Altcoins

XRP Price is on a Bullish Trajectory: How High Can XRP Jump?

Published

1 month ago

October 23, 2023

Crispus

XRP price has been among the best performers in the cryptocurrency market in recent days amid relief for Ripple Labs and broader market sentiment. The altcoin has jumped by nearly 10% over the past week, while its year-to-date price remains 57.57%. XRP’s total market cap has increased by 7.85% over the last day to $28.57 billion, ranking the asset 5^th after Binance Coin. Additionally, the total volume of the digital asset traded over the same period has jumped by 137%.

Relief for Ripple

XRP price has been in the green for three consecutive days, breaking above the now-bullish support zone at $0.5290. The key catalyst behind XRP’s recovery is the SEC’s move to drop its lawsuit against two Ripple Labs executives. According to a court filing in New York last week on Thursday, the US Securities and Exchange Commission dropped its claims against Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen.

In the court papers, the agency indicated that it was dropping its claims that the two Ripple Labs executives aided and abetted the sale of the XRP cryptocurrency which a judge found amounted to unregistered sales of securities. The Wall Street regulator accused Ripple of illegally acquiring more than $1.3 billion in an unregistered securities offering by selling XRP in December 2020.

US District Judge Analisa Torres granted Ripple Labs a landmark court win in the case in July, ruling that XRP was only considered a security when solely sold to institutional investors. Judge Torres subsequently denied SEC’s request for an appeal on the ruling. Even so, she partly ruled in the SEC’s favor, saying that the agency had shown that Ripple’s $728.9 million of XRP sales to hedge funds and other superior buyers had violated the law.

Additionally, the bullish crypto market sentiment has also buoyed the XRP price recovery. The global crypto market cap has increased by 3.50% over the past 24 hours to $1.18 trillion, while the total crypto market volume increased by more than 32%. The Crypto Dear and Greed Index has improved to a Greed level of 55, signaling an increase in risk appetite.

Notably, Bitcoin’s bullish rally has also boosted the overall crypto market sentiment. The premier cryptocurrency is hovering around its highest level since July on the back of confidence for a spot Bitcoin EFT approval. At the time of writing, the lead cryptocurrency was trading at $31,410.45.

XRP Price Analysis

The daily chart shows that the XRP price has been on an upward trajectory for the past few days, breaking above the psychological level of $0.5000. At press time, XRP price was trading 2.43% higher at $0.5353. The asset has moved above the 50-day and 200-day exponential moving averages. Its Relative Strength Index has climbed to 62, suggesting an increase in buying pressure. The Moving Average Convergence Divergence (MACD) indicator is signaling a buy.

Consequently, the XRP price is likely to edge higher in the ensuing sessions as bulls eye the immediate resistance level at $0.5535. A move above this level might pave the way for subsequent gains to $0.600. On the flip side, a drop below the crucial support at $0.500 will invalidate my bullish thesis.

XRP Price Chart

Altcoins

Cardano Price Outlook: The $0.40 Threshold Could Unlock Doors to $1

Published

4 weeks ago

November 3, 2023

Crispus

Cardano price has been on a bullish trajectory in recent weeks, jumping to its highest level since July and breaking above the crucial level of $0.3000. At the time of writing, ADA’s price was changing hands at $0.3200. Notably, the altcoin has printed a 9.82% increase over the past week and climbed by more than 20% in the month to date. The asset’s total market cap has increased by nearly 2% to $11 billion in the past day, ranking it 8^th after Solana.

ADA’s Rally

Cardano price has recorded significant gains over the past few weeks on the back of remarkable on-chain data and broader market bullish cues. Cardano, Ethereum’s competitor, has also been part of the current cryptocurrency market rally, wiping some of the losses made over the past few months.

The cryptocurrency market has been in the green over the past few weeks amid the spot bitcoin EFT buzz and Bitcoin’s brief interaction with the key resistance level of $35,000. During this period, the global crypto market cap has surged to $1.29 trillion. The Crypto Fear and Greed Index, which measures the key emotions driving the market, has increased to a greed level of 72, indicating an increase in risk appetite by investors.

Cardano’s rally has also been credited to an increase in user activity on its platform. Santiment, a blockchain intelligence firm, highlighted in an X post on Thursday that address…

Altcoins

Solana Price Climbs to Yearly High, Outshining Rivals Dogecoin and Cardano

Published

4 weeks ago

October 30, 2023

Crispus

Solana price has been among the best-performing cryptocurrencies in the top 100 cryptocurrencies by market capitalization in recent days. The digital asset has jumped by more than 20% in the past week and nearly 73% in the month to date, wiping losses made this year.

Solana’s total market cap has gained 7.15% in the past 24 hours to $15 billion, with the total volume of SOL traded over the same period increasing by more than 145%. At the time of writing, SOL price was trading 6.30% higher at $34.95, its highest level since October 2022.

SOL’s Performance

Solana price has been in the limelight over the past week in the wake of its latest price pump and bullish sentiment by markets. Solana, the cryptocurrency that powers the high-performance smart-contract-enabled layer-1 Solana blockchain, currently ranks as the 7^th largest cryptocurrency by market cap, surpassing its rivals such as Cardano and Dogecoin.

The altcoin has recorded a significant comeback this year after the collapse of the ill-fated crypto exchange FTX saw Solana pull back more than 95% from its all-time high of around $260. The cryptocurrency has recovered more than 300% from last year’s lows of about $8. Notably, its ecosystem has posted an impressive rebound in liquidity this year.

Data by DeFiLlama shows that the total value locked (TVL) in Solana-based smart contracts remains in an upward trajectory and at $1.2 billion, has more than…

Altcoins

Litecoin Price Outlook Amid Bearish On-Chain Metrics

Published

1 month ago

October 16, 2023

Crispus

Litecoin price has been under intense pressure over the past weeks, hovering around its lowest level this year on the back of poor on-chain metrics and a dull market. The LTC price has dipped by 5.55% in the past week and 33% in the past three months. Additionally, the asset has crashed by 12% in the year to date but remains 22% higher in the past year. Litecoin has a total market capitalization of $4.5 billion, ranking it 15^th after Polkadot.

What’s Happening with LTC?

Litecoin price has been on a strong bearish trajectory since its successful third halving event completed in early August. The digital asset has fallen off crypto investors’ radar since then mainly due to the price dip it experienced after heavy profit-taking from investors who had invested in Litecoin leading up to the price surge triggered by market expectations around the halving event.

On-chain data shows that the daily transaction numbers for Litecoin have been on a consistent decline since the halving event in August. According to BitInfoCharts, the number of daily LTC transactions has decreased from over 584,000 in May to 104,000 transactions in October. This suggests the lack of interest from investors, prompting a decline in risk appetite.

Litecoin, the silver to Bitcoin’s gold, has always had a high correlation with Bitcoin, making it vulnerable to volatility in the lead cryptocurrency. Beyond its correlation with Bitcoin and broader…