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Cardano Price at Risk of $0.40 Reverse as Ethereum Bulls Await ETF Launch

Mark Brennan
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Cardano Price at Risk of $0.40 Reverse as Ethereum Bulls Await ETF Launch

Cardano’s (ADA) price tumbled towards the $0.45 level on Tuesday, May 28, as Ethereum continues to dominate crypto investors’ short-term preferences. 

Cardano price falls further as Ethereum Dominates

Since the United States Securities and Exchange Commission (SEC) approved spot Ethereum ETFs on May 23, the global crypto markets have entered a consolidation phase as investors await the official launch of the ETH derivatives in US markets.

However, as the markets entered a consolidation phase, crucial market data trends show that many traders are redirecting capital away from Ethereum’s arch-rival Proof-of-Stake Layer-1 networks, like Solana (SOL) and Cardano (ADA) and Avalanche (AVAX).

Consequently, while the Ethereum price continues to charge towards the $4,000 milestone, Cardano’s price action has taken a negative turn.

Cardano (ADA) Price Action vs. Ethereum (ETH) 
Cardano (ADA) Price Action vs. Ethereum (ETH)

As seen in the chart above, ETH price has racked-up a  25% surge over the past week, holding firm above the $3,800 support level at the time of writing on May 28. But Cardano on the other has now decline 12% within the weekly time frame, as it fell toward the $0.45 mark.

However, digging deeper, the recent movements in the Cardano derivatives markets suggests that investors are anticapting more downsizing for ADA price in the days ahead.

Coinglass’ Liquidation Map data shows that speculative SHORT traders are now dominating the Cardano markets and deploying unusually high-leveraged bets against ADA.

Cardano (ADA) Price Action vs. Ethereum (ETH) 
Cardano (ADA) Price Action vs. Ethereum (ETH)

Looking at the chart above, Cardano SHORT traders have deployed $11.91 million leveraged short contract around the current prices. Meanwhile, the bull traders have only listed $5.9 million LONG contracts.

When the value of leveraged SHORT contracts surpasses LONGs, it suggests that more traders are betting on a decline in Cardano’s price. This could be due to the widespread sentiment that Ethereum’s growing market status due to the ETH ETF approval could lead to reduced traction for its rival L1 networks.

If the Cardano long traders continue closing out their dwindling positions rather than make covering spot purchases, ADA price could be at risk of losing the critical $0.45 support, as tumbling toward $0.40 in the days ahead.

XRP to $100 to $300: Here are Possible Timelines

Sam Wisdom Raphael
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0
XRP to $100 to $300: Here are Possible Timelines

Several entities, including crypto exchange Changelly and Telegaon, have projected timelines for XRP to reach a price range of $100 to $300.

XRP continues to trade at the mercy of the bears, down 14% this year while other assets have recorded substantial growth. The underperformance has been attributed to a price suppression triggered by Ripple’s sales and the ongoing SEC lawsuit. However, these claims remain speculative.

XRP Suffers Price Suppression

Ripple CTO David Schwartz has continuously argued against the idea that this suppression comes from Ripple’s periodic sales of XRP. Meanwhile, despite the ongoing debate, several analysts expect XRP to repeat its 2017 price run, which saw it soar 48,823% after initially underperforming.

Market watchers have set multiple targets for XRP for when it records a similar price upsurge. Crypto analyst EGRAG maintains that XRP could reach $27 when it registers its meteoric surge. Meanwhile, another analyst CryptoBull sees prices spiking to as high as $154. 

As these projections spring up, some commentators have dismissed them, while others continue to anticipate an eventual uptrend to clinch even a fraction of the targets. Amid the mixed sentiments, several entities have come up to project timelines in which XRP might reach some of these targets, specifically $100 to $300.

Projected Timelines for $100 to $300 Price Range

For instance, analysts at Changelly see XRP reaching $100 in April 2040, expecting it to trade at an average price of $104.62. These analysts believe XRP would continue to soar in price after crossing the $100 mark, predicting it to eventually break $200 in August 2040 and then reach $300 in December of that year.

XRP Price Prediction Changelly 2
XRP Price Prediction | Changelly

Meanwhile, researchers at crypto prediction resource Telegaon are less optimistic about XRP than Changelly analysts. In a recent analysis, the Telegaon team only sees XRP reaching $100 in 2050, 26 years from now. They have no projected timeline for XRP to hit $200 or even $300.

Despite the less optimistic outlook, Telegaon remains more bullish on XRP than CoinCodex, a market analysis platform. Interestingly, CoinCodex expects XRP to continue underperforming in this cycle and in subsequent cycles. They predict XRP to only hit $2.45 as its highest price in 2029 and $1.7 in 2030, suggesting that it would not surpass its ATH of $3.84 in the next 16 years.

The Crypto Basic has also called attention to multiple predictions in the past suggesting that XRP could reach prices between $100 and $300. Analyst Javon Marks projected that XRP is capable of hitting $200 on the back of a massive coil pattern.

Moreover, Block Bull, another market analyst, recently asserted that XRP could reach $250 in this market cycle, specifically in 2025. EGRAG also suggested earlier this year that XRP has the potential to reach $220. Notably, XRP currently changes hands at $0.5296, down 2% over the last 24 hours.

ChatGPT-4o Predicts Cardano Could Hit $5, Here’s When 

Lele Jima
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0
ChatGPT-4o Predicts Cardano Could Hit $5, Here’s When 

Despite the recent Cardano dip, ChatGPT-4o still believes these factors could take the price of ADA to around $5 by year-end. 

Cardano (ADA) is still recovering from the recent onslaught across the broader market that pushed its price below the $0.50 level. In the hours leading up to press time, ADA was changing hands at $0.4621, with a mild 24-hour increase of 0.43%. 

However, ADA is still down 4% and 3.1% in the weekly and monthly charts. Despite ADA’s plunge in recent times, ChatGPT-4o, the latest improved version of OpenAI’s chatbot, provided insights into the potential price level at which the coin could likely trade by the end of this year.

Here’s How Much ADA Could Trade by Year End 

ChatGPT-4o offered two types of predictions for ADA by 2024 ending and also highlighted factors that could propel the asset’s surge. 

The first prediction suggests that ADA could change hands within the ranges of $1 – $2 by the end of 2024. According to the chatbot, ADA could trade within this range if the broader crypto market experiences consistent and moderate growth.

However, the AI tool increased this target to $2 and $5 if Cardano and the broader crypto market witness positive trends and developments. For context, the prediction suggests that ADA must rally at least 332% and 982% from the current price of $0.4621 to hit the targets of $2 and $5, respectively.

Potential Factors That Could Influence ADA Price 

Notably, ChatGPT-4o highlighted several factors that could influence ADA’s potential surge to up to $5 by year-end. At the top of the list is the growing interest in ADA among whale investors. 

As per the ChatGPT-4o analysis, higher demand in ADA from large investors serves as bullish sentiment for the asset and could push the price to a value around the $5 region.  

According to the AI chatbot, other potential factors that could drive ADA’s price to $5 this year include increased developmental activities and institutional adoption of the asset. 

IOG, the research and development arm of Cardano, has been making significant moves to enhance the network’s performance and security. As of May 17, the team revealed that it implemented critical upgrades to different aspects of Cardano, especially scaling. 

Meanwhile, the chatbot urged ADA holders to look out for regulatory and economic changes that could positively impact the coin’s price.  

Revolutionizing DeFi: How Partisia Blockchain And zkCrossDEX Address Security Interoperability And Scalability Challenges

Esra Zuhal
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0
Revolutionizing DeFi: How Partisia Blockchain And zkCrossDEX Address Security Interoperability And Scalability Challenges

The decentralized finance (DeFi) space, while revolutionary, has not been without its challenges. Issues such as security, scalability and the complexity of cross-chain operations have hindered broader adoption and efficiency. However, the recent partnership between Partisia Blockchain and zkCross Network’s zkCrossDEX is set to address these critical problems head-on, bringing forth a new era of security, interoperability, scalability, with user-friendliness in DeFi. 

The Market Problem: Privacy and Front-Running in DeFi 

One of the most significant issues in DeFi is the lack of security, interoperability and scalability. Multiple times in the past there have been hacks with peoples funds being stolen. These large scale attacks have resulted in stolen funds of over 1 billion dollars in 2023 alone. 

Moreover, the complexity and inefficiency of moving assets across different blockchain networks pose another substantial hurdle. Traditional DeFi solutions often struggle with interoperability, resulting in fragmented liquidity and cumbersome asset transfers. These challenges make DeFi less accessible and efficient, particularly for non-technical users. 

Lastly, there are scalability issues around blockchains, leading to DeFi applications unable to scale past a certain number of users at the same time. High gas costs and network crashes are some of the other

issues surrounding blockchains and even with various types of roll up technology, this continues to be a long term problem without an elegant solution. 

The Solution: Partisia Blockchain’s MPC and zkCrossDEX 

Enter zkCrossDEX, a zero-knowledge cross-chain decentralized exchange developed by zkCross Network and powered by Partisia Blockchain’s multiparty computation (MPC), BYOC tokenomics and True Sharding technology. This integration is poised to tackle the pressing issues of security interoperability and scalability, setting a new standard in the DeFi sector. 

Enhanced Security with Multiparty Computation 

At the core of Partisia Blockchain is our MPC technology and our $MPC token. Both play a critical part in securing and collateralizing the assets going in and out of our chain. With the largest MPC cluster in the world securing the cryptographic keys that are used in transferring assets, you can wave goodbye to any hacks that have plagued the blockchain industry in the past. Even if there is a malicious actor inside the system, the funds transferred across Partisia Blockchain is collateralized which means all transactions in zkCross Network are secured and insured from both internal and external hacking attempts. 

Brian Gallagher, Co-Founder of Partisia Blockchain, highlights the impact: “Our collaboration with zkCross Network brings a new execution platform for DeFi that addresses known weaknesses in automated market makers (AMMs). Partisia Blockchain’s design for scalability, interoperability, and privacy significantly improves these systems.” 

Seamless Cross-Chain Interoperability 

Another critical advancement is zkCrossDEX’s ability to facilitate seamless interoperability between disparate blockchain networks. This capability enables fluid asset swaps and liquidity flow across various ecosystems, addressing the inefficiencies and fragmentation that plague traditional DeFi solutions. By bridging different blockchains, zkCrossDEX provides users with access to a wider array of assets and markets, significantly enhancing the DeFi experience. 

Shivam Tandon, Founder and CEO of zkCross Network , explains, “Our zkCrossDEX is designed to aggregate liquidity across multiple chains, addressing a pivotal challenge in DeFi. Partisia Blockchain’s MPC technology is the key to making this possible. This initiative strategically moves towards a more fluid and interconnected DeFi ecosystem, revolutionizing liquidity management for a seamless and efficient market experience.” 

Scalability through True Sharding 

Finally, zkCross Network will take full advantage of Partisia Blockchains True Sharding architecture. Unlike other chains that have a single blockchain, Partisia Blockchain currently runs 4 independent blockchains that work together to sync state. This allows zkCross Network to enable price guarantees while being able to support multiple users for a single pool. It also enables zkCrossDEX to be the only DEX that provides a common liquidity pool that allows different trading pairs to use, creating a truly unique DeFi protocol in the space that can support a far greater number of concurrent users than any existing systems. 

User-Friendly DeFi Experience 

In addition to technical improvements, zkCrossDEX focuses on enhancing the user experience. DeFi’s complexity has been a barrier to mass adoption, particularly for users who are not well-versed in blockchain technology. zkCross Network’s intuitive interface, combined with the robust privacy and interoperability of Partisia’s MPC, makes DeFi accessible and user-friendly. This approach aligns with Partisia Blockchain’s mission to promote financial inclusivity and ensure that everyone can participate in the DeFi revolution. 

Commitment to an Inclusive Financial Ecosystem 

The collaboration between Partisia Blockchain and zkCross Network represents more than just technological innovation; it is a commitment to creating a more inclusive and equitable financial ecosystem. By addressing the core issues of security, interoperability, and scalability, zkCrossDEX ex paves the way for a more secure and efficient DeFi landscape. This partnership exemplifies the potential of strategic collaborations to drive significant advancements in the DeFi sector. 

About Partisia Blockchain and zkCross Network 

Partisia Blockchain is renowned for its commitment to privacy-preserving, interoperable, and sustainable innovations. With over 35 years of rigorous research, Partisia Blockchain aims to future-proof solutions, ensuring they address both current and future challenges. Their focus on transparency, accountability, and decentralized governance makes them a pivotal player in solving global problems through secure and efficient networks. 

zkCross Network is a leader in cross-chain interoperability and DeFi infrastructure-as-a-Service. Their mission is to make DeFi accessible and secure for users worldwide, and their collaboration with Partisia Blockchain exemplifies their dedication to advancing the DeFi sector through cutting-edge technology and strategic partnerships. 

Conclusion 

The integration of Partisia Blockchain’s MPC technology into zkCross Network’s zkCrossDEX addresses critical market problems of privacy, front-running, and interoperability. This partnership not only enhances the technical capabilities of DeFi but also makes it more accessible and user-friendly. As the DeFi landscape continues to evolve, innovations like zkCrossDEX are essential for creating a more secure, inclusive, and efficient financial ecosystem. 

Learn more about MPC and Partisia Blockchain: Website

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Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Shiba Inu Transaction Volume Spikes 169% to 5,354,958,453,224 SHIB

Sam Wisdom Raphael
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0
Shiba Inu Transaction Volume Spikes 169% to 5,354,958,453,224 SHIB

Shiba Inu daily transaction volume records a massive spike to 5.354 trillion SHIB, marking a 169% increase from the previous day’s figure.

With the broader crypto market witnessing an extended range-bound movement, Shiba Inu bulls have not mustered enough strength to break above critical resistance levels. As a result, SHIB has failed to transform the $0.000025 territory from resistance to support, often slipping below it after a rebound.

Shiba Inu Daily Transactions Spike to 5.354T

Despite the market turbulence, interest in Shiba Inu has increased over time, evidenced in the occasional spikes in transaction volume. One such spike occurred yesterday, according to data sourced by on-chain analytics resource CryptoQuant. 

Notably, data confirms that market participants transacted with over 5.354 trillion Shiba Inu valued at an excess of $132 million yesterday. This figure represented a 169% increase from the 1.985 trillion SHIB moved on Sunday. The latest spike represents a rejuvenation of market activity following a marked decline on Sunday.

SHIBA INU Tokens Transferred Total
Shiba Inu Tokens Transferred | CryptoQuant

In contrast, IntoTheBlock (ITB) data reveals that the number of transactions involving Shiba Inu amounted to 6,390 on May 27, representing a low figure. This contrast in transaction volume and number of transactions suggests that SHIB witnessed more whale transactions on May 27. 

Notably, transactions worth between $1,000 and $10 million increased to 2,605 yesterday, a significant spike from the 1,595 figure recorded on May 26. In addition, large transactions involving at least $100,000 worth of Shiba Inu amounted to a cumulative volume of $91.04 million on May 27. 

SHIB Large Transaction Volume IntoTheBlock
SHIB Large Transaction Volume | IntoTheBlock

SHIB Reclaims $0.000026 Despite Exchange Inflows

The rise in whale transactions confirm a growing trend of increased involvement with Shiba Inu among large market participants. However, further on-chain data indicates that this trend might be tilting toward bearish territories, as most of these transactions involve exchange inflows. 

According to CryptoQuant data, on May 27, investors deposited 1.462 trillion Shiba Inu tokens to exchanges, the largest figure in nearly a week. This resulted in a positive exchange netflow of 607 billion SHIB tokens that day. 

SHIBA INU Exchange Netflow Total All Exchanges 1
Shiba Inu Exchange Netflow | CryptoQuant

However, this metric had little impact on Shiba Inu’s price action despite the projected growth in selling pressure. SHIB saw an impressive 4.89% increase in price on May 27, looking to now build on this price surge to seal its position above $0.000025. Shiba Inu has also rallied by 2% today, currently trading for $0.00002603.

Daily Transactions on XRPL Soared 113% to 2.7M in Q1, Latest Record Shows

Abdulkarim Abdulwahab
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Daily Transactions on XRPL Soared 113% to 2.7M in Q1, Latest Record Shows

The XRP Ledger (XRPL) witnessed an impressive 113% growth in daily transactions in Q1 2024, reaching 2.7 million. 

Crypto analytic firm Messari disclosed this figure in a new study detailing the network dynamics of XRPL for the first quarter of the year. The study indicates that the XRPL experienced a surge in network activity by almost every metric during Q1. 

Active Addresses and Txn Increased 37% and 113% QoQ

The most prominent positive metric was the average daily transactions and active addresses. Specifically, daily transactions averaged 1.3 million in Q4 2023. However, the number increased by 113% to 2.77 million in Q1 2024.

Similarly, while the average daily active addresses were 30,000 in Q4 2023, the figure increased by 37% to 41,000.

XRPL Network analysis Messari
XRPL Network analysis | Messari

Activities Influenced by Inscriptions

The report pointed out that a significant portion of the transaction activity stemmed from a limited number of accounts sending transactions to a single recipient. Messari’s analysis revealed that over 30 million transactions were directed to one account by a cluster of approximately 45,000 accounts. Notably, these were for activities related to inscriptions.

Significantly, inscriptions are NFT-related transactions that gained popularity on the Bitcoin network in early 2023. While they started with the Bitcoin network, inscriptions have since emerged on nearly every major network. They sometimes lead to network outages due to the sheer volume of activity. 

On December 31, 2023, XRPL reached a peak activity level of over 80 transactions per second sustained throughout the day, with 6.9 million transactions. The report credited XRP Script as the driving force behind the bulk of the inscription activity on the network.

Interestingly, Messari noted that XRPL suffered no network disruptions during the peak inscription activities of December.

New Wallet Creation Decreased QoQ

Furthermore, the report revealed that the net count of XRPL accounts rose by 150,000, pushing the total number of accounts up by 3.1% to 5.15 million in the first quarter.

However, XRPL witnessed a 12.4% quarter-over-quarter reduction in the creation of new addresses. The report attributes this quarterly decline to the abnormally large number of addresses generated in Q4 2023.

Regarding the year-over-year growth, XRPL registers a 29.8% increase in new addresses from Q1 2023 to Q1 2024. Moreover, there was a 55.9% rise in account deletions quarter-over-quarter, totaling 33,000 and coinciding with the decline in inscription activity.

The significance of account creations and deletions on XRPL is unique compared to most networks because accounts necessitate a deposit for creation. This initial deposit is recoverable upon account deletion. 

Accordingly, Messari points out that the account metrics on the XRPL are more indicative of genuine activity, as opposed to other networks where creating accounts can be done en masse at no cost, leading to potential spam or Sybil attacks.

Report: XRP Price Dropped 0.1% While Market Cap Rose 1.3% in Q1 2024 

Lele Jima
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0
Report: XRP Price Dropped 0.1% While Market Cap Rose 1.3% in Q1 2024 

Data from top crypto analytics platform Messari shows that the price of XRP decreased 0.1% Quarter-on-Quarter (QoQ) while its market cap rose by 1.3% in the same timeframe. 

This was revealed in the latest Messari report, which highlighted XRP’s performance in the first quarter of 2024. 

XRP Price Dips 0.1% QoQ and Spikes 14.8% YoY  

According to Messari, XRP ended Q1 2024 with a unit price of $0.62, marking a 0.1% decrease from the figure recorded in the last quarter of 2023. 

The report revealed that XRP’s performance in Q1 2024 lagged behind the rest of the crypto market, which saw a whopping gain of 63%. Despite registering a decline of 0.1% QoQ, XRP’s price spiked 14.8% Year-over-Year (YoY), soaring from $0.54 to $0.62.  

XRP Market Cap Registers Slight Gain QoQ 

The report also provided insights into XRP’s market capitalization throughout the first quarter of this year. While its price slumped 0.1% QoQ, the coin’s circulating market capitalization recorded a slight growth of 1.3% in the same timeframe. 

XRP’s circulating market cap, which stood at $33.7 billion in Q4 2023, increased to 1.3% in Q1 2024 to $34.1 billion. Also, the market cap increased by 22.6% YoY, soaring to $34.1 billion from the $27.8 billion recorded at the end of Q1 2023. 

Discrepancy Between XRP’s Price and Market Cap   

Messari attributed the discrepancy between the price and circulating market cap to the surge in XRP’s circulating supply. At the end of Q1 2024, XRP’s circulating supply rose to 54.9 billion from the 54.1 billion coins recorded at the end of Q4 2024. This represents an increase of 1.4%.

The factor behind the surge in XRP’s circulating supply is the 1 billion coins Ripple releases from escrow monthly. It bears mentioning that Ripple unlocked 3 billion XRP from escrow in the three months of Q1 2024. 

As observed in previous months, Ripple usually re-locks up to 800 million XRP from the 1 billion coins released from escrow, leaving the remaining 200 million XRP in circulation. From this, 600 million XRP coins were added to the circulating supply in the three months of Q1 2024. 

Total Burn Surpasses 12M XRP 

Meanwhile, Messari also shed light on the XRP burn rate. The burn rate has continued to apply deflationary pressure on XRP’s total supply, with over 12 million coins burned so far. 

Data from XRPScan shows that 12,450,332 (12.45 million) XRP have been removed from the supply via burns. These coins are obtained from transaction fees on the XRP Ledger (XRPL) and systematically burned. 

XRP’s burn rate has been low due to the low fees required to process transactions on XRP, which costs less than $0.0002 per transaction. Messari projected that after Ripple releases all XRP from its escrow addresses, the sole factor influencing the supply will be the deflationary pressure from the burn rate. 

At press time, XRP was changing hands at $0.5280, marking a decline of 16.12% from the figure recorded at the end of Q1 2024. Similarly, XRP’s market cap currently stands at $29.36 billion, down 13.9% from the $34.1 billion registered in the first quarter of 2024.

XRPUSDT 2024 05 28 15 40 36
XRP Daily Chart

 

XRP Whales Scoop up 3.17 Billion XRP in 16 Months

Mark Brennan
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0
XRP Whales Scoop up 3.17 Billion XRP in 16 Months

According to a Santiment report, XRP whales have added a massive 3.17 billion tokens, significantly boosting network activity.

As the cryptocurrency markets hint at another potential breakout early this week, a new report by market intelligence platform Santiment sheds light on the active accumulation patterns by major players within the space. 

The analysis, focusing on Bitcoin, Ethereum, XRP, and Chainlink, reveals a strategic uptick in asset procurement by whales and sharks, terms colloquially used to describe large-scale holders.

XRP in the Spotlight

Particularly standing out in the Santiment analysis is the activity surrounding XRP. Over a four-year span, wallets holding more than 10 million XRP (valued at over $5.1 million) have demonstrated considerable movement.

Notably, the Santiment chart reveals that after reaching a low in their holdings 16 months ago, these entities have aggressively increased their stakes, adding approximately 3.17 billion XRP to their reserves. 

This surge in accumulation occurs despite the sustained market pressures influenced by XRP’s legal entanglements with the U.S. SEC. Amid the Ripple lawsuit, the cryptocurrency exhibited significant price volatility, nearly reaching $2 in 2021 before undergoing a prolonged downturn.

Growing Network Activity in Q1 2024

Further supporting the findings on XRP’s performance, Messari reported that the network’s activity metrics have seen substantial growth in the first quarter of this year. The report notes that the number of active addresses interacting with the XRP network increased by 37%.

In addition, transaction volume surged by 113% quarter-over-quarter. This enhanced activity shows a growing interest and engagement with the XRP Ledger.

XRP Optimistic Outlook

Amid accumulation trends, a report from The Crypto Basic forecasts a developing bullish sentiment for XRP. According to the report, analyst World of Charts highlighted a notable technical formation, revealing that XRP has developed a textbook symmetrical triangle pattern. 

This chart formation is often indicative of a possible breakout. The report further suggests a price target in the $4 to $5 range should a breakout occur, indicating a potential increase of 453.71%.

Top Analyst Unveils 4 Stages of XRP Price Action, Predicts Massive Pump by Summer

Sam Wisdom Raphael
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0
Top Analyst Unveils 4 Stages of XRP Price Action, Predicts Massive Pump by Summer

TradingView analyst MoralDisciple reveals four market stages that XRP price typically follows, projecting a massive pump by summer.

According to MoralDisciple, the current market presents a unique opportunity. For context, prices have been consolidating amid Bitcoin’s (BTC) inability to break and hold above $70,000. He notes that altcoins are particularly undervalued compared to Bitcoin, suggesting a strategic window for investors to capitalize on this disparity.

For context, XRP has continued to collapse against Bitcoin since August 2023, dropping by 67.53% over the past nine months as detailed in the chart below. XRP has recorded nine consecutive months of decline against BTC since then, as it drops to 0.00000778 BTC. 

XRP Bitcoin Monthly Chart
XRP Bitcoin Monthly Chart

As a result, the monthly RSI on the XRP/BTC chart has slipped into oversold territories at 37. Market analysts have noted this trend, stressing that XRP is on the verge of an impressive trend reversal against the price of Bitcoin. MoralDisciple also expects this reversal, asserting that XRP has entered a phase featured by price uptrend.

The Four Stages of an Altcoin Bull Market

In his analysis, MoralDisciple identified four critical phases in the progression of an altcoin bull market. These phases are accumulation, first leg up, chop and up only. His presentation aimed to inform market participants of the dynamics of a typical market cycle. 

The accumulation phase occurs after a prolonged bear market, where prices stabilize and consolidate. During this period, the downtrend is broken, setting the stage for potential upward movement. Investors who enter during this phase can position themselves advantageously for future gains.

In the first leg up stage, prices begin to rise noticeably. However, many retail investors remain cautious, often failing to recognize the shift in trend. This phase marks the early signs of a bull market, but it typically doesn’t attract widespread attention from less experienced traders.

Following the initial surge in the first leg up phase, the market enters a choppy, sideways movement phase. This period, also known as re-accumulation, usually follows significant events like Bitcoin halving. 

This choppy phase is typically characterized by price fluctuations within a narrow range, which can test the patience of investors. However, those who hold their positions can benefit from the forthcoming uptrend.

The up only phase, which is the final and most lucrative phase, sees prices climbing rapidly, with Bitcoin, altcoins, and even meme coins experiencing parabolic growth. This stage draws substantial media attention, attracting new investors and driving prices to new all-time highs. 

However, early investors and smart money traders start to exit the market, capitalizing on the peak prices, while latecomers often fall prey to the illusion of a perpetual rally.

Current XRP Market Position

MoralDisciple asserts that the market is currently in the third phase—Chop. He anticipates that the market will soon transition into the Up Only phase, where substantial profits can be realized. According to him, this shift is expected to happen swiftly, with a notable pump in XRP’s price by late June, potentially heralding a larger upward movement.

He advises investors to be strategic and patient, avoiding the common pitfall of chasing after short-term price swings. Currently, XRP trades for $0.5311, down 0.32% today. MoralDisciple chose not to set any price target, but several other analysts have made projections to prices such as $8 and $13. 

Mt Gox Empties Over 140K BTC worth $9.5B: Is a Dump Incoming

Mark Brennan
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0
Mt Gox Empties Over 140K BTC worth $9.5B: Is a Dump Incoming

Mt Gox moves over 140,000 Bitcoin valued at an excess of $9.5 billion to an unknown wallet, igniting widespread concerns about an imminent large-scale dump.

Over 140,000 Bitcoin tokens, valued at more than $9.5 billion, were transferred from the defunct exchange Mt Gox to a single unknown wallet. Due to the sheer volume and the mysterious destination of the funds, this series of transactions has caught the attention of cryptocurrency analysts and investors alike.

Detailed Breakdown of the Bitcoin Transfers

The transfers began approximately six hours ago, with significant amounts of Bitcoin moved in quick succession. The initial transfer recorded was 3,999 BTC, valued at approximately $277.65 million. This was closely followed by another significant transfer of 8,239 BTC, which amounts to roughly $565.71 million.

As the hours progressed, the transactions increased in both frequency and volume. A noteworthy transaction of 4,057 BTC, valued at nearly $966.33 million, was recorded five hours from the start. This was immediately followed by an even larger transfer of 16,589 BTC, which carried a value of approximately $1.14 billion.

The peak of these transactions occurred in the last two hours, with two enormous transfers. The first one involved 32,137 BTC, valued at about $2.18 billion, followed closely by another of 32,499 BTC, worth approximately $2.20 billion. 

The final and largest transaction noted was 34,138 BTC, transferring over $2.32 billion to the wallet. CryptoQuant analyst Axel confirmed that all the funds moved to a new wallet, sparking concerns of an imminent widespread sale.

The Fall and Partial Redemption of Mt Gox

Once the leading Bitcoin exchange, Mt Gox suffered a dramatic collapse in 2014 due to a severe hack, resulting in the loss of roughly 740,000 BTC belonging to customers and 100,000 BTC from the company. This event, as chronicled by Crypto Basic, triggered the downfall of the Japan-based trading platform and significantly impacted its numerous creditors.

Although a considerable amount of the stolen Bitcoin was eventually recovered, the process of compensating the affected creditors proved more complex than initially anticipated. Nevertheless, following extensive negotiations, a resolution was reached in which general creditors would receive cash repayments.

Meanwhile, specific creditors secured agreements to be compensated in cryptocurrency, marking a pivotal moment in the lengthy resolution of Mt. Gox’s insolvency issues. The compensation process has taken a lengthy period of time, with market participants fearful of a large-scale dump when creditors receive their tokens.

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