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XRP Bulls Looming: Analyst Predicts 400X With Historical Trend

XRP is one of the most affected crypto assets amid the general bearish sentiment within the market, as the token has been on a downtrend for a while now, struggling between the $0.49 and $0.50 price marks.

XRP Could Be Poised For A Massive Surge To $10

Even though the digital asset is now in a bearish phase, a substantial price rally might be in store for the coin. Several crypto analysts have been bullish on the token, predicting significant upward movement that could take XRP to a new all-time high.

One of the popular crypto experts who has shared an optimistic projection for the asset is Crypto Patel. Patel shared his latest forecast on the social media platform X (formerly Twitter) with his thousands of followers. The analyst believes that this is finally the “time for XRP to shine” and go parabolic due to past trends.

According to Patel, during the last bull market, the crypto asset “failed” to perform very well alongside other tokens like Bitcoin. He highlighted that while Bitcoin reached its all-time high in the last bull market, XRP failed to surpass its 2017 peak of $3.30.  However, he asserted that this was because of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding XRP’s non-security nature.

XRP

So far, Patel believes that with the recent SEC victory over Ripple, perhaps the “floodgates” might be open for a breakout. He pointed out that a 2017 triangle breakdown, which formed before XRP went parabolic, is reappearing on the yearly chart.

Patel has asserted that if the coin mirrors the trend in 2017, it could be poised for a massive rally. “If 2017’s 40,000% pump repeats, we could see mind-blowing $10+ XRP,” he stated.

A 6-Year Long Brutal Bear Days

Over the past six years, XRP’s price has unquestionably gathered more positive fundamental qualities after consolidating in a triangle range. “Survived 2,291 – 6+ Years brutal bear days, this coiling pattern signals Ripple’s ready to erupt,” Patel stated.

Due to this, the cryptocurrency analyst anticipates that the price of XRP will rise to $0.90. However, this is expected to occur following a successful breakout from the $0.40 and $0.50 price range.

After that, the crypto expert believes there will be no doubt as to the route to a new peak and a parabolic rise to $10. He further underscored several price targets for XRP, while putting his accumulation range between “40 and 50 cents.”nPatel has urged the community to look out for the digital asset, as it might be on the “launching pad again.”

As of the time of writing, XRP’s price is trading slightly below $0.50, indicating a 2% decrease in the past week. Despite the price decline, its trading volume has increased by over 15% in the past day, according to CoinMarketCap.

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Ripple Initiates Large XRP Transactions Post Legal Setback

Ripple Labs, a leading cryptocurrency payment firm, has been seen moving millions of XRP tokens following the United States Securities and Exchange Commission’s (SEC) recent victory in a legal dispute.

Ripple Moves Millions Of XRP As Price Holds Steady

According to a recent report, Ripple Labs moved a whopping 120 million XRP tokens valued at about $60.8 million. The move has caused quite a stir within the XRP community and heightened sell-off anxiety in the face of increased market volatility.

This comes after the payment firm experienced a legal setback in court on Monday. The SEC’s motion to force Ripple to provide its financial statements for XRP was granted by the Southern US District Court of New York.

It was reported by Bithomp that the aforementioned funds were transferred to a Ripple-related wallet that was used for massive transfers. Data from Bithomp revealed that the wallet address rBg2Fu…uJ4vt5x1o91m moved the funds to a separate wallet address rP4X2hTa7…XvPz7XZ63sKxv3. This indicates that the transaction might include the transfer of such large amounts using other wallets or companies under Ripple’s control.

Furthermore, the transfer might just be connected to Ripple’s payment services. As a result, it will allow banks to utilize XRP to send funds across borders almost instantly and for a minimal cost. 

It is noteworthy that the address that received the funds has transferred a notable portion of the XRP tokens. However, the address still contains about 90 million XRP valued at approximately $45 million.

Bithomp also reported that the firm was seen moving about 53.75 million XRP tokens valued at about $27.5 million. Data from the on-chain platform shows that the wallet address rKveEy…ZsoGMb3PEv transferred the funds to another wallet address rPfSrrKY…R7g1tYzDDJoAys.

The Payment Firm Brings XRP To The US Market

Ripple has announced its plan to transform international payments in the US with XRP and its payment services. According to the firm, they will be introducing “new product updates that will cover the majority of US states.”

These fresh products are going to be powered by its Money Transmitter Licenses (MTLs). Initially, Oliver Segovia, Senior Director and Head of Product Marketing for Payments at Ripple, shared the announcement on Linkedin. 

Segovia explained that although Ripple’s global headquarters is located in the US, 90% of its businesses serve organizations outside. Specifically, he acknowledges that for the last three years, the firm has remained somewhat quiet in the US market.

Despite these developments, XRP’s price has still been down by 5.42% in the past week, holding steady at $0.50. Interestingly, its trading volume has increased by over 25% in the past 24 hours.

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Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price

Ethereum (ETH), the second largest cryptocurrency asset, is anticipated by several well-known analysts in the crypto industry to undergo a price surge in the upcoming months as the market is seeing a wave of bullish momentum.

Ethereum Poised To Go Parabolic In The Upcoming Months

Altcoin Daily crypto analysts have revealed three major factors that could propel the price of Ethereum in the coming months. The analysts shared their optimistic insights for ETH in a recent episode – “Ethereum price is still ready to explode” on YouTube.

According to the Altcoin Daily analysts, Ethereum is expected to reach $4,000 in the next three to six months from now. One of the major drivers noted by the analysts to take the price to this level is the impending “Ethereum Beacon Upgrade.”

In the video, they highlighted that the upgrade is the last big update for ETH, which is scheduled to go live in Q1 of 2024. Its primary goals are to lower transaction fees and improve layer 2 solution efficiency.

Additionally, the Ethereum Beacon upgrade promises a refined user experience. This is an important step forward toward creating a blockchain network that is more accessible and scalable. They pointed out that the update’s final test net is set to take place on Wednesday, February 7. Meanwhile, its overall mainnet roll-out is just one month away from going live.

For the second key factor, the experts have identified the hype surrounding the approval of Ethereum Spot Exchange-Traded Funds (ETFs). “I do want to be clear here the catalyst we are talking about is the anticipation of the ETH spot ETFs,” one analyst stated.

Although Ethereum futures have already garnered global permission, the analysts point out that the approval of the ETFs might signal a significant trigger for Ethereum’s long-term price growth.

Notable Shift From Bitcoin To ETH 

According to the experts, the anticipation surrounding its potential approval is expected to drive ETH’s price to $4,000, akin to the excitement surrounding Bitcoin ETFs in 2023. In addition, they underscored that the BTC ETFs approval is one reason why the US Securities and Exchange Commission (SEC) can not disapprove the ETH ETFs. 

If this is right, then ETH is very close to reaching the aforementioned price level. This is because the final date for ETFs approval is only 112 days from now. 

Meanwhile, the last key factor highlighted by Altcoin Daily is the “Bitcoin rotations after halving towards the rest of the ecosystem.” After the upcoming Bitcoin halving event, there might be a possible fund rotation from BTC to ETH.

Altcoin Daily also mentioned a possible sell-the-news scenario post-halving that could lead to a cooldown. As a result, Ethereum might take advantage of it and become the dominant player in the crypto market.

Ethereum is currently trading a little above $2,300, indicating a 1.23% rise in the past 24 hours. Its market cap is demonstrating the same increase, while its trading volume is up by over 41% in the past day.

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SEC Shut Off Extra Security on X For About 6 Months, Letting Hacker Breeze In

The U.S. Securities and Exchange Commission (SEC) confirmed that a hacker took over its X account through a “SIM swap” attack that seized control of a cell phone associated with the account. That allowed the outsider to falsely tweet on January 9 that the agency had approved spot bitcoin exchange-traded funds (ETFs), a day before the agency actually did so.

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Bitcoin Crashes To $41,500 As ETF Approval Hangs In Balance: Experts

As the January 10 deadline for the US Securities and Exchange Commission (SEC) to decide on a series of spot Bitcoin Exchange-Traded Funds (ETFs) approaches, the market is rife with speculation.

Initially, there was a strong consensus for approval, but recent expert analyses suggest a possible change in course. Meanwhile, the Bitcoin price has crashed by 6.5% in 20 minutes, dropping from $44,400 to $41,500.

1. Bloomberg’s Insight: A Matter of Timing, Not Denial

Bloomberg’s ETF expert, Eric Balchunas, assessed a mere 10% chance of the ETFs not being approved, primarily due to the SEC requiring additional time to review the proposals. This perspective is critical because it implies that the SEC is not outright opposed to the idea of a spot Bitcoin ETF, but is cautious in its approach.

Related Reading: Bitcoin ETF: SEC May Notify Approved Issuers To Launch Very Soon – Here’s When

Balchunas commented, “I would say if we don’t see it in the next two weeks, it’s more because they need more time,” indicating that a delay in approval should not be interpreted as a final rejection.

His colleague, James Seyffart, provided further insights, noting, “Still looking for potential approval orders in that Jan 8 to Jan 10 window. […] We’re focused on these 11 spot Bitcoin ETF filers […] Expecting most of these N/A’s to be filled over the next ~week,” highlighting the dynamic nature of the situation.

2. Matrixport’s Pessimistic Outlook: A Delay To Q2 2024

Matrixport offers a more cautious outlook, anticipating that the SEC’s approval of Bitcoin ETFs might be deferred until the second quarter of 2024. This analysis hinges on a combination of regulatory challenges and the prevailing political climate under SEC Chair Gary Gensler‘s leadership.

The report states, “The leadership of the SEC’s five-person voting Commissioners, predominantly Democrats, influences the decision-making process. With Chair Gensler’s cautious stance on crypto in the US, it seems unlikely that he would endorse the approval of Bitcoin Spot ETFs in the near term.”

The firm further explains that despite the ongoing interactions between ETF applicants and the SEC, resulting in multiple reapplications, there remains a fundamental requirement unmet that is crucial for the SEC’s approval. This requirement, although unspecified in the report, is suggested to be a significant compliance or regulatory hurdle that could be addressed by the second quarter of 2024.

The potential delay or rejection of the ETFs, according to Matrixport, could have a notable impact on Bitcoin’s market value. They predict a possible 20% correction, with prices potentially falling to the $36,000 range.

Furthermore, Matrixport suggests that such an outcome could lead to a swift unwinding of market positions, particularly the $5.1 billion in additional perpetual long Bitcoin futures.

The report advises traders to consider hedging their positions if no approval news emerges by January 5, 2024, suggesting the purchase of $40,000 strike puts for the end of January or even shorting Bitcoin through options.

3. Greeks Live’s Analysis: Decreasing Confidence

Greeks Live, focusing on crypto options trades, has observed a shift in market sentiment, with a decreased likelihood of the ETF’s passage. They report a significant decline in the ATM option IV for the week and below 65% for the January 12 expiration, indicating reduced market expectations for the ETF approval.

The report notes, “Current month puts are now cheaper, and block trades are starting to see active put buying, with options market data suggesting that institutional investors are not very bullish on the ETF market.”

A possible delay or rejection of Bitcoin ETFs carries significant market implications. The anticipation of ETF approval has been a major driving force in recent market dynamics, leading to increased investments. A decision against the ETFs could result in a rapid unwinding of these positions, potentially causing a sharp decrease in Bitcoin prices.

At press time, BTC had already recovered some of its losses and was trading at $42,450. This means that the price has once again returned to the upward trend channel in the 1-day chart that was established in mid-October last year.

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