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XRP Price Prediction: Analysts Turn Bullish As ‘Something Big Is Coming’, Here’s What

Crypto analysts Amonyx and Egrag Crypto have provided a bullish outlook for the XRP price with “something big” on the horizon. Based on their analysis, the long-awaited price breakout for XRP could soon happen. 

Something Big Is Coming For XRP Price

Crypto analyst Amonyx stated in an X post that something big is coming for the XRP price. His accompanying chart showed that the crypto could enjoy a massive rally to $75. The analyst made this prediction based on XRP replicating a similar run that it enjoyed in the 2017 bull run when its price surged by over 61,000%. 

XRP Price 1

The chart showed that XRP consolidated for a year before it broke out and enjoyed that unprecedented rally. In line with this, the analyst highlighted how XRP has been consolidating since then, suggesting another price breakout is imminent. 

Amonyx has recently been more bullish on the XRP price. Before now, he predicted that the crypto would reach between $50 and $57 at the peak of this bull run. However, his recent prediction offers a more bullish outlook for XRP. Interestingly, he also recently predicted that the crypto could enjoy a “giga pump” to $400. 

These bullish XRP predictions are believed to be partly because of the recent applications by Bitwise and Canary Capital to offer an XRP ETF. These funds could contribute to a significant rally for XRP since they will attract more institutional investors into the coin’s ecosystem. Therefore, these XRP ETFs will positively impact the XRP price just like the Spot Bitcoin ETFs did for the Bitcoin price. 

Meanwhile, in the short term, Amonyx also expects that the XRP price could enjoy a significant rally. In a recent X post, he shared an XRP/Bitcoin chart and told XRP holders that a God candle was coming soon. 

XRP Price 2

XRP’s Breakout Target To Keep An Eye On

Crypto analyst Egrag Crypto highlighted $0.61 and $0.62 as the breakout targets to keep an eye on. He noted that the breakout point is getting lower and added that the XRP has a maximum of 70 days left before it reaches the final pinnacle of the breakout point. 

XRP Price 3

Egrag Crypto further remarked that he is convinced that the price breakout could happen sooner than expected, within the next 15 to 30 days. According to him, the pressure is building and won’t stay contained for much longer. Indeed, XRP’s consolidation dates way back to the 2021 bull run when it failed to reach a new all-time high (ATH).

The $0.60 price level has also proven to be strong resistance for the coin, as it has retested and failed to break above it multiple times since Judge Analisa Torres delivered her final judgment in the Ripple SEC lawsuit in August. 

At the time of writing, the XRP price is trading at around $0.55, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com

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Bitcoin Whale Transfers See Massive Spike: Sign Of Profit-Taking?

On-chain data shows the Bitcoin whale transactions have spiked following the latest rally, a sign that profit-taking may have begun.

Bitcoin Whale Transaction Count Now Highest In Over 10 Weeks

According to data from the on-chain analytics firm Santiment, the Bitcoin whales have shown an increase in activity recently. The indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total amount of transfers taking place on the BTC blockchain that are carrying a value of at least $100,000.

When the value of this metric is high, it means the whales are making a large number of moves on the network right now. Such a trend implies these humongous holders have an active interest in trading the coin.

On the other hand, the indicator being low suggests the whales may not currently be paying much attention to the cryptocurrency as they aren’t making too many transactions.

Now, here is a chart that shows the trend in the Bitcoin Whale Transaction Count over the last few months:

Bitcoin Whale Transaction Count

As displayed in the above graph, the Bitcoin Whale Transaction Count has seen a notable spike recently, suggesting that the whales have made a large amount of transfers. More particularly, these humongous entities made a total of 11,697 transfers in the span of 24 hours at the peak of this spike.

Generally, it’s hard to say anything about what sort of transfer activity it is exactly that the whales are participating in based off the Whale Transaction Count alone, since both selling and buying transactions look the same from the perspective of the indicator. The accompanying price action, though, can provide some hints.

The latest peak in the metric is the highest that the indicator has gotten since early August. Back then, the spike had coincided with a crash in the asset’s price, implying that a lot of the whales’ moves may have had been for selling.

The current increase in the Whale Transaction Count has come as Bitcoin has been rallying, so it’s possible that the whales may be participating in profit-taking again. Since the spike occurred, BTC has slid down under $67,000, which may add evidence for this.

In the same chart, Santiment has also attached the data for another BTC metric: the Social Dominance. This indicator basically tells us about the share of social media discussions that Bitcoin is occupying as compared to the total for the top 100 assets in the sector.

From the graph, it’s apparent that the Social Dominance has spiked to 25.5% for the cryptocurrency, which is the highest value since late July. Thus, Bitcoin’s mindshare is currently high when compared to that of the altcoins.

This is usually a sign of fear of missing out (FOMO) among traders. Historically, excessive hype has been a poor sign for BTC, with tops often following it.

“Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO,” notes the analytics firm.

BTC Price

At the time of writing, Bitcoin is trading at around $66,900, up more than 9% over the last week.

Bitcoin Price Chart

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Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon?

Bitcoin is holding strong above $67,000 after setting a new local high of around $68,300, fueling excitement among investors. This bullish momentum is driven by price action and supported by key market data signaling a potential uptrend continuation.

Daan, a top crypto analyst, shared crucial insights showing that Bitcoin ETFs have been buying heavily for the past four days. This surge in institutional demand is a positive signal for the market, as it could further propel Bitcoin toward new all-time highs.

The next few days will be critical for Bitcoin’s trajectory, with many traders and investors eyeing a potential breakout to historic levels. The anticipation grows as BTC edges closer to these highs, making the upcoming price movements pivotal in shaping the market’s direction.

Bitcoin Demand Rising

The whole market is buzzing with excitement and volatility, with Bitcoin leading the way by establishing a clear uptrend since early September. 

Analysts and investors are attributing part of this surge to the Federal Reserve’s recent interest rate cuts, but other significant factors influence Bitcoin’s price action.

Key data shared by Daan, a top crypto analyst, reveals that Bitcoin ETFs have seen substantial inflows over the past week. 

Bitcoin ETFs inflows for the past 4 trading days

The last four trading days alone have witnessed a combined $1.639 billion in inflows, making this week one of the most successful since the inception of Bitcoin ETFs. This surge in institutional demand signals that traditional investors are increasingly confident in Bitcoin’s future, driving up demand and boosting the price.

Despite the current optimism, there is caution among market observers. Historically, periods of heightened excitement and euphoria in the market are often followed by price retracements or consolidation. 

Bitcoin tends to mark local tops when sentiment peaks, which could signal a cooling-off period before the next major move. Investors are closely watching for signs of a potential pullback or whether Bitcoin will continue to climb toward new all-time highs in the weeks ahead.

Key Levels To Watch 

Bitcoin is trading at $67,000 after a 2% retrace from its recent local top at $68,388. Despite this slight pullback, the price is holding firmly above the previous high of $66,500, signaling a strong consolidation phase that could set the stage for another move higher.

BTC holding above $66,5K

For the bullish momentum to continue, BTC must maintain its position above $66,500. If it does, the price could soon push toward new highs. 

However, if Bitcoin fails to hold above this critical level, a healthy retrace to the daily 200-day moving average (MA) would still indicate strength in the market. The 200-day MA has historically been a reliable support level during uptrends, providing a foundation for further gains.

If the price falls below the 200-day MA, a deeper correction to $60,000 is likely. This level represents significant demand and could offer another buying opportunity before the next leg.

Featured image from Dall-E, chart from TradingView

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BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price

The Bitcoin price has already been up by 10% in the past seven days, breaking above the $67,000 mark again in the last few hours. The Coinmarketcap Fear And Greed Index has now switched to greed in light of recent buying momentum and is showing no signs of slowing down.

The buying pressure on Bitcoin has been so great in the past few days, leading to a huge decline in the number of BTC available on crypto exchanges. According to on-chain data, this has caused the Bitcoin exchange reserve to drop to its lowest point in five years.

BTC Exchange Reserve Drop to 5-Year Low

Over the past few days, the demand for Bitcoin has outweighed its supply, leading to a sharp decline in the exchange reserves. According to CryptoQuant data reposted on social media platform X by crypto analyst Ali Martinez, the number of BTC held on exchanges is now at a five-year low of 2.6 million BTC. 

Martinez’s chart reveals an intriguing trend in Bitcoin’s exchange reserves that has unfolded throughout the year. At the beginning of 2024, the reserves stood at approximately 3.05 million BTC. However, this number has declined massively since that time.

The dwindling supply of Bitcoin on exchanges can be attributed to several key factors. First, there’s the surging interest from institutional players, especially following the approval and growing momentum of Spot Bitcoin ETFs. These ETFs have triggered significant buying activity, with US-based Spot Bitcoin ETFs eventually becoming the second-largest holders of BTC behind Satoshi Nakamoto.

Many long-term holders also contributed to the buying pressure, as many continued buying in droves. Even periods of price corrections and selloffs from short-term holders were highlighted by the movement of more BTC into stable long-term hands who are less likely to sell. 

As a result, the total amount of Bitcoin held on crypto exchanges has dropped by about 450,000 BTC since January, bringing the current reserve to just 2.6 million BTC. This is the lowest level seen since January 2019, and such a sharp decline typically signals a bullish outlook for Bitcoin. “We all know what this means,” Martinez said.

Bitcoin price

What Does This Mean For Bitcoin Price?

The current state of Bitcoin’s exchange reserves suggests that market participants are increasingly holding onto their BTC in anticipation of future gains, as many people continue to speculate about where the Bitcoin price could be heading in the coming months. 

When fewer coins are available on exchanges, it often indicates reduced selling pressure, which drives the price higher as demand continues to rise. 

Uptober is now fully in play, and Bitcoin is already up by 6.3% in the month. At the time of writing, Bitcoin is trading at $67,200. This notable price point puts Bitcoin on the path to breaking above its all-time high of $73,737 before the end of October.

Bitcoin price chart from Tradingview.com

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Cardano Bullish Pattern Suggests A Breakout – Can ADA Reach $0.54?

Cardano (ADA) is crucial following days of heightened volatility and excitement among crypto investors. While other altcoins have experienced significant pumps, Cardano has yet to see the same breakout, leaving analysts and traders searching for confirmation of a bullish trend. 

Despite the lack of a major move, optimism remains high for ADA as market watchers await a signal to ignite the rally.

Top analyst and investor Carl Runefelt recently shared a technical analysis suggesting that Cardano could be on the verge of a bullish rally, potentially pushing ADA to $0.54. 

This prediction has generated excitement within the Cardano community, but the next few days will be critical in determining whether ADA can follow through with a breakout. 

As the market remains volatile, traders will closely monitor Cardano’s price action for signs of a confirmed uptrend.

Cardano Holding Above Key Level

Cardano is trading above a key resistance level at $0.33, sparking optimism among analysts and investors. This crucial price point could be the springboard that propels ADA to new highs. 

Analysts in the crypto community believe that Cardano is poised for a breakout, and some expect a rally in the coming days.

Prominent investor and analyst Carl Runefelt recently shared a technical analysis on X, highlighting a bullish pattern forming on Cardano’s chart. According to Runefelt, if ADA manages to break this pattern to the upside, the next target could be as high as $0.54, representing a potential 58% gain from current levels. 

Cardano testing symmetrical triangle upper-level

This prediction has generated excitement, as ADA holders are looking for signs of a sustained upward trend after a period of consolidation.

However, not all scenarios point to a smooth ride for Cardano. If ADA fails to break above this pattern, further consolidation or a potential correction could be on the horizon.

The $0.33 level is now a key marker for traders and investors to watch closely in the coming days, as it could signal the beginning of a major price move—or the continuation of a more uncertain path for Cardano.

ADA Technical Analysis

Cardano’s (ADA) price action has been underwhelming compared to other altcoins. Currently trading at $0.34, ADA has seen a 7% decline from its recent high of $0.37 set on Tuesday. Despite some volatility, the price remains below the critical 200-day exponential moving average (EMA) at $0.40, following a failed breakout attempt in late September.

ADA trading below the 200-day EMA

For the bulls to regain control, ADA must reclaim the $0.40 level and push toward setting a new local high above $0.41. A breakout above these levels would signal a potential momentum shift and spark renewed optimism among investors.

However, exceeding the $0.34 mark could lead to further downside pressure. If this level is lost, a correction to lower demand areas around $0.30 is expected. Traders are watching closely, as this level could determine whether Cardano will continue to underperform or regain its footing in the market.

Featured image from Dall-E, chart from TradingView