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Two Traders Spot Imminent Big Move for XRP Based on Bollinger Bands with Potential Explosion of 71,381%

Abdulkarim Abdulwahab
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Two Traders Spot Imminent Big Move for XRP Based on Bollinger Bands with Potential Explosion of 71,381%

Two analysts predict an imminent big move for XRP, potentially leading to a staggering 71,381% price explosion based on historical patterns.

This week has been challenging for XRP as its price has continued to dip. XRP revisited a low of $0.51 on Thursday, representing an 8.33% correction from the weekly high of $0.5594.

Furthermore, XRP’s recent trajectory reflects a broader trend of discouraging performance. It is down by 12% from its two-month high and shows an overall negative trend on a yearly scale. Notably, XRP has been trading below $1 for over 40 months, with little momentum to reclaim this historic level.

However, two widely followed traders, Steph and “Random Crypto Pal,” have identified a historical pattern that could define XRP’s next trajectory.

In his analysis, Random Crypto Pal emphasized that XRP is getting squeezed between the Bollinger Bands. He noted that this has happened only twice in the past, both times preceding a significant price explosion. According to him, “Something is going to happen soon for XRP.”

Likewise, Steph pointed out that XRP is coiling within the Bollinger Bands on the monthly chart, also stressing that a “big move is imminent” for XRP.

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XRP’s Historical Actions Amid Bollinger Bands Squeeze

Notably, the cited historical occurrences of this tightening of the Bollinger Bands were in the first quarter of 2017 and 2020. The price action that followed the 2017 tightening was particularly intense.

 

In early 2017, XRP traded as low as $0.005372 on February 27, around the time the Bollinger Bands on the monthly timeframe were tightening. Upon breaking out from this pattern, XRP exhibited an “up only” trend that culminated in a peak of $3.84 by January 4, 2018. From the low in February to the high in January, XRP experienced a remarkable growth of 71,381%.

In contrast, during the second instance of Bollinger Bands tightening, XRP’s upward trend was more subdued. XRP bottomed at $0.1151 on March 9, 2020, after hitting an all-time high. From this point, it rallied to $1.96 by April 12, 2021, resulting in substantial growth of 1,602%.

Will XRP Repeat History?

Proponents of XRP attribute its suppressed growth in 2021 compared to 2018 to the advent of the SEC lawsuit. However, that lawsuit has now concluded. While an appeal process is underway, XRP is no longer the subject of litigation.

As a result, analysts often refer to the 2017/2018 price surge as the likely trajectory XRP could follow in the current cycle.

Notably, if XRP were to soar by 71,381% from its current floor price of $0.5256, it would reach a price of $375. In this hypothetical scenario, XRP’s market cap could reach $21.3 trillion, leading some analysts to dismiss the prospect of such a massive rally.

Expert Predicts Timeline for XRP to Stage a Breakout Similar to 2017 and 2021

Sam Wisdom Raphael
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Expert Predicts Timeline for XRP to Stage a Breakout Similar to 2017 and 2021

Market analyst The Block Bull recently discussed XRP historical performance, suggesting its next massive breakout could occur in the next few weeks. 

The analyst made this assertion while analyzing XRP’s price action since 2015 over a 1-week timeframe. His chart identifies an important historical pattern in this price action. If the pattern holds true, XRP could be gunning for another explosive move, similar to the ones seen in 2017 and 2021.

XRP Consolidation Phases

Data from the chart confirms a consolidation pattern that played out on two different occasions in the past. He marked important dates along the timeline from 2015, showing how XRP previously broke out of similar consolidations. 

XRP Consolidation Phases The Block Bull
XRP Consolidation Phases | The Block Bull

The first major breakout occurred in 2017, when XRP moved sharply upward following a 36-week consolidation period. During this first consolidation phase, the volume of XRP traded amounted to about 711.25 million tokens. 

Interestingly, the breakout, which occurred when XRP spiked from the $0.0053 low in February 2017, led to the all-time high price of $3.31 in January 2018, marking the largest rally the altcoin has engineered in its history.

Notably, the chart depicts a second consolidation period, which occurred in May 2020 and spanned 36 weeks or 252 days. During this time, XRP traded a volume of around 1.915 billion tokens before breaking out in January 2021. 

However, the price surge that occurred to the same highs as in 2017, mostly due to price suppression that XRP suffered as a result of the SEC lawsuit against Ripple. Despite this, it saw significant upward movement over the following months to reach $1.96 in April 2021.

A Possible Repetition

Currently, XRP is again moving closer to the end of another consolidation phase. The analyst emphasized that XRP is just nine weeks away from a potential breakout, projected for December 2024. 

If the pattern repeats, XRP could see a sharp rise in price similar to previous cycles. However, The Block Bull failed to make any price projections. Interestingly, the volume traded during the current consolidation is much higher, around 7.486 billion, suggesting the rally could be explosive.

Notably, XRP’s price movements will be decisive over the next few weeks. A breakout could push XRP to test previous highs, potentially surpassing the $1 mark. For now, XRP currently changes hands at $0.5261, down 4.05% this week.

The analyst stressed the importance of having a solid plan when trading or investing in cryptocurrencies. Citing a Harvard study, he noted that individuals with a written plan are far more likely to succeed compared to those without one.

Bitcoin Adds 297 New Whales in Two Weeks as Holdings Hit ATH

Elendu Benedict
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Bitcoin whales are on the rise after new wallets holding more than 100 BTC saw an uptick in the past two weeks, catalyzed by growing prices and positive sentiments.

Data from Santiment disclosed this bullish scenario, as the network saw the addition of 297 new Bitcoin whales in 14 days. Notably, an uptick in large Bitcoin holders often precedes an impending price surge.

The total number of addresses holding at least 100 BTC surged by 1.93% within this period to 16,338 on Thursday as whales continued to accumulate the premier asset. Notably, this correlated to a Bitcoin uptrend, when BTC surged above $68,000 before correcting to $67,687 at the time of writing.

Whales Buying Retail Dumps

The Santiment data shows that this notable whale uptick occurred alongside a squeeze in retail holders, as the number of addresses holding below 100 BTC dumped considerably. Per the on-chain analysis, the number was reduced by 0.1%, amounting to 20,600 wallets.

Meanwhile, Santinent noted that the increase in whales shows an accumulation disposition, as large holders are buying the Bitcoin tokens that retail traders are dumping. However, not all reductions among addresses with less than 100 BTC indicate sales. Notably, it could also signal that some have increased their holdings, pushing them to new categories.

Whale Uptick per Santiment
Whale Uptick per Santiment

Whale Holdings Hits New ATH

With the latest growth in the number of whales, their stash has surged to an all-time high. Data from CryptoQuant shows that the Bitcoin held among large holders has reached a new peak of 670,000 BTC, representing 3.3% of the current Bitcoin circulating supply.

The analysis noted that the latest milestone has a long-term bullish implication for Bitcoin, indicating institutional interest in the firstborn crypto asset. It also shows increased sentiments among investors that Bitcoin will surge to higher prices.

However, CryptoQuant noted that a surge in whale holdings has historically impeded Bitcoin’s price, as the asset tends to consolidate or decline in price. The analysis shows that the largest crypto usually surges when “whales gradually reduce their holdings until they reach negative percentage change values.”

Binance “Shills” Shiba Inu: Community Reacts with Excitement and New Demands

Abdulkarim Abdulwahab
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Binance “Shills” Shiba Inu: Community Reacts with Excitement and New Demands

The decision from the leading crypto exchange Binance to promote the Shiba Inu project to its audience has excited members of the SHIB community.

On Wednesday, Binance.US, the American division of Binance, took to X to share “fast facts” about Shiba Inu with its 461,300 followers. The disclosure touched on Shiba Inu’s origins, the founding entity, and the passionate community currently driving the project.

Binance.US Promotes Shiba Inu

Specifically, Binance.US highlighted that Shiba Inu is a meme-inspired project operating on the Ethereum blockchain. Like Dogecoin, the meme coin king, SHIB features a Shiba Inu—an agile, small Japanese breed originally bred for hunting—as its mascot.

Secondly, the exchange noted that the Shiba Inu project was launched in August four years ago by an entity or group known as Ryoshi. Thirdly, Binance.US emphasized that Shiba Inu’s community-driven history reflects creator Ryoshi’s focus on a decentralized, community-led initiative.

Shiba Inu Army Excited, Makes New Demands from Binance.US

Community members have expressed their excitement with the crucial piece of history shared by Binance.US. “Binance US is shilling SHIB. Probably nothing,” remarked community analyst SHIB Knight. 

Others have taken the opportunity to urge the exchange to list the BONE token, one of the assets in the Shiba Inu ecosystem.

Interestingly, some community members have called on Binance to start burning SHIB tokens using transaction fees accumulated from trading Shiba Inu on the platform. They believe this would contribute to reducing the massive circulating supply of SHIB, potentially impacting its market value.

The Expanding Shiba Inu Ecosystem

However, community members have pointed out that the Shiba Inu ecosystem has become much more expansive than the three points highlighted by Binance.US.

Notably, with Ryoshi’s disappearance, Shiba Inu has transitioned to the hands of community members, now led by the pseudonymous developer Shytoshi Kusama. 

Under his leadership, SHIB has made significant progress, including launching a native blockchain, Shibarium. It has also secured major partnerships with Zama, D3 Global, and CDSA. 

Additionally, a second version of the ShibaSwap native DEX is set to launch. Other ongoing initiatives within the Shiba Inu project include Shiba Eternity, Shibacals, The SHIB Magazine, and SHIBTheMetaverse.

Amid Shiba Inu’s advancements, some pundits argue that it is no longer merely a meme coin like Dogecoin but has evolved into a utility project.

XRP Army React As SEC Requests 2025 Deadline to File Its Appeal Brief Against Ripple

Lele Jima
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XRP Army React As SEC Requests 2025 Deadline to File Its Appeal Brief Against Ripple

The U.S. Securities and Exchange Commission (SEC) requests a 2025 deadline for filing its main appeal brief in its lawsuit against Ripple. 

Prominent defense lawyer James Filan shared a screenshot of the SEC’s request on X yesterday. The SEC submitted the motion to Catherine O’Hagen Wolfe, the clerk of the Court of Appeals for the Second Circuit. 

Per the filing, the commission requests that January 15, 2025, be set as the deadline for filing its principal brief. The request comes a week after the SEC filed its pre-argument statement detailing the issues it seeks to appeal in the Ripple ruling. 

In the upcoming principal brief, the SEC is expected to shed more light on why it believes Judge Analisa Torres erred in her decision on Ripple’s programmatic sales and other distributions of XRP. At press time, the Second Circuit has yet to issue a decision regarding the SEC’s request. 

Not a Delay Tactic 

Expectedly, several XRP enthusiasts speculated that the SEC’s request is part of the commission’s effort to delay the lawsuit’s resolution. 

However, prominent XRP community figure Sherrie emphasized that the request is not a delay tactic. According to her, the requested deadline is within the 91-day timeframe the court allows under Local Rule 31.2. 

The rule mandates the appellant to notify the court clerk about the deadline it seeks for its appeal brief filing. This deadline is expected to fall within 91 days after the completion of the preliminary stage. 

Failure to comply with this directive will prompt the Second Circuit to automatically set the appeal brief deadline at 40 days after the “ready date.”

Attorney Hogan Reacts 

Reacting, attorney Jeremy Hogan, a partner of Hogan & Hogan law firm, humorously suggested that it would be shameful for the SEC to complete its brief by January 15, 2025, only for a new president inaugurated five days later, January 20, to fire the SEC chair Gary Gensler and appoint a new chair, who might drop the Ripple appeal. 

It bears mentioning that the Republican Party’s Presidential Candidate, Donald Trump, has made his intentions for Gensler clear. The former U.S. president promised to sack Gensler at the beginning of his administration. 

If Trump appoints a pro-crypto SEC chairperson, the new official could decide to settle with Ripple, potentially ending the lawsuit. 

Expert Says $100K Bitcoin Coming “Sooner Than You Think” as New Golden Cross Imminent

Albert Brown
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Expert Says $100K Bitcoin Coming “Sooner Than You Think” as New Golden Cross Imminent

Bitcoin is nearing a “Golden Cross” formation, as its 50-day SMA is poised to surpass its 200-day SMA. A notable analyst projects a likely rally to $100K to follow.

Bitcoin’s price faces downward pressure as the weekend approaches, falling to $65,000 on Wednesday. Despite this decline, Bitcoin bounced back quickly, recovering more than $2,000 to reach above $67,679. The rebound comes amid potential signs of bullish momentum, as technical indicators suggest a possible “Golden Cross” formation.

Cross May Trigger $100K Rally

A “Golden Cross” typically forms when the 50-day Simple Moving Average (SMA) crosses over the 200-day SMA. This event often signals a shift toward bullish momentum in financial markets.

An analyst named Elja has observed that Bitcoin appears to be approaching such a crossover. Historical trends show that past “Golden Cross” formations have led to substantial gains in Bitcoin’s price. 

For instance, a similar crossover occurred in September 2023, pushing Bitcoin out of its $28,000 consolidation phase and driving it to the $50,000 level before the year ended. Based on this pattern, the current technical setup raises the possibility of a further price surge, potentially targeting the $100,000 mark in the coming weeks.

 

Factors Boosting Bitcoin’s Potential

Notably, the U.S. presidential elections draw near, and analysts suggest that crypto assets could experience heightened interest and volatility. Michaël van de Poppe, a noted cryptocurrency analyst, recently commented on Bitcoin’s price action, noting that its dip to $65,000 was temporary and that the minor correction may be nearing its end. 

The upcoming elections, along with potential shifts in macroeconomic policy, could influence investor behavior toward Bitcoin and other cryptos. Declining bond yields, another factor in the broader financial landscape, could also support demand for digital assets as investors seek alternative assets.

Bitcoin to Test New Highs By November

In a separate post, Van de Poppe forecasts that Bitcoin could revisit its all-time high within the next two to four weeks, coinciding with the release of key economic indicators like the Purchasing Managers’ Index (PMI). 

The PMI is widely used to gauge economic health, and stronger-than-expected data could act as a catalyst for Bitcoin’s price recovery. 

Currently, Bitcoin remains near $67,000, setting the stage for another attempt to breach the $73,000 level, where it previously peaked in March. Van de Poppe projects that this attempt could occur by mid or late November, fueled by improving macroeconomic sentiment.

Cardano Analyst Predicts Long-term ADA Target at $1.8 and Short-term Target at $0.39

Mark Brennan
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Cardano Analyst Predicts Long-term ADA Target at $1.8 and Short-term Target at $0.39

Market analyst believes Cardano (ADA) eyes a potential rally if its major support level holds amid the market uncertainty.

Cardano is experiencing a retracement phase at a time when an analyst has shared bullish perspectives on its price trajectory. 

In an analysis published by “Melika Trader” on TradingView, the focus was on ADA’s short- and long-term price action, highlighting support and resistance levels that could determine its future.

Potential Long-term Bullish Reversal

According to this analyst, Cardano’s price has found support between $0.30 and $0.35, with previous price action indicating demand within this range. This level aligns with historical demand zones, suggesting a foundation for potential recovery.

Cardano Targets MelikaTrader
Cardano Targets MelikaTrader

The analyst noted the possibility of a bullish reversal as ADA attempts to form a bottom after engulfing this support region. 

If the support holds, a sustained rally could be likely, targeting the next major resistance level between $1.20 and $1.80. However, failure to maintain this support could push ADA to retest levels below $0.18. 

Support and Resistance in the Short Term

In the short-term outlook, ADA is currently testing a support zone between $0.33 and $0.34, which coincides with a lower trendline. The analyst pointed out the potential for a bullish rebound from this zone, with ADA possibly targeting the $0.38 to $0.39 resistance area per her 4-hour price chart. 

The $0.39 resistance previously marked a level of strong selling pressure. If ADA manages to break through, it could signal a short-term bullish shift. However, if this immediate support fails to hold, ADA might experience a downward move toward the $0.30 mark.

Cardano’s Future per Founder

Amid ongoing price analysis, Cardano’s founder, Charles Hoskinson, has shared an ambitious outlook for the network’s long-term growth. Speaking at the 4th annual Cardano Community event in Buenos Aires, Hoskinson highlighted the network’s growth into an 11-figure platform with millions of users and a leading research team.

He asserted that Cardano could surpass Ethereum in a decade and eventually overtake Bitcoin in the following decade. Furthermore, he envisions a future where many governments might adopt Cardano’s infrastructure due to its reliability. This perspective has triggered debates, with some viewing the projection as overly ambitious, given Bitcoin’s dominance in the sector.

Ex-Ripple Exec Predicts When XRP Can Take Off and ETF Launch

Abdulkarim Abdulwahab
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0
Ex-Ripple Exec Predicts When XRP Can Take Off and ETF Launch

Sean McBride, Ripple’s former director, has shared his insights on when he believes the price of XRP will take off and the timeline for the launch of XRP ETFs.

Recently, XRP community member Kenny Nguyen sought McBride’s opinion on the upcoming RLUSD stablecoin and XRP ETFs. He also inquired about the potential price implications for XRP, specifically asking whether the former Ripple director believes these developments could lead to XRP thriving by 2025.

McBride expressed his belief that XRP ETFs could be “landing” as early as next month. This aligns with his previous assertion that an XRP ETF would launch before the end of 2024. Notably, at that time, no filings for an XRP ETF were under consideration by the SEC.

However, recent developments have seen asset managers Canary Capitals and Bitwise submit individual applications for XRP ETFs. Additionally, Grayscale has applied to transform its digital large-cap fund, which includes assets like XRP, into a basket ETF this month.

It is important to note that it is highly unlikely the SEC will approve these XRP investment funds next month, as McBride suggested. 

Analysts, including Bloomberg ETF expert James Seyffart, have indicated that an XRP ETF would have a better chance of approval with a new SEC administration, a new U.S. president, or congressional action, all of which further extends the launch timeline.

When XRP is Taking Off

Based on his belief in the launch timeline, McBride stated that XRP’s price could begin its long-awaited bull run next year.

Notably, XRP’s price has continued to decline this week amid Bitcoin’s instability. It is currently trading at $0.5247, down 15% year-to-date. XRP holders have been eagerly awaiting price growth, but the asset continues to underperform.

Ripple’s Stablecoin to Gain Popularity, Benefiting XRP

McBride also shared his thoughts on the upcoming RLUSD, predicting it will gain significant popularity alongside the broader crypto market. “It’s going to be a lot of fun,” he said.

In a recent interview, Ripple CEO Brad Garlinghouse discussed the RLUSD stablecoin and its role in Ripple’s payment vision. He emphasized that stablecoins have long been integral to Ripple’s payment flows, noting that at one point, their institutional activities accounted for 20% of all USDC minted.

Garlinghouse highlighted the past banking crisis and USDC’s de-peg as indicators of market opportunity, particularly given Ripple’s strong balance sheet and active liquidity. He stressed that Ripple’s focus isn’t on competing with existing stablecoins like USDC and Tether but on expanding the overall market.

He noted that while Tether may continue to grow, its market share could decline, creating space for more liquidity on the XRPL, which would ultimately benefit the entire XRP ecosystem.

Hacker Drains US Government-Tied Wallet of $20M

Elendu Benedict
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Hacker Drains US Government-Tied Wallet of $20M

A crypto wallet tied to the US government suffered an exploit on Thursday, with the hacker making off with funds worth $20 million.

Blockchain analytical firm Arkham first reported the incident, with multiple on-chain investigators confirming the development. Arkham revealed that the exploiter made off with $20 million worth of aUSDC, USDT, USDC, and Ethereum.

Lookonchain confirmed the attack and provided a breakdown of the stolen funds. According to the report, the hacker stole 13.7 million USDC, 5.44 million USDC, 1.12 million USDT, and 178 ETH worth $447,000 at the time.

Hacker Laundering Funds

Arkham first reported that the US government moved $5.45 million in USDC from the Aave interest-bearing USD wallet on Thursday. Notably, it was the first transaction made on the government-linked wallet since February.

The hacker moved almost all the assets on the US government-tied wallets to a new address, “0x3486e,” with speculations of fund relocation and potential sales making the rounds in the crypto community. The only asset left at the address is the TRUMP meme coin, worth a meager $132.

However, suspicion arose when the exploiter started moving the funds from the new address to instant exchanges like Switchain, N Exchange, and Binance Deposit. Arkham noted the funds seemed to be laundered as the hacker moved them to suspicious addresses linked to money laundering services.

At the time of writing, the hacker has laundered the USDC, USDT, and ETH moved from the US government wallet. The new address contains aUSDC worth $13.2 million and a few dollars in coins like BNB and ZYGO.

Funds Etymology

Notably, the stolen funds were seized from the famous 2016 Bitfinex hack. The US government confiscated them from a couple that reportedly hacked the crypto exchange for 120,000 BTC, worth $8 billion at the current market price.

The married couple Ilya Lichtenstein and Heather Morgan were arrested in 2022 and pleaded guilty to the fraud charges in August 2023. Notably, the US government recovered 95,000 BTC from them, worth $3.6 billion at the time.

Meanwhile, Lichtenstein and Morgan face five years and 18 months of prison sentences, respectively. The prosecutors are recommending reduced jail time due to their cooperation with investigations.

Deaton to Represent XRP Holders in SEC ‘Ridiculous’ Appeal Against Ripple As a Senator or Private Citizen 

Lele Jima
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Deaton to Represent XRP Holders in SEC ‘Ridiculous’ Appeal Against Ripple As a Senator or Private Citizen 

U.S. Senate Candidate and pro-XRP lawyer John Deaton files a motion to appear as amicus counsel in the SEC’s appeal against Ripple.  

Pro-crypto journalist Eleanor Terrett shared the development yesterday on X. She disclosed that attorney Deaton’s notice of appearance brief recently appeared in the Second Circuit’s docket. 

The accompanying screenshot shows that Deaton’s appearance notice was officially entered on October 23, 2024. This filing signals Deaton’s continued involvement in the SEC v. Ripple multi-year lawsuit. 

The development left many stunned, given the fact that Deaton is currently focused on the Massachusetts senate election. Despite this, Deaton, who advocated for XRP holders, still wishes to represent the community in the SEC v. Ripple appeal. 

In a statement shared by Terrett, Deaton emphasized that he does not walk away from what he started, irrespective of his involvement in the Senate race. 

Deaton Confirms Involvement in SEC v. Ripple Appeal 

Shortly after his appearance notice went viral, Deaton confirmed plans to represent XRP community members as amicus counsel. The pro-XRP lawyer highlighted some major milestones he accomplished at the district court level of the lawsuit. 

According to him, the district judge cited the nearly 4,000 XRP affidavits he submitted to the parties and his contributions to the LBRY lawsuit under footnote 16 in her decision. He disclosed that he made these contributions without collecting any fees. 

Deaton claimed that his opponent and famous crypto critic, Elizabeth Warren, mocked this effort during a recent Massachusetts Senate debate.  

Nonetheless, the lawyer reveals plans to continue representing XRP holders in the “SEC’s ridiculous appeal” against Ripple either as a senator or a private citizen. 

“Someone has to advocate for token holders. It’s an honor for me to continue to be that person,” Deaton said. 

XRP Isn’t a Security, Its Transactions Are Legal 

Furthermore, attorney Deaton suggested that XRP remains a non-security, as confirmed by Judge Analisa Torres. According to him, Torres, despite being a Democratic Party judge appointed by former President Barack Obama, declared that XRP itself is not a security and that its transactions through digital exchanges like Coinbase are legal. 

Attorney Deaton explained XRP’s legality by mentioning how Ripple’s co-founder Chris Larsen, whom the SEC personally sued in the Ripple lawsuit, donated $10 million worth of XRP through Coinbase to the Kamala Harris campaign. 

The lawyer stated that the SEC sued Coinbase, claiming its business model is illegal because it facilitates token transfers similar to those Larsen recently made to Harris. Deaton noted that before this development, the SEC had approved Coinbase’s IPO, and interestingly, the agency had asserted that accelerating Coinbase’s IPO was in the public’s best interest.

This reversal—suing Coinbase over a business model the SEC had deemed legal—creates a paradox in the agency’s actions. “This proves just how backward the current regulatory environment is,” Deaton said.

Meanwhile, Ripple recently filed its pre-argument statement in its cross-appeal against the SEC. The parties are awaiting the Second Circuit’s scheduling order for the briefing stage of the lawsuit. Ripple’s CLO Stuart Alderoty expects the appeal briefing to end by July 2025.

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