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Shiba Inu Lead Says He Will Keep ‘Doing Well for SHIB’ With or Without Anyone’s Blessings 

Lele Jima
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Shiba Inu Lead Says He Will Keep ‘Doing Well for SHIB’ With or Without Anyone’s Blessings 

Shiba Inu lead developer Shytoshi Kusama reaffirms his commitment to SHIB and its overall vision regardless of whether the community supports him. 

In an X post yesterday, Kusama said he has done well for Shiba Inu, indicating that his actions have always been in the best interest of the dog-themed project. 

Kusama made the disclosure during an exchange with a community member. The conversation started with Kusama sharing a Spotify link to a song by Puerto Rican rapper Bad Bunny titled Una Velita. 

Kusama Empathizes with Puerto Rico’s Hurricane Victims 

For context, the rapper paid a tribute to Puerto Rico for the country’s demonstration and strength following the 2017 Hurricane incident, which led to the destruction of lives and properties. 

Reacting to the song, the Shiba Inu leader expressed empathy, adding that he hoped his prayer helped usher in a calm storm on the island. 

In a follow-up comment, Kusama criticized residents who left Puerto Rico after the devastating hurricane to enjoy a life of luxury outside the island. He indicated that these people will eventually face the consequences of their actions. 

Shiba Inu Lead Reacts After Community Member Hurls Insult at Him  

Commenting on the post, Seydi2204 slammed Kusama and other prominent Shiba Inu community figures, like Kaal Dhairya and RagnarShib, calling them fraudulent and immoral.

The words triggered a reaction from Kusama, who emphasized that he has only done well for SHIB and will continue to do so until he successfully achieves the vision Shiba Inu’s pseudonymous founder, Ryoshi, laid out. Kusama indicated that he plans to accomplish this goal with or without blessings from critics. 

Notably, Ryoshi’s vision is focused on decentralization. The pseudonymous founder designed Shiba Inu to be completely run by the community. However, Ryoshi exited the Shiba Inu project, deleting all their social media posts in 2022. Consequently, Kusama took up the mantle of leadership and subsequently made SHIB a force to reckon with. 

Although Shiba Inu’s price has plunged tremendously since it reached a peak price of $0.00008845 in October 2021, the ecosystem team has made significant efforts to uphold the project.

The cryptocurrency now has notable projects within its ecosystem, including Shib Hub and L2 blockchain. These projects are expected to pave the way for Shiba Inu’s potential rally in the future. 

Critics Blame Shiba Inu Team for SHIB’s Underperformance 

However, the team has continued to receive backlash and criticism from community critics. The latest comment highlights a growing frustration among some community members, who continue to hold the team responsible for SHIB’s underperformance. They believe the team has not made significant efforts to restore SHIB to its 2021 glory days. 

Notably, Shiba Inu reached this peak price in October 2021. Like every other token in the market, Shiba Inu also experienced massive correction after the 2021 bull run. With Shiba Inu currently priced at $0.0000146, the token has plunged 83.47% from its ATH. 

Nonetheless, the Shiba Inu ecosystem team, led by Kusama, has focused on the token’s future growth while ignoring its short-term price actions. 

The team has taken major steps to achieve substantial growth in the long term, including releasing notable projects like Shiba Eternity and an automated burn portal that could drive SHIB’s adoption.

Analyst Confirms Shiba Inu is Ready, as Symmetrical Triangle Breakout Targets $0.00008841

Sam Wisdom Raphael
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Analyst Confirms Shiba Inu is Ready, as Symmetrical Triangle Breakout Targets $0.00008841

Shiba Inu could target highs last seen in late 2021 following a symmetrical triangle breakout, as market analyst Charting Guy confirms the token is “ready.”

The analyst made this assertion while discussing Shiba Inu’s price movements over a 1-week timeframe. The symmetrical triangle in question has been forming over recent months. 

Its lower trendline began shaping up in May. Meanwhile, the upper trendline emerged after SHIB’s price dropped from its yearly peak of $0.000045 in March. These converging lines suggest a consolidation phase is nearing its end. As a result, a breakout could be imminent.

Crucial Shiba Inu Levels

The accompanying chart shows several key Fibonacci retracement levels acting as resistance and support zones. Currently, Shiba Inu is trading for $0.00001457, with the bulls ready to leverage the 0.236 Fibonacci support at $0.00001104 as defense.

SHIB 1W Chart Charting Guy
SHIB 1W Chart | Charting Guy

Should the price break upwards, the first major resistance lies at $0.00001643, representing the highs of mid-August. This region is the last roadblock between Shiba Inu and the $0.00002 psychological threshold. Beyond this, the next resistance level rests on the 0.5 Fibonacci mark, aligning with a price of $0.00002266.

Further resistance points are marked at $0.000031247 and $0.00003967. Notably, once Shiba Inu breaches these areas, it will face the previous March resistance at $0.000045810, which prevented it from reaching further yearly highs. Breaking this could help push SHIB toward the ultimate $0.00008841 target.

Shiba Inu is likely to face its biggest resistance at the Fibonacci levels between $0.000024 and $0.000030. Particularly, IntoTheBlock data suggests that the market features a large sell wall within this price range, where 143,380 addresses purchased 49.33 trillion SHIB at an average price of $0.000027.

Shiba Inu GIOM IntoTheBlock
Shiba Inu GIOM | IntoTheBlock

Meanwhile, a downward move could see SHIB testing lower supports at $0.000008411 and $0.000005808. However, this remains highly unlikely. Shiba Inu has not revisited these levels in months. The weekly RSI, now at 45, suggests market uncertainty but confirms the possibility of an upward push.

SHIB Bulls Maintain Control

Market data on bull-bear volume corroborates the bullish outlook surrounding SHIB. Notably, since mid-September, Shiba Inu intraday purchase volumes by bulls have persistently overshadowed sale volumes from bears.

Specifically, on Sept. 20, bulls bought over 3 trillion SHIB, overshadowing bearish volume by 117.1 billion tokens. This represented the largest excess demand since Sept. 6.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears | IntoTheBlock

In addition, large Shiba Inu transactions have remained above the 1 trillion mark daily since Sept. 16, per IntoTheBlock data. The only outlier occurred on Sept. 18, when volume dropped to 604 billion tokens.

Analysts See Bitcoin Q4 Rally as Halving Patterns Echo 2020 When BTC Surged 171%

Albert Brown
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Analysts See Bitcoin Q4 Rally as Halving Patterns Echo 2020 When BTC Surged 171%

As Bitcoin navigates through 2024, market analysts are closely monitoring its performance in relation to its most recent April halving event. 

Historical patterns from previous halvings suggest a potential surge in the fourth quarter, with 2024’s price action showing striking similarities to past years.

Analyst Ali Martinez recently noted how the current trends reflect those of 2016 and 2020, raising questions about whether Bitcoin’s cyclical behavior might once again drive substantial gains.

Comparing 2024 with Past Halving Years

Martinez’s analysis compares Bitcoin’s performance in 2016, 2020, and 2024, each marked by distinct yet related trends. In 2016, Bitcoin’s cumulative return index remained steady with mild fluctuations before a significant uptrend started near the 275th day. By the end of Q4, Bitcoin had gained approximately 61%, with the return index closing just above 2. 

Bitcoin Return Index / CryptoQuant
Bitcoin Return Index / CryptoQuant

The 2020 cycle, represented by a pink line on Martinez’s chart, showcased a more aggressive growth trajectory. Bitcoin’s cumulative returns grew steadily throughout the year, with minor corrections along the way.

The most dramatic movement occurred in Q4, when Bitcoin surged by 171%, with the return index value surpassing 4 by year-end. 

In 2024, the pattern appears to mirror 2020 closely, particularly in the latter part of the year. The purple line on Martinez’s chart shows a similar early-year growth with periods of sideways movement, followed by an upward trend beginning near the 250th day.

While the full impact of 2024 remains to be seen, the parallels with previous halving years suggest a potential rally in Q4, echoing historical performance.

Bitcoin’s Dominance Shift?

Amid this anticipated Bitcoin breakout, Martinez observes a shift in market dynamics that could pave the way for an altcoin season. His analysis, in a separate post, suggests that Bitcoin dominance may be topping out, hinting at a potential dip to around 47%. 

Martinez’s observations align with his broader view of the altcoin market, which appears ready to surpass $1 trillion. In another post, he highlights a symmetrical triangle pattern forming in the altcoin market cap, suggesting a potential breakout as the pattern nears its convergence point.

This setup, characterized by a series of lower highs and higher lows, points to an upcoming market movement, which could further validate the onset of an altcoin season.

Bitcoin Eyes $69K as Halving Year Patterns Boost Bullish Momentum

Albert Brown
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Bitcoin Eyes $69K as Halving Year Patterns Boost Bullish Momentum

As Bitcoin records its seventh consecutive bullish day, will an extension rally reach $69,848 this weekend?

With a bullish recovery in action, Bitcoin has witnessed a boost in trend momentum. Last week, it jumped 7.5%, following the 7.77% recovery the week before.

As the recovery rally gains momentum, the BTC price has increased 7.88% from September 1, with an opening price of $58,967. Furthermore, the high-momentum recovery rally in the BTC price will likely undermine the 8.74% drop in August 2024.

However, the short-term bull run in Bitcoin continues to respect the consolidation range starting in March 2024. With lower price rejections in multiple monthly candles, the BTC price action teases a bounce back to surpass the all-time high of $73,794.

Bitcoin Halving Years Pattern Resurface

In a recent tweet, a well-known crypto analyst, Ali Martinez, highlighted the similarity in the Bitcoin price trend in the halving years. With the second Bitcoin halving in 2016, Q4 marked a 61% rise in BTC prices.

Meanwhile, in 2020, during the third BTC halving, Bitcoin gained 171% in the last quarter of the year. In 2024, a similar price action in BTC is noticed, respecting the price trend of halving years.

Based on this assumption, the BTC price will likely skyrocket in the next three months of 2024. Furthermore, the data from Coinglass shows that the BTC price has recorded massive gains in October for the past five years. 

According to the data, it increased by 28.52% in 2023, 39.93% in 2021, and 27.7% in 2020. In the 2016 halving year, the BTC price jumped 14.71% in October. Hence, the BTC price is likely to continue a bullish trend.

Bitcoin V-shaped Recovery Targets $69K

In the 4-hour chart, the short-term Bitcoin price action reveals a V-shaped recovery, challenging the neckline at $64,600. With the potential breakout, the BTC price will likely challenge the $69,848 resistance by the end of this week.

Bitcoin Price Chart
Bitcoin Price Chart

An in-between resistance at the $66,560 level could demand a retest of the $64,600 breakout. On the other hand, the crucial support for Bitcoin stands at $61,451 and $57,681.

Finally, technical indicators bolster Bitcoin’s chances of an upside move. The MACD indicator shows a positive crossover impending in the MACD and signal lines.

Meanwhile, the 200 and 100 SMA in the 4-hour chart are bullish and likely to give a positive crossover. Hence, the bullish influence over Bitcoin is increasing in the short-term dynamics.

Asian Bitcoin Advocate Charges Japan to Acquire 167,000 BTC

Mark Brennan
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Samson Mow, the popular Asian Bitcoin evangelist and CEO of JAN3, has called on the government of Japan to acquire 167,000 BTC tokens.

Mow persuaded Japan to buy the premier asset in a tweet on Sunday after a discussion at the Bitcoin and Layer 2 session in Japan. The conference, hosted by Blockstream, Crypto Garage, and Fulgure Ventures, aimed at promoting Bitcoin adoption at the state level in Japan.

Notably, representatives of Japan’s major banks, financial technology firms, and regulators attended the conference. During the session, Mow discussed Bitcoin’s growth, scarcity, and fiscal implications.

Japan to Explore Bitcoin Due to Love for Hard Assets

The Bitcoin champion implied that Japan’s unbounded love for hard assets should drive the nation’s adoption of the largest cryptocurrency. He stated that Japan could hold 167,000 bitcoins in proportion to its gold holdings.

For context, Japan is the 8th largest global holder of gold, with approximately 846 tons of gold. The Asian country stores 5.1% of its foreign exchange reserve in gold, 14 times less than America’s stash of the precious metal.

Mow suggested that Japan should equal its gold stash with that of the premier digital asset. He asserted that he sees the possibility of the occurrence because “it makes sense for Japan to hold the hardest asset in existence.”

Mow Continues Bitcoin Adoption Push

The Acqua Bitcoin developer has played a pivotal role in the growing adoption of Bitcoin in Asia. His firm, JA3, specializes in pushing hyperbitcoinization on the national level, fostering more effective global advocacy for the premier asset.

Mow’s latest endeavor saw him meet with Japan’s Minister of State for Financial Services, Junichi Kanda. The closed-door meeting possibly featured discussions around the adoption of Bitcoin and the global implication of Republican nominee Donald Trump’s assertion of storing Bitcoin as a strategic reserve.

It bears mentioning that although Japan does not officially hold Bitcoin, it is one of the countries that opened its borders to the digital innovation in its early stages. Japan created clear rules for crypto exchanges in 2017 and has approved a stablecoin framework in 2022.

However, the Asian country has recently implemented certain rules stiffening the growth of digital assets. Strict regulations, such as the lofty requirements for registering as a crypto asset exchange service provider (CAESP), among others, have somewhat stunted the sector’s growth.

Bitcoin’s National-Level Adoption on the Rise

Amidst Japan’s lukewarm stance on cryptocurrency, countries like El Salvador and Bhutan have adopted the digital asset. Notably, their adoption of Bitcoin has had substantial financial implications for their economy, encouraging large-scale adoption of the asset. 

Aside from adopting Bitcoin as legal tender, El Salvador committed to buying one of the asset every day till it was no longer affordable in fiat. El Salvador has executed this ploy for 190 days and currently holds 5,881 BTC ($373 million).

Also, Bhutan’s investment in Bitcoin mining has paid up substantially. It recently became the second country to officially hold Bitcoin. Its 13,090 BTC ($832 million) stash also means it is the fourth-largest government entity holding the asset.

Financial Pundit Kiyosaki Says Bitcoin Going to $500K and $1M

Abdulkarim Abdulwahab
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Financial Pundit Kiyosaki Says Bitcoin Going to $500K and $1M

Renowned financial author Robert Kiyosaki has recently forecasted a Bitcoin price of $500,000 by next year and up to $1 million before the end of this decade.

Kiyosaki issued this bold forecast in a recent commentary on the financial market in a post on X. He drew attention to a forthcoming book by fellow financial expert Jim Rickards, titled “Money GPT.”

Kiyosaki enthusiastically endorsed the book, urging financially savvy individuals to pre-order it and gain valuable insights into the future of money. He emphasized that the book’s revelations about the impact of Artificial Intelligence (AI) on the financial world are both unsettling and enlightening. 

Consequently, he noted that reading it will give readers a unique advantage in navigating the impending changes.

According to Kiyosaki, the good news is that Jim Rickards’ predictions about the future of money, as outlined in his book “Money GPT,” suggest that Bitcoin is poised for a significant surge in value. 

Specifically, Kiyosaki highlighted that Rickards’ forecast implies that Bitcoin could reach as high as $500,000 by 2025 and potentially even $1 million by 2030.

While bold Bitcoin forecasts like this are not rare in the crypto community, Kiyosaki’s post has attracted significant attention, with some challenging his outlook for the broader financial market.

Bitcoin Rallying by 686% to $500K

Kiyosaki’s projection implies that he anticipates Bitcoin’s peak in this ongoing bull market at $500,000. Currently, Bitcoin is worth $63,550, up over 7.84% over the past week and 140% since last year. In other words, the financial pundit projects a massive growth of 686% over the next year. 

Notably, numerous analysts in the crypto community have expressed similar sentiment that Bitcoin’s run for this cycle will max out at $500,000. However, conservative voices argue that a more realistic outlook is between $100,000 and $150,000. At $500,000, Bitcoin’s fully diluted market cap would be at $10.5 trillion.

Other Experts Agree Bitcoin to $1M by 2030

While skepticism abounds around Bitcoin’s ability to reach $500,000 by next year, industry pundits are nearly unanimous in their agreement on the $1 million price point by 2030.

In June, analysts of asset management firm Bernstein argued that Bitcoin could attain $1 million per coin by 2033. Likewise, former Twitter CEO Jack Dorsey argued in May that Bitcoin would be “at least” $1 million by 2030. Notably, at this lofty price, Bitcoin’s market cap will be at $21 trillion.

Dormant Ethereum ICO Whale Deposits $9M in ETH to Kraken After Two Years

Albert Brown
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Dormant Ethereum ICO Whale Deposits $9M in ETH to Kraken After Two Years

Ethereum Foundation continues regular ETH sales as an Ethereum ICO participant deposits to Kraken after 2 years of inactivity.

An Ethereum ICO participant, who initially received 150,000 ETH at the Genesis block, has recently re-emerged after over two years of inactivity. The participant, whose ICO cost was just $46,500, saw their holdings swell to a staggering $389.7 million. 

Recently, they moved 3,510 ETH, valued at $9.12 million, to the Kraken exchange, as first spotlighted by Lookonchain.

Portfolio and Recent Transfers

A closer examination of the participant’s portfolio reveals a current ETH balance of 11,489.99 ETH, worth approximately $30.6 million. The wallet also holds 16 different tokens. 

Notably, the last known transaction before this recent activity occurred 771 days ago when the participant received three separate transfers of 5,000 ETH each from another address. 

Foundation’s Regular Liquidation Patterns

Meanwhile, elsewhere, the Ethereum Foundation has maintained a steady pattern of ETH liquidations, drawing attention from market observers.

On September 21, the Foundation sold 300 ETH, valued at approximately $763,000, at an average price of $2,543 per ETH. The transaction involved an exchange of ETH for DAI stablecoin, continuing a series of similar moves. 

Additionally, earlier in September, the Foundation liquidated ETH worth $226,868 and $1.029 million on separate occasions.

In total, at the time of Spot On Chain’s post, the Foundation had sold 950 ETH since the start of September, equating to approximately $2.27 million. These sales have occurred in a consistent cycle of every four to seven days.

Multi-Signature Wallet Transfers Too?

Alongside the Foundation’s activities, significant movements have also been observed involving a multi-signature wallet linked to the Foundation.

On September 6, during a period of price decline for Ethereum, on-chain data revealed a transfer of 1,000 ETH, valued at about $2.38 million, to this wallet. At the time, this wallet currently held 1,678 ETH, worth around $3.98 million, along with 32 different tokens totaling $98,755 in value.

Expert Says Do Not Sleep on XRP as Millions Can Be Made with XRP Parabolic Explosion

Abdulkarim Abdulwahab
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Expert Says Do Not Sleep on XRP as Millions Can Be Made with XRP Parabolic Explosion

Bitlord, a prominent investor who has been in the crypto market for over a decade, has declared that XRP is “ready” for an uptrend that could reward holders with millions.

XRP has struggled to experience a sustained uptrend in the past few days since the crypto market turned bullish again. Over the past week, top crypto assets like Ethereum and Solana (SOL) have seen over 10% gains. In contrast, XRP has seen just 3.53% growth.

Also, in the last 24 hours, XRP has dipped by 1% while other rivals are seeing positive gains of over 3%. In other words, XRP is yet to fully benefit from the ongoing bullish sentiment riding the crypto market.

“XRP is Ready” for Parabolic Move

However, veteran crypto trader Bitlord believes XRP is about to embark on a bull run. “I think XRP is ready,” he said, predicting a parabolic explosion within a 24-hour window.

“…Expecting a parabolic explosion vertically within 24hrs.”

Notably, Bitlord made this bullish call on XRP on Sunday evening, and at press time, XRP’s price movements have remained passive. 

Meanwhile, Bitlord told crypto market participants that the anticipated uptrend could make investors who perfectly time the market millions of dollars, warning them not to ”sleep” on it.

“Don’t sleep; millions can be made timing this move.”

During the weekends, XRP briefly recaptured the $0.6 region, rallying up to $0.61, a fresh high price since last month. However, the bull momentum lost steam. Since reaching $0.61, XRP has fallen to a low of $0.5796.

This brief spike in XRP’s price over the weekend likely boosted Bitlord’s confidence in a continued bull trend, as he didn’t specify any particular reason behind his bullish stance on XRP.

XRP Party Starting Up Again

In a follow-up post, Bitlord expressed disappointment over the negativity directed at XRP amid his bold prediction. This skepticism stems from XRP’s price movements this year, where market watchers have continuously forecasted a “bullish breakout” for XRP. Yet, the anticipated rise has not materialized, with XRP experiencing minimal movements.

XRP’s underperformance compared to other cryptocurrencies during bullish trends has led many to question its potential for significant gains.

However, Bitlord attempted to reinforce his conviction by recalling that the last time he made a similar call for XRP, “it moved a few billion.” 

This was on July 11, when he boldly predicted that “something big” was on the horizon for XRP. At that time, he encouraged market participants to buy more XRP for “the love of God.” 

Since that call, XRP has indeed seen notable growth and has continued to preserve most of them. At the time, XRP traded around $0.43, and the asset surged to $0.6366 just six days later, a 48% gain.

“Now I’d like to see that party start up again,” the seasoned investor concluded.

 

Shiba Inu Issues Critical Warning After Rug-Pull on Shibarium 

Lele Jima
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Shiba Inu Issues Critical Warning After Rug-Pull on Shibarium 

Investors of Beast Token (BEAST), a Shibarium-based token, suffer huge losses after the team behind the token executed a rug pull. 

Shibarmy Scam Alerts, a Shiba Inu community-driven scam alert channel, reported the incident over the weekend in a post titled “Beast Token Rug Pull on Shibarium.”  

According to Shibarmy Scam Alerts, the team closed all communication channels on Telegram after draining investors’ funds. At the time of the tweet, the channel noted that the team behind BEAST had not offered any compensation to affected victims. Notably, the community-driven channel provided a link to the token’s transaction activity on DEX Screener. 

Beast Token Transaction Activity 

According to DEX Screener, BEAST was listed on Shibarium-based decentralized exchange ChewySwap at 11:58 AM (UTC) on September 20, 2024, under the trading pair BEAST/WBONE. 

At the time, the team added liquidity of 7 million BEAST and 2,950 Wrapped BONE. Shortly after its launch, BEAST captured investors’ interest, with many people committing between $20 and $300 to acquire the token. Two hours later, the team removed the token’s liquidity, resulting in the massive crash of BEAST’s price. 

It bears mentioning that BEAST’s price surged to a high of $0.001133 immediately after its launch, marking a 500% increase in 15 minutes. However, following the liquidity removal, the token’s price plummeted to $0.000002770, representing a decline of 99.75% from its peak price. According to DEX Screener data, BEAST has a market cap of $28 at the time of writing. 

Shiba Inu New Warning  

In the meantime, Shibarmy Scam Alerts warned Shiba Inu investors to avoid interacting with the BEAST’s contract to prevent further losses. Further, it advised victims of the rug pull to report the scam to relevant authorities. 

The community-driven alert channel also expressed concern about the development, urging investors to remain cautious when investing in cryptocurrencies. 

For context, a rug pull is a fraudulent activity that gained traction in the early days of crypto. During a rug pull, malicious actors develop and promote a token to attract investments from the unwary, and subsequently siphon the invested funds. The market has witnessed several of these incidents, and The Crypto Basic has covered a handful of them. 

Last year, scammers rug-pulled 20 crypto projects in one hour, stealing $150,000 along the way. Also, a YouTuber Ice Poseidon reportedly used a similar practice to steal $500,000 from his fans. The YouTuber used part of the proceeds to acquire a Tesla automobile while his fans suffered heavy losses.

It is noteworthy that not all newly launched cryptos are legitimate. As a result, it is imperative to conduct due diligence before committing funds to any new project. 

XRP Rejected at $0.60, but Cup and Handle Formation Suggests Imminent Rally

Sam Wisdom Raphael
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XRP Rejected at $0.60, but Cup and Handle Formation Suggests Imminent Rally

XRP recently faced a rejection at $0.60, but a Cup and Handle formation on the 4-hour chart suggests potential upside toward $0.70.

Over the weekend, XRP briefly reclaimed the $0.60 level for the first time in September. Amid this upsurge, it managed to clinch a one-month high of $0.6129 on Saturday. 

However, the token quickly entered a correction phase, pulling back from these gains. As of this writing, XRP hovers around $0.59, trading just under the psychological $0.60 barrier. This resistance zone has proven to be a major obstacle for XRP.

XRP Breaches Cup and Handle Pattern

Following the latest development, market analyst Steph noted in a YouTube analysis that XRP broke above the neckline of a classic cup-and-handle pattern on the 4-hour chart during its weekend rally. Data from the charts shows that XRP had been struggling to breach this level since Sept. 15. 

XRP 4H Chart
XRP 4H Chart

Interestingly, the current price action reveals a retest of this breakout level. If XRP can maintain four-hour closes above the $0.59–$0.60 range, it could confirm the bullish trend continuation. However, failing to hold this support may lead to further downside movement.

Steph believes the formation points to a target of $0.69 to $0.70, a potential 17.7% gain from the current price. This value would represent a 6-month peak for XRP. However, the analyst cautions against complacency, as volatility and liquidity traps could emerge in the short term.

XRP Resistance Levels and Liquidity Risks

According to Steph, XRP must first break through the $0.64–$0.65 zone, which coincides with the 0.786 Fibonacci level. This level has previously triggered rejection points, especially earlier this year in April and August. 

If XRP manages to breach this area, the next significant target would be the $0.70 mark, completing the cup-and-handle formation’s implied breakout.

Yet, Steph warns that liquidity risks could impact the market’s trajectory. XRP’s liquidation heat map shows a considerable accumulation of short positions, with over $52 million worth of liquidity in the $0.66 range. If these shorts are triggered, the price could surge as liquidity is chased.

Attorney Morgan’s Take on XRP’s Struggle

Meanwhile, legal expert Bill Morgan discussed XRP’s ongoing battle with the $0.60 resistance level. He noted that XRP’s failure to sustain its recent breakout indicates a possible drop below the 20-day EMA.

Citing an analysis from Investing, Morgan explained that the $0.60 level has historically been a point of strong resistance, and failing to break above it consistently could lead to further consolidation.

While long-term XRP enthusiasts continue to anticipate all-time highs, Morgan advises that investors should remain cautious. According to him, until XRP can decisively break above $0.60 and hold, any immediate price spikes may be short-lived.

Further, CryptoQuant data suggests that the XRP reserve on Binance had been on the rise since Sept. 11. Notably, the figure has spiked from 2.941 billion to 2.983 billion tokens over the past 12 days. However, the market observed a slight drop yesterday.

XRP Ledger Exchange Reserve Binance
XRP Binance Reserve | CryptoQuant
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