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XRP And Shiba Inu Rally Is Not Over According To This Indicator

The crypto industry saw a spectacular run in October, as a few cryptocurrencies like Bitcoin and Solana registered new yearly highs. However, the entire market seems to be taking a breather after this action-packed October that saw Bitcoin, XRP, and Shiba Inu lead impressive rallies. 

On-chain data, particularly from the crypto analytics platform Santiment, showed October ended on a somehow bearish note. But history from this particular metric suggests that the rally might not be over. 

XRP And Shiba Inu Rally Not Over

The first few days of November appear to be devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down by 1% and 2%, respectively, in a 24-hour timeframe. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this decline to traders taking profit, while others think the crypto market has returned to its normalcy of bearish sentiment.

Popular crypto analytics platform Santiment predicted this sentiment a few days ago. According to Santiment, the Bullish Vs Bearish Sentiment Keyword turned towards a bearish ratio at the end of October. The metric, which tracks various keyword mentions like “buy,” “sell,” “buying,” “selling,” “topped,” and “bottom” on social media, spent the bulk of October on the bullish end of its range.

The firm quickly pointed out that previous instances of higher ratios of bearish keywords had preceded gains in the market caps of popular cryptocurrencies. Aside from Bitcoin, on-chain metrics and fundamental analysis point to a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in the past few months, according to this indicator.

Altcoins Still Poised For Growth

On the fundamental side, XRP has done extremely well, especially as trading resumed on various crypto exchanges. XRP is up by 32% since the beginning of the year, and various analysts have pointed to another price surge. 

A look into XRP’s price action shows a series of higher low formations since October 30, indicating waning pressure from the bears. XRP is now trading at $0.6036, and the bulls could make another attempt to break over the latest higher high of $0.62 if the price stays above $0.60.

SHIB has also had a similar path, with updates to its ecosystem like Shibarium contributing to various price surges. SHIB’s price momentum has slowed down at the time of writing, but planned updates to the Shina Inu ecosystem could lead to another price rally soon. 

At the same time, on-chain signals point to more bullish than bearish. SHIB whales have resumed large transfers to private wallets, as shown by data from Whale Alerts. SHIB is trading at $0.000007788 at the time of writing.

Despite the entire market cap being down by 2.24% in the past day, data from Coinmarketcap points to greed on the Fear & Greed Index.

Shiba Inu price chart from Tradingview.com (XRP)

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Can Dogecoin Rally 135%? Here’s What Needs To Happen

In a recent analysis, crypto analyst Rekt Capital has pinpointed the signs of a potential breakout in the Dogecoin (DOGE) price, which could pave the way for a significant price rally. However, several factors must come together for this scenario to unfold.

Dogecoin Price Ready For A Breakout?

Rekt Capital has shared the following 1-week DOGE/USD chart. According to his analysis, Dogecoin’s price movement has been confined within a descending channel pattern since its peak at the end of last year. This pattern is characterized by two parallel trendlines, representing potential support and resistance levels, with the Dogecoin’s price oscillating between them.

Dogecoin price analysis

Last Wednesday, DOGE’s price was rejected once again at the upper trendline, making it the fifth rejection within the last year. However, a key observation made by Rekt Capital is the “buy-the-dip” behavior exhibited by traders, which has so far prevented a strong downside continuation. He highlights:

That “buy-the-dip” behavior we saw yesterday is looking like relief under key resistance. However, there has been no strong DOGE rejection & downside continuation. Most important signal is a Weekly Close above Channel Top to confirm a breakout.

As Rekt Capital emphasizes, the most crucial signal for a potential breakout is if Dogecoin can achieve a weekly close above the channel’s top. Therefore, DOGE bulls need to display a strong “buy-the-dip” behavior. Should the price successfully close above the channel top, it could signify a strong bullish trend in the offing.

Potential Price Targets

Turning to the daily chart of DOGE/USD, several key price targets can be deduced based on Fibonacci retracement levels and Exponential Moving Averages (EMAs). The EMAs, which are utilized to pinpoint potential support and resistance levels based on past price data, are showing a cluster around the $0.0660 to $0.0684 range. Currently, DOGE has dropped below the crucial 200-day EMA (blue line) at $0.0684, but found support at 20-day EMA (red line) at $0.0660.

Dogecoin price

If a breakout from the descending trend channel is successful, the 0.236 Fibonacci level at $0.0785 will probably be the first major price target. If DOGE bounces off this level, a retest of the breakout is very likely – it would be a do-or-die moment for Dogecoin. However, a successful retest could pave the way for DOGE to break above the $0.0785 price level and set the stage for the subsequent price targets.

On the higher side, the Fibonacci retracement levels to watch are 0.382 ($0.0938), 0.5 ($0.1062), 0.618 ($0.1186) and 0.786 ($0.1363), which often act as critical resistance and support zones. The ultimate goal of a potential 135% rally would be the November 1 high at $0.1588.

In conclusion, while the current market sentiments and patterns hint at a potential breakout, it remains imperative for DOGE to secure a weekly close above the channel top. Should this happen, and coupled with supportive market dynamics, Dogecoin could witness a breathtaking rally once again.

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Cardano Summit 2023: Charles Hoskinson Takes The Stage, Day 1 Recap

In the financial center of Dubai, the Cardano Summit 2023 will gather some of the most prominent projects in the crypto space. During the three-day event, speakers, founders, and the community will voice views on the growing sector and the future of the network and blockchain technology as Cardano enters a critical stage in its development.

What’s Missing In The Cardano Ecosystem?

The Cardano Summit 2023 began with a networking soirée leading to the ‘Battle of the Builders’ competition. The event, sponsored by industry leaders like CV Labs and Genius X, featured ten projects in a pitch contest showcasing the versatility of the Cardano ecosystem.

Frederik Gregaard, CEO of the Cardano Foundation, highlighted the robust number of Cardano GitHub repositories as evidence of the platform’s readiness for innovation. The number of developers working and shipping products on this blockchain has increased following its implementation of smart contract capabilities.

After intense deliberation by a panel of seasoned judges, including Gregaard and representatives from EMURGO and STORM Partners, Maestro claimed the top spot, with NEWM and zkFold rounding out the winner’s circle. The summit continues with more workshops and sessions.

Speaking with our team, Sheraz Ahmed, Managing Partner at STORM Partners, gave his perspective on the event, the obstacles of the building during a bear market, the topics dominating the Summit, the key component missing in the ecosystem, and the distinct quality of the Cardano community: passion.

STORM has been a long-time partner of Cardano and its ecosystem, aiding them in projects like Ergo Media, marketing, and educational efforts. Ahmed told us:

So there are three main topics of the conference. Operational, resilience, education and adoption. Those are the three ones that things are centered towards today’s on the innovation stage. The last discussions are around stablecoins and the importance of stablecoins within the Carano ecosystem. I think a lot of the Cardano community and projects are feeling the pressure of not having a Cardano interoperable (stablecoin). And you can really see that it’s impeding the ability to create DeFi products and applications.

Ahmed was one of the judges during the startup competition and saw how the community and the Cardano Foundation leadership leaned towards those projects building stablecoin solutions. In 2024, Ahmed expects Cardano to launch its native stablecoin, which could have major implications for this ecosystem, similar to the “Alonzo” Hard Fork Combinator (HFC) event:

So that thing is something (a native stablecoin) that’s just a missing piece of the puzzle that just needs to be filled in the Cardano ecosystem, and that it will be within the next, I’d say by mid next year, it should be the case from what I saw about some of the announcements, some of the discussions, etcetera. So that was the first one. Then education was a big topic this morning because there’s quite a wide community in Cardano. Cardano has quite a widespread community on a variety of different things.

I think one topic that wasn’t approached today that was kind of on the tongues of a lot of people in the audience was like, well, “all these things are good, but if we don’t have the funding or the money to do so, how is that going to work out?” And you probably know that the funding of Cardano happens through Catalyst, which is their funding mechanism. And they’ve done 10 funding rounds so far and so the mood at the conference was not bad in terms of the funding round 10, which was I think $5 million just closed a few weeks ago or a month ago. So people are kind of happy or in good sentiment because those that got the approval have money to start building, doing things, etcetera. Because it’d been a year since they hadn’t had a funding round, and that was quite a long time. Normally, the cycles have been at maximum of four to six months.

Ultimately, Ahmed believes the Summit marks a major milestone for the Cardano ecosystem as it moves into the Middle East and North Africa (MENA) region.

Cardano ADA ADAUSDT

Cardano Summit 2023: Founder Hoskinson Speaks

Today, the founder of Cardano and CEO at Input Output Global (IOG), Charles Hoskinson, took the main stage to speak about the blockchain’s “Past, Present, and Future.” Using his famous whiteboards, Hoskinson presented the “strategic pillars” underpinning Cardano’s evolution: Scaling, Governance, and Interoperability.

In addition, Hoskinson outlined upcoming enhancements like Hydra for scaling and governance tools like 1694 and Intersect, emphasizing the network’s direction towards self-amendment capabilities. For interoperability, the Cardano founder cited advances with sidechains and the implementation of Non-Interactive Proofs of Proof-of-Work (NiPoPoWs).

Hoskinson introduced the Cardano Settlement Layer (CASL) as a mainnet foundation for service layers, alongside PartnerChains for service layer collaboration, leveraging Minotaur’s consensus algorithm for cross-consensus interoperability. The framework will utilize Parity Substrate with Babel fees, enabling native asset transactions.

Cover image from Unsplash, chart from Tradingview

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What’s Next For Aragon? Association Set To Dissolve, 86,000 ETH Up For Grabs

Swiss non-profit Aragon Association has announced its dissolution, offering users the opportunity to redeem its native token, ANT, for ETH (Ethereum). This strategic move marks a crucial shift in the organization’s path and aims to address challenges that have arisen in recent times.

As part of this dissolution process, ANT token holders will have a one-year window to redeem their tokens. The association will deploy a total of 86,343 Ether into a redemption contract, offering a redemption rate of 0.0025376 Ether per ANT, according to a statement released on Thursday. This initiative is designed to provide a fair and efficient way for ANT holders to transition from their existing tokens into Ethereum.

Aragon’s Financial Provisions And Future Plans

To ensure a smooth dissolution process and mitigate potential regulatory uncertainties, the Aragon Association will retain $11 million in funds. These funds will be earmarked to cover any outstanding costs related to the dissolution and to serve as a safeguard against unforeseen regulatory challenges.

In the event that unused funds remain after the dissolution, they will be directed towards a “product-focused structure,” signifying the association’s commitment to continuing its mission.

The Aragon Association cited several challenges that have led to this decision, including bureaucratic complexity, misaligned stakeholder interests, and unsuccessful attempts to modify governance structures.

The organization attempted to rescue itself through a hurried endeavor to place control of the treasury directly in the hands of ANT holders. However, the association encountered a significant discrepancy between the value of the treasury and the token market cap, preventing the success of this approach. Faced with these complexities, the association made the difficult choice to return funds to investors and formally dissolve.

Aragon’s Innovative Contributions

Aragon is renowned for its groundbreaking contributions to the blockchain ecosystem. It has developed aragonOS, a set of developer tools that empower users to create decentralized autonomous organizations (DAOs) seamlessly. Furthermore, the Aragon App, a product of the association, allows developers to create DAOs without the need for extensive coding expertise.

Token Redemption Timeline

Users who hold ANT tokens will have until November 2, 2024, to take advantage of the redemption program. Following the completion of the redemption process, all ANT tokens will be permanently removed from circulation. As the association emphasized, there will be no further purpose in holding ANT tokens beyond this point.

The Aragon Association’s decision to dissolve itself and provide a redemption program for ANT token holders reflects its commitment to addressing challenges and maintaining the project’s integrity.

This strategic move ensures a transparent and fair transition for users, while preserving the organization’s mission to foster innovation in the blockchain space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Legal Expert Explains Why Ripple Will Always Back XRP

A pro-XRP lawyer known for advocating for the cryptocurrency has outlined reasons why he believes Ripple would not abandon the XRP token. 

Lawyer Proclaims That Ripple Is Committed To XRP

Pro-XRP lawyer and Managing Partner of the Deaton Firm, John E. Deaton has taken to X (formerly Twitter) to assuage concerns raised about Ripple’s commitment and plans for the XRP token. 

Following the recent announcement of XRP’s expansion into Dubai after gaining approval from the Dubai Financial Services Authority (DFSA), Deaton boldly stated in his post that Ripple was not planning to ditch the XRP token and would not be for years. He said that the crypto payments network had a strong financial responsibility to the token, having invested billions in XRP. 

“As I’ve said for more than 3 years, Ripple is not going to abandon XRP. It has a fiduciary duty not to,” Deaton stated. 

Deaton highlighted Ripple’s financial journey revolving around the XRP token. He stated that in its Series A funding in 2015, Ripple was valued at $128 million. In Series B, the crypto payments network’s value rose again in the following year to $410 million and by 2020, Ripple had attained a value of $10 billion in its Series C valuation. 

Deaton also mentioned Ripple’s Series C buyback valuation last year, which saw the crypto network purchasing its Series C shares at a 50% higher price. 

According to Deaton, Ripple’s growing value and large-scale investments regarding XRP are proof enough that the crypto network would continue its support for XRP.

The pro-XRP lawyer disclosed that Ripple owned $48 billion to $50 billion worth of XRP, which makes it inconceivable for the crypto network to abandon XRP. He also stated that Ripple has more to gain than lose, especially if the XRP token price surges to $2. 

“Ripple’s pre-IPO shares clearly trade at a valuation significantly less than $15B. Owning 48B-50B XRP makes it insane to abandon XRP. If #XRP reaches $2, Ripple has an asset valued at $100B,” Deaton stated. 

Ripple XRP price chart from Tradingview.com

XRP Enthusiast Question Price Standstill After Major Milestones

While many XRP community members have commemorated the recent successes in the XRP ecosystem, an XRP enthusiast has chosen to voice out concerns about the lingering question of why the price of XRP has not been affected by its new achievements. 

XRP Cryptowolf took to X on Thursday to publish XRP’s newest development of partnering with the National Bank of Georgia (NBG) and why the token has not shown any significant price surges following the announcement. 

“Anyone else wondering why $XRP didn’t skyrocket to the news of Ripple partnering with a central bank?” XRP Cryptowolf stated. 

Additionally, following John Deaton’s statement that Ripple would not abandon the XRP token, an XRP community member disclosed that the XRP token had shown only a slight price change when a larger surge was expected.

“And yet here we are up 3 pennies haha any other coin would have jumped $15 bucks in a day with this kind of news,” an XRP community member stated.

While the present price of XRP has displayed a slower price growth than its past, many crypto enthusiasts believe that the cryptocurrency’s ongoing legal battle with the United States Securities and Exchange Commission (SEC) has been the primary source of its growth stunt. 

In response to XRP Cryptowolf’s question about the slack in the price of XRP, a community member stated that “for XRP to truly be free and demonstrate its potential, it will only happen after it clears all the SEC lawsuits.”

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Bitcoin Price Rally Was Not ETF-Driven: QCP Reveals Main Reason

In their latest market update, QCP Capital, a crypto asset trading firm headquartered in Singapore, has dissected the recent Bitcoin price movements, attributing the rally to macroeconomic factors rather than the much-anticipated approval of a spot ETF. To recall, the Bitcoin surged from $34,500 to almost $36,000 on Wednesday.

The Main Reason For The Bitcoin Price Rally

The firm’s technical analysis highlighted that Bitcoin reached the 38.2% Fibonacci retracement level at $35,912 and touched the upper channel trendline before retreating, a move that was keenly observed by market participants.

Bitcoin price

QCP Capital’s report states, “This latest rally, however, was less about spot ETF developments and more about macro forces.” These macro forces were identified following a dovish stance from the Federal Open Market Committee (FOMC) and a smaller than expected Treasury Q1 supply estimate, which led to a significant drop in bond yields. This, in turn, has had a bullish effect on risk assets, including Bitcoin and the broader crypto market.

However, the firm also had a word of caution, saying, “Whether this marks the start of a new global equity and bond uptrend remains to be seen, as the macro picture essentially remains unchanged, outside a correction of overly bearish bond sentiment.”

The firm also noted the Bitcoin derivatives market, where “perp funding, and term forwards, implied volatility and risk reversals across the curve continue to remain or extend further at extreme elevated levels.” This suggests a market bracing for a significant move, with derivative traders positioned for a potential upside breakout that hinges on the approval of a spot ETF.

Looking at the broader financial landscape, the bond market has been experiencing notable fluctuations. Recently, the 30-year Treasury yield has reached another 16-year high, climbing above 5%. This level of yield has not been seen since 2007, and it represents a rise of over 4 percentage points in just three years. Such movements in the bond market are critical for the Bitcoin and crypto market as they affect the risk sentiment among investors.

However, Bitcoin is currently following the example of gold as a safe haven asset. ”The market is starting to price in the Fed’s overtightening and weakening economics. Combined with geopolitical tensions + war, the need for QE in the future is increasing rapidly. This is causing insurance assets (Gold, Bitcoin) to absolutely rip in unison,” Carpriole Investment’s Charles Edwards remarked recently.

In summary, QCP Capital’s insights into Bitcoin market dynamics versus current bond market trends suggest that while the Bitcoin market is influenced by a variety of factors, including speculation about exchange-traded fund approval, macroeconomic indicators such as bond yields play a larger role in determining market sentiment and price action than other pundits believe.

At press time, Bitcoin was trading at $34,235 and at risk of breaking out of the established uptrend channel to the downside. If that happens, low price levels could come next.

Bitcoin price