Why XRP Price is Up Today? Surges 3.2% Amidst Bearish Sentiments
In the XRP market, a potential head and shoulder pattern is forming on the XRP/USD daily chart, signaling a positive outlook. The rising divergence on the daily RSI further supports the bullish narrative, indicating a possible rally for XRP.
Bitcoin VS. XRP
While Bitcoin hovers around a fragile support level of $26.2k, XRP appears more likely to surge from its current levels, fueled by enthusiastic FOMO traders. Ethereum and other top digital assets closely follow Bitcoin’s price action, making XRP a more attractive choice for investors.
#XRP Fib Channel: #XRP has closed 10 daily candles above Fib channel 0.786 which is #Bullish. Moreover, #XRP short-term might have three tracks:
A) Yellow Track : #XRP WILL make higher high on the daily and attack Fib 1.0 around 0.55c.
B) White Track: #XRP Will retest Fib… https://t.co/uqgzTQlZSj pic.twitter.com/ThCkVlSHji
— EGRAG CRYPTO (@egragcrypto) May 26, 2023
Bitcoin’s Liquidity and Market Dominance
Being the oldest digital asset, Bitcoin’s liquidity depends on widespread cryptocurrency adoption. It is traded on both centralized and decentralized exchanges, contributing to its large market dominance of approximately 48%. With a daily traded volume of around $12.7 billion, Bitcoin remains a significant player in the crypto market.
Tether USDT: The Leader in Daily Traded Volume
On Friday, Tether USDT claimed the highest daily traded volume in the cryptocurrency industry, reaching about $19.2 billion. As a stablecoin, Tether provides stability and liquidity to traders, contributing to its popularity and high trading volume.
XRP Remains Unimpacted By Lawsuit
Despite facing a lawsuit from the SEC, Ripple has managed to increase XRP’s liquidity through strategic partnerships and acquisitions. The On-Demand Liquidity platform, utilizing XRP for cross-border transactions, has been adopted in over 40 payout markets. This innovative solution attracts institutional investors seeking to optimize capital and provide faster, more secure payments to their customers, surpassing traditional methods like SWIFT.
The Sparklo Presale Attracts More Investors as Stacks (STX) and Flow (FLOW) Experience Bearish Sentiments
This week has experienced generally slow traction in prices and sentiments across Web3. Analysts feel that investors are looking to spend more on new projects with predictions for high yields in the future.
With Sparklo offering a great presale price for a project that will influence the future of the metal markets, more investors are considering staking in the project. Meanwhile, Stacks (STX) stays on the green, as Flow (FLOW) suffers a bearish mood.
Stacks (STX)’s Price Enjoys a Positive Trend
Stacks (STX) is a layer-1 blockchain for NFTs (non-fungible tokens), decentralized apps (dApps), DeFi, and smart contracts for Bitcoin. Stacks (STX) allows the creation of smart contracts and dApps that are integrated into Bitcoin’s stability, capital, and security.
Stacks’s native token (STX) has been on a slightly positive trend this week, increasing by 0.66% to its current price of $0.75.
However, social media sentiments about Stacks (STX) have been bearish. There have been 778 out of 471,287 Stacks mentions and posts on Twitter and Reddit, which is a 51.22% decrease compared to April 24.
Flow (FLOW) Continues on a Down Trend
Flow (FLOW) is the cryptocurrency used in Flow, a decentralized blockchain designed for NFTs. The platform uses the token for transfer fees and by users, developers, and protocol validators to earn a reward.
This week has been on a slightly bearish sentiment for the crypto world, and Flow (FLOW) has not been spared. m The price of Flow has fallen by 4.97% to its current price of $0.89 in the past 1 week.
Likewise, Flow (FLOW)’s social media sentiments have been bearish, with 840 out of 471,300 posts on Reddit and Twitter on April 25, 2023, which was a 46.94% decrease compared to April 24, 2023.
More Investors Going for the Sparklo (SPRK) Presale
In more interest developments, Sparklo is bringing the precious metals market to the blockchain.
The move that is gaining attention from investors will see Sparklo become the first blockchain trading platform specializing in platinum, gold, and silver. Decentralizing the metal markets will make it more accessible to internet users often intimidated by the lack of inclusivity in most traditional platforms.
For starters, there will be no intermediaries, like brokers and banks, who make it a costly affair because of fees and commissions. Sparklo plans to make it available to investors of all walks by including fractional ownership of the metal one wants to stake in.
The metals will be tokenized in the blockchain so that investors can acquire SPRK tokens that represent their metals. This way, they can own fractional shares according to how much they are willing to stake and then trade them from peer-to-peer through the platform.
Currently, Sparklo is on offer at a presale price of only $0.015 and by end of the week will increase to $0.017. With analysts predicting the project to gain more momentum, this could become the next blue-chip crypto, and early investors could make significant gains in the future.
The Sparklo team has already submitted their KYC, and it is currently in the process of completion. They have also been audited by Interfi Network.
Find out more about the presale:
Buy Presale: https://invest.sparklo.finance
Website: https://sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
White Paper: https://sparklo.gitbook.io/sparklo-documents/
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Bitcoin Investors Holding Less Than 10 BTC Aggressively Accumulates Amid Bearish Sentiments
Bitcoin price secured a bullish outlook after Thursday’s daily candlestick closed above $29.3k. Although the daily Relative Strength Index (RSI) shows a falling divergence, all focus is on Bitcoin’s performance in the next few days. Whereby the most bullish question is whether the asset can secure a breakout above $31k.
Notably, Bitcoin investors are waiting for next week’s high-impact news from the United States including the FOMC statement. In this regard, as the Fed steps in to save the First Republic Bank, which has seen its deposits shrink significantly YTD and the stock market plummet more than 95 per cent, Bitcoin investors remain extremely bullish on its long-term success.
Bitcoin Holders Aggressive Accumulation
According to a Bitcoin report posted on Twitter by a lead on-chain analyst at Glassnode, @_Checkmatey_, Bitcoin holders with less than 10 BTC in their balance have continued to aggressively accumulate the top digital asset amid the bear market. Reportedly, Bitcoin investors with less than 1 BTC in their balance have aggressively accumulated in the past 12 months.
“These crazy HODLers are still acquiring coins at a rate of 28k $BTC per month. The last 12 months has been the largest Shrimp balance expansion in history, and they appear to get aggressive during sell-off opportunities,” the analyst noted.
Interestingly, the Bitcoin shrimps increased their coin accumulation rate since the FTX and Alameda Research implosion.
Meanwhile, Bitcoin holders with a balance of between 1 and 10 coins also intensified their accumulation in the recent few months.
Price Action
Bitcoin price has gained more than 76 per cent YTD to trade around $29.2k on Friday. The top digital asset is, however, still under the influence of a weekly death cross between 50 and 200 MAs. From the short-term perspective, Bitcoin price has to break out of a falling trend on the four-hour chart to invalidate a bearish outlook.
Is Cardano Dead- Why ADA Price Not Impacted by the Bullish Market Sentiments?
While the crypto markets have been witnessing a sigh of relief as the Bitcoin price is trying to secure its levels above $28,000, the Cardano price is displaying a diverse action without being impacted by the bullish market sentiments. The value of the token remained unchanged for quite a long time as it is fluttering within a very narrow range from long. Hence, this stagnant behavior could become a matter of concern for the investors but may not be for a long time!
Cardano, the popular decentralized token built on Proof-of-Stake (PoS) mechanism may undergo a giant price action in the coming days. Ever since it marked its all-time high above $3 in 2021, ADA has been trading within a massive descending trend that also marked the lows at around $0.24. However, the price underwent a notable trend reversal as the crypto markets flipped since the beginning of the year.
Since then the price has failed to secure levels above $0.4, rather than flashing acute bearish signals. However, the historical price data shows the possibility of the token becoming the highest gainer in the markets very soon.
The weekly chart of the token displays the price to have sparked a notable flip as the price has rebounded finely. Presently, the price rebounded from the lower support at 0FIB levels and is trading within an ascending triangle. The consolidation may carry out for another couple of weeks post after which a massive upswing may be triggered to reach the next FIB level at 0.23.
Besides, from an Elliot Wave perspective, Cardano’s price movement appears to be corrective so far. To confirm the ongoing bullish Wave 3, ADA would require a significant push towards the north. However, the market’s behaviour needs to be closely monitored as it signals the potential of a trend reversal. Hence, the levels around $1.16 appears to be pretty crucial which is achievable somewhere this year.
Ethereum Knock-Back Impeding! Will it Ignite an Inverse Rally Amid Bullish Market Sentiments?
The crypto market is gearing up significantly as the star crypto, Bitcoin rose high and induced the much-required bullish momentum among the other cryptos. Moreover, the upswing is speculated to persist for a long time now. Meanwhile, the second-largest crypto Ethereum, which usually follows Bitcoin may part ways and plunge heavily in the coming days.
No sooner than Bitcoin sliced through $17,000 and rested above these levels, the altcoins geared up and range high. Ethereum too raised above $1300 but despite multiple attempts to clear $1350, faced rejection at $1346 a couple of times. However, the other altcoins also underwent a similar trend but flash bullish signals as the technicals appear to be strong.
But the ETH price is believed to retest $1300 in the coming days as predicted by a popular analyst Micheal van de Poppe.
“ People getting extremely enthusiastic going towards CPI and prices are getting into resistance areas
Would be watching a scenario like this on ETH
(And yes, the markets are probably going to continue trending upwards coming 1-3 months),”
The Ethereum price has witnessed a couple of rejections at the same levels around $1346 and a third rejection. With this, it may invalidate the double-bottom pattern but may remain within a bullish ascending triangle. However, the upper resistance may still remain the same, and hence until it reaches the pinnacle of the triangle, it may face another couple of rejections at the same levels.
XRP Record Inflows of $3M Despite Negative Crypto Market Sentiments: CoinShares
The shockwaves from FTX and Alameda implosion have carried on to the new year with a report by CoinShares indicating minor negative sentiment, with exception of XRP. According to CoinShares’ latest weekly report on cash inflows to digital assets, digital asset investment products saw outflows totalling $9.7 million in the first week of 2023. Despite the arrest and investigation of SBF, cryptocurrency investors have not fully regained confidence in the industry for the past three weeks.
The report noted that the trading volume on crypto assets is significantly reduced, which may affect exchanges’ liquidity in the long run. Moreover, crypto exchanges accrue profits from trading fees collected daily.
“Trading volumes remain low with Bitcoin volumes averaging US$5bn a day during the week compared to US$9bn during 2022, while exchange-traded products averaged US$173m per day,” CoinShares noted.
However, this year’s outflow in digital assets investments during the first week was lower than last year’s, which preceded the 2021 bull market. Notably, Bitcoin saw minor outflows, totalling $6.5 million while Ethereum posted outflows of $3 million during the first week of 2023.
Regionally, Germany and Switzerland saw minor inflows of $0.6 million and $0.8 million respectively. Brazil and the United States saw outflows totalling $4.5 million and $4.1 million respectively fueled by the negative market sentiment.
Analysis of XRP Record Inflow
Surprisingly, Ripple’s XRP posted inflows of approximately $3 million during the first week of 2023. According to CoinShares, the positive XRP cash inflows during the first week of 2023 can be attributed to the Ripple vs SEC legal progress. Moreover, Ripple CEO Brad Garlinghouse previously noted that the company will migrate to a friendlier market should the SEC win.
Nonetheless, market strategists believe Ripple could be blocked from 25 per cent of global economic activity controlled by the United States.
“We believe the improving clarity on its legal case with the SEC is being seen as increasingly favourable for XRP by the investment community,” CoinShares noted.
The record positive XRP inflows are largely attributed to increased whale accumulation. According to on-chain data analysis, XRP whale accounts with holdings between 1 million and 10 million XRPs have increased their holdings by 25 per cent in the recent past, bringing their total bag to approximately 4.09 billion tokens.
Bitcoin and Ethereum’s Q1 Open Interest Indicate Bullish Sentiments – Where BTC & ETH Price Heading Next?
The crypto market opened the second week of 2023 with a bullish sentiment after Bitcoin prices comfortably surged above $17k on Sunday. Additionally, Ethereum’s (ETH) price has surged 3.6 percent in the past 24 hours to exchange around $1,308, during the early London trading session on Monday. As such, the total crypto market volume is about $33.38 billion, up approximately 101.82 percent, over the last 24 hours.
Notably, the Bitcoin and Ethereum futures contract market has significantly contributed to the recent rebound from FTX lows. Bitcoin’s open interest – the number of options or futures contracts held by traders and investors in active positions – has indicated potential price gain in the coming months.
Furthermore, crypto open interest significantly indicates the level of liquidity in the industry, particularly from institutional investors.
Worth noting, the overall confidence in the digital asset market has rebounded in 2023 with increased government scrutiny following the FTX and Alameda saga. Moreover, smart contract chains like Solana and Cardano have recorded a double-digit gain in the past 24 hours.
Closer Look at Bitcoin and Ethereum’s Open Interest
The cryptocurrency’s open interest is a key indicator of whale trading, which significantly affects the underlying value of a digital asset. According to data provided by Coinglass, the total Bitcoin futures open interest is approximately $9.38 billion. Top exchanges that support Bitcoin open futures interest include Binance, OKX, ByBit, Bitget, and CME with $2.61B, $1.69B, $1.53B, $1.39B, and $1.2B respectively in the past 24 hours.
The Ethereum futures open interest, on the other hand, totals approximately $6.62 billion in the past 24 hours. The top exchanges with Ethereum open futures market include Binance, OKX, and ByBit with $2.26B, $1.07B, and $1.01 billion respectively.
According to aggregate data provided by Glassnode, Bitcoin’s open interest for the first quarter of 2023 indicates more calls than puts. Notably, calls and puts in the options open interest refer to the buying and selling of underlying assets respectively.
Glassnode data, as shown below, indicates that Bitcoin traders are optimistic about a more price rebound in Q1. Moreover, more Bitcoin calls’ open interest is concentrated between $19k and $23k. Nonetheless, a significant amount of traders believe Bitcoin could drop to $15k once more before rebounding in Q1.
Notably, a similar scenario has been reported on the Ethereum options open interest during the first quarter of 2023. Interestingly, while a few ETH open interests are for $1,600 by the end of Q1, the majority of liquidity is concentrated between $3,500 and $6,000.
As such, Bitcoin and Ethereum prices have a high chance of closing the first quarter above the 200 moving average on both daily and weekly charts.
Whales Become Active Amid the Rising Sentiments With the Ripple vs SEC Case! Will XRP Price Rise?
The ripple vs SEC case has been the top-rated event ever since its inception back in December 2020. While some of the market participants still believe that the prices could deflate soon to mark new lows, XRP whales sense the upcoming trend and begin to work on their strategy. Recently, a huge transfer was recorded which collided with the times when the XRPArmy believes the lawsuit will be settled in 2023.
In a recent development around the lawsuit, John Deaton, founder of Crypto-law and the XRP Army representative in the court held a poll. The poll was to know whether the lawsuit will be settled in 2023 or not, which resulted in more than 50% of positive responses. Soon after the polls went live, whales became active and transferred huge amounts of XRP tokens.
The XRP whales appear to have moved more than 618 million XRP worth nearly $221 million collectively in the past few hours. While the whales nowadays have not remained dormant and continue with their transfers frequently, the timing that collided raised many eyebrows. Besides, the price remained largely unchanged.
The price, however, remained largely consolidated below $0.35 for the past few days and display the possibility of a bearish yearly close. Meanwhile, if the Summary Judgement is produced as per the schedule, somewhere by the end of Q1 2023, then the possibility of a major price action could emerge. Else the recovery phase may be extended with fewer or no volatility for long.
Bullish Sentiments Hovers XRP Price ! Will It Hit $1 By End of 2022?
The SEC v. Ripple case continued to be a source of concern for XRP holders, and the coin lagged behind the leaders on Wednesday. However, it appears as XRP has finally found its footing as XRP showcased its first “golden cross” in 15 months.
A strong price signal for an asset occurs when its short-term moving average crosses above its long-term moving average. Golden crosses have the ability to predict significant price increases. The 50-day and 200-day moving averages of XRP crossed each other to create a bullish golden cross pattern.
The golden cross has previously appeared on XRP charts a few times. It last happened on July 17, 2021, and was followed by a 176% price increase. XRP Price reached a high of $1.41 before reversing the direction.
In other news…
Whale Alert, a cryptocurrency whale tracker, reports that in just three transactions, Ripple (XRP) whales have moved more than 158.71 million tokens. According to the tweet, there are currently over 68 million XRP coins in motion, with the highest transaction valued at over $32.63 million.
In addition, Whale Alert’s records show that the second-largest transaction in the previous six hours was valued at about $28.4 million and involved 60 million tokens. Whale Alert claims that the first two transfers were made from the Bitstamp bitcoin exchange in Luxembourg to anonymous wallets.
XRP VS SEC
There were no new developments in the SEC v. Ripple lawsuit on Tuesday that could serve as guidance. Investors adopted a cautious attitude as a result of the lack of news. The more important question is whether the SEC and Ripple will settle or go to court as the parties negotiate.
Recent Amicus brief submissions have provided the Court with a new perspective on the applications of XRP. Companies like I-Remit, TapJets, and SpendDBits submitted Amicus briefs outlining how XRP does not pass the Howey Test’s third requirement.
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Will Rising Market Sentiments Revive the Dormant NFT Market?
During the last quarter, it was the NFTs that reignited the bull run, as the cryptos corrected heavily after reaching their respective highs. However, as the trading volume has fallen below half a billion since the start of the annual trade, the NFT space has diminished. From a peak of roughly $17 billion to just under $466 million in September, they declined. The number of sales that exceeded 117K has significantly decreased to just 7281.
It is now crucial to understand whether the NFTs will recapture mainstream interest in the days to come. Then perhaps now is the time
Flow(FLOW)
With market sentiments rising slightly, the FLOW price recorded a massive growth of more than 30% in the trading volume. However, after trading around $1.7 for nearly a week, the price dropped below $1.4 recently. Therefore, in the coming days, the price is expected to regain the lost resistance and further attempt to surpass the $1.8 level initially and later test $2.
Apecoin (APE)
Apecoin, being the second largest NFT after Flow, is striving to regain the $5 mark while the levels around $4.7 are hindering progress. Meanwhile, the volume has surged notably, which may hold the APE price above the crucial support. Hence, the price may rise beyond $5 during the upcoming weekend, which may pave the way to reach the immediate highs at around $6.
Tezos(XTZ)
Just before the previous day’s close, XTZ’s price pulled a massive leg up of more than 12%, challenging the bearish action. However, since then, the price has been consolidating within a very narrow range, which indicates the possibility of a notable upswing. As the price continues to trade within a bullish flag, a breakout may uplift the asset close to $1.5. Here, a slight push by the bulls may further enable the price to trade beyond the levels.
Decentraland (MANA)
The market cap of the token has been maintained above $1 billion despite tremendous bearish pressure. However, with the recent jump in the trading volume of more than 35%, the market is expected to surge, enabling the MANA price to test the upper resistance. The upswing, however, may not trigger a jump to $1.5 but may certainly rise the price close to $1.