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Ripple CEO Says Institutional Interest in XRP is Stronger Than Ever Amid 21Shares XRP ETF Filing

Lele Jima
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Ripple CEO Says Institutional Interest in XRP is Stronger Than Ever Amid 21Shares XRP ETF Filing

Ripple CEO Brad Garlinghouse comments on the growing institutional interest in XRP following 21Shares’ filing to launch a spot-based XRP ETF. 

21Shares Files to Launch XRP ETF 

Yesterday, leading asset manager 21Shares became the latest company to submit an S-1 registration to the U.S. SEC for an XRP exchange-traded fund (ETF). The move comes weeks after companies like Canary Capital and Bitwise submitted a similar application. 

According to the latest filing, the proposed fund, dubbed 21Shares Core XRP Trust, seeks to give investors indirect exposure to the seventh-biggest cryptocurrency by market cap. Typically, the fund will track XRP’s spot price without investors having direct access to the asset.  

In addition, Coinbase Custody Trust Company will serve as the custodian of the fund’s underlying asset. If approved, shares of the Core XRP Trust will be listed and traded on the Cboe BZX exchange. 

Strong Institutional Interest in XRP 

Following 21Shares’ XRP Trust filing, Ripple CEO Brad Garlinghouse took to X to highlight the growing institutional interest in XRP. According to him, companies like Canary Capital, Bitwise, and 21Shares have submitted S-1 filings to launch spot-based XRP ETFs. 

Additionally, he mentioned Grayscale Investments’ relaunch of its XRP Trust and the company’s move to file for the conversion of its multi-asset fund containing a basket of assets like XRP into a spot-based ETF. Amid these developments, Garlinghouse emphasized that institutional interest in XRP is stronger than ever. 

Meanwhile, the Ripple CEO took a swipe at the SEC for orchestrating an unsuccessful war against crypto. According to him, the SEC has continued to lose its legal tussle against the industry, adding that the regulator’s disregard for the court’s order will further damage its reputation and credibility. 

Garlinghouse’s comment suggests that XRP has continued to attract institutional interest despite the SEC’s enforcement actions. 

Institutional Interest in XRP Soar Despite SEC Appeal 

Notably, Ripple and XRP are among the victims of the SEC’s enforcement actions. A federal court in New York rejected the SEC’s claim that XRP is a security. The court declared that XRP in itself is not a security and that Ripple’s programmatic sales and other distributions of the coin do not constitute investment contracts. The SEC only won the ruling on institutional sales, which were deemed a security. 

Unsatisfied with the ruling, the SEC filed an appeal notice to overturn the programmatic sales and other distribution decisions. 

Nonetheless, the appeal has not prevented companies from seeking to launch ETFs tied to XRP. Three of the four filings for XRP institutional products last month were submitted after the SEC appealed the Ripple ruling. 

FOX Business Journalist Eleanor Terrett disclosed that a CEO in one of these companies demonstrated a rebellious stance against the SEC’s continued regulatory obstacles.  

“Fighting the system. Damn the Man!” the unnamed CEO told Terrett. 

Pundit Outlines 5 Critical XRP Indicators “They Don’t Want You to See,” Showing XRP Uptrend Looms

Sam Wisdom Raphael
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Pundit Outlines 5 Critical XRP Indicators “They Don’t Want You to See,” Showing XRP Uptrend Looms

Crypto market analyst “Steph is Crypto” recently discussed a series of indicators that suggest XRP might be on the verge of a major rally. 

The community pundit revealed these indicators in one of his extensive XRP analyses. He leveraged chart data to highlight major support and resistance levels, as well as metrics that show the potential for a bullish uptrend in XRP. 

XRP Key Support

Steph, in his video “XRP: WHAT THEY DON’T WANT YOU TO SEE!!” pointed out the importance of XRP’s current support around the $0.50 mark on the weekly timeframe. This level has served as both a support and resistance point multiple times over the past few years, making it crucial for maintaining XRP’s momentum. 

According to Steph, past price action has shown that breaking below this range could weaken XRP’s position, so holding above it is important for the altcoin to sustain optimism.

XRP Key Support StephisCrypto
XRP Key Support | StephisCrypto

He also discussed a major support zone in the volume profile, which shows a cluster of buying activity that has historically sustained XRP’s price. Currently, the $0.50 level also aligns with the 0.5 Fibonacci retracement level, bolstering its significance.

Downward Trendline Resistance

Another factor the analyst identified was a downward-sloping resistance line formed since mid-2023. This trendline has repeatedly capped XRP’s attempts to rally, marking several points of resistance over the past few months. 

Steph believes breaking above this trendline would likely indicate an impressive bullish breakout, creating the path for XRP to push past its current levels.

XRP Downward Trendline StephisCrypto
XRP Downward Trendline | StephisCrypto

With XRP down 16% this year, if it manages to overcome the trendline resistance, it will confirm a change in market sentiment toward bullishness. Steph identifies the key resistance zone between $0.67 and $0.68, which represents the golden Fibonacci ratio, as the breakout point.

XRP Liquidity and Short Squeeze Potential

Steph also discussed the concentration of short positions around the $0.66 to $0.67 range, citing data from XRP’s liquidation heat map. 

With a high number of stop-losses and liquidation points clustered in this area, XRP could experience a short squeeze if the price breaks above current resistance. In such a scenario, short sellers would be forced to cover their positions, further driving the price up.

XRP Liquidation Heatmap StephisCrypto
XRP Liquidation Heatmap | StephisCrypto

The market often gravitates towards high-liquidity zones, which currently align with the short positions on XRP. As Steph explains, this creates an environment where upward movement could trigger a chain reaction of buying pressure.

XRP Whale Accumulation and Historical Recoveries

Meanwhile, XRP’s accumulation distribution (AD) indicator, which tracks large investors’ buying and selling patterns, bolsters the altcoin’s bullish position.

Steph noted a visible increase in whale accumulation, with big players buying up XRP despite the sideways movement in its price. Such behavior often precedes major rallies, as was the case in 2017 and 2020.

The current setup is similar to those previous accumulation phases, suggesting that whales are positioning for a potential breakout. Steph believes that this accumulation, coupled with tight price compression, points to a potential substantial bullish move.

He also called attention to XRP’s history of overcoming severe price slumps. The altcoin has experienced drastic drops in the past, including declines of 95% from 2014 to 2017 and 96% from 2018 to 2020, only to recover with powerful rallies afterward. 

XRP Slumps and Recoveries
XRP Slumps and Recoveries | StephisCrypto

Currently, XRP is down roughly 85%. With whale accumulation and increasing price compression, Steph points out that XRP may again be setting up for a recovery.

Currently, XRP trades for $0.5142, up 1.05% this month amid a mild recovery push. This rebound follows a 16.74% decline in October despite BTC recording a 14% gain in the same month. XRP needs to hold above $0.50 and target the $0.66 region to turn the tides.

Here are Projected Prices for Shiba Inu in 2025, 2030, and 2040

Sam Wisdom Raphael
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Here are Projected Prices for Shiba Inu in 2025, 2030, and 2040

Shiba Inu could skyrocket to greater heights in the coming years if price projections from several entities for 2025, 2030 and 2040 materialize.

Despite the opportunities it presents, the crypto market often faces uncertainties and periods of bearish pressure. As a result, some crypto assets fail to reach their full potential due to panic selling from investors. Shiba Inu is one of the victims of this trend.

Shiba Inu Faces Selling Pressure

SHIB is currently facing a period of intense selloffs due to the current bearish atmosphere within the broader market. For context, with Bitcoin (BTC) retracing to the $67K region, SHIB has dropped nearly 11% over the past seven days, changing hands for $0.00001688.

Nonetheless, this drop has not completely impacted investor confidence. CoinMarketCap data suggests that Shiba Inu community sentiment is 88% bullish. This is largely due to optimism of an imminent price recovery. 

Interestingly, while market watchers have predicted how far SHIB could reach during the current bull run, some bullish projections have presented ambitious targets for the next few years. This article spotlights some of these targets for 2025, 2030 and 2040.

Changelly Predicts Shiba Inu Price for 2025, 2030 and 2040

Analysts at crypto exchange resource Changelly discussed some of these targets in a publication. For the short-term, these analysts suggested that Shiba Inu would end October at a price of $0.00001806, a 7% rise from its current value, and a +2.8% close to the month.

Interestingly, they expect SHIB to spike to a maximum price of $0.0000386 in November but believe a drop to $0.0000191 in December could occur. These analysts then projected multiple long-term targets for Shiba Inu.

Shiba Inu Price Predictions Changelly
Shiba Inu Price Predictions | Changelly

According to them, Shiba Inu will trade at an average price of $0.00004995 by next year, with a maximum price target of $0.00005999. The analysts then suggest that SHIB will witness compounded growth over the years. 

They expect a potential rise to $0.0003129 as the minimum price for Shiba Inu by 2030. Within this year, they believe SHIB would trade at an average of $0.000323. For 2040, Changelly analysts see Shiba Inu trading at an average of $0.0213, having erased three leading zeros.

ChatGPT Predicts Shiba Inu Price for 2025, 2030 and 2040

Meanwhile, ChatGPT, OpenAI’s LLM chatbot, presented more ambitious targets for Shiba Inu for 2025, 2030 and 2040. ChatGPT sees Shiba Inu hitting $0.00005 to $0.0001 by next year, essentially reaching a new all-time high. The basis for this projection is market growth, adoption and token burns.

Also, the chatbot expects SHIB to sustain its growth over the years, potentially reaching $0.001 to $0.005 by 2030. ChatGPT says the drivers for such a growth could be significant utility, adoption and scarcity. 

Shiba Inu Price Predictions ChatGPT
Shiba Inu Price Predictions | ChatGPT

For 2040, the AI chatbot sees Shiba Inu spiking to a range of $0.01 to $0.05, aligning with the predictions from Changelly analysts. ChatGPT believes stable demand and widespread utility could drive this price. However, it bears mentioning that there is no guarantee that SHIB could reach any of these targets.

Will Crypto Change How People Make Money?

Albert Brown
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Will Crypto Change How People Make Money?

Lots of people chat and speculate regarding whether crypto will change how people spend. In fact, it already has changed this for a lot of people!

Nobody can deny that decentralized currency could transform the financial landscape (even more than it already has). But a big question that looms over all the chatter is: Will crypto actually change the way people make money?

There have been some high-profile examples of crypto changing the world. Some sports players are even asking for their salaries to be paid in crypto, believing that they’ll be better off in the future using cryptocurrencies.

Potential Ways to Earn

Cryptocurrency is a digital asset. And like any asset, it has opened up fresh ways for people to potentially earn. Methods can potentially be used for people to generate passive income with crypto, as they use existing assets to make more or to lend to others. There are numerous ways to potentially try to do this and it depends on a lot of factors whether it is successful or not or what rewards it can provide – this isn’t earning in the form of a job.

Some have turned to mining, where powerful computers solve complex mathematical puzzles to verify transactions on the blockchain, a process rewarded with crypto coins. It’s not as easy as it sounds and mining requires a lot of electricity and computing power. It means significant investment upfront. However, those who managed to get in early for cryptos like Bitcoin would probably recommend crypto mining.

Then there’s trading. People have traded stocks and other assets for years, but crypto trading is different. Markets never sleep. Crypto trading happens 24/7.

Prices can swing within hours, which creates opportunities for profit but only if somebody gets it right. Those who are willing to learn the ropes may be able to turn crypto into a way to earn. This is not something that is flying under the radar, even a member of parliament has used cryptocurrency to receive their salary so it proves it can be used in daily life.

Cryptocurrency Jobs

The explosion of the crypto market has created demand for a whole new workforce. Developers who understand blockchain technology are highly sought after as are experts in crypto security and other fields.

Lots of the talk has been about jobs being replaced by crypto but there’s a whole industry that may need a workforce as it grows. People who can write smart contracts – programs that automatically execute terms of an agreement when conditions are met – have found themselves in a niche that is suddenly big.

What’s interesting is that these jobs often come with remote working styles allowing people to work from anywhere. This shift has been empowering, especially for freelancers and those who prefer a non-traditional work setup. Crypto has enabled them to carve out new income streams without the constraints of a typical office job.

Digital Real Estate

No, we’re not talking about buying and selling homes – digital real estate might sound like a strange concept, but it is becoming a reality in the metaverse – the emerging digital universe where people can own virtual goods. Some are buying plots in digital worlds trying their hand at building them up and even selling them at a profit.

Others are creating and trading NFTs – unique digital items that appeal to collectors – there have been some truly huge NFTs out there and some frankly unusual NFTs, too.

NFTs have opened the door for creators to monetize their work in ways that were impossible before. Musicians and artists may their creations as NFTs giving them a new way to earn money directly from their fans without going through traditional gatekeepers like record labels or publishers. Making money from some areas of music like streaming is becoming tricky and some artists are looking for new ways to do things.

Defi in the Future

Decentralized finance (Defi) is a way for people to adopt crypto or even potentially make money. Defi’s main role is to cut out the middlemen and aims to cut out these intermediaries. People can lend to other people and potentially earn interest directly from each other, using smart contracts to handle transactions.

This is creating another avenue for income. Instead of earning a smaller interest rate on a savings account, individuals may be able to earn higher rates through lending their crypto assets on DeFi platforms. Of course, there is a risk to this too and it should be noted.

Conclusion

Some people think cryptocurrency will impact the way all of us earn. Decentralized finance options could be the way forward in a lot of different scenarios and some people would already rather get their salary in Bitcoin or other cryptocurrencies. Perhaps this will become a more mainstream option in the coming years as people realize the ways to try to make money using the currencies out there and blockchain technology.

Shiba Inu Lead Seeks to Showcase SHIB Potential to Ethereum Vitalik Buterin

Lele Jima
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0
Shiba Inu Lead Seeks to Showcase SHIB Potential to Ethereum Vitalik Buterin

Shytoshi Kusama, the enigmatic leader of the Shiba Inu ecosystem, seeks to present a 10-minute pitch about SHIB’s potential to Ethereum co-founder Vitalik Buterin.

Kusama made the request today in reaction to Buterin’s recent comment about Shiba Inu’s rival Dogecoin (DOGE). 

Buterin: Dogecoin Deserves to be Second Biggest Crypto 

In a viral video making rounds within the crypto community, Buterin suggested that Dogecoin deserves to be ranked as the second-biggest crypto after Bitcoin. 

The Ethereum co-founder made this suggestion during an interview earlier this week. This comment stunned crypto enthusiasts because Buterin thinks Dogecoin deserves to be ranked ahead of Ethereum, which has held the second position for several years. 

Kusama Wants to Deliver a Shiba Inu Presentation to Buterin

Reacting to this comment, Kusama asked Buterin to give him a chance to show him “Why SHIB,” indicating that the token also deserves recognition as a top crypto asset.

The Shiba Inu leader offered to demonstrate SHIB’s prowess in a 10-minute pitch, showcasing the asset’s remarkable potential, such as its robust community, technologies, and smart governance. 

Furthermore, Kusama revealed that the presentation would also highlight the team’s vision for a decentralized future. He indicated that Shiba Inu’s potential would ultimately benefit ETH, possibly because SHIB runs on the Ethereum blockchain. Notably, Kusama urged Shiba Inu community members to help him attract Buterin’s attention to the post. 

As expected, the vibrant Shiba Inu community flocked to the comment section to tag the Ethereum co-founder. 

Shiba Inu Marketing Lead Suggests Buterin Knows SHIB Is Better  

Commenting, Lucie, the marketing specialist of the Shiba Inu ecosystem, speculated that Buterin might be aware that SHIB is better and could outperform ETH in the future. 

Additionally, she suggested that Shiba Inu deserves more solidarity from Buterin for everything SHIB has accomplished on the Ethereum blockchain. 

It is noteworthy that Buterin had previously acknowledged SHIB’s prowess, especially its remarkable price surge. In March, Buterin disclosed that SHIB outperformed his expectations, as he initially expected the token’s price to crash significantly. 

This prompted him to distribute the remaining tokens from the 500 trillion he received from Shiba Inu’s pseudonymous founder to charity organizations after burning 410 trillion SHIB. 

Meanwhile, Shiba Inu is still leaving many crypto enthusiasts stunned with its remarkable progress. It currently ranks as the 12th-biggest cryptocurrency with a market cap of $10.64 billion. Conversely, Dogecoin is seated in the 8th position, boasting a valuation of $24.6 billion. 

Bitcoin Pullback May Signal Buy Opportunity at $62K for 20% Potential Gain to $74K: Analysis

Albert Brown
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Bitcoin Pullback May Signal Buy Opportunity at $62K for 20% Potential Gain to $74K: Analysis

An analysis has suggested that the recent Bitcoin pullback from $72,680 may indicate a further 16% decline, with a potential V-shaped recovery targeting $74,600.

Bitcoin experienced a notable downturn after encountering strong resistance in its attempt to surpass its all-time high. Earlier today, the cryptocurrency fell below the $69,000 mark, following a rally that peaked on Tuesday when BTC surged to $73,600.

This abrupt decline saw Bitcoin lose over $3,000 from its peak, though it has since regained some stability. Nevertheless, it remains significantly under the $71,000 threshold.

Previous BTC/USD Patterns

Amid this recovery, an analyst on TradingView provided detailed observations on the BTC/USD four-hour price chart, focusing solely on price action without technical indicators such as MACD or RSI. The analysis highlighted two recent V-shaped recovery patterns that occurred this year.

The September-October instance involved a high of $64,300, followed by a 17% pullback to a low of $54,146. This sequence culminated in a recovery to a new high of $66,114, marking a 23% gain from the low.

Bitcoin 4 hour charts TradingView
Bitcoin 4-hour charts TradingView

A similar pattern emerged in March when Bitcoin reached a high above $72K before a 16% pullback brought the price down to $61,919. Subsequently, Bitcoin recovered and reached a high of $72,520, representing a 19% gain from the low. This analysis provided the context for understanding the current market structure, where BTC set a high at $72,680 this week.

Current Analysis and Expected Recovery

In the current market structure, the analyst suggested that BTC is expected to pull back 16% from its recent high of $72,680, aligning with past V-shaped recovery trends. This leads to expectations of a potential low near $61,969.

According to the TradingView analysis, a price increase of 20% to 21% from this low could complete the anticipated V-shaped recovery, projecting a potential new high at or near $74,600.

The recommended strategy for bullish investors includes waiting for a pullback to the $62,000 range before entering a buy or hold trade, targeting a rise to approximately $74,000. This approach suggests potential gains of 20% on an unleveraged position with minimal risk involved.

Bitcoin Forecasts from Other Analysts

Market analyst Ali Martinez offered a separate perspective, emphasizing that Bitcoin’s current price movements aligned with his forecast. He noted that maintaining support at $69,000 would be crucial for further upward movement.

Last month, Martinez noted that if BTC held above $65,000, it could rise to $72,000, dip back to $69,000, and eventually aim for $78,000.

With Bitcoin currently testing the $69,000 level, maintaining this support and rebounding as predicted could signify a new phase in its price trajectory, potentially advancing toward the $78,000 target outlined by Martinez.

BNB Chain Destroys 1,772,712 BNB Worth $1 Billion in 29th Quarterly Burn

Abdulkarim Abdulwahab
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0
BNB Chain Destroys 1,772,712 BNB Worth $1 Billion in 29th Quarterly Burn

The BNB Chain ecosystem has concluded a fresh quarterly burn, destroying 1,772,712.363 BNB tokens from the available supply.

This latest development is the 29th iteration in the series of BNB Chain’s quarterly burn. At the time of the burn, the approximate value of the total BNB burned was around $1.07 billion.

This 1.77 million BNB figure marked a significant increase from the previous quarter’s burn. At the time, 1.64 million BNB tokens, valued at approximately $971 million, were incinerated.

Further Details of the Latest BNB Burn

Notably, the latest burn figure comprises two key components. The first part is the Auto-Burn, which accounted for 1,710,142.733 BNB. Meanwhile, the second component reflects an extra burn of 62,569.63 BNB. 

This amount addressed previous losses some users experienced with BTokens sent to inactive addresses. Notably, these users were repaid through the Pioneer Burn Program. While some of these BTokens were initially miscalculated in prior Auto-Burns, this quarter’s burn has now rectified that oversight.

Furthermore, the report noted that no BNB was burned from the Pioneer Burn Program this time. Following this latest token destruction, BNB now has a total supply of 144,099,981.1 tokens in circulation, with the goal of reducing the supply to just 100 million tokens. Essentially, there are still 43,533,387.84 BNB tokens remaining to be burned.

BNB in the BNB Ecosystem

Since its mainnet launch in April 2019, BNB has evolved from its origins on the Ethereum network to become a key component of the BNB Chain. BNB is the native asset of the BNB Chain ecosystem, facilitating transactions across various platforms, including the BNB Greenfield blockchain and opBNB Layer 2 solutions.

Currently, BNB has a market value of $584 and a market cap of $84.22 billion, ranking as the fourth largest crypto asset.

To manage its total supply, BNB utilizes an Auto-Burn mechanism, which aims to gradually reduce the total supply to 100 million BNB. The amount burned is determined by BNB’s market price and the number of blocks produced on the BSC each quarter.

In addition to the Auto-Burn, BNB features a real-time burn mechanism tied to gas fees. BSC validators assess the ratio of gas fees collected in each block, with a portion burned at a fixed rate. Since the implementation of the BEP95 protocol, approximately 242,000 BNB has been burned through this initiative.

Anthony Scaramucci Asserts Bitcoin Will Trade At $176,000 Within This Period

Elendu Benedict
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0
Anthony Scaramucci Asserts Bitcoin Will Trade At $176,000 Within This Period

Anthony Scaramucci, founder of SkyBridge Capital, has placed an ambitious Bitcoin call, noting the asset will trade at $176,000 within the next two years.

Long-standing crypto bull Anthony Scaramucci has set a lofty target for Bitcoin, the largest crypto asset by market cap. In a Wednesday interview, the SkyBridge managing partner asserted that the premier crypto asset would trade at $176,000 by mid-2026.

The Wall Street businessman, who has endorsed Kamala Harris, again praised the crypto firstborn, citing its ability to surge extensively in the short term. He noted that Bitcoin could rally threefold in 18–20 months, arguing that its fixed supply and growing demand make this a possibility for the asset.

Scaramucci Talks up Bitcoin-Gold Comparison

In another interview on the same day, Scaramucci discussed the Bitcoin-gold comparison, stating that the leading cryptocurrency was digital gold. He argued that other notable financial gurus, like BlackRock’s CEO Larry Fink, share his theory, stating that he expects Bitcoin to reach half of gold’s market cap.

Scaramucci expects Bitcoin to achieve the feat in ten years, driving a tenfold return for the pioneering crypto asset. Gold currently trades at a new high of $2,754 per ounce with a market cap of $18.494 trillion.

Meanwhile, this is not the first time Scaramucci is tipping Bitcoin to match gold’s cap. In an earlier report, the SkyBridge Capital founder asserted that Bitcoin would eventually reach and maybe surpass gold’s market cap.

We Are Still Early

Meanwhile, in a recent tweet, Scaramucci argued that acquiring Bitcoin at the current market price was still very early. He noted that thinking one has “missed the boat” following Bitcoin’s recent surge is false. 

Scaramucci encouraged his audience to acquire Bitcoin while it was still discounted, read its wallpaper, and follow people like Michael Saylor and Eric Voorhees.

Meanwhile, Bitcoin has reclaimed $71,000 after a scare yesterday, which saw it drop to $68,000. The premier asset is up less than 1% in the past 24 hours and 4.37% over the last week.

Swissblock’s Head Macroeconomist Sets Timeline for Bitcoin to Target $115K to $123K

Sam Wisdom Raphael
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0
Swissblock’s Head Macroeconomist Sets Timeline for Bitcoin to Target $115K to $123K

Henrik Zeberg, the Head Macroeconomist at Swissblock, recently provided a timeline for Bitcoin to target a new all-time high price. 

He discussed this in a recent analysis on X following Bitcoin’s latest upward push, which saw it retest the $73K peak on Oct. 29. Zeberg’s analysis focuses on Fibonacci levels, and key market indicators to make the case for a substantial rally. 

Bitcoin Fibonacci Levels and Target Zones

The macroeconomist’s chart displays several important price levels. The report confirmed that Bitcoin currently trades within a prolonged consolidation phase, which has persisted since Bitcoin dropped from the all-time high above $73K in March.

This consolidation phase features a downward sloping channel, suggesting that the bears had gained control of the market since then. However, Zeberg’s chart suggests a break above BTC’s all-time high could trigger the breakout from this channel.

Bitcoin 1M Chart Henrik Zeberg
Bitcoin 1M Chart | Henrik Zeberg

The chart identifies the Fibonacci 0.382 level at $71,471, which is important for Bitcoin’s price action, marking a re-entry into a key area near its historical all-time highs. Below this level, another crucial support zone is identified around $53,000, serving as a potential floor in case of a market correction. 

Timeline for Bitcoin to Claim Cycle Top

If Bitcoin holds above this level, it may signal ongoing bullish momentum, but a breach could indicate a shift in market sentiment. However, if Bitcoin holds this support and instead breaks above the upper line, it could soar to greater heights.

His report highlights the Fibonacci 1.618 level close to $115,000 as a probable top for this Bitcoin cycle following a breach. Reaching this target would represent a new all-time high for the premier crypto asset. 

This would reinforce the idea that Bitcoin’s bull market might still have room to run. Zeberg believes this upward push could happen within a three-month period. According to his projection, this rally would bring Bitcoin to a range of $115,000 to $123,000 as its cycle top.

This prediction syncs with projections from market veteran Peter Brandt, who recently confirmed that Bitcoin remains within a bearish consolidation phase until it breaches its inverted broadening triangle. 

Brandt predicts a $135,000 target for Bitcoin’s cycle top. At press time, Bitcoin trades for $71,493, holding above the psychological support at $71,000 despite the recent downturn. Following a near 3% drop yesterday, Bitcoin has gained 1.81% today, as it aims to recover the previous losses.

Longer-Term Outlook and Economic Warnings

While Zeberg’s short-term target of $115,000 to $123,000 for Bitcoin is bullish, he recently advised investors to be cautious based on his economic outlook shared today. 

In the recent commentary, he warned of an impending economic downturn. Zeberg suggests that the U.S. market may reach a peak in 2024, after which the global economy could face substantial challenges. 

He forecasts a severe recession beginning in 2025, potentially followed by a prolonged bear market, which he believes could be the most challenging economic period since the early 20th century.

Macro Economist Ponders Whether XRP “Psycho Pump” Could Mark Cycle Top

Abdulkarim Abdulwahab
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0
Macro Economist Ponders Whether XRP “Psycho Pump” Could Mark Cycle Top

Macroeconomist Seth explores the possibility that a potential XRP “psycho pump” could signal the peak of the current crypto market cycle, drawing parallels to historical trends.

The crypto market experienced an exceptional price run this week, particularly with Bitcoin. However, altcoins like XRP largely lagged in the buoyant market, failing to show outstanding performance alongside Bitcoin. 

As XRP price action this week attracted attention from holders, market watchers assured that XRP would eventually have its own bull run. Meanwhile, Seth, a macroeconomist, recently highlighted an unusual characteristic of XRP’s market behavior.

XRP Parabolic Move “Signs” of Market Top

In a tweet, Seth shared the content of a conversation with a Bitcoin whale who suggested that XRP’s performance could be a vital indicator of the crypto market’s trajectory. According to Seth’s source, a parabolic rally in XRP traditionally signals the peak of a bull market.

This post sparked speculation within the crypto community about whether XRP could experience a dramatic “psycho pump” in the final stages of the current market cycle.

For context, the ongoing crypto bull run is already a year old, and analysts expect it to last for another year before a bear market surfaces. 

Seth’s perspective suggests that while XRP has remained relatively stagnant during this bull market, it may continue to underperform for a while longer before it begins its much-anticipated uptrend. However, by that time, the bull market could be nearing its end.

Seth’s message resonated with some, who noted that XRP has historically shown strong price spikes toward the end of bullish periods. However, others dismissed this perspective, arguing that similar claims could be made for other altcoins.

Notably, the case for XRP largely draws inspiration from the 2016/2017 Bitcoin post-halving bull season, during which XRP saw a dramatic push.

XRP’s Dramatic Push That Marked a Cycle Top

After Bitcoin halved on July 9, 2016, BTC’s price was around $600. By January 2017, it had surpassed $1,000. The rally strengthened throughout 2017, reaching a cycle peak of approximately $20,000 by December.

In contrast, XRP’s trajectory during this time was relatively flat, trading with two leading zeros until April 2017. XRP did cancel another zero the following month but struggled within that range for several months until December 2017. 

In a remarkable surge, XRP rose from $0.2522 on December 12, 2017, to an all-time high of $3.84 by January 4, 2018. Following this peak, the crypto market entered a bear market from which XRP has yet to fully recover.

The Case for 2020/2021

In the 2020/2021 cycle, XRP’s uptrend did not mark the end of the overall bull market. Specifically, XRP’s price peaked at $1.96 in April 2021, around the same time Bitcoin first hit $60K. 

While Bitcoin later dropped to $30K, it eventually resumed its upward trend, reaching a cycle peak of $68K in November 2021. However, XRP did not benefit from this resurgence, as its peak occurred back in April. Some suggest this was due to the SEC lawsuit, which began in December 2020.

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