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100M Shiba Inu Enough to Retire if SHIB Hits $0.001 or $0.01

Lele Jima
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100M Shiba Inu Enough to Retire if SHIB Hits $0.001 or $0.01

How 100 million Shiba Inu tokens could help you retire early if SHIB’s price hits $0.001 or $0.01 in the future.

Many people dream of early retirement before age 65 to enjoy life to the fullest. To achieve this dream, they tend to invest in volatile assets like crypto, which has the potential to give massive returns within a short period.

Shiba Inu Proves to Be a Suitable Asset for Early Retirement 

Over the years, some cryptos, such as Shiba Inu (SHIB), have proven that they can help investors retire early. For context, SHIB’s price surged by a whopping 27,000,000% in 10 months between January 2021 and October 2021, according to an Arabian Business report. 

Stories of how Shiba Inu turned many average income earners into overnight millionaires were shared widely across the industry. 

Although Shiba Inu has not been able to replicate its 2021 performance, several investors have remained confident in the asset’s potential to grant them early retirement. 

SHIB Projected to Hit $0.001 or $0.01 

This confidence is backed by the optimistic targets set by market watchers, who expect SHIB’s price to reach $0.001 or $0.01 in the upcoming altcoin season. 

SHIB to $0.001 

Hitting the $0.001 would see SHIB set a new all-time high (ATH) record. Recall that SHIB’s previous ATH was recorded on October 28, 2021, when its price rose to $0.00008845. The $0.001 target requires SHIB to surge 1,030% from its previous ATH.  

Nonetheless, crypto experts still think SHIB could hit the target in its lifetime. In particular, top Bitcoin investor Armando Pantoja predicted that SHIB could hit the $0.001 target in the 2024/2025 market cycle. 

On the contrary, Changelly experts asserted that SHIB will not attain the $0.001 level until January 2040, 26 years from today. To reach the target, SHIB must surge 5,149% from its current price of $0.00001905. 

SHIB to $0.01 

The one-cent or $0.01 dream is an audacious target that requires SHIB to rally significantly. At the current price of $0.00001905, SHIB must surge by a whopping 52,393% to hit the 1-cent dream. 

While many speculated that Shiba Inu could not achieve the 1-cent dream in its lifetime due to its enormous circulating supply, Luis Delgado (Del Crxpto) believes that the $0.01 target is achievable. Moreover, Changelly experts see SHIB reaching $0.01 in July 2040, six months after its price surges to $0.001. 

How Much SHIB Needed to Make $100,000 and $1 Million at $0.001 

With several experts confident that SHIB could surge to $0.001 or $0.01 in the future, we have analyzed how much SHIB you need to hold to retire early if these targets materialize. 

It bears mentioning that people have different retirement goals. While some plan to retire when they make $100,000, others will only retire once they become millionaires ($1 million and above). 

For the purpose of this article, we will highlight how much SHIB you need to hold to make $100,000 and $1 million. With 100 million SHIB, an investor can make a return of $100,000 and $1 million when SHIB hits $0.001 or $0.01, respectively. 

The good news is that investors can take advantage of SHIB’s low price to acquire the tokens for a discount. At press time, 100 million SHIB tokens cost $1,905, with a token currently trading at $0.00001905. 

Notably, investors looking to retire when they make a return of $100,000 can sell their holdings at the $0.001 price level. Conversely, investors who plan to retire early when they become a millionaire can do so when the asset’s price hits $0.01. 

Shiba Inu Game Breaks 17 Months Silence to Hint at Major Update 

Lele Jima
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Shiba Inu Game Breaks 17 Months Silence to Hint at Major Update 

The official X handle of Shiba Inu’s collectible card game (CCG), Shiba Eternity, shares its first update after being inactive for over a year.  

Shiba Eternity broke its silence on X yesterday, saying, “We’re SO back.” It is noteworthy that Shiba Eternity’s official X handle has been inactive for over a year. 

Prior to yesterday, its last post on the social media platform was seen on February 11, 2023. The post highlighted some of Shiba Eternity’s features to attract potential players. 

Potential Update  

Following the tweet, the Shiba Eternity account went into a long hibernation, triggering concerns among Shiba Inu proponents. However, yesterday, the X account broke its long silence by posting its first tweet after 17 months of inactivity. 

According to the tweet, the X handle suggested that the Shiba Eternity team has been working behind the scenes during the prolonged silence. Additionally, the team hinted at plans to share some exciting developments it has been working on.  

Ongoing Developments and Upcoming Beta Testing  

Although Shiba Eternity’s X handle has been inactive for over a year, the community has been getting updates about the game from other Shiba Inu ecosystem team members, like Mazrael and Lucie. 

Recall that the mobile version of Shiba Eternity launched in 2022, with multiple downloads recorded within a short period. Following the success of the mobile version, the team is currently working to transition the game to Shiba Inu’s blockchain Shibarium. 

So far, it has made significant progress toward achieving this goal. This includes identifying and fixing bugs and releasing v.1.2.8 to balance the effect of Boshi’s powers. 

At the moment, the blockchain version of Shiba Eternity is undergoing in-house testing as the team prepares to get it ready for closed beta testing by the third quarter of this year. 

After a successful closed beta testing, the team will announce a date for the public to participate in the beta testing as well. 

With the blockchain version expected to roll out remarkable features like earning TREAT tokens, the community eagerly anticipates Shiba Eternity’s integration with Shibarium.  

If XRP Volume Reaches $40B Per Day, Here is The Double-Digit Price It Can reach

Abdulkarim Abdulwahab
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If XRP Volume Reaches $40B Per Day, Here is The Double-Digit Price It Can reach

Hypothetical analysis suggests that the daily trading volume of XRP may need to surge to $40 billion to achieve a double-digit price.

XRP ranks among the primary beneficiaries of the latest mini-bull run, setting a new monthly high at $0.5682 early today. With a floor price of $0.55 at press time, XRP has surged by over 25% within the last seven days.

XRP’s significant gain over the past 24 hours is reflected in its trading volume. Market participants have exchanged a staggering $2,212,069,038 in XRP today, a substantial 54% increase from the value obtainable in the previous day.

As of July 6, when XRP sold for a low of $0.4242, the asset garnered a 24-hour volume of only $723.56 million. Considering the substantial volume XRP wields today, The Crypto Basic examines the daily trading volume the seventh-largest cryptocurrency might need to achieve to see its market value in the double-digit range. Notably, this assessment leverages estimations from OpenAI’s ChatGPT. 

XRP May Need $40B in Daily Volume

Trading in double figures implies a price of at least $10 for XRP. Consequently, this prominent AI tool first estimated the price increase ratio of XRP reaching $10 versus its current market value of approximately $0.55.

In particular, XRP demands a growth of over 1,700% to attain a market value above $10, an increase factor of 18.18. ChatGPT assumed a scenario where a proportionate growth in current daily volume would be akin to a similar growth in market value.

As a result, it multiplied XRP’s current trading volume of $2,212,069,038 by the growth factor needed to reach $10, which resulted in a hypothetical daily volume of over $40.24 billion.

XRP chatGPT prediction
XRP chatGPT prediction

How Formidable $40B Trading Volume is for XRP

Presently, only two crypto assets, Bitcoin and USDT, are experiencing daily trading volumes exceeding $40 billion. As of press time, Bitcoin’s volume is $38.11 billion, while USDT’s volume reaches $70.9 billion. In contrast, Ethereum, the altcoin market leader, sees a significantly lower volume of $18.85 billion.

One of the highest trading volumes XRP has recorded was on July 13, 2023, with a volume of $10.39 billion, coinciding with the court ruling that XRP is not a security. When XRP traded at an all-time high (ATH) of $3.84 in January 2018, it saw a volume of $8.1 billion.

Notably, ChatGPT cautioned that the calculation proposing a $40 billion is an oversimplification, as real-world market dynamics are far more intricate. It stressed that many factors could significantly impact the actual trading volume required for XRP to reach $10. They include market liquidity, investor sentiment, prevailing market conditions, and broader economic influences.

Shiba Inu Inverse Head and Shoulders Pattern Signals Potential Rise to $0.0000285

Albert Brown
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Shiba Inu Inverse Head and Shoulders Pattern Signals Potential Rise to $0.0000285

Shiba Inu rises 14% over a seven-day period, targeting 0.0000285 with key support at 0.0000150 and resistance above 0.000019.

Shiba Inu (SHIB) has experienced a notable 14% weekly surge from its recent lows, positioning itself for a potential upward target of 0.0000285. According to a TradingView analyst, Pullback Signal, SHIB has been forming a classic inverse head and shoulders pattern on the 4-hour chart against Tether (USDT).

4 hour SHIB

This bullish reversal pattern, if confirmed, could drive significant gains for SHIB holders.

Inverse Head and Shoulders Pattern

A distinctive inverse head and shoulders formation is evident on the SHIB/USDT 4-hour chart, suggesting a bullish trend reversal. The recent low of 0.0000150 was followed by a 14% increase, bringing SHIB to its current level of 0.00001992, according to the chart. 

Notably, a successful breakout above the neckline could propel SHIB to a target of 0.0000285. Key levels to watch include the pullback level at 0.0000150 and the stop-loss level at 0.0000140 to manage risk. Initial take-profit targets are set at 0.0000209, 0.0000239, and ultimately 0.0000285.

Many Holders Bought SHIB Above The Pullback Level

Further analyzing SHIB, In/Out of the Money Around Price reveals critical support and resistance levels. A significant portion of addresses are “In the Money” with purchase prices ranging from $0.000016 to $0.000019. This range indicates a strong support zone, as many holders bought SHIB at these prices. 

SHIB IOMAP
SHIB IOMAP

Conversely, addresses that bought SHIB above $0.000019 are “Out of the Money,” indicating potential resistance levels. Significant clusters of these addresses are between $0.000020 and $0.000022, which could pose resistance as holders may sell to break even or cut losses.

Renewed Interest in SHIB?

An examination of SHIB’s price movements and Daily Active Addresses (DAA) over six months shows a strong correlation between the two. From mid-January to late February 2024, SHIB’s price surged along with its DAA, indicating strong network activity. 

SHIB DAA
SHIB DAA

After hitting a peak, SHIB experienced volatility but maintained high DAA. From early May to mid-June 2024, SHIB’s price declined, with reduced active addresses suggesting waning interest. Recently, both price and DAA have shown positive growth, reflecting renewed interest in SHIB.

Despite the ongoing recovery, the 24-hour trading volume has been relatively low, averaging $262 million over the past week. This trend might be due to investor apathy as many market participants remain uncertain if bulls can sustain the ongoing rebound. 

Nonetheless, with a market cap of $11,142,851,613, Shiba Inu continues to hold significant value in the market. The highest price ever recorded for SHIB was $0.00008616 on October 28, 2021.

Bitcoin Price Eyes Boost as Tether Treasury Mints Another 1B USDT on Tron

Albert Brown
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Bitcoin Price Eyes Boost as Tether Treasury Mints Another 1B USDT on Tron

Tether Treasury mints 1 billion USDT on Tron, adding to its 31 billion total this year, with historical trends suggesting potential short-term bullish signals for Bitcoin.

Tether Treasury recently minted 1 billion USDT on the Tron Network, marking another event in its year-long pattern of large-scale stablecoin issuance. This latest minting occurred just about ten hours ago, following a similar event 30 days earlier. 

Over the past year, Tether Treasury has injected a total of 31 billion USDT into the market. These events have often influenced Bitcoin’s price movements, making them crucial indicators for market analysts and traders.

Analysis of Recent Minting Events

The most recent minting of 1 billion USDT was executed from the Tether Treasury to a black hole address, recorded on the Tron Network. This follows a pattern observed over the past year, with significant minting events noted 30 and 60 days ago, each involving 1 billion USDT each.

Notably, in May, Tether’s CEO, Paolo Ardoino, clarified that these large mints were authorized transactions added to the inventory but not yet issued. This strategy has implications for market liquidity and investor sentiment.

Impact on Bitcoin Price and Market Dynamics

Historical data suggests a correlation between USDT minting and Bitcoin price movements. Notably, the minting events in early November and January coincided with short-term increases in Bitcoin’s price. Larger mintings, such as the 3 billion USDT event in March, were followed by more extended bullish trends, pushing Bitcoin over 70K.

A January report by CryptoQuant highlighted that the circulating supply of USDT increased by 30 billion since the end of 2022. Per CryptoQuant, this increase has traditionally had a positive impact on Bitcoin’s price, suggesting improved market liquidity and investor confidence.

Is Large Scale Minting Bullish?

It is important to note that the substantial influx of USDT often boosts market liquidity, facilitating easier trading and potentially driving up prices. Additionally, the large-scale minting of USDT is perceived as bullish by the market, reflecting confidence and potentially leading to increased buying activity.

A previous report by The Crypto Basic emphasized that newly minted USDT tokens cater to institutional demand, providing investors easy access to tokenized US dollars. This ease of access is crucial in improving market sentiment and indicating incoming institutional interest.

Only time will reveal the exact impact of the latest minting event on market performance. However, historical patterns and recent analyses suggest a potential short-term bullish signal for Bitcoin. The recent event also coincides with a period of rebound for Bitcoin, further bolstering investor confidence.

Market Veteran Brandt Identifies Ethereum Horn Bottom, Predicts Rally to New ATH at $5,600

Sam Wisdom Raphael
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Market Veteran Brandt Identifies Ethereum Horn Bottom, Predicts Rally to New ATH at $5,600

Market veteran Peter Brandt is bullish on Ethereum, suggesting the altcoin could rally to a new all-time high above $5,600 following formation of a horn bottom.

Renowned trader Peter Brandt recently shared a bullish analysis of Ethereum (ETH) on X. Brandt’s commentary identifies a significant horn bottom pattern, suggesting a potential rally to new all-time highs of $5,600. 

The Horn Bottom and Rectangle Pattern

Brandt called attention to the completion of a horn bottom pattern in February 2024. A bullish reversal pattern, the horn bottom typically forms after a prolonged downtrend and features a rounded bottom followed by a sharp dip and recovery, resembling a horn. This pattern indicates a potential trend reversal from bearish to bullish.

In the accompanying chart, Ethereum’s price action over the past few months has been oscillating within a descending rectangle pattern. The pattern also resembles a bullish pennant due to the uptrend from earlier this year.

The upper boundary of this rectangle is around $4,093.88, while the lower boundary is approximately $2,800. Brandt notes that support was found at the lower boundary of this rectangle, which aligns with the retest of the horn bottom completion in February.

The chart also features the 18-week and the 8-week moving averages. These moving averages provide dynamic support and resistance levels, guiding the price movements. Ethereum’s price has been respecting these moving averages, bouncing off them as it consolidates within the rectangle.

Meanwhile, the ADX (Average Directional Index) shows a value of 24.43, indicating a trend is present, though not very strong. This suggests a period of consolidation and accumulation before a potential breakout. The ATR (Average True Range) value of 432.39 reflects the volatility over the past 30 weeks.

Brandt Projects Ethereum Rally Above $5,600

Brandt’s bullish outlook cites the premise of an upside breakout from the rectangle pattern. The height of the rectangle projects upward from the breakout point to estimate the target price. In this case, Brandt forecasts a target above $5,600, which implies a significant upside potential from the current levels.

Such a price would mark a new ATH for Ethereum, surpassing the previous peak of $4,868 in November 2021. The latest projection comes after Brandt predicted an ETH drop in June amid a head and shoulders formation. This prediction materialized, as ETH collapsed 21% less than a month after that.

Ethereum is trading at $3,420 at press im, reflecting a recent decline of 1.81%. However, it has capitalized on the ongoing market revival. The current price action shows Ethereum attempting to recover from a lower low, consistent with the support identified by Brandt.

Ethereum Daily Chart
Ethereum Daily Chart

The Relative Strength Index (RSI) is at 56.89, suggesting that Ethereum is in a neutral zone, neither overbought nor oversold. This position signals potential for upward movement if buying pressure increases. 

The Moving Average Convergence Divergence (MACD) indicator shows a recent bullish crossover, with the MACD line crossing above the signal line. This bullish signal, combined with increasing histogram bars, supports Brandt’s optimistic outlook.

Ripple CEO Applauds Trump’s Running Mate Vance for Criticizing SEC Crypto Bias

Abdulkarim Abdulwahab
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Ripple CEO Applauds Trump’s Running Mate Vance for Criticizing SEC Crypto Bias

Ripple CEO Brad Garlinghouse has expressed admiration for Donald Trump’s running mate and U.S. Senator James David Vance, who called out SEC Chair Gary Gensler’s biased approach to crypto regulation.

Recently, crypto community members resurfaced a video showing Vance criticizing Gensler as the worst person to oversee the crypto industry. The clip was recorded at the Remedy Fest conference on February 27. 

It has gained traction within the crypto community since presidential candidate Donald Trump chose Vance as his running mate. The community celebrates this choice as they see pro-crypto politicians ascending to the presidency.

Vance Highlighting SEC’s Disservice to Crypto Innovation   

In the clip, Vance lamented that Gensler moves in the opposite direction regarding what regulation should be. He attributed this to Gensler’s tendency to inject politics into the business of securities in the U.S.

Specifically, the pro-crypto senator pointed out that the SEC regulates crypto based on arbitrary criteria. He claimed that if a crypto token has utility, the SEC wants to ban it, but they don’t seem to care if it lacks utility. 

This view is bolstered by the fact that utility tokens like XRP, Cardano, and Solana have faced SEC lawsuits in the past few years. In contrast, billion-dollar valued meme coins like Dogecoin have been untouched.

Vance argued that this approach is misguided, stating that investor protection should focus more on crypto assets that lack utility. He noted that if a token has genuine utility, it should be regulated and monitored to ensure consumer safety. However, he warned against simply hunting them and forcing them out of business. 

According to the senator, the SEC’s approach could have unintended consequences on innovation. He mentioned that many new social media platforms emerging in 2024 rely on blockchain technology to operate, including the use of high-utility tokens for verification purposes. 

Vance noted that venture capitalists are excited about these companies leveraging blockchain to drive innovation in 21st-century communications.

However, if the SEC continues to restrict high-utility tokens, it will become increasingly difficult for these new companies to challenge the existing social media incumbents. Vance believes this would be a significant mistake. 

Ripple CEO Reacts with Praises

Vance’s commentary is now widely shared in the crypto community, attracting the attention of Ripple’s CEO. Commenting on it, Garlinghouse expressed admiration, calling for more elected officials to follow his lead. 

According to Garlinghouse, Vance is demonstrating a forward-thinking approach by recognizing the potential of blockchain technology to further “American exceptionalism” rather than allowing unelected officials to stifle innovation.

Interestingly, Vance’s stance on cryptocurrencies has always been favorable. In February 2022, the senator condemned the power granted to banks to freeze accounts without a court order under the Emergencies Act in Canada. According to him, legislations like this are the reason crypto is “taking off.”

Shiba Inu on Way for 129% Rise to $0.000045 with This Rare Pattern

Sam Wisdom Raphael
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Shiba Inu on Way for 129% Rise to $0.000045 with This Rare Pattern

Shiba Inu (SHIB) could leverage a rare convergence of market patterns to engineer a 129% recovery back to its yearly peak.

The market is currently on a recovery path, with Bitcoin (BTC) on the verge of reclaiming the $65,000 territory. Shiba Inu has capitalized on this market-wide rebound to recoup lost grounds. With a 19.68% gain in seven days, SHIB is the second biggest weekly gainer among the 15 largest cryptocurrencies.

Shiba Inu Faces Reduced Interest Despite Uptrend

However, its recovery campaign has not received sufficient boost from market participants. This is due to an observable decrease in market activity despite the ongoing rebound. The Crypto Basic recently discovered that SHIB buying interest has been relatively low compared to previous uptrends.

This trend is possibly due to investor apathy as most market participants are uncertain if bulls can sustain the ongoing rebound. Notably, Shiba Inu’s 24-hour trading volume has been poor, especially for a period of upsurge. Marker data shows volume has averaged a meager $262 million over the past week.

Shiba Inu Trading Volume CoinMarketCap
Shiba Inu Trading Volume | CoinMarketCap

While this is comparatively higher than SHIB’s trading volume during a consolidation phase, it is below expectations for an uptrend. For context, during the previous uptrend that saw Shiba Inu hit a new yearly peak of $0.000045, SHIB’s volume averaged a massive $7 billion from March 1 to 8.

Shiba Inu Trading Volume CoinMarketCap 2
Shiba Inu Trading Volume | CoinMarketCap

Notably, for Shiba Inu to receive a significant boost to the ongoing rally, its volume must increase significantly. This sort of increase can come from a renewal of investor interest, contributing to heightened trading activity. 

SHIB Requires Increased Volatility and Heightened Trading Activity 

To put this into perspective, Shiba Inu requires a convergence of increased trading activity and rising volatility to record a price pump similar to the one in early March. 

Interestingly, during this March uptrend, SHIB observed an increase in daily active addresses and daily volatility. For context, daily active addresses surged to 42,334 on March 5, while volatility hit 0.1794 on that day. The convergence of these two metrics resulted in the spike that eventually led to $0.000045.

However, data from Santiment confirms that the ongoing rebound has only triggered a rise in volatility. Notably, Shiba Inu recently saw a spike in volatility to a 3-month high of 0.0574. However, this spike did not occur alongside an increase in active addresses, which currently amount to a meager 3,974.

Shiba Inu Volatility and Active Addresses Santiment
Shiba Inu Volatility and Active Addresses | Santiment

Historically, each time Shiba Inu saw a robust spike, it typically occurs when volatility and active addresses rise together. The market observed this pattern in May 2021, when SHIB spiked to $0.00003. It also occurred in October 2021 during the surge to the ATH of $0.00008845. 

Shiba Inu Volatility and Active Addresses Santiment 2
Shiba Inu Volatility and Active Addresses | Santiment

Shiba Inu Resistance Levels

Should SHIB record a similar convergence during this rebound, the uptrend could lead to greater heights. Shiba Inu currently trades at the $0.000019 level, looking to recover and sit above $0.00002. According to IntoTheBlock data, SHIB could face resistance between $0.00002 and $0.000025. This range features a sell wall with 97,160 addresses.

SHIB Sell Walls IntoTheBlock
SHIB Sell Walls | IntoTheBlock

However, the more robust sell walls lie in the $0.000025 to $0.00003 range and the $0.00003 to $0.000036 range. These two walls represent Shiba Inu’s biggest resistance points. Accordingly, a breach could bring SHIB face-to-face with the weaker resistance at $0.000045, where 56,990 addresses hold 9.58 trillion tokens. A rise to $0.000045 would necessitate a 129% increase.

Ripple Donates $1M to Dethrone Senator Elizabeth Warren

Lele Jima
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0
Ripple Donates $1M to Dethrone Senator Elizabeth Warren

Ripple makes a significant donation towards dethroning Senator Elizabeth Warren from her position as Senator from Massachusetts.  

FOX Business journalist Eleanor Terrett called the public’s attention to the development today. According to the pro-crypto journalist, Ripple donated $1 million to the Commonwealth Unity Fund, a newly created political action committee (PAC) established by pro-XRP lawyer James Murphy. 

Notably, Ripple’s donation to the super PAC will support efforts to remove Senator Elizabeth Warren and promote Attorney John Deaton’s candidacy as the next Massachusetts Senator. 

In addition to Ripple’s commitment, Attorney Murphy supported this initiative with a $50,000 donation. 

Prior Support to Deaton’s Campaign 

It is noteworthy that Ripple had previously supported Deaton’s bid to dethrone Senator Warren from the United States Senate earlier this year. 

In April, Ripple executives Brad Garlinghouse and Chris Larsen donated the maximum individual campaign contribution of $6,600 to Deaton’s campaign. According to Politico, the company’s executives divided their donations into two categories—half for the primary election and the other half for the general elections. 

Besides Ripple executives, other crypto proponents like Cardano founder Charles Hoskinson also supported Deaton’s bid to unseat Senator Warren. As of April, Politico reported that Attorney Deaton had raised $1.26 million, with most of the funds provided by crypto enthusiasts. 

Significance of Massachusetts Senatorial Election 

The Massachusetts senatorial election is characterized as a significant political showdown between the Anti-Crypto and Pro-Crypto armies. 

Deaton heads the Pro-Crypto wing. He is a former U.S. Marine and lawyer focused on the growth of the U.S. crypto industry. His major contribution to the industry was seen in the legal tussle between the U.S. SEC and Ripple. 

As reported earlier, Attorney Deaton played a major role in the lawsuit that saw Judge Torres declare that Ripple’s programmatic sales and other distributions of XRP do not constitute investment contracts. 

Conversely, the Anti-Crypto team is led by Senator Warren, a veteran politician with over a decade of experience. She is known for her anti-crypto stance and push towards banning the emerging asset class. 

Given her commitment to stifle the growth of the U.S. crypto industry, it is unsurprising that industry executives are donating heavily to Attorney Deaton’s campaign to unseat the Massachusetts Senator. 

XRP Sets Sights on $6 Target After Impressive Weekend Rally: Thinking Crypto

Abdulkarim Abdulwahab
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0
XRP Sets Sights on $6 Target After Impressive Weekend Rally: Thinking Crypto

Tony Edward, the host of the Thinking Crypto Podcast, has expressed his conviction in a $6 price for XRP amid its latest comeback.

Over the weekend, XRP emerged from the abyss, surprising the crypto community with an 18% price gain. Specifically, XRP’s price rose from a low of $0.4744 on Saturday to a new monthly high of $0.5636. 

The surge emerged after XRP plummeted to a floor price of $0.3911 just two weeks ago. Since then, it has staged a remarkable 44.1% comeback. As of press time, the asset has stabilized at $0.5324.

Commenting on XRP’s weekend surge, Edward attributed the rally to the anniversary of Judge Torres’ ruling on July 13, 2023, which declared that XRP is not a security.

XRP Price Prediction Amid Impressive Comeback

He also referenced the analysis of “360 Trader”, a pseudonymous market watcher who believes that XRP is following a predictable cycle. 

According to 360 Trader, the recapture of $0.57 is a significant blow to bearish sentiments, marking a turning point in the cycle. Moreover, the analyst observed that XRP reclaimed a year-long trendline following the pump and had formed a double-bottom “bear trap.” 

This suggests it may have already reached its lows for this cycle, and the up-only trend may be commencing. Accordingly, the analyst proposed above $4 as XRP’s ideal target for this bull season.

XRP Could Reach $6

Notably, Edward tempered his enthusiasm by highlighting that XRP’s bullish momentum has already waned, but he remains optimistic that it is breaking upwards. He applied a Fibonacci model to XRP’s chart, using the last cycle’s highs of around $1.96. This resulted in a potential price target of $6. 

However, Edward emphasized that $6 is not a guaranteed outcome but rather a probability. While Edward didn’t rule out the possibility of XRP reaching $10, he clarified that he only interprets what the charts indicate. 

Furthermore, the pundit noted that while liquidity has recently flowed into meme coins, it is now expected to shift towards established players like XRP, Cardano, and others. He compared this to the previous cycle when NFTs initially attracted retail attention, setting the stage for top cryptocurrencies to surge.

However, Edward cautioned that this outcome is not guaranteed and emphasized the importance of diversification. He revealed that his portfolio includes XRP, Solana, Avalanche, Hedera, Cardano, and AI-focused tokens like Fetch and Render.

Edward underscored the need for objectivity and warned against becoming emotionally attached to any particular token or narrative. 

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