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Top Analyst Says Crazy Days Are Coming for XRP

Abdulkarim Abdulwahab
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Top Analyst Says Crazy Days Are Coming for XRP

Analyst Levi Rietveld predicts explosive growth for XRP, urging investors to prepare for volatility and dollar-cost average during the upcoming market surge.

The bullish momentum in the crypto market is enduring, with steady growth over the past week in various assets, including XRP. 

This sustained uptrend is boosted by Bitcoin’s resilience above the $63K level. While some altcoins have seen around 70% price growth since last week, XRP’s price growth has been minimal.

Amid this trend, popular XRP community analyst Levi Rietveld revisited his September XRP prediction, stressing that “crazy days are coming.”

Crypto Market Outlook

In his analysis, Rietveld revealed his anticipation for Bitcoin to reach $100,000 or even higher, which could trigger a substantial influx of liquidity into altcoins like XRP. A factor influencing this bold outlook for the leading cryptocurrency is the “money printing” ongoing in the U.S. economy.

The analyst noted that past halving cycles have shown that increased money supply often coincides with major market recoveries. He cited historical data suggesting that during periods of extensive money printing, Bitcoin’s price surged dramatically, and similar outcomes are expected this time around.

Rietveld recalled that in February 2020, as the Fed began extensive money printing, Bitcoin’s price initially dropped to around $5,000 before skyrocketing to $60,000 the next year. This trend was mirrored by altcoins, with Solana experiencing a staggering 100x increase during the same cycle.

However, Rietveld warns that the initial phase of liquidity injection can be volatile. Accordingly, he advises investors to prepare for potential price corrections similar to those that occurred in previous cycles.

For example, after Bitcoin hit $60,000 in April 2021, it plummeted to approximately $32,000 three months later before rallying to an all-time high.

Rietveld believes the market might witness a similar 50% drop in Bitcoin before gearing up for another rally to a fresh all-time high.

XRP Prediction: Crazy Days Are Coming

Focusing on XRP, Rietveld pointed out that while Bitcoin may experience significant fluctuations, XRP could demonstrate relative stability. He encourages investors to put the dollar-cost average into XRP during this period, as it tends to outperform Bitcoin on many trading days.

Rietveld anticipates that mid-2025 could mark the peak of this cycle, with Bitcoin potentially surpassing the $100,000 mark. For now, he recommends that investors remain vigilant, has cash ready to buy dips and consider leveraging opportunities in XRP as the market prepares for explosive growth.

At press time, XRP is worth $0.5898, reflecting a 3% gain over the past week.

Ethereum Eyes $3,000 Breakout Amid Bullish Pennant Formation

Albert Brown
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Ethereum Eyes $3,000 Breakout Amid Bullish Pennant Formation

Ethereum’s positive cycle in a bear channel aims to reach $3,000 with a bullish pennant in the 4-hour chart.

With a bullish trend in the broader crypto market, Ethereum is scaling new heights and preparing to hit an overhead trendline. The bull run in the biggest altcoin continues despite the minor selling spree observed earlier this month. 

Will this recovery run in Ethereum result in a falling channel breakout run above $3,000? 

Bull Cycle In Ethereum’s Falling Channel

With a bullish trend in Ethereum, the ETH token has increased by 13.54% in the past seven days. Currently, the token is trading at $2,627, with a minor correction of 1.03% in the last 24 hours. 

In the daily chart, the Ethereum price trend shows a strong bullish recovery run, representing a bull cycle within a falling channel pattern. Over the last 19 days, the ETH price has increased by 22.19%, from the bottom of $2,150 to the current market price. 

Ethereum price chart
Ethereum price chart

Furthermore, the daily chart warns of an evening star pattern as Ethereum’s intraday pullback takes support at the 50-day EMA. Nevertheless, as the bullish cycle continues in the falling channel pattern, the uptrend will likely hit the 100-day EMA at $2,784. 

Ethereum Price Jump Nears With Shift in Futures

According to Crypto Quant, Ethereum’s funding rate has risen after the early September drop. The recovery in funding rate is approaching the 0.01 mark, bouncing back from 0.005.

Shayan, Crypto Quant’s trading manager, explained the significance of increasing funding rates: “The rise in funding rates indicates an increase in buying activity among futures traders, signaling that market participants may be turning more bullish.”

Hence, the rising bullishness is likely to boost the Ethereum price as the broader market recovers.

A Bullish Pennant Holds Ethereum’s Future

In the 4-hour chart, things are looking better for Ethereum as a triangle pattern breakout forms a bullish pennant pattern. Within the triangle of the pennant pattern, the ETH price is trapped between $2,600 and $2,700. 

Ethereum price chart
Ethereum price chart

The golden crossover is visible in the 50-100 EMA on the 4-hour chart, and the growing proximity of the 100-200 EMA signals an upcoming potential crossover. An upside breakout will likely occur as the bullish pennant is a trend continuation pattern.

With the breakout rally, the ETH price could challenge the overhead resistance levels at $2,795 and $3,173.

On the other hand, the crucial support for Ethereum is present at $2533 and $2353, based on the 4-hour price chart.

BlackRock Exec Redefines Bitcoin as a Global Monetary Alternative

Albert Brown
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BlackRock Exec Redefines Bitcoin as a Global Monetary Alternative

Robbie Mitchnick, BlackRock’s Head of Digital Assets, recently positioned Bitcoin as a scarce, decentralized, non-sovereign asset emerging as a viable global monetary alternative.

This came in a Tuesday interview on Bloomberg, in which Mitchnick emphasized Bitcoin’s unique characteristics that differentiate it from traditional financial assets.

Reassessing Bitcoin’s Risk Profile

During the interview, Mitchnick addressed the common misconception of Bitcoin as a “risk-on” asset. He argued that this classification has distorted investor perceptions, particularly among those influenced by narratives highlighting Bitcoin’s volatility.

According to Mitchnick, the long-term drivers of Bitcoin’s value are fundamentally different from those affecting traditional equities. This mischaracterization has led to confusion regarding Bitcoin’s actual risk profile.

Mitchnick explained that the crypto industry has inadvertently reinforced this misunderstanding by treating Bitcoin as if it should behave like equities. He suggested that, given its decentralized and non-sovereign nature, Bitcoin should actually be viewed as a “risk-off” asset.

He also noted that Bitcoin’s value is seldom impacted by external factors, with only a few significant events each year affecting its fundamentals.

BlackRock’s Operational Adjustments

Recently, BlackRock amended its Bitcoin ETF with a requirement for withdrawals within 12 hours from Coinbase, its custodian. Mitchnick played down the significance of this change, describing it as part of routine operational adjustments.

He stated that these updates reflect ongoing refinements in managing crypto ETFs and do not represent any major shift in BlackRock’s approach.

BlackRock’s handling of the ETF has drawn scrutiny, especially after allegations surfaced about potential influence over Coinbase’s on-chain Bitcoin holdings. Mitchnick dismissed these concerns, emphasizing that the adjustments are standard practices intended to optimize the operational models behind the ETF.

Insights from Bloomberg Analyst

In response to recent developments, Bloomberg’s analyst Eric Balchunas provided insights into BlackRock’s approach to on-chain verification. He explained that BlackRock operates its own node to verify Bitcoin balances. This verification process ensures that the Bitcoin holdings of its IBIT ETF are accurately represented.

Balchunas clarified that, while BlackRock provides this verification data to institutional clients upon request, it does not make it publicly available. This decision aims to manage the high volume of spam inquiries the firm receives.

He highlighted that BlackRock’s verification strategy underscores its commitment to transparency, mitigating concerns about “paper BTC” and ensuring integrity in its operations.

CELO Breaks Out of Falling Channel, Eyes $1 Amid Vitalik Buterin’s Endorsement

Albert Brown
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CELO Breaks Out of Falling Channel, Eyes $1 Amid Vitalik Buterin’s Endorsement

Will the CELO token reach $1 following its bullish breakout from a falling channel and a surge above the 200-day exponential moving average (EMA)?

As the Web3 and layer-2 network space experiences significant growth, CELO is witnessing an increase in daily active addresses. This surge in activity is further fueled by Ethereum co-founder Vitalik Buterin’s acknowledgment of the rising demand and growing CELO network.

As the newfound demand teases a trend reversal rally, will CELO manage to reclaim the $1 mark?

Buterin Boasts Growing Traction Over CELO

Recently, Artemis, a data science layer for blockchain, tweeted that CELO surpassed TronDAO in daily active addresses for stablecoin usage.

Buterin shared this tweet, praising the CELO blockchain’s growth, saying, “This is amazing to see.” He acknowledged the potential of CELO to improve worldwide access to basic payments and financial services.

CLO Breakout Run Crosses $0.60

Following the endorsement from a prominent figure in the crypto industry, CELO’s price action is gaining momentum. On the daily chart, the CELO price had formed a falling channel pattern, taking support from a crucial level of $0.40.

CELO price Chart
CELO price Chart

A double bottom reversal from this level, combined with the ongoing bull cycle and channel breakout rally, has resulted in a 57.75% jump over 18 days from $0.4010. Currently, the CELO price is trading at $0.63, forming a bullish engulfing candle with an intraday gain of 15.62%.

Can CELO Reach $1?

The MACD and Signal lines are rising, with massive positive histograms resurfacing, supporting the bullish trend. Furthermore, the bullish recovery run has surpassed all crucial daily EMAs, including the 50, 100, and 200.

Based on Fibonacci levels, the ongoing rally is likely to challenge the 23.60% level at $0.725.

Moreover, as the trend reversal rally gains momentum, the breakout rally could face resistance at the 38.20% and 50% levels, which correspond to $0.92 and the $1 mark. On the other hand, crucial support levels for the CELO token stand at $0.53 and $0.48.

World’s Largest Custodian Bank BNY Mellon Edges Closer to Crypto Asset Custody

Mark Brennan
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World’s Largest Custodian Bank BNY Mellon Edges Closer to Crypto Asset Custody

BNY Mellon, America’s oldest bank, has edged closer to a breakthrough in digital asset ETF custody after a regulatory review.

According to Bloomberg, the Bank of New York Mellon could resume offering custody services for the Bitcoin and Ethereum spot exchange-traded funds (ETFs) after the bank received an exemption from the Office of the Chief Accountant at the US Securities and Exchange Commission.

BNY Mellon Gets Regulatory Nod

The world’s largest custodian bank filed a redress on the Staff Accounting Bulletin 121 guideline, prompting it to declare crypto assets in custody as liabilities in its balance sheet. Introduced in March 2022, the law limits banks’ exposure to the emerging digital asset innovation.

Following the regulatory review, BNY Mellon received an injunction allowing it to pursue its goals of custodying Bitcoin and Ethereum spot ETFs without disclosing them in its balance sheet. However, the banking giant confirmed the exception was only binding on the ETF products and not digital assets in general.

However, BNY Mellon stated its legal team will further engage with the Office of the Chief Accountant to enhance the utility of the no-objection clearance. It bears mention that BNY Mellon already offers 80% of the SEC-approved Bitcoin and Ethereum ETFs.

Meanwhile, attempts to fully repeal the SAB 121 rules have yet to come to fruition. Earlier in the year, the House and Senate voted against the law, which impedes crypto adoption by banks, but President Joe Biden vetoed the overturn.

BNY Mellon Crypto Push

The oldest American bank declared its intention to dive into crypto custody as early as 2022 after stating in its financial report that it aims to expand to digital assets in the future. It noted that there is a strong demand for competent custody providers for digital assets.

Per Bloomberg, the crypto custody market is currently worth $300 million and is expected to grow by 30% yearly. At that pace, the sector would be worth over $1 billion in the next eight years.

Notably, BNY Mellon’s involvement in crypto ETF custody will bring competition to the sector, largely dominated by Coinbase. The US-based crypto exchange provides custody to ten of the eleven Bitcoin spot ETFs and eight of nine of the Ethereum spot ETFs, including the leading issuer, BlackRock.

5 Essential Reasons to Stay Bullish on XRP, According to Industry Expert

Albert Brown
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5 Essential Reasons to Stay Bullish on XRP, According to Industry Expert

XRP community commentator Levi Rietveld recently shared key insights that support a bullish outlook on XRP, particularly emphasizing Ripple’s RLUSD stablecoin and its potential for bank integration.

Ripple has continued to make waves in the financial sector, drawing increased attention due to the company’s development of the RLUSD stablecoin. As Ripple’s stablecoin project moves closer to launch, the community speculates about its potential use cases and impact on global finance.

A recent commentary by Rietveld highlighted critical aspects of Ripple’s RLUSD stablecoin and its anticipated integration with banking systems.

RLUSD Stablecoin and Bank Integration

According to Rietveld, the RLUSD stablecoin is expected to play a significant role in banking and financial systems. Unlike existing stablecoins such as USDT and USDC, RLUSD is designed with banks in mind, offering compatibility with existing financial infrastructure.

Ripple has reportedly created systems to facilitate banks’ use of RLUSD, positioning the stablecoin as a practical tool for institutions seeking to incorporate digital currencies. Rietveld sees these developments as a bullish factor for XRP, especially considering that RLUSD is launching on the XRP Ledger this year.

Notably, Ripple’s efforts have also extended to forging partnerships with financial institutions in Japan and South Korea. These engagements highlight the growing interest in using the XRP Ledger (XRPL) and RLUSD for cross-border payments.

Rietveld argued that the stablecoin’s integration could replace traditional systems like SWIFT, potentially redirecting trillions of dollars in transaction volume through the XRPL.

This emerging role positions RLUSD and XRP as potential disruptors in global finance, especially as more institutions explore blockchain-based payment solutions.

Recognition and Market Impact

Rietveld also notes that Ripple’s initiatives have not gone unnoticed by global financial bodies. Notably, the International Monetary Fund (IMF) and the World Bank have recognized Ripple and XRP as leading solutions for cross-border transactions.

Overall, Rietveld’s analysis indicates that XRP could see a significant price increase as large-scale transactions involving RLUSD become more common.

He believes that the integration of XRP and the stablecoin into banking systems will drive up XRP’s market value significantly, suggesting that XRP could reach $10 within the next 12 months.

Beta Testing and Community Reactions

Ripple’s ongoing testing of RLUSD has also attracted attention, particularly after the latest issuance of 485 RLUSD tokens on September 24. This issuance increased the stablecoin’s total supply to 563 tokens, drawing significant interest within the XRPL community.

According to Vet, an XRPL dUNL Validator, discussions emerged about whether the rising presence of RLUSD could enhance XRP liquidity on decentralized exchanges.

However, Vet clarified that RLUSD’s transaction fees are minimal and primarily designed to prevent spam. Yet, the stablecoin’s on-chain activity could still enhance overall liquidity for XRP and other assets.

Court Sentences FTX/Alameda Exec Caroline Ellison to 24 Months in Prison

Lele Jima
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Court Sentences FTX/Alameda Exec Caroline Ellison to 24 Months in Prison

U.S. District Judge Lewis Kaplan sentences Caroline Ellison, a former Alameda Research executive FTX founder SBF’s ally, to two years in prison, ordering her to forfeit $11 billion. 

The judge issued the ruling yesterday at 3:00 PM (EDT) in a federal courthouse in Manhattan. Notably, the declaration serves as punishment for Ellison’s involvement in the massive fraud that led to the devastating collapse of the FTX exchange, which was previously valued at $32 billion. 

Judge Ignores Recommendation of No Jail Term  

Prior to the verdict, the federal Probation Department and Ellison’s counsel had asked Judge Kaplan not to sentence the former Alameda Research executive to prison. Instead, the former recommended that the federal judge sentence her to three years of supervised release, citing her extensive cooperation with authorities. 

It should be recalled that Ellison was instrumental in the conviction of her former boyfriend, Sam Bankman-Fried (SBF). Ellison, who was the star witness in SBF’s prosecution, claimed that the FTX founder instructed her to commit fraud. As a result, he was given a 25-year jail term and ordered to forfeit $11 billion. 

Despite Ellison’s cooperation with authorities and recommendation from the Probation Department, Judge Kaplan sentenced her to two years in prison.

The judge commended her for cooperating with the authorities. However, he disclosed that the two-year prison sentence is necessary to deter other bad actors from perpetrating similar crimes in the future. 

Kaplan characterized the FTX case as the biggest financial fraud ever recorded in the United States, emphasizing that he could not agree to a “get-out-of-jail-free” card. 

Ellison Apologizes for Her Wrongdoings 

With tears running down her cheeks and in the presence of her family members, Ellison apologized to the victims of the FTX debacle. 

Reading from a statement, the former Alameda Research executive expressed deep shame and apologized for not having the courage to leave SBF and the company before things got bad. 

Reacting, Judge Kaplan believed that Ellison was truly remorseful for the crimes she committed. In the meantime, Ellison will remain free on bail until November 7, when she will officially surrender herself to prison. 

Court Schedules Sentencing Hearing for 2 Other FTX Executives 

Ellison is the third individual linked to the FTX debacle to receive a prison sentence. The other two execs include SBF and Ryan Salame, who were sentenced to 25 years and 7.5 years jail terms, respectively. 

The Manhattan federal court has also scheduled the sentencing hearing of two other FTX executives, Nishad Singh and Gary Wang, for later this year. 

While Singh’s sentencing hearing will be held on October 30, Wang’s case is scheduled for November 20. 

Expert Predicts XRP Price if Ethereum Hits $10K, Solana $950, and BNB $1700

Albert Brown
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Expert Predicts XRP Price if Ethereum Hits $10K, Solana $950, and BNB $1700

Analyst predicts XRP price surge if Ethereum hits the $10K milestone, Solana reaches $950, and BNB clinches a $1,700 price.

The crypto market’s ongoing recovery has placed a spotlight on several top tokens, including XRP, Ethereum, Solana, and Binance Coin (BNB).

Recent price movements have driven analysts to project significant gains, particularly for XRP, which has seen a 2% rise in the past week. Analyst Erwin has notably set an optimistic target of $5 for XRP, conditional on a broader rally in major tokens such as Ethereum, Solana, and BNB.

XRP Targets and Resistance Challenges

It is important to note that XRP’s price movements feature a prolonged consolidation pattern and notable resistance levels.

Earlier this month, analyst Dark Defender highlighted that XRP has been held down by a downward-sloping resistance line that has persisted for years. This trendline had repeatedly tested XRP’s ability to break free from its current range, creating a challenging environment.

Dark Defender’s analysis included key Fibonacci extensions, with XRP currently surpassing the 23.6% level at $0.3941. Per the report, the next critical points to watch are 70.2% at $0.6640 and 100% at $0.9327. A breakout above these levels could signal a potential bullish momentum shift, reaching levels above $5. 

However, predictions vary, with some fintech specialists forecasting that XRP could close 2024 at $0.66, but potentially rise above $6 by 2030, presenting long-term investment opportunities.

Ethereum’s Path to $10,000

Per Erwin, Ethereum’s performance is seen as a critical factor for XRP’s potential surge. Its potential to reach $10,000 has been a focal point among analysts, including Kaleo. He previously emphasized the impact of Bitcoin’s halving events on Ethereum’s price trajectory.

At the time, Kaleo noted that Ethereum’s cyclical behavior suggests a prolonged consolidation phase until the Bitcoin halving, which occurred in April. The analyst suggested the halving could bring about significant price movements in late 2024 or early 2025. 

Following past trends, similar post-halving surges have propelled Ethereum to new highs, such as the over $4,000 mark observed after the 2020 halving. Additionally, analysts like Milkybull Crypto attribute future rallies to Ethereum Spot ETFs.

Potential Upside for Solana and BNB

Solana (SOL) also features in Erwin’s forecast, with some experts predicting substantial gains. Another prediction above Erwin’s was from expert Ali Martinez, who anticipated a 900% surge to $1,500.

BNB’s outlook is similarly bullish, with analyst TLC Crypto noting a consistent upward channel since 2017. With XRP at $5, BNB could outperform Ethereum, with projected highs of up to $14,000, although a nearer target by Erwin places BNB at $1,700.

Solana Flag Breakout Eyes 60% Rally to $239 Target: Details

Albert Brown
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With a flag breakout briefly crossing the psychological $150 mark, can Solana top the $200 threshold in this bull run?

Despite Bitcoin’s price failing to sustain levels above $64K, the bull run in altcoins is gaining momentum. Solana has displayed a flag breakout on the 4-hour chart, extending its uptrend and hinting at a potential bull run.

However, the broader price action reveals a rounding bottom pattern that contains this trend. Will this short-term flag breakout breach the larger rounding bottom and push Solana past $200?

Solana Upshifts Bullish Gear

With a boost in momentum, Solana’s price briefly surpassed the $150 mark. The 4-hour chart indicates a bullish flag pattern breakout within a larger rounding bottom structure.

After bouncing from the 38.20% Fibonacci level at $145, the altcoin is now challenging the 50% Fibonacci level at $154. However, a subsequent higher price reaction has resulted in an evening star pattern, causing a 2.5% decline in the last eight hours.

Solana Price Chart
Solana Price Chart

Nevertheless, the reversal in Solana is a retest of the bullish breakout of the overhead trend. As the chances of a post-retest reversal from the broken overhead trend line are significant, it will mark a new bull cycle within the larger rounding bottom pattern. 

Additionally, a surge in demand is reflected in the MACD indicator, which shows a positive crossover between the MACD and signal lines. The merging of the 100 and 200 EMA suggests a potential bullish crossover, while the rising 50 EMA on the 4-hour chart will provide dynamic support if corrections occur.

Will Solana Cross $200?

The neckline of the broader rounding bottom pattern is near the $160 mark, just below the 61.80% Fibonacci level at $163. Based on current price analysis and Fibonacci levels, a breakout from the rounding bottom is likely to surpass the 100% Fibonacci level at $192.

If this occurs, the next resistance level at the 1.618 Fibonacci level is projected at $239.35. This would require a growth of approximately 60% from the current price of $150.

On the downside, crucial support levels are identified at the 38.20% Fibonacci level of $145 and the 23.60% level at $133.98.

Shiba Inu Shares New Update Regarding Phase 2 Launch of Shiba Eternity

Lele Jima
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Shiba Inu Shares New Update Regarding Phase 2 Launch of Shiba Eternity

Lucie, the Shiba Inu ecosystem marketer, provides a new update about the delay in launching the second phase of the Shiba Eternity closed beta testing. 

In a tweet today, Lucie disclosed that the Shiba Inu Game team encountered some unexpected challenges, delaying the Phase 2 launch of Shiba Eternity beta testing. 

Community Disappointed Over Phase 2 Launch Delay 

Recall that the team launched the first phase of Shiba Eternity beta testing on August 21, with access limited to users with staked LEASH tokens on ShibaSwap. Following the launch, the team promised to roll out the second phase of the beta testing on September 5, 2024. 

In the second phase, holders of selected Shiba Inu ecosystem non-fungible tokens (NFTs), including Shiboshi, SHEboshi, and the Shiba Eternity Lore NFTs, will be given access to the closed beta testing of the Shiba Eternity Web3 version. 

However, the second phase of the closed beta testing did not commence as scheduled, prompting the community to express disappointment with the delay. 

Lucie Reacts 

Expectedly, Lucie addressed these concerns in an X post today, emphasizing that the delay was caused by unexpected challenges that are taking longer to resolve. The marketing lead did not provide specific details about the issue but affirmed that the team is dedicated to resolving it. 

Notably, Lucie promised to share more updates about the ongoing development of Shiba Eternity, urging users to follow the X account of Mazrael, the game’s advisor.  In the meantime, she thanked the community members for their continued patience. 

Shiba Eternity Web3 

The Web3 version of Shiba Eternity is a complete transformation of its mobile version, which launched in October 2022. Notably, the upcoming version features improved performance, Shibarium integration, true ownership of in-game assets, ranked tournaments, and blockchain-backed card battles. 

Although the game is currently in beta testing, the gaming team has released some interesting features, like the ranked tournament, to enhance players’ gameplay experience. 

Earlier this month, the team selected five gamers who emerged victorious in the first round of its 15-day tournament. It also provided a guide on how players can participate in the competition and boost their ratings. 

As the beta testing progresses, the Shiba Inu ecosystem team has been fixing both major and minor technical issues. On September 9, it announced an upgrade to fix certain bugs, including loading screen issues. This upgrade also enhanced the game’s user interface. 

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