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XRP Correction Continues: Elliott Waves Theory Predicts Wave 2 At $0.38

Since reaching its yearly high of $0.5842 on March 29th, XRP has experienced a significant price drop. The token has lost its bullish momentum and failed to breach higher levels, disappointing investors who were optimistic about the uptrend of one of the largest cryptocurrencies in the market.

It is worth noting that XRP’s recent price drop is part of a wider market correction affecting the entire cryptocurrency market. Despite this, trader and crypto analyst “Dark Defender” believes that there is still further correction ahead for XRP.

No Signs Of Recovery For XRP?

On April 1st, Dark Defender made a bold prediction for the price of XRP based on Elliott Waves theory. According to Dark Defender, the token completed its first wave (W1) at around $0.59 and is expected to enter a second wave (W2) that will find support between $0.48 and $0.38.

XRP

As of now, there have been no changes to Dark Defender’s prediction, and XRP remains in correction unless it breaks its resistance level of $0.59 and stays above it for three consecutive days. Dark Defender has provided a list of support levels for XRP, including $0.4812, $0.45544, $0.42044, and $0.38813. The analyst believes that XRP will finish this last correction at one of these levels before targeting the $3 mark. 

Furthermore, the analyst has provided a bullish prediction for XRP’s future, stating that the third wave (W3) of this structure is expected to reach between $2 and $3.47 by the end of this year. However, this wave 3 above $1.33 will be the predecessor of the Grand Wave 3. In scenario 2, Dark Defender predicts that XRP will continue to rise in value.

As of this writing, XRP is currently trading at $0.4582, which represents a drop of over 2.6% in the last 24 hours. On wider time frames, the token has recorded significant drops of 11% and 9.2% in the seven and fourteen-day time frames, respectively. This means that if Dark Defender’s prediction is correct, XRP may still have plenty of downtrends to experience, potentially reaching the lower lows of March 21st at $0.380.

XRP’s Wide Adoption Continues To Increase

XRP has been gaining traction in recent months, with its unique utility in cross-border payments attracting attention from financial institutions and investors, which has been raising with its continuous innovations to provide a better service to its users. 

According to pro-XRP lawyer John Deaton, Uphold, a digital platform that allows users to buy, sell, and hold various cryptocurrencies and traditional currencies, currently holds $1.04 billion in XRP, making XRP the single largest asset holding on the platform. This amount is significantly greater than Uphold’s Bitcoin holdings, which currently stand at $131 million.

In addition, the token volume accounted for 28.33% of total transactions on Uphold’s platform. This indicates a growing demand for XRP among Uphold’s user base and suggests a positive outlook for the cryptocurrency’s future growth and adoption.

XRP

Featured image from Unsplash, chart from TradingView.com 

 

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Time To Pay Attention: Bitcoin Reaches “Logical” Level

Bitcoin price is experiencing one of its more significant corrections since the trend began to change directions. 

According to the creator of the Bollinger Bands, it’s once again “time to pay attention” — this time because BTCUSD has pulled back to a “logical” level. 

Bitcoin Begins Pullback To Logical Level

Bitcoin reached almost double from current bear market lows, nearly convincing the crypto community a new bullish trend had begun. With BTCUSD now down more than 10% from local highs, fear is already back on the air in a major way. 

Bulls are now all but silent, after just recently declaring the bull market has returned. Bears are already celebrating the correction as continuation of the bearish trend getting underway.

More tactical technicians, like John Bollinger, simply believe it’s “time to pay attention,” and haven’t yet taken a side. The quote has become a bit of a catchphrase for the creator of the Bollinger Bands. But what exactly is he talking about?

BTCUSD_2023-04-21_15-33-50

All About The Bollinger Bands

The Bollinger Bands are a volatility measuring tool. The tool’s creator recently pointed out an expansion after a lengthy phase or narrowing. This behavior is referred to as a “squeeze” and suggests an uptick in volatility is ahead. Which is precisely what we are witnessing now. 

Volatility is the measure of price dispersion across a timeframe, and after very little movement, BTCUSD is like a rollercoaster once again. Ups and downs are par for the course.

The Bollinger Bands are made up of a 20-period simple moving average (SMA), to where price pulled back to and has now broken below. The upper and lower bands are set at two standard deviations of the SMA.

The next logical level to look for support would be the lower band, located at around $27,000. Once Bitcoin hits the level it could continue downward with strength or snap back to the top of the band. 

One thing is for sure, the tool predicting volatility was accurate. Now it’s time to pay attention.

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Tornado Cash Suffers 13% Bear Hit, Will Parole Save Price?

Tornado Cash token (TORN) is trading on a negative 13% in today’s trade session, canceling its previous day’s gains and rally, which saw the token rise close to the $12 mark. Coinmarketcap data reveals the token to be trading at $8.77 at the time of writing, a significant drop from where it was in price yesterday.

The TORN token and its decentralized mixing service platform became controversial when its developer, Alexey Pertev, was arrested mid-last year allegedly for money laundering. However, news about the possible jail release of Alexey circulated the industry yesterday, April 20, and created a rally for the TORN token.

Tornado Cash Developer Set To Be Released On This Date

According to a recent report, the developer of the TORN token, Alexey Pertev, is expected to be released on April 26, 2023, after spending nine months in detention without trial.

The news of his potential release came yesterday when the crypto markets were declining. However, the Tornado Cash token reacted to the news of Alexey’s release and defied market conditions by displaying bullish price action.

While the rally drew investors’ attention, the token could not continue its upward movements today despite positive price speculations by crypto experts and analysts.

Alexey Pertev, who is set to be released next Wednesday, will await trial from his home as ruled by a court in the Netherlands.

Upon his release, electronic monitoring devices such as an ankle bracelet will be installed on him and other monitoring devices in his home, according to the report.

At the time of writing, the TORN token is currently ranked among the top 3 losers in the cryptocurrency market. Alexey Pertev’s release date is approaching, and we may witness Tornado Cash reacting in price as it did with the news about his release.

 

Tornado

 

Bitcoin Price Impact On TORN Token

Bitcoin is on its 3-day bearish candle, failing to break the resistance slightly above the $30,000 price region. BTC price lost momentum after its previous week’s rally and failed to hold the key support level at $29,200.

Today’s trading session saw Bitcoin falling below $28,000 after it failed to hold $28,600 key support. BTC price fell to a 24-hour low of $27,815 but is now slightly back above the $28,000 price region.

Some Altcoins, including the Tornado Cash token, have brutally suffered from the Bitcoin price dump and are still yet to recover. However, a healthy recovery for Bitcoin price will be a good turning point for Tornado Cash as Altcoins are known to react to BTC price movements.

Tornado

 

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The Most Intense Consensus Ever Seeks Everyone’s Voice

This year’s CoinDesk Consensus event, which will bring key policy and technical debates to the forefront, is especially important. While the withdrawal of a handful of previously agreed-upon speaking assignments undermines full representation on both sides of the issues, non-U.S. jurisdiction involvement will make 2023’s Consensus one to remember.

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Is The Final Shakeout Moment Coming For Bitcoin? Expert Weighs In

In January of this year, Bitcoin broke above its 200-day MA for the first time since the end of 2021. This was a significant milestone for the cryptocurrency, as it had not seen such a signal in over a year. This breakout was a clear indication of Bitcoin’s bullish momentum and its potential for further growth in the future.

Additionally, Bitcoin retested the 200-day moving average in March and remained well above it, demonstrating its robust behavior. However, the leading cryptocurrency is approaching a lower-level retest at $28,000. Whether Bitcoin will withstand further price decline and continue its bullish trend or if a final shakeout is imminent.

Bitcoin’s Halving Cycle And Potential Dip Below The 200-Day MA

Recently, there has been speculation that Bitcoin’s price might be poised for a significant rally as spring arrives. However, the situation is not quite simple as with many things in the crypto world. 

According to the expert in the cryptocurrency industry, Mr. Ben Lily, the current halving cycle is an important factor to consider when evaluating Bitcoin’s price movements. When BTC comes off halving cycle lows, it commonly does not immediately clear the 200-day moving average (MA) and stays above it.

Instead, it tends to return below the 200-day MA before ultimately moving on to form all-time highs. This pattern can be observed in the chart below, which shows the 200-day MA (represented by the dark red line) and the orange circles, which indicate when the price dipped below the 200-day MA.

Bitcoin

Furthermore, Lily argues that nothing suggests that the market should expect anything different this time. He believes a catalyst coming this summer will coincide with Bitcoin’s price dipping below the 200-day MA. 

FedNow Rollout And Bitcoin: A Tale Of Two Timing

Additionally, Ben Lily has provided further analysis on the potential impact of the upcoming rollout of the Federal Reserve’s CBDC, FedNow, on Bitcoin’s price movements. According to Lily, if the rollout occurs as scheduled in July, it could benefit BTC’s price trajectory.

However, Lily notes that in each of the last three halving cycles, Bitcoin’s price dipped below the 200-day moving average (MA) between 217 and 315 days before the halving itself. If this pattern holds for the current halving cycle, we can expect BTC’s price to dip below the 200-day MA sometime between June and August.

With FedNow set to roll out in the middle of that period, Lily suggests we can expect regulator “war drumming” to be at a fever pitch. This could lead to a final shakeout moment as Bitcoin drops below the 200-day MA, creating a higher low in the market.

At the moment of writing, Bitcoin, the largest cryptocurrency by market capitalization, is being traded at $28,000, indicating a decrease of over 2.5% in the last 24 hours. And, as reported yesterday by NewsBTC, the $27,700 line is key for Bitcoin, as a breakout below this level could signal a shift in the market sentiment and potentially lead to a further decline in price.

Bitcoin

Featured image from Unsplash, chart from TradingView.com