XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 – Analyst

XRP is capturing the attention of traders and investors as it approaches a critical juncture on the price charts. Crypto analyst CoinsKid has highlighted the potential for a significant price surge if XRP manages to overcome a crucial technical barrier. 

The concept at play here is the so-called Fibonacci retracement level, a powerful tool used by traders to identify potential price reversals and continuations in financial markets.

In the context of cryptocurrency trading, these levels are drawn on a price chart to highlight potential support and resistance levels. They are calculated based on percentages derived from the Fibonacci sequence, with the 78.6% retracement level considered a significant threshold. 

If a cryptocurrency like XRP manages to breach this level, it often signals a substantial shift in market sentiment.

CoinsKid Predicts XRP’s Potential Trajectory

CoinsKid recently provided a comprehensive analysis of XRP’s price action. In a detailed video on his YouTube channel, he emphasized the significance of a corrective phase for the cryptocurrency. 

According to CoinsKid’s analysis, once XRP completes this correction and successfully surpasses the 78.6% Fibonacci retracement level, currently situated at $1.30, a substantial buying opportunity may arise.

This development, he speculates, could pave the way for an ambitious price target of $21 by the year 2025.

Is XRP In For A Listing Surprise?

Meanwhile, Gemini, a reputable cryptocurrency exchange founded by the Winklevoss twins, has stoked the fires of speculation with a cryptic tweet hinting at a potential XRP-related announcement. 

The crypto exchange posted on Twitter:

While the exact nature of this announcement remains shrouded in mystery, such teases from established exchanges often provoke market interest and excitement.

As of the latest update, XRP is trading at approximately $0.639893, according to CoinGecko. The past 24 hours have witnessed a modest 3.4% rally, signaling potential short-term momentum. However, over the past week, XRP has faced a slight setback, experiencing an 8.7% decline in its value.

These price dynamics underscore the volatile nature of the cryptocurrency market, emphasizing the importance of robust analysis and well-informed trading decisions.

The cryptocurrency community finds itself at an intriguing juncture with XRP, as technical analysis and market dynamics converge. CoinsKid’s insights regarding the Fibonacci retracement level offer a roadmap for potential price movements, while Gemini’s enigmatic tweet fuels speculation about future developments. 

(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 Smartereum

Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet

Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.

  • Bitcoin is showing positive signs above the $29,500 pivot level.
  • The price is trading above $29,550 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could attempt another increase above the $30,000 resistance zone.

Bitcoin Price Attempts Upside Break

Bitcoin price remained well-bid above the $28,800 support zone. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.

The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.

Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,000 zone. The first major resistance is near the $30,200 level. The next major resistance is near the $30,400 level. A close above the $30,400 resistance might start another steady increase. In the stated case, the price could test $31,200. Any more gains might open the doors for a move toward $32,000.

Are Dips Limited In BTC?

If Bitcoin fails to clear the $30,000 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,800 level and the trend line.

The next major support is near the $29,400 level or the 50% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high, below which the price could take a hit. The next support is near the $29,200 level. Any more losses might call for a move toward the $29,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,800, followed by $29,400.

Major Resistance Levels – $30,000, $30,200, and $30,500.

Rock And Roll: Rollbit Coin Dominates Top 100 Crypto Ranking With 130% Gain

Rollbit (RLB) deviated from the prevailing norms typically observed in cryptocurrency initiatives, deliberately and noticeably distinguishing itself. Instead of following the conventional practice of allocating a substantial amount of their coin supply for internal use, Rollbit opted for a different approach.

This strategy exemplifies the crypto platform’s dedication to transparency and a distinct ideology pertaining to the allocation and application of its money.

In the current market recovery, the RLB stands out as the frontrunner, exhibiting an unexpected and substantial surge. The token, regarded as the fundamental element of the Rollbit project, has experienced a notable surge in its valuation, prompting speculation regarding its prospective role in facilitating financial autonomy in the foreseeable future.

Rollbit (RLB) On A Roll

At the time of writing, RLB was flashing in green and trading at $0.17. The token has registered a 70% gain in the last 24 hours, sustaining an equally impressive 130% rally in the last seven days, data from crypto market tracker Coingecko shows.

Furthermore, it is noteworthy that the alternative cryptocurrency has had a remarkable increase of more than 7,000% within the past year. Additionally, its value has skyrocketed by an astonishing 12,000% since its introduction to exchanges during the first half of 2022.

Rollbit Coin is a GameFi initiative that offers users the opportunity to engage in a variety of gaming activities. The aforementioned categories encompass casino games, sports-related activities, and non-fungible tokens (NFTs). The platform provides services such as NFT loans, leveraged trading, and crypto futures, among others.

Rollbit has just undertaken the migration of RLB from the Solana blockchain to the Ethereum blockchain. This strategic decision was made in response to the increasing demand from users and with the aim of facilitating the token’s expansion and development opportunities. Rollbit’s objective with the migration was to improve the prospects for RLB holders and bolster the token’s market visibility.

Rollbit Coin has a trade volume above $39 million within a 24-hour period, signifying a notable surge of 62% in its price over the same duration. Furthermore, the cryptocurrency has experienced a substantial price escalation of 122% over the course of the previous week. Rollbit Coin, with a circulating quantity of 3.3 billion RLB, possesses a market capitalization of approximately $581 million.

The significant increase in trading volume of the altcoin RLB may be attributed mostly to its listing on the main cryptocurrency exchange Poloniex. This surge in activity has occurred throughout the current week.

RLB: Strong Upward Momentum

While there is an argument to be made that RLB may be approaching overbought conditions, its momentum remains strong, indicating the likelihood of further upcoming rallies. The present condition suggests the possibility of excessive expansion, while the dominant pattern may contribute to additional upward shifts.

The expansion of RLB is not a self-contained occurrence. This development is indicative of a larger pattern observed in the cryptocurrency sector, as several GambleFi initiatives have likewise demonstrated substantial expansion.

(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 Adobe Stock

Ethereum: Historical Playbook Points To $3,800 In Coming Months

Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum’s price trajectory. Drawing parallels from historical patterns, Olszewicz’s analysis suggests that Ethereum might be gearing up for a significant rally in the coming months.

Historical Pattern: Ethereum Forms Ascending Triangle

Olszewicz starts by highlighting Ethereum’s current price pattern, jokingly stating, “Ethereum: ascending triangle 450 million years in the making w/fib extensions to $3k.” This ascending triangle, characterized by a flat top and rising bottom, has been forming since May 2022, and if history is any guide, it could be a bullish sign for Ethereum.

Ethereum ascending triangle

Descending volume, another feature of this pattern, further strengthens the bullish bias. However, Olszewicz cautions that the “bias remains bullish until price breaks below diagonal support.” He also points out the psychological resistance at $2,000, noting it as an “extremely obvious signal that it’s go time, which should help the breakout.”

To bolster his analysis, Olszewicz draws parallels from Bitcoin’s past. He recalls, “take BTC in 2015/2016 [the price formed an ascending triangle for 210 days with descending volume] and BTC in 2018/2019 [ascending triangle for 130 days with descending volume] as examples.” In both instances, Bitcoin surged towards the Fibonacci extension levels post the breakout.

Ethereum itself isn’t a stranger to such patterns. Olszewicz cites, “ETH has also had previous examples in 2017 (bullish continuation) and 2019 (bullish reversal).” Each ascending triangle pattern lasted 180 days. Both times ETH surged towards the 2.618 Fibonacci extension level.

Ethereum ascending triangles in history

Drawing from these historical patterns, Olszewicz suggests that Ethereum is currently holding the potential to overshoot the 1.618 Fibonacci level and possibly reach the 2.618 level, which translates to a price of $3,800. However, he wisely advises, “but don’t get out the imaginary profit calculator just yet, let’s break $2k first.”

ETH vs. BTC: Which One Is The Better Trade?

While Ethereum’s potential rally is intriguing, Olszewicz also delves into its performance relative to Bitcoin. He observes that Ethereum has underperformed Bitcoin year-to-date, attributing this to the ETF narrative and Bitcoin’s dominance as hard money. He speculates, “the better trade may continue to be BTC/USD, especially with initial spot ETF inflows favoring BTC.”

However, if the ETH/BTC pair can break and sustain new highs, it might hint at a runaway trade for Ethereum. But Olszewicz remains skeptical, stating it’s “unlikely based on ETF flows.”

Olszewicz also doesn’t shy away from discussing potential bearish scenarios. He’s closely watching certain bearish ETH/BTC levels, including the current local low at 0.050 and the previous inverse head and shoulders neckline at 0.039.

Bearish ETH/BTC levels

For Bitcoin, he suggests a potential move to $42,000, provided it maintains certain bullish conditions. He notes, “as long as we can maintain prices above the midline of the PF & stay in the cloud, we have a decent shot at reaching $42k before halving.”

Wrapping up his analysis, Olszewicz envisions a dream trade where Bitcoin breaks bullish first, possibly due to technicals or a spot ETF approval. In this scenario, Ethereum breaks $2,000 but lags behind Bitcoin, leading to ETH/BTC getting “crushed, allowing for an eventual profit taking rotation from Bitcoin to Ethereum”. However, he concludes with a word of caution: “without inflows, we ain’t movin.”

At press time, ETH traded at $1,860.

Ethereum price

Why Is Bitcoin And Crypto Surging Today?

In the last 24 hours, Bitcoin has experienced a 2% surge, pulling the broader crypto market along with it into a bullish trajectory. Leading the charge among altcoins are PEPE with an 8% gain, followed closely by SHIB and HBAR both at 6.3%, TON at 5.6%, SNX at 5.4%, and SOL at 5.3%. The overall crypto market capitalization has swelled to $1.18 trillion(+1.63%), while Bitcoin’s dominance in the market has edged up to 50.63%.

Why Is Bitcoin And Crypto Up Today?

The market’s euphoria was initially triggered by a news piece which was shared by Bloomberg’s Eric Balchunas. He conveyed that insider sources from BlackRock and Invesco suggest that the approval of a Bitcoin ETF is more a question of ‘when’ rather than ‘if’, likely materializing within the next four to six months. The source for this information was Galaxy Digital CEO Mike Novogratz who made these revelations during a recent earnings call.

This news, hinting at the imminent approval of a Bitcoin ETF, sent ripples across the Bitcoin and crypto community, igniting optimism and speculation. Following the news, whale activity has also been a notable driver behind the surge.

Ki Young Ju, CEO of CryptoQuant, tweeted: “Bitcoin whales opened giga long positions at $29k.” He also shared screenshots of the taker buy sell ratio on BitMEX, ByBit, Deribit and Huobi Global. Each chart shows an extremely high and sudden jump in buying volume, presumably from whales, as Ju said.

Bitcoin taker buy sell ratio

Ali Martinez, a renowned analyst, chimed in on the significance of open interest. He pointed out that the Open Interest, which represents the total number of open long and short positions across all crypto derivative exchanges, has reached a remarkable year-to-date peak of $10.086 billion.

This metric is particularly noteworthy given its historically strong correlation with Bitcoin’s price. The recent dip in Bitcoin to $28,700 seems to have presented an opportune moment for traders to adopt a bullish stance, suggesting that Bitcoin’s price might be poised for an upward trajectory

Julio Moreno, from CryptoQuant, noted a sharp rise in Coinbase’s premium, indicating strengthening Bitcoin demand in the US. This observation aligns with the narrowing discount of GBTC, which many see as a proxy of Grayscale’s potential success against the US Securities and Exchange Commission (SEC) in its lawsuit for a spot ETF, but also as an indicator of the likelihood of a Bitcoin Spot ETF being approved. The GBTC discount fell to -27% yesterday.

GBTC discount

From a technical market perspective, the euphoria in the market has led to a short squeeze. A total of $37.19 million was liquidated in BTC shorts yesterday, $65.46 million in the overall crypto market. The short liquidations for Bitcoin were the highest since July 13 when the price rose to its yearly high at $31,820.

Bitcoin liquidations

Nevertheless, it is worth noting that while short-sellers were gradually liquidated while there was a premium on spot markets and funding rates on futures markets were falling. This means that the rise move was primarily driven via the spot markets rather than over-leveraged long positions. Remarkably, whales played a key role.

At press time, the Bitcoin price faced critical resistance between $29,900 and $30,000.

Bitcoin price

Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit’s Moons

In a new development, a trader who placed a substantial $10 million bet against LUNA in May 2022 before the then native currency and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain data on August 8 showed the trader moved 450,000 MOON from MEXC Exchange to Kraken.

Moons Rallying

Moons, the ERC-20 token associated with the r/CryptoCurrency forum on Reddit, is firm and on an uptrend, looking at current price action. At spot rates, the token is up 400% from late July and changing hands at $0.47, hovering near 2023 highs. 

Based on price action from MEXC trade data, the immediate resistance level is at $0.65, which was printed in late July 2023. However, with the revival currently visible across the crypto market, prices will likely continue increasing. To illustrate, Moons is already up 90% in August alone, rebounding from $0.25 and surging to spot rates. 

MOON price on August 8 after Moons listing on Kraken| Source: MOONUSDT on Binance, TradingView

Several factors are believed to be fanning demand. One of these is the influence of traders like GCR, who are acquiring Moons and potentially improving sentiment on altcoins considering the recent lower lows recorded in the better part of July.

However, looking at how MOON prices reacted after Kraken’s listing on August 7, the community appears more buoyant and confident of improving liquidity. 

Kraken Listing

As trackers reveal, before the Kraken listing, most Moons trading activity was concentrated on MEXC Exchange. On August 7, Kraken announced its listing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken said users could deposit MOON and BRICK from the Arbitrum Nova network.

Moons and Bricks are also available for trading on Kraken and Kraken Pro accounts. From Kraken Pro, clients can trade MOON and BRICK perpetual derivatives.

MOON has been described as a “community-driven” token since its launch in May 2020. Within the r/CryptoCurrency subreddit, it serves multiple functions, including rewarding users who contribute positively.

Reddit said Moons’ holders can access premium features, including badges and custom emojis, and tip fellow community members. Moreover, holding Moons grants voting power in subreddit polls, affording holders a say in shaping the subreddit’s future. 

Arbitrum data on August 8 shows over 121 million Moons in circulation. Out of this, more than 206,000 holders have generated over 670,000 transfers. All Moons are stored on Vault, the mobile-based wallet launched in 2022.