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Elon Musk Adds Laser Eyes to His X Profile, Crypto Leaders Follow

Mark Brennan
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Elon Musk Adds Laser Eyes to His X Profile, Crypto Leaders Follow

Elon Musk changed his X profile picture to the Bitcoin-related laser eyes symbolism, triggering a reaction across the cryptocurrency community.

Tesla CEO Elon Musk has adopted a new X profile picture of himself in an armor suit with laser blue eyes and the American flag in the background. The laser eye meme, which originated from the Mass Effect 2 game in 2010, has become a symbol of empowerment in the crypto community. The crypto community adopted it in 2021.

elon Musk new profile image with laser eyes
Elon Musk’s new profile image with laser eyes

Musk’s move follows reports that President Joe Biden has announced the end of his re-election campaign. The crypto community, which largely favors Biden’s rival, former President Donald Trump, views this development as a positive sign for Trump’s potential return to office. 

Trump has been vocal in his criticism of the Biden administration’s approach to crypto regulation. He has pledged to protect the rights of Bitcoin and crypto miners, which has further endeared him to the crypto community.

Along with changing his profile, Musk expressed his belief in an America that maximizes individual freedom and merit. The billionaire has often made headlines in the crypto scene, especially from his support of Dogecoin. Laser eyes are a common symbol in the crypto space, signifying support for Bitcoin.

Notably, just like Trump, Musk is also suspected of appearing at the 2024 Bitcoin Conference and has arrived in Tennessee for the same. The billionaire changed his profile picture the day he landed in the city where the conference will be hosted.

Crypto Leaders Follow the Trend

Musk’s new profile picture is part of a broader trend where several American crypto-friendly figures have made a similar move. Marc Andreessen, co-founder of the web browser Netscape and the venture capital firm Andreessen Horowitz (a16z), also joined the trend.

Andreessen posted an image of an anime character with laser eyes and the American flag on X shortly after news of Biden’s withdrawal broke. He even changed his profile picture to this new image.

Similarly, Ryan Selkis, the founder of the crypto research firm Messari, also updated his profile picture to reflect the laser eye theme.

This course of action from Musk is beyond the purpose of aesthetics, as he made a similar move earlier this year when he changed his display picture to that of an anime woman with glowing red eyes. This occurred a few weeks before Bitcoin soared to its all-time high of $73,750 on March 14.

Here are Most Compared Altcoins With Shiba Inu

Lele Jima
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Here are Most Compared Altcoins With Shiba Inu

Leading dog-themed token Shiba Inu ranks among the crypto pairs that are the most compared on CompareMarketCap. 

According to a recent X post, CompareMarketCap released a list of seven cryptocurrency pairs that are being compared on its platform. It is interesting to note that three out of the seven pairs relate to Shiba Inu. 

MOG, BILLY, and BOBO Compared with SHIB 

According to the data, CompareMarketCap users compared three memecoins—Mog Coin (MOG), Billy (BILLY), and Bobo Coin (BOBO)—with SHIB to ascertain their prices when their market caps reach that of Shiba Inu. 

For context, Shiba Inu currently ranks as the second-biggest memecoin and the 13th-largest token in the global crypto ranking. At the time of writing, Shiba Inu boasts a market cap of $10.45 billion. However, none of the cryptocurrencies compared with Shiba Inu has a market cap of up to $1 billion. 

Specifically, MOG, BILLY, and BOBO are valued at $793.66 million, $180.81 million, and $90.39 million, respectively. 

Data from CompareMarketCap shows that MOG’s price will surge 13.14x to $0.000028 if it hits Shiba Inu’s market cap. Furthermore, the prices of BILLY and BOBO will increase by 58.22x and 110.56x to hit $10.62 and $0.00015 if they attain Shiba Inu’s current market cap, respectively. 

Besides Shiba Inu-related pairs, the other most compared assets on CompareMarketCap include WIF vs. DOGE, APU vs. PEPE, GIGA vs. DOGE, and MICHI vs. WIF. 

Investors Remain Inspired By SHIB 

It is not surprising that Shiba Inu ranks as the most compared pair on CompareMarketCap. Shiba Inu’s success story lives rent-free in the hearts of many investors. 

The asset, which launched in 2020 with a hefty circulating supply of 1 quadrillion tokens, has become one of the leading cryptocurrencies worth billions of dollars. 

For context, Shiba Inu rallied over 45,000,000% in the 2020/2021 bull market before eventually hitting an all-time high of $0.00008845 on October 28, 2021.

At press time, SHIB’s price is down 79.97% from its all-time high price. Nonetheless, investors are still comparing different tokens with SHIB to ascertain their prices if they attain SHIB’s current valuation. 

Cboe Officially Confirms 5 Spot Ethereum ETFs Launch Coming Tomorrow

Mark Brennan
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Cboe Officially Confirms 5 Spot Ethereum ETFs Launch Coming Tomorrow

Five Ethreum Spot ETFs are confirmed to be launching on 23rd July.

The Chicago Board Options Exchange (CBOE) has officially confirmed that five Spot Ethereum exchange-traded funds (ETFs) are set to debut on July 23. According to Friday’s new issue notifications by the exchange, the ETFs to be listed are from 21Shares, Fidelity, Franklin, VanEck, and Invesco Galaxy.

This means that the CBOE will be the primary exchange for the initial trading of the much-anticipated Ether ETFs.

Other Confirmations

On July 16, Bloomberg analyst Eric Balchunas confirmed the launch date, assuming no last-minute complications arise. According to his disclosure, Tuesday, July 23 could be the date of ETH spot ETFs launch.

 

Moreover, a recent Reuters report cites industry insiders who revealed that asset managers BlackRock, VanEck, and Franklin Templeton are among the eight applicants expected to receive approval from the SEC by July 22.

Fee Structure

It is important to note that the regulator approved the 19b-4 forms received by Ether ETF applicants in May. However, the S-1 filings still required the regulator’s nod before the new products could be traded on exchanges. Last week, the issuers disclosed their fee structures in amended registration statements.

Fidelity has set its fee at 0.25% and will waive it through the end of 2024. Franklin Templeton has decided to waive its fee on the first $10 billion of the fund’s assets until January 31, next year.

VanEck plans to waive its fee for the first $1.5 billion for the next year. Meanwhile, 21Shares has set a 0.21% fee, which will be waived for six months starting when the shares are listed or during the first $500 million, whichever comes first.

Ethereum’s current trading price hovers above $3,500, up by over 5% in the past week. The second-largest cryptocurrency by market cap reached its all-time high of $4,891 in November 2021. With the upcoming launch of these ETFs, the crypto community hopes to see Ethereum challenge its peak.

The successful launch of spot Bitcoin ETFs in January has motivated financial institutions to offer an ETF tied to Ethereum. The market’s focus now shifts to the potential for other crypto ETFs, with a major buzz around a potential Solana ETF.

Shiba Inu and Kusama Officially Warn SHIB Community About Major CryptoCom Mistake

Abdulkarim Abdulwahab
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Shiba Inu and Kusama Officially Warn SHIB Community About Major CryptoCom Mistake

The Shiba Inu team, including the ecosystem leader Shytoshi Kusama, has cautioned the SHIB community of a potential risk resulting from a recent publication by the trading platform Crypto.Com.

Recently, Crypto.Com published a comprehensive beginner’s guide to the Shiba Inu ecosystem. The article covered the existing ecosystem tokens SHIB, Bone, and Doge Killer (LEASH) and the upcoming tokens TREAT and SHI stablecoin. It looked at these assets from their origins and unique use cases in the Shiba Inu ecosystem. 

Furthermore, the Crypto.Com article explored other components of the Shiba Inu ecosystem, including the native blockchain Shibarium, the ShibaSwap exchange, the SHIBOSHIS, which are Shiba Inu NFTs, and the ecosystem games Shiba Eternity and SHIB: The Metaverse.

Moreover, the publication touched on the Shiba Inu community as well as members’ efforts in promulgating the SHIB story. Considering the all-encompassing nature of the article, it garnered praise from the Shiba Inu team.

“A fantastic beginner’s guide to our ecosystem,” Shiba Inu’s official X account remarked on the publication.

Major Flaw Detected

Meanwhile, community members soon discovered a major oversight in the article that poses a risk to unsuspecting individuals. Shibarmy Scam Alerts disclosed that the article linked to a TREAT token site not associated with the Shiba Inu team, which is likely a fraudster-created website.

Shiba Inu’s official X account confirmed the oversight in a follow-up update. As a result, they advised community members to carefully verify each link before clicking. Additionally, the team mentioned they would be reaching out to Crypto.Com to correct the error and ensure the safety of readers.

Shiba Inu Lead Reacts

Likewise, Shiba Inu’s pseudonymous leader weighed in on the development. He lamented that Crypto.Com wrote about the yet-to-launch TREAT token, assuming it is live erroneously. 

Accordingly, Kusama urged community members to proceed with caution. Moreover, he reiterated the abundance of parodies intently created to scam unsuspecting individuals, warning the SHIB community to remain vigilant.

At press time, The Crypto Basic observes no links embedded to mentions of TREAT in the article, suggesting Crypto.Com may have corrected the initial misstep.

Treat Token Launching

Significantly, in the coming months, the TREAT token is expected to launch alongside a Shiba Inu layer-3 blockchain that is still under development. To prevent scams from emerging before the official launch, the Shiba Inu team has refrained from disclosing the name of the upcoming blockchain.

Here’s Why Seeing XRP at $1M Price is Practical: Ripple CTO

Sam Wisdom Raphael
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Here’s Why Seeing XRP at $1M Price is Practical: Ripple CTO

David Schwartz, the Ripple CTO, previously noted that seeing XRP at higher prices, such as $1 million, is more practical for payments.

Schwartz revealed this on Quora while addressing a question about the practicality of XRP’s price in payment setups. Being the largest holder of XRP, Ripple has continued to leverage the cryptocurrency as a bridge currency for its payment offerings.

Due to its speed and robust features in facilitating these payments, especially across borders, market participants expect XRP to be an attractive choice for banks. Amid these expectations, a proponent took to Quora to ask a question on how this sort of adoption could impact XRP’s price.

XRP at $1M is More Practical for Large Payments

The inquiry revolved around whether banks would prefer to keep the price of XRP low if they were to adopt Ripple’s technology and whether XRP’s finite nature could hinder mainstream adoption. In his response, Schwartz highlighted the benefits of a higher-priced XRP, particularly in facilitating large transactions.

The Ripple CTO explained that a higher price for XRP enhances its liquidity. This, in turn, makes it more cost-effective for large payments. He drew a comparison with Bitcoin’s evolution. He noted that when Bitcoin was priced at $100, purchasing enough to make a $1 million transaction would significantly impact the market price.

Ripple CTO on XRP reaching $1M
Ripple CTO on XRP reaching $1M

This level of volatility would make such transactions impractical. However, as Bitcoin’s price rose to over $10,000, making a $1 million transaction became more feasible because a smaller fraction of the total Bitcoin supply was needed. Schwartz discussed this in December 2017. At the time, BTC traded between $13,600 and $16,600.

Notably, the same principle applies to XRP. Schwartz emphasized that a higher-priced XRP means that large transactions can be conducted with minimal market disruption. This higher liquidity reduces the cost of payments, making XRP a more efficient vehicle for high-value transactions. 

Essentially, as the price of XRP increases, the amount necessary for large transactions decreases. Consequently, this phenomenon stabilizes market impact and facilitates smoother transactions.

“XRP Cannot be Cheap.”

Schwartz’s assertion syncs with the broader goals of Ripple’s payment offerings. The San Francisco-based firm looks to streamline cross-border payments by offering a faster, more cost-effective alternative to traditional banking methods. The use of XRP as a bridge currency in these transactions is central to the vision. 

Before his comment on Quora, David Schwartz had argued on X in November 2017 that XRP cannot be too cheap. He stressed that a $1 million payment using XRP would require 1 million XRP if XRP costs $1. However, this same $1 million payment would require 1 XRP if XRP trades for $1 million. According to him, a higher price would make the payment cheaper.

Nearly seven years later and the Ripple CTO has held onto his earlier beliefs. In response to community speculations four months ago, Schwartz stressed that it is senseless to believe that Ripple would want to keep XRP’s price low. This came as a reply to questions around his 2017 comments. 

World-Renowned Wrestler John Cena Joins Shiba Inu Army

Lele Jima
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World-Renowned Wrestler John Cena Joins Shiba Inu Army

Famous American actor and professional actor John Cena becomes an honorary member of the Shiba Inu community.  

The team behind the Shiba Inu ecosystem revealed the development over the weekend while reacting to an X post from its Telegram group admin, Xander Shib. 

Never Give Up 

In the post, Xander urged Shiba Inu enthusiasts to keep living the dream and never give up. The team member attached a gif to the tweet showing John Cena holding a banner with the caption, “Never Give Up.” 

Reacting, Shiba Inu’s X handle shared a fun fact about the professional wrestler, noting that John Cena is one of its followers on the social media platform. 

Interestingly, the Shiba Inu X handle referred to him as an honorary community member, adding a saluting face emoji. 

John Cena’s Salute Gesture 

It is worth noting that John Cena is known for always performing the salute gesture before every wrestling contest. The wrestler stands at attention in camouflage shorts and makes the salute gesture. 

Speaking in an interview with WWE, the professional wrestler stated that the gesture is a sign of acknowledgment to his devoted fans who keep standing by him. He also disclosed that the salute gesture is a way of showing respect to Armed Forces members.  

An Official Endorsement? 

It bears mentioning that whenever a celebrity follows a particular cryptocurrency on social media, the action is considered to be a form of endorsement or support for the project. 

Although John Cena’s following may not be an official endorsement of Shiba Inu, the cryptocurrency’s X handle humorously conferred him with an honorary title due to his celebrity status. 

In the meantime, John Cena has not made any tweet relating to Shiba Inu. We received a “No Result” prompt when we searched his X account to find out whether he posted anything about the dog-themed token. 

Community Reacts 

While the news of John Cena following Shiba Inu’s X handle triggered excitement within the community, many enthusiasts are interested in knowing whether the professional wrestler holds SHIB. 

Casey Stubbs, the founder and CEO of Trading Strategy Guides, was among those inquiring about John Cena’s SHIB holdings. 

At press time, it is unclear whether the Hollywood actor engages with Shiba Inu beyond following the cryptocurrency on X. However, this engagement could be translated as John Cena endorsing Shiba Inu, which could positively impact the cryptocurrency in the long-term. 

Meanwhile, John Cena adds to the list of celebrities interested in Shiba Inu. Since its inception in August 2020, Shiba Inu has caught the attention of popular celebrities like Nick Carter, Kai Greene, Tracy Marrow (Ice-T), and Antonio Brown. 

XRP Bulls Target $2.50 as Weekly Chart Shows Critical Breakout Potential

Albert Brown
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XRP Bulls Target $2.50 as Weekly Chart Shows Critical Breakout Potential

XRP bulls are attempting to breach a critical trendline resistance on the weekly chart, potentially driving prices to $2.50 if successful.

XRP bulls are currently attempting to breach a critical trendline resistance on the weekly chart. This resistance level, part of a symmetrical triangle pattern, represents a significant hurdle because a successful breakout could lead to an explosive price increase, according to Captain Faibik. 

He emphasized that the breakout from this consolidation phase could propel XRP to new heights.

Symmetrical Triangle Pattern

The symmetrical triangle pattern on XRP’s weekly chart is characterized by converging trendlines. The upper trendline descends while the lower trendline ascends, indicating a consolidation phase. XRP is nearing the triangle’s apex, where the price faces increasing pressure from both trendlines. 

The upper trendline serves as a crucial resistance level that XRP bulls aim to surpass. If XRP breaks above this trendline, a bullish move is expected, potentially reaching a target of approximately $2.50. This represents a 331.17% increase from the breakout point.

Historical Context and Potential Repetition

Another analyst, JackTheRippler, draws parallels to a similar symmetrical triangle pattern from 2017. During that period, XRP experienced a massive breakout, resulting in a 60,000% price increase. He suggests that the current setup could repeat this historical movement. 

Per Jack’s chart, the current symmetrical triangle pattern, spanning from 2018 to 2024, indicates a long-term consolidation phase. 

Development Activity and Price Volatility

Adding to the speculation, Santiment reports a substantial increase in daily active addresses and network growth on the XRP network. The daily active addresses reached 47,363 on July 18, 2024, the highest since March 9. 

XRP Screenshot 2024 07 20 at 110235
XRP, Santiment.

Simultaneously, network growth, indicated by the number of new XRP wallets created, saw 1,721 new wallets on the same day, the highest since March 30. 

The spikes in daily active addresses and network growth suggest increased user engagement and adoption of the XRP ledger, potentially leading to higher demand and price appreciation. Historical data shows that similar increases in network activity often coincide with significant price movements.

Community Perspectives and Future Projections

It is important to note that the crypto community recently addressed misconceptions about Ripple’s periodic XRP sales and their impact on the price. Notably, Ripple, holding the largest share of XRP, unlocks 1 billion XRP monthly. 

Despite re-locking 80% in escrow, some community members believe these sales suppress the coin’s price. 

However, in response, Mickle, a wealth advisor on X, dismissed these allegations, emphasizing several factors that suggest Ripple’s periodic sales have a minimal impact on the price of XRP. Mickle explained that Ripple carefully manages its sales to prevent overwhelming the market with large quantities of XRP.

Expert Analysis Suggests SHIB May Hit $0.00003298 With This Resistance Breakout

Albert Brown
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Expert Analysis Suggests SHIB May Hit $0.00003298 With This Resistance Breakout

Analysis Suggests SHIB May Hit $0.00003298 with Resistance Breakout.

Shiba Inu (SHIB) is currently trading at $0.00001781, reflecting a notable increase from its price of $0.00001294 just two weeks ago. Despite a drop from its local high of $0.00004605, recent analysis indicates a potential reversal in its fortunes.

Recent analysis by Rick_SimpleSwap on TradingView highlights several key factors that might influence SHIB’s future price movements. This includes volume profiles, resistance levels, and historical holding patterns according to on-chain data.

Volume Profile and Resistance Levels

Per the analyst’s chart, the volume profile for SHIB indicates substantial interest around the current price levels, implying a potential consolidation area. This means that market participants are actively trading at these levels, which could stabilize the price. 

The price action is currently attempting to recover and consolidate below a downward-sloping resistance level, marked by a yellow descending trendline on the chart. If SHIB manages to break this downward resistance, it may consolidate above this level, potentially leading to further price growth. The immediate resistance level identified is $0.00002963, with a potential target price of $0.00003298 if the breakout and consolidation occur as anticipated.

Holding Time and Address Activity Show Positive Signs

On the on-chain end, IntoTheBlock’s “Coins Holding Time” chart reveals that the average time SHIB coins are held has recently stood at three months as of early July 2024. On July 1, 2024, the volume transacted was 9.21 trillion SHIB at a price of $0.000016. Historically, spikes in the average holding time have coincided with significant price movements, as seen in May and September 2021. 

Screenshot 2024 07 20 at 123756
Source, IntoTheBlock

The recent trend of increasing holding times suggests more long-term holders are participating in the market. This could indicate growing investor confidence in SHIB’s future potential, as increased holding time typically implies reduced available supply, potentially leading to a price surge if demand remains constant or increases.

Additionally, IntoTheBlock’s “Addresses Stats” chart provides insights into new addresses, active addresses, zero-balance addresses, and price correlations. As of July 1, 2024, there were 1.17k new addresses, indicating a steady inflow of new participants. The number of active addresses was 3.64k, showing moderate engagement within the SHIB network. 

Screenshot 2024 07 20 at 123827
Source, IntoTheBlock

Zero-balance addresses stood at 1.1k, which could either indicate holders who have sold off their SHIB or new addresses yet to receive any SHIB. Historically, peaks in new and active addresses often precede price surges, suggesting that increased interest and activity within the network could lead to another price increase.

Long-term Outlooks

Elsewhere, a recent survey reported by The Crypto Basic of 13 financial industry experts highlighted ambitious long-term outlooks for Shiba Inu, including the potential to recapture $0.000045 soon. 

Shiba Inu has been a notable performer in the ongoing crypto market bull run, advancing by 3.5% in the last 24 hours, bringing its seven-day growth to 5.5%. Despite this, SHIB trades 4.4% below its monthly high of $0.00001781. However, considering SHIB was worth $0.00001294 two weeks ago, its current market value implies a 37.63% growth.

XRP Eyeing $7.5 Target: Here’s ‘Genuine Wake-Up Line’ It Needs to Break

Sam Wisdom Raphael
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XRP Eyeing $7.5 Target: Here’s ‘Genuine Wake-Up Line’ It Needs to Break

Crypto market analyst EGRAG stresses that XRP needs to breach a crucial genuine wake-up line to record the anticipated explosive surge.

Interestingly, EGRAG’s analysis suggests that XRP might be on the verge of a major breakout. This analysis, coupled with substantial whale accumulation, confirms signs pointing to greater heights for the seventh-largest cryptocurrency.

The Genuine Wake-Up Line

The market watcher’s analysis focuses on the “Genuine Wake-Up Line,” a crucial resistance level between $0.70 and $0.75. EGRAG argued that breaching this level could trigger a significant upward movement. 

Besides the resistance at the Genuine Wake-Up Line, the accompanying chart also features the Atlas Line. This line forms a robust support for XRP, helping to keep prices above lower levels during a downtrend. However, the latest correction pushed XRP below the Atlas Line.

According to the analyst, XRP has re-entered the $0.55 to $0.58 range after briefly dipping below the Atlas Line in what he calls a “bear trap.” Such a bear trap is usually a false bearish signal that typically shakes out weaker hands from the market.

EGRAG noted that if XRP records a weekly close within the current range, this could set the stage for testing the Genuine Wake-Up Line. The last time XRP touched the Genuine Wake-Up Line was in March, when it spiked to $0.7449.

However, this March retest led to a rejection. If XRP eventually retests and breaches it this time, an explosive run could ensue. Short-term, EGRAG projects targets between $1.3 and $1.5. If these levels materialize, XRP might see a slight pullback before continuing its ascent. 

XRP Targets an Ultimate Critical Level of $7.5

The ambitious longer-term target, based on Fibonacci extension analysis, is around $6.4, with a critical target level at $7.5. Essentially, this projection hinges on XRP’s ability to break through the $0.70 to $0.75 resistance.

Supporting this outlook is the recent activity from XRP whales and sharks. Santiment data reveals that addresses holding between 10,000 and 10 million XRP have accumulated 250 million XRP since June. This trend suggests confidence and could bolster buying pressure.

XRP Accumulation Santiment
XRP Accumulation | Santiment

Meanwhile, data from XRP’s daily chart helps solidify the bullish sentiments. At the reporting time, XRP changes hands at $0.57947, with a mild 1.19% over a 24-hour period. Despite the latest correction, XRP has held above a 3-month high.

The Ichimoku Cloud shows that XRP has moved above the cloud, signaling potential bullish momentum. The conversion line (blue) has crossed above the baseline (red), reinforcing the positive momentum. As long as XRP remains above the cloud, it is likely to continue its upward trend.

XRP Daily Chart
XRP Daily Chart

The Stochastic Momentum Index (SMI), which measures market momentum, shows values of 58.27 and 61.53 for the %K and %D lines respectively. These values indicate that XRP is in the overbought territory, suggesting strong buying pressure. While this could lead to short-term corrections, it also highlights the current bullish sentiment in the market.

Expert Predicts Historic XRP Breakout, Says He’s Never Seen a 7-Year Bull Pennant

Sam Wisdom Raphael
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Expert Predicts Historic XRP Breakout, Says He’s Never Seen a 7-Year Bull Pennant

MichaelXBT, a market expert and Bitcoin OG investor identifies an unprecedented 7-year XRP bull flag on the quarterly chart and expects an explosive surge. 

According to MichaelXBT, this 7-year-old pattern is the longest bull flag he has ever encountered in any crypto asset’s chart. The length of the bull flag indicates that a significant breakout could be imminent for XRP.

XRP Forms Longest Bull Flag in Crypto History

A bull flag typically occurs after an uptrend, indicating a period of consolidation before prices resume the upsurge. The pattern consists of an initial strong upward movement (the flagpole), followed by a series of lower highs and higher lows converging into a pennant.

For XRP, this pattern has been forming for seven years—a duration almost unheard of in the crypto markets. Notably, XRP’s price spiked to an all-time high of $3.31 in January 2018, following an uptrend from February 2017. XRP subsequently faced a retracement. This retracement has persisted until now, leading to the bull flag.

MichaelXBT highlighted this formation in his analysis, predicting that the completion of the pattern could lead to one of the most significant breakouts in crypto history. If XRP breaks above the upper trendline of the pennant, a massive upsurge could follow.

XRP Shows Mixed Signals Amid Correction

XRP recently showed signs of a breakout amid the 60% upsurge. However, the token faced a roadblock when it hit a high of $0.6378 on Wednesday. As of now, XRP is trading at approximately $0.5469, reflecting a 4.48% decline this morning.

The Advance Decline Ratio (ADR), which measures the number of advancing prices relative to declining ones, has continued to decline, currently at 0.38. This is due to the recent correction, which has seen XRP collapse 13.47% since yesterday. The lower ADR points to prevalent bearish trends in the short term.

XRP Daily Chart
XRP Daily Chart

Meanwhile, the Trend Strength Index (TSI) has continued to record a rapid spike alongside its Signal line. Currently, the TSI has increased to 22.54, with the Signal line currently at 2.0250. These figures, along with the increasing trend, indicate strong upward momentum and a strengthening bullish trend in the long term.

Interestingly, CryptoQuant data shows that the XRP Binance reserve recently surged to $1.87 billion, the highest level since April. Historically, increases in this reserve often occur during uptrends but usually precede corrections. This pattern appears to be playing out as XRP undergoes a correction phase.

XRP Exchange Reserve Binance
XRP Exchange Reserve Binance | CryptoQuant

Amid the ongoing correction, XRP needs to defend some robust support levels to hedge against more declines. The 38.2% Fibonacci level at $0.5419 is the immediate support, followed by the 0.5 level at $0.5119. If the price dips further, the 0.618 and 0.786 levels at $0.4819 and $0.4392, respectively, will be crucial.

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