Home Blog Page 1429

Here is When Shiba Inu Can Reach $0.001 if SHIB Price Doubles Every Month

Sam Wisdom Raphael
-
0
Here is When Shiba Inu Can Reach $0.001 if SHIB Price Doubles Every Month

Shiba Inu (SHIB) would reach the much-coveted $0.001 price point in the next six months if its price doubles every month from this level.

Despite being one of the discussed cryptocurrencies, Shiba Inu trades significantly below its all-time high price of $0.00008845. Nonetheless, SHIB has already demonstrated its potential to record massive gains in the current market cycle, spiking 370% in a week late February.

Shiba Inu in a Bullish Position

Shiba Inu’s technicals and market position suggest that it could be gearing up for an impressive price upswing. At a current value of 51, the SHIB daily Relative Strength Index (RSI) confirms that there is more room for growth. In addition, Shiba Inu currently trades within a bullish pennant, with a high probability of a breach upward.

As a result of these bullish readings, multiple analysts  have projected lofty price targets for when Shiba Inu records a price upswing. For instance, market analyst Javon Marks set a $0.0000886 price target for SHIB when it engineers the second rally phase. Meanwhile, early Bitcoin adopter Davinci Jeremie expects Shiba Inu to reach $0.00006. 

Davie Satoshi recently predicted that SHIB has the potential to rally by up to two times amid a price uptrend. 

Interestingly, some pundits have projected loftier targets such as the $0.001 goal. One such pundit is Armando Pantoja, who expects SHIB to cross $0.001 between now and 2025. 

Time Required to Hit $0.001 if SHIB Price Doubles Each Month

While this $0.001 target appears ambitious, The Crypto Basic presented a progressive journey that could help SHIB clinch it if it extends the gains predicted by Davie Satoshi. Starting from its current price of $0.00002532, if SHIB doubles in value each month, it could hit $0.001 within a year.

With this rate of growth, SHIB’s value would double to $0.00005064 by July 2024. By August, it would further double to $0.00010128. Continuing this trend, September would see the price rise to $0.00020256. By October, the price would further increase to $0.00040512, and in November, it would double again to $0.00081024.

By December 2024, SHIB would surpass the $0.001 mark, taking roughly six months from now. This exponential growth hinges on the assumption that SHIB can sustain such a rapid rate of increase, a highly speculative and optimistic scenario.

Achieving $0.001 would be a significant milestone for Shiba Inu, representing substantial growth and attracting more attention from investors. At this price, Shiba Inu’s market cap would spike to $589 billion, confirming the fact that SHIB would need to significantly reduce its circulating supply to have a chance at hitting this target.

Yet, potential investors should approach this scenario with caution. Cryptocurrencies are rather volatile, and past performance does not necessarily predict future results. 

Here Are 7 High-Risk, High-Reward Altcoins To Buy This Week

Abdulkarim Abdulwahab
-
0
Here Are 7 High-Risk, High-Reward Altcoins To Buy This Week

Prominent analyst Joe Parys has identified seven altcoins that he considers to be high-risk yet potentially lucrative investments, predicting that they are about to explode.

First, Parys referenced statistics from CoinGecko revealing how certain altcoin narratives generated returns exceeding 1,310% for investors during the first quarter of 2024.

Likewise, he highlighted the current dynamics where tokens like PEPE have recently achieved a new all-time high (ATH). Parys acknowledged the high volatility in the market but emphasized that this volatility presents opportunities for astute investors.

Accordingly, Parys went on to suggest that the real surge in altcoins has yet to occur. He anticipates Bitcoin’s dominance diminishing in the following months, opening the way for the much-awaited altcoin season.

In light of this, he outlined seven high-risk, high-reward altcoins that investors might consider purchasing to strategically position themselves for the forthcoming explosive growth period in the altcoin market.

The Top 3 High Risk Coins

Topping the list is CARV, which aims to create the most extensive modular data layer for gaming and AI. Although still in its infancy with an upcoming sale this month, CARV has secured support from notable investors such as HashKey, Consensys Ventures, and Tribe Capital.

Another of Parys’ selections is OrangeDX (O4DX), hailed as the first-generation Bitcoin DeFi Hub. It’s a Bitcoin protocol platform for trading, bridging, launching, earning, borrowing, and lending.

The third recommendation from Parys is the Elixir project, which targets the gaming industry. Elixir boasts of enabling the internet of order book liquidity and is supported by a robust network of over 10,000 validators. 

While its token has not yet been launched, Parys is confident that new, high-risk ventures like Elixir are worth considering for investment.

Recommended High-Risk Meme Coins

Among other high-risk projects recommended by the analyst is the meme-based project Foxy. Per the disclosure, Foxy merited the list given that meme coins were a dominant force in the first quarter of 2024, with the top ten meme coins averaging a return of 1,313%. 

Essentially, Parys selected the Foxy meme coin for its compelling narrative that could potentially lead to explosive growth.

The fifth project to make Parys’ list is the BRETT meme coin, which has recently captured media attention by reaching an all-time high. Currently trading at $0.09201, BRETT has seen a surge of over 55% in the past week and a 174% increase over the past month.

Furthermore, Parys has spotlighted Lingo, an emerging project on the Solana and Base blockchains. The project concentrates on real-world assets (RWA)-powered rewards tokens. 

Recently, Lingo made waves by initiating an airdrop as a reward for its community members. This followed a successful campaign that saw over 2 million tweets from 150,000 participants for its newly launched Lingo Island.

The final high-risk project mentioned by the analyst is Gummy, a venture operating on the Solana blockchain. Gummy is currently attracting attention by offering rewards to users who stake their tokens.

Caution

Notably, Joe Parys stressed throughout the video that the tokens he recommended are projects he is personally investing in. Accordingly, he has urged viewers to conduct independent research before engaging with the projects.

Shiba Inu Warns SHIB Holders Against Investing in Celebrity-Led Crypto Projects 

Lele Jima
-
0
Shiba Inu Warns SHIB Holders Against Investing in Celebrity-Led Crypto Projects 

The team behind the Shiba Inu ecosystem warns its community members to be wary of new crypto projects launched by celebrities. 

Shiba Inu marketing lead Lucie conveyed the warning via an X post titled “Crypto and Celebrities.” In the post, Lucie admitted to being initially captivated by celebrities’ recent involvement in crypto due to her love for musicians and celebrities. 

However, after conversing with a friend and her recent analysis of X posts, she recognized the need to conduct due diligence on celebrity-led projects. 

According to Lucie, while seeing popular celebrities get involved with crypto is exciting, it is imperative to understand that not all their ventures are trustworthy. The Shiba Inu marketing expert asserted that most of these celebrities have questionable behavior. 

Nonetheless, she noted that even though some new crypto entrants may be genuine, SHIB enthusiasts must remain wise and vigilant. 

Tips to Stay Safe  

Interestingly, the marketing expert issued two pieces of advice that could protect members of the Shiba Inu community from incurring losses via celebrity-led crypto projects. 

First, she highlighted the importance of DYOR, a popular crypto acronym that implies “Do Your Own Research.” This suggests that investors should conduct due diligence and adequate research on a project before investing. 

DYOR involves analyzing everything about a project before investing. It requires investigating the background of the project’s founders to determine their credibility.  

Lucie recommended that Shiba Inu enthusiasts invest responsibly. This entails investing a small amount of capital that an investor can afford to lose if things don’t go as planned. 

“Just because someone makes music you love doesn’t mean they know crypto well. This is a friendly reminder for all of us, including myself,” she remarked. 

Celebrity-Led Crypto Projects Collapse 

Shiba Inu’s recent warning comes amid a widespread collapse of multiple celebrity-led crypto projects. Popular American media personality Caitlyn Jenner and Nigerian music superstar David “Davido” Adeleke are among the celebrities whose meme-based crypto projects have crashed over the past week. 

While Adeleke’s meme coin ($DAVIDO) crashed over 90% shortly after its launch, Jenner’s meme-based cryptocurrency ($JENNER) plummeted 66% this week. 

Popular analytic platform Lookonchain also warned investors to desist from celebrity-led crypto projects, detailing how celebrities like Jenner and Davido made massive profits from their Solana-based meme coins

Here’s How Holding 1,000 XRP Can Yield $1 Million

Sam Wisdom Raphael
-
0
Here’s How Holding 1,000 XRP Can Yield $1 Million

Investors could see their investment of 1,000 XRP tokens skyrocket to $1 million if XRP reaches a lofty price target of $1,000.

XRP has been the subject of speculation over the past few months, mostly due to its current underperformance and projections of an imminent price explosion. While the broader market has reclaimed most of the losses of the previous bear phase, XRP has not recorded a similar price uptrend.

For instance, Bitcoin (BTC), the largest crypto asset, is up 150% since Q4 2023 when the first phase of the bull market kicked off. Within this period, Solana (SOL) has skyrocketed by a massive 679%, while Ethereum (ETH) has witnessed a 126% increase. 

XRP’s Underperformance

Meanwhile, XRP has only recorded a meager 0.68% rise since the fourth quarter of last year. This is in sharp contrast to the trend in the rest of the market, where the global crypto market cap has surged by 133% since Q4 2023, having added $1.5 trillion within this timeframe. 

XRP’s underperformance has not gone unnoticed by industry commentators. Several speculative theories have pointed to an extended price suppression suffered by the crypto asset. Some suggest that this price suppression stems from the SEC’s lawsuit, which has exerted legal pressure on XRP for over three years.

Another camp believes the price suppression comes from Ripple’s continuous sales of XRP. The Crypto Basic confirmed last month that Ripple sold over 841 million XRP in the first quarter of the year, with its remaining balance slipping below the 45 billion XRP mark. While these sales have persisted, Ripple CTO David Schwartz has clarified why they are necessary.

According to Schwartz, Ripple, being the largest XRP holder, needs to substantially reduce its XRP balance. He argued that these systematic sales are the only avenue through which they can safely reduce their holdings. Despite this, he contends that Ripple’s sales are not responsible for XRP’s underperformance.

Projections of an XRP Upsurge

Interestingly, some market watchers believe this underperformance is just the calm before the storm. They expect XRP to skyrocket by substantial margins when this breakout occurs. Some have projected lower targets, but others expect prices in the three-digit figures region.

For instance, notable community commentators BarriC and JackTheRippler predict XRP to reach $1,000, marking a massive 192,207% price rally. While this forecast seems largely unrealistic, The Crypto Basic confirmed that should it materialize, anyone holding 1,000 XRP, currently worth $516, would see their investments skyrocket to $1 million. 

However, according to data sourced by market analytics platform Santiment, XRP addresses holding at least 1,000 tokens have decreased this year, possibly due to the XRP price suppression. These addresses amounted to 870,473 as of Jan. 1. Today, their number has dropped to 860,886.

XRP Addresses Holding 1000+ Tokens Santiment
XRP Addresses Holding 1000+ Tokens | Santiment

Ripple Considers IPO Outside US as CEO Says US Listing Makes No Sense

Abdulkarim Abdulwahab
-
0
Ripple Considers IPO Outside US as CEO Says US Listing Makes No Sense

Ripple CEO Brad Garlinghouse has hinted that the company is considering overseas jurisdictions for its potential IPO, asserting that it makes no sense to go public in the U.S.

Garlinghouse gave this hint during an interview at the 2024 Consensus conference hosted by CoinDesk. The interviewer asked the Ripple CEO a point-blank question about whether going public is on Ripple’s agenda.

No IPO Under Gary Gensler

In response, Garlinghouse noted that conducting an initial public offering (IPO) is not on Ripple’s immediate agenda. He attributed this stance to the U.S. SEC leadership under Chairman Gary Gensler. He noted that Ripple’s S-1 registration statement for IPO has to be approved by the regulator, and he is skeptical of a positive outcome. 

Earlier, the president of the New York Stock Exchange (NYSE), Lynn Martin, expressed openness to applications from crypto-related companies like Ripple. However, Garlinghouse contrasted Martin’s forward-thinking attitude with that of SEC Chairman Gensler.

Specifically, he commended Martin as a shining example of the direction the industry should be heading but lamented that Gensler’s position does not align with this progressive outlook.

As a result, Garlinghouse concluded that it would be unreasonable for Ripple to consider a U.S. IPO under the current circumstances, saying, “Going public in the United States for Ripple right now doesn’t make any sense.”

A pseudonymous XRP enthusiast called attention to the Ripple CEO’s statement in a recent post on X.

Coinbase Likely Regreting U.S. IPO

In addition, CEO Brad Garlinghouse supported his viewpoint by referencing the situation with Coinbase, the leading U.S.-based exchange. He pointed out that the SEC had previously approved Coinbase’s IPO statement, which detailed its business operations. 

However, the regulator later pursued legal action against the exchange, accusing it of enabling the trade of purportedly unregistered crypto assets, contradicting the earlier approval. Garlinghouse suggested that, in hindsight, Coinbase might be regretting its decision to go public in the U.S. due to the SEC’s subsequent actions.

IPO Outside the U.S. is on The Cards

Consequently, Garlinghouse mentioned that Ripple is considering the prospect of launching its IPO outside the United States. He indicated that exploring international options for going public is among the potential strategies Ripple may pursue in response to the current regulatory environment.

Shiba Inu Outshines ETH and DOGE to Secure Second Position in Robinhood Top Gainers List

Lele Jima
-
0
Shiba Inu Outshines ETH and DOGE to Secure Second Position in Robinhood Top Gainers List

Leading dog-themed cryptocurrency Shiba Inu (SHIB) secures the second position in Robinhood’s list of top 10 cryptos with the most weekly gains. 

According to the data, Shiba Inu came second after registering a price surge of 6.7% over the past week. Shiba Inu ranked behind Uniswap (UNI), which sat as Robinhood’s top weekly gainer, with a 14.6% price spike. 

Shiba Inu Outperforms BTC, ETH, and DOGE

However, Shiba Inu still outperformed other prominent Robinhood-listed crypto assets in the rankings, including Aave (AAVE), Chainlink (LINK), Ethereum (ETH), and Bitcoin (BTC). 

AAVE, LINK, and ETH made it to the top five after witnessing a surge of 5%, 2.9%, and 2.5% over the past week, respectively. Furthermore, Bitcoin came sixth in the top gainers ranking published by Robinhood. 

The world’s largest cryptocurrency by market cap recorded a weekly gain of 1%, followed by Compound (COMP), ranked seventh in Robinhood’s leaderboard with a price increase of 0.7%. 

Other cryptos, like Tezos (XTZ), Litecoin (LTC), and Dogecoin (DOGE), appeared in the top 10 ranking despite ending the week with a negative price change of -0.6%, -1.3%, and -2.5%, respectively. 

Shiba Inu Price Action 

Meanwhile, considering its recent price movements, Shiba Inu’s ascent to the second position on Robinhood’s weekly top gainers’ list might surprise several market participants. 

Shiba Inu started the week on a slow pace, with a unit of SHIB trading below $0.000025. The price of the canine-themed token fluctuated between $0.000025 and $0.000027 for most of the week. 

Interestingly, Shiba Inu finally got its big break on May 29, when its price surged to nearly $0.00003, pushing SHIB to rank among the top 10 cryptos by market capitalization. Market watchers attributed the rally to multiple factors, one of which was legendary boxer Manny Pacquiao’s endorsement of SHIB. 

In the meantime, SHIB lost almost all gains recorded on May 29 due to the recent onslaught across the broader market. At the current price of $0.00002524, SHIB was up 2.74% in the weekly charts and 16.4% in the past month. 

Binance Sees Exodus of 100,614,759 XRP to Anonymous Wallets

Abdulkarim Abdulwahab
-
0
Binance Sees Exodus of 100,614,759 XRP to Anonymous Wallets

Community tracker Whale Alert spotted substantial volumes of XRP tokens departing Binance to anonymous destinations in the last few hours.

The first transaction involved the movement of 50,307,383 XRP from Binance to an XRP wallet with the initials “rarG6FaeYh.” This transaction occurred on May 31, at 23:40 (UTC), precisely 20 minutes before the new month. At the time of the transaction, the XRP assets in motion were worth $26,081,749.

100M XRP Moved Out of Binance

Just an hour later, another 50,307,376 XRP, worth over $26.08 million, left Binance for another anonymous wallet. Collectively, Whale Alert documented the transfer of 100,614,759 XRP valued at $52,125,759 from Binance to two anonymous wallets.

XRP Moved from Binance
XRP Moved from Binance

Scrutinizing the Anonymous Wallets

An examination of blockchain data indicates a possible connection between two unidentified XRP wallets and the prominent crypto exchange. In particular, Binance activated both wallets exactly five months ago. 

Moreover, the transaction history for each wallet reveals a pattern of frequent, small-scale transfers to different platforms, with these transactions happening within minutes of each other.

421M XRP Moved in Two days

Meanwhile, Binance is not the only prominent trading platform where whale XRP movements are observable.

On Thursday, the tracking service Whale Alert observed transfers totaling 58,190,000 XRP from undisclosed wallets to the centralized exchanges Bitstamp and Bitso. 

On the same day, renowned U.S.-based exchange Kraken transferred a staggering 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This particular transfer caught the community’s eye, as evidenced by the 150K interactions on the Whale Alert tweet. 

Interestingly, these substantial XRP transfers coincided with XRP’s price decline to $0.5136 on the same day.

Essentially, over the past two days, as XRP’s value has declined, significant movement of XRP has occurred involving major exchanges, with a total of 421,380,644 XRP tokens transferred.

Ripple to Join the Trend

Meanwhile, the crypto market is expected to see more XRP movements in the next few hours, this time from the prominent crypto payment firm Ripple. Ripple is anticipated to release 1 billion XRP from escrow with the onset of June. However, Whale Alert has not yet recorded this unlock.

Typically, after such an escrow release, Ripple re-escrows 800 million XRP and utilizes the remaining 200 million for its operational expenses. This pattern was evident on May 13 and May 20, when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.

Top Analyst Identifies XRP Hidden Bull Divergence, Projects 360X Surge to $200

Sam Wisdom Raphael
-
0
Top Analyst Identifies XRP Hidden Bull Divergence, Projects 360X Surge to $200

Javon Marks, a prominent market analyst, highlights a significant bullish indicator for XRP, suggesting a potential surge that could see its value multiply by 360 times to $200. 

Marks’ analysis comes at a time when XRP struggles to hold above the $0.51 support, a crucial level required to hedge against any collapse to the $0.50 zone. The analyst based his view on various technical indicators that point to a hidden bull divergence, a pattern that could herald substantial gains for XRP investors.

XRP Forms Bullish Hidden Divergence 

A hidden bull divergence occurs when the price of an asset makes a higher low while a momentum indicator, such as the Relative Strength Index (RSI), makes a lower low. This pattern suggests that despite a price retracement, the underlying bullish momentum remains strong. 

With XRP, both the RSI and price have confirmed this hidden bull divergence, signaling underlying strength within the existing uptrend. Notably, on the 18-day chart, XRP has continued to record higher lows since 2020, whereas its RSI has continuously witnessed lower lows since 2016.

In addition to this bullish divergence setup, Marks notes that XRP is nearing the convergence point of a Pennant or Coil Pattern, a technical formation that often precedes a breakout. A pennant pattern typically features converging trend lines and usually comes before a continuation of the prior trend. 

XRP started forming this large multi-year pennant structure when it dropped from the all-time high of $3.31 in January 2018. Given XRP’s recent price movements, this pattern is forming at a critical juncture, potentially leading to a significant bullish breakout.

Marks suggests that the significance of this hidden bull divergence is further amplified when considering XRP’s historical performance. He points out that XRP has previously experienced an astronomical rise of over 110,000%, demonstrating its potential for explosive growth.

A Lofty $200 Price Target

The analyst projects that if XRP breaks out as anticipated, the subsequent price surge could be extraordinary. He suggests that with a logarithmic breakout and sustained follow-through, XRP could see gains exceeding 36,000%, pushing its price into the $200 range. Marks has continued to project this price target. 

For the uninitiated, analysts leverage logarithmic charts to showcase exponential growth and to provide a clearer picture of price movements over large time scales. A breakout on such a chart indicates a significant switch in market sentiment and potential for impressive gains.

In addition, Marks highlights that XRP has previously shown its potential for rapid appreciation, with past gains reaching as high as 1110 times its initial value. This historical precedent adds weight to his current projection, making the forecasted 360X surge reasonable. 

However, multiple investors have expressed doubt due to the potential impact on XRP’s market cap. A price of $200 would lead to a market valuation of $11 trillion for XRP, bigger than the combined market cap of the largest tech giants Microsoft (MSFT), Apple (AAPL) and Nvidia (NVDA). 

Meanwhile, XRP currently changes hands at $0.5186 at the reporting time, up by a meager 0.30% today. Its RSI (46.6) and commodity channel index (-36) suggests that it is far from oversold. This indicates that XRP has more room for growth in this bull run, but the extent of this growth remains uncertain.

XRP Daily RSI and CCI
XRP Daily RSI and CCI

Ripple CEO Says Biden Must Get Rid of SEC Chair Gensler If He’s Serious About Crypto

Lele Jima
-
0
Ripple CEO Says Biden Must Get Rid of SEC Chair Gensler If He’s Serious About Crypto

Ripple CEO Brad Garlinghouse suggests that President Joe Biden’s administration must demand the resignation of SEC Chair Gary Gensler to demonstrate his seriousness for crypto. 

Garlinghouse made the suggestion in an X post yesterday, while reacting to reports about Biden’s campaign seeking advice from prominent industry stakeholders regarding the optimal approach to regulating cryptocurrencies. 

Why Garlinghouse Seeks Gensler’s Resignation 

Like Garlinghouse, many crypto enthusiasts see Gensler as the political liability of President Biden’s administration due to his adverse crypto policies. 

Instead of establishing clear rules for crypto, Garlinghouse emphasized that Gensler has been focused on hiring more lawyers to prosecute the industry. The Ripple CEO and other industry stakeholders characterize this approach as regulation by enforcement. 

Notably, the SEC, under Gensler’s leadership, has initiated multiple lawsuits against crypto companies, including Coinbase, Binance, Kraken, and LBRY. 

Although Gensler inherited the Ripple lawsuit from the previous administration, many believe his leadership at the SEC significantly delayed its resolution. Last year, he hinted at the possibility of the SEC appealing the court’s summary judgment decision, which gave Ripple a partial victory. 

His unfavorable regulatory approach toward crypto stirred the “Fire Gensler” campaign across the industry, with Garlinghouse sharing the same sentiment and urging Biden’s administration to demand his resignation.  

Biden’s Shocking Support for Crypto 

Meanwhile, President Biden has recently taken a favorable approach toward the crypto industry, compared to the early years of his administration. His pivot towards crypto is reflected in the approval of multiple Bitcoin and Ethereum spot-based exchange-traded funds (ETFs). 

Additionally, the recent development in the House of Representatives, which saw 71 Democrat Rep members cross party lines to vote in favor of a pro-crypto bill, suggests that Biden’s administration is now focused on providing clear regulations for the industry. 

Furthermore, reports indicate that his administration has been trying to engage top industry players, seeking guidance on providing favorable regulations for cryptos. 

These efforts signify a notable departure from Biden’s prior approach of keeping the industry at arm’s length. Nonetheless, some enthusiasts consider Biden’s recent pivot toward crypto an attempt to gain the support of crypto investors ahead of the upcoming presidential election. 

Historic Move Predicted for XRP as Bullish Divergence Appears on Weekly Chart

Sam Wisdom Raphael
-
0
Historic Move Predicted for XRP as Bullish Divergence Appears on Weekly Chart

XRP forms a crucial bullish divergence on its weekly chart, prompting notable analyst Alex Cobb to project an upcoming historic move. 

Cobb disclosed this in his latest XRP analysis amid XRP’s dull market performance. Despite the dull performance, data suggests that XRP has been registering higher lows on the weekly chart since mid-April. However, this has not necessarily translated to higher highs, as the bears have persistently resisted any price upswing.

Nonetheless, Cobb showed that XRP’s trend of higher lows on the 7-day timeframe contrasts the trend recorded by its relative strength index (RSI), a pivotal momentum oscillator. Notably, the RSI measures the speed and change of price movements to identify overbought or oversold conditions.

 

XRP Witnesses Buying Pressure 

Being a momentum indicator, it typically moves in line with price action, sloping down whenever an asset records lower lows and pushing up when there are higher lows. However, the RSI on the XRP weekly chart has been dropping lower despite XRP recording higher lows. Traders call this phenomenon a hidden bullish divergence.

This pattern occurs when a crypto asset’s price records higher lows while its RSI witnesses lower lows. The divergence is caused by strong underlying buying pressure, indicating the potential continuation of an uptrend despite a temporary RSI decline.

Santiment data confirms these increased buys, indicating that wallets holding at least 1 billion XRP have procured 340 million tokens since March. The Crypto Basic further reported this week that XRP whales had accumulated 3.17 billion tokens over the last 16 months. 

In addition, data sourced by Coinglass reveals that since April 6, exchanges have only recorded one day of positive netflows involving XRP. In other days, market participants have massively pulled their funds out of exchanges.

XRP Exchange Netflows Coinglass
XRP Exchange Netflows | Coinglass

Hidden Bullish Divergence Could Lead to an Upsurge

This pattern further confirms the prevalent buying pressure, contributing to the lower highs and the ongoing hidden bullish divergence. Cobb’s chart shows that the last time XRP witnessed this hidden bullish divergence was from 2016 to 2017. Interestingly, the pattern led to the historic 2017 uptrend that culminated in the ATH of $3.31 in January 2018.

Cobb expects this trend to repeat, asserting that XRP is “cooking up” a historical price move. While Cobb failed to make any price projections, other market analysts have presented targets for when such a rally occurs. For instance, World of Charts expects XRP to reach a $5 price amid an imminent price upswing. 

Meanwhile, others look to more ambitious price targets, with EGRAG setting a $66 goal on the back of a looming impulsive wave and CryptoBull predicting a spike to an audacious $154 price. Despite these lofty projections, XRP continues to battle at the $0.5 level, currently changing hands at $0.5183. 

1...1,4281,4291,430...2,667Page 1,429 of 2,667