the crypto powering fan engagement in sports and entertainment, is on fire, erupting 45% in the past week and leaving both fans and analysts cheering. This meteoric rise isn’t just about passion play though, with hard data pointing to growing institutional interest and even whale whispers driving the rally.

Chiliz Volume, Open Interest Soar

The past 24 hours have been particularly wild, with CHZ surging over 20% and trading volume spiking a staggering 490%. This translates to a whopping $370 million worth of Chiliz changing hands, a clear signal of heightened activity.

But it’s not just day traders jumping in – open interest, a measure of investor commitment, has also ballooned by 86%, reaching a healthy $50 million.

This surge in open interest, especially on major exchanges like Binance, Bybit, and OKX, suggests a growing conviction in CHZ’s potential. And it’s not just a hunch – industry experts are taking notice.

Many see this Chiliz rally as a potential harbinger of a broader trend, where blockchain and the world of sports and entertainment become increasingly intertwined.

Fan Engagement, Whales Boost CHZ

But what’s fueling this fire? One key factor is the rising popularity of Socios, Chiliz’s fan engagement platform. Socios lets fans own and use “Fan Tokens” to influence their favorite teams, a proposition resonating deeply with the sports-crazed masses.

And it’s not just lip service – recent liquidations of nearly $1 million worth of short positions (bets on CHZ falling) show the real bite behind fan sentiment.

Adding fuel to the flames are the whales, those mysterious holders of vast crypto fortunes. Addresses with wallets bulging with 1 million to 10 million CHZ have been on a buying spree, accumulating over 60 million CHZ in the past month alone. This silent accumulation, worth over $6 million, hints at a deeper confidence in Chiliz’s long-term trajectory.

Looking ahead, the technical indicators like RSI and MACD suggest a bit of profit-taking might be on the horizon, a natural breather after such a rapid ascent.

But for CHZ holders, the overall picture remains bullish, with the fundamentals and data pointing towards a continued climb. So, whether you’re a die-hard sports fan or a crypto enthusiast, keep an eye on Chiliz – this rally might just be the first inning of a much bigger game.

Featured image from iStock

The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the $10 billion mark.

This substantial volume was predominantly led by Grayscale’s GBTC, with a three-day trading volume amounting to $5.174 billion, followed by BlackRock’s IBIT at $1.997 billion, and Fidelity’s FBTC at $1.479 billion, cumulating to an aggregate trading volume of approximately $9.771 billion.

Update on the #Bitcoin ETF Cointucky Derby. The ETFs have traded almost $10 billion total over 3 days. Will have updated flows and assets later tonight or tomorrow morning. pic.twitter.com/OnpCshjYJP

— James Seyffart (@JSeyff) January 16, 2024

Despite these impressive figures, Bitcoin’s price performance has not mirrored the trading volume’s growth, a phenomenon analysts attribute to a strategic pivot among Grayscale’s clientele. Investors are increasingly transitioning their capital from Grayscale’s GBTC, with its 1.5% annual fee, to more cost-effective spot BTC ETFs, some offering fees as low as 0.25%.

This shift, however, is not seamless due to the cash-redemption process prescribed by the Securities and Exchange Commission (SEC). Consequently, investors find themselves navigating a temporal gap, redeeming cash and reallocating it to other spot BTC ETFs, typically a few days later.

Understanding The Grayscale Effect On Bitcoin Price

This operational characteristic of Grayscale’s GBTC, which does not facilitate same-day cash redemptions for BTC and operates on a T+2 or T+1 settlement basis, has given rise to a discernible trading pattern. Alex Thorn, Head of Research at Galaxy, provided insight into this phenomenon, stating:

We’re seeing significant Bitcoin trading volume now during US hours, particularly between 3-4pm NY now during the ETF fix, escalating into what has lately been a predictable Grayscale dump into the close. The game is evolving.

Echoing this sentiment, Daan Crypto Trades observed a consistent pattern in Grayscale’s operations, highlighting, “Grayscale is sending X amount of Bitcoin to Coinbase ~1 hour before the market opens every trading day. Will be a good indicator to gauge how bad the outflows of GBTC are I think. 4K BTC was sent Friday. 9K BTC was sent [Monday].”

Further substantiating these observations, Maartunn from CryptoQuant remarked on the tangible outflow of Bitcoin from Grayscale’s fund, particularly to Coinbase, stating, “Data doesn’t lie, as seen once again. Shortly after the inflow of Bitcoin from Grayscale to Coinbase, the Coinbase Premium Gap, previously positive, turned negative for the first time this year, indicating strong selling pressure from Coinbase.”

He emphasized the correlation between these events and the increased trading volume on Coinbase, especially during the trading hours of the American stock market.

Crypto analyst James Van Straten further detailed the pattern of Grayscale redemptions to Coinbase Prime, noting, “We’re starting to see a pattern of Grayscale redemptions to Coinbase Prime just before the market opens. 9k Bitcoin ($387M) sent to Coinbase Prime all before 2:30 (GMT) on Jan 16. On Jan. 12, 4k Bitcoin before the market opened.”

As these patterns continue to manifest and evolve, the Grayscale effect is evidently reshaping the prime trading hour for Bitcoin, introducing a new layer of complexity and strategy in the crypto trading arena. Importantly, the Grayscale selling pressure will not last forever, but as long as it exists, it could continue to put some pressure on the Bitcoin price.

Until then, following the Grayscale flows could be crucial for determining BTC price trends. Grayscale still holds circa 587,000 to 617,000 Bitcoin, depending on the data provider.

At press time, BTC traded at $42,754.

Amidst the lull in the realm of Bitcoin, Ethereum emerges as a trailblazer, confidently charting its course. While the crypto king takes a breather following its ETF approval, Ethereum, undeterred, is experiencing a surge in both price and dominance, propelled by an influx of new users and the prevailing trend of self-custody.

Recent data from Santiment vividly illustrates Ethereum’s ascendancy. The platform’s price dominance, reflecting its market share in comparison to all other cryptocurrencies, has witnessed a remarkable surge of 22.4% within a mere week.

Ethereum’s Remarkable Surge: Growing Community, Strong On-Chain

This surge is not merely a passive spectacle; Ethereum is actively attracting an astonishing 89,400 new addresses on a daily basis, with an unprecedented 96,300 joining the Ethereum community in a single day.

This momentum is not solely about acquiring new participants; it’s about retention. Ethereum’s exchange supply, representing the quantity readily available for sale, is approaching its historical low of 8.05%. This shift signals a notable move towards self-custody and staking, mitigating the immediate risk of a substantial selloff and fortifying Ethereum’s price floor.

The on-chain strength witnessed translates into tangible market action. Following a brief dip that tested the $2,500 support, Ethereum not only stabilized but turned this once-resilient level into a launchpad.

Analysts are now setting their sights on the $2,700 barrier as the gateway to unlocking a potential price surge, with FOMO (fear of missing out) traders anticipated to join the rally. Beyond this juncture, the horizon appears boundless, with $3,400 emerging as an enticing target.

Caution Amid Excitement: Ethereum’s Unpredictable Trajectory

Yet, amid the excitement, an air of caution permeates the volatile crypto landscape. A breach below the “hammer” formation that materialized on Monday holds the potential to send Ethereum plummeting towards the 20-Day EMA (exponential moving average) at approximately $2,300.

Traders are poised on tenterhooks, meticulously monitoring these crucial levels to decipher the forthcoming trajectory of Ethereum’s journey.

One undeniable truth emerges: Ethereum is casting off the shadow of Bitcoin and carving out its unique path. With an increasing dominance, a fervent user base, and a focus on self-custody, Ethereum is laying the groundwork for future expansion.

Whether it attains the envisioned $3,400 pinnacle or steers towards an alternate destiny, one certainty prevails—Ethereum is an influential force, and its narrative is only in its nascent stages.

History repeating itself.#Bitcoin dominance peaking before the halving and potentially marking a cycle top.

Altcoins are likely to outperform coming period. pic.twitter.com/ox36x2M5NG

— Michaël van de Poppe (@CryptoMichNL) January 15, 2024

Meanwhile, in order to bolster Ethereum’s increasing dominance over Bitcoin, Michaël van de Poppe, the founder and CEO of trading company MNTrading, observed that Bitcoin was falling behind Ethereum in terms of the total market capitalization of cryptocurrencies.

In a post on X dated January 12, he included the following graphic with the caption, “#Bitcoin dominance peaking before the halving and maybe signifying a cycle top.” It’s conceivable that altcoins will perform better in the near future.

Featured image from Shutterstock

XRP price is consolidating above the $0.5400 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance.

XRP is struggling to clear the $0.588 and $0.600 resistance levels.
The price is now trading below $0.5920 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair start a fresh rally if it clears the $0.588 and $0.600 resistance levels.

XRP Price Aims Higher

After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed near $0.5460, and the price started a consolidation phase, unlike Bitcoin and Ethereum.

There was a minor increase above the $0.570 resistance zone. However, the bears seem to be active near the $0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.

The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone.

The first key resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.

Source: XRPUSD on TradingView.com

A close above the $0.600 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.665 resistance. Any more gains might send the price toward the $0.700 resistance.

Downside Break?

If XRP fails to clear the $0.600 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5450 zone.

The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.

Technical Indicators

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

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

Major Support Levels – $0.5450, $0.5220, and $0.4850.

Major Resistance Levels – $0.5880, $0.600, and $0.6250.