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XRP to $66, Top Analyst Sets Multiple Impulsive Wave Targets

Sam Wisdom Raphael
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XRP to $66, Top Analyst Sets Multiple Impulsive Wave Targets

Market analyst EGRAG believes XRP could reach several bullish price levels based on historical data, with an ultimate price goal of $66.

He noted this in a recent analysis. EGRAG’s projections include several potential targets for XRP, ultimately eyeing an ambitious $66 price. His method involves analyzing past price movements and using these historical patterns to predict future prices, providing a detailed roadmap for XRP’s next direction.

 

A Unique Methodology

EGRAG utilized a method of segmenting and halving previous market cycle pumps to establish his targets. According to him, this technique allows for a conservative estimate by accounting for potential worst-case scenarios, assuming the current demand for XRP remains unchanged.

Notably, his focus is only on XRP’s liquidity. He does not factor in potential utility advancements for XRP or the XRPL, such as in DeFi or automated market makers (AMM) growth. These advancements could further influence XRP’s trajectory, potentially bolstering price action.

For context, the XRP Ledger’s DeFi space is seeing slow but steady growth. Following the introduction of AMM functionality, which could help augment liquidity, the XRPL is set to welcome a native lending mechanism, an EVM sidechain, and a native stablecoin.

XRP Targets an Ultimate Goal of $66

EGRAG’s analysis ignores the potential impact of these developments. Instead, he sets a series of price targets based on previous cycle trends. In the 2017 cycle, EGRAG assessed and divided the gains by two to reach three impulsive waves. This approach assumes that the market and liquidity conditions are similar to those during this cycle.

XRP to $66
Image Source: https://x.com/egragcrypto/status/1793196019263443158

Leveraging this technique, the first wave is expected to take XRP above $1 toward the $1.96 price. After this, EGRAG expects the second wave to push XRP to a two-digit value and new all-time high at $15, with the third wave potentially culminating in a rise to $66.

EGRAG then assessed the gains of the 2021 cycle, resulting in a $2.8 target. This target came from applying the same halving method to the pumps observed in 2021. By dividing the gains by two, he suggests that $2.8 is a realistic next step for XRP. The target also aligns with historical resistance levels, making it a critical point for investors to watch.

EGRAG cautioned investors against panicking when potential retracements around the $2.8 to $3.5 range occur. He noted that about 70% of investors may take profits within this price zone, leading to a significant price correction. However, the analyst advised against being shaken out by such movements.

Meanwhile, XRP currently changes hands at $0.5251, up by a meager 4% this month. XRP has so far recorded three consecutive days of intraday losses since it hit the $0.5571 high on May 21, trading below both the 50-day and 200-day EMAs. 

XRP to Power the World, Ripple CEO Mentions his All-Time Favorite Sentiment

Lele Jima
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XRP to Power the World, Ripple CEO Mentions his All-Time Favorite Sentiment

Ripple CEO Brad Garlinghouse has taken to X to share his “all-time” favorite quote he received from the XRP community, which he finds intriguing. 

The quote, which reads: “Laugh now but one day XRP will power the world,” was embedded in a portrait. Garlinghouse revealed that the portrait has been hanging on a wall in his house, emphasizing its importance.  

The Ripple CEO said he has been holding on to the quote that “XRP will one day power the world” for some time. While the portrait has been in his house since he acquired it, Garlinghouse thought of sharing it with his X followers, given the recent momentum in the market. 

Ongoing Momentum in the Market 

In a separate X post, Garlinghouse highlighted the biggest momentum in the market. This includes the SEC approval of multiple Ethereum ETFs and the U.S. House of Representatives’ passage of a pro-crypto legislation, dubbed Financial Innovation and Technology for the 21st Century Act (FIT21). 

SEC Approves Multiple Ethereum ETFs 

In an exciting development, the United States Securities and Exchange Commission (SEC) approved eight Ethereum spot-based ETF applications. The approved funds include iShares Ethereum Trust, the converted Ethereum Trust from Grayscale, VanEck Ethereum Trust, Franklin Ethereum ETF, ARK/21 Shares Ethereum ETF, Fidelity Ethereum Fund, Bitwise Ethereum ETF, and Invesco Galaxy Ethereum ETF. 

Bloomberg ETF analyst James Seyffart suggested that although these funds have been approved, they will commence trading in the U.S. once the SEC approves S-1 documents filed by these asset managers. He speculated that the approval of the S-1 filing could take up to five months or less.

XRP Community Members See XRP Securing Spot ETF

Following the endorsement of multiple Ethereum funds, members of the XRP community are foreseeing XRP as the next crypto asset likely to secure a spot-based ETF approval from the SEC. 

Other XRP community members also share the same sentiment. 

This momentum has seen the “XRP ETF” hashtag ranked among the top trending topics on X. 

In the wake of this optimism, there have been concerns about how the ongoing SEC v. Ripple lawsuit could affect the chances of an XRP ETF going live. The multi-year legal tussle is about the regulatory status of XRP, which the SEC labeled a security in December 2020. 

However, a New York Federal court ruled that XRP in itself is not a security, but certain transactions involving the coin could be tagged a security. It was in this context that the court classified Ripple’s sales of XRP to institutional clients as investment contracts. 

Although the lawsuit is edging close to its end, with the court expected to issue a final judgment this year, it remains to be seen whether the SEC will approve a spot-based ETF application for XRP. 

Analyst Sees Terra Classic Spiking 1,134% to $0.00139 as LUNC Confirms Major Bullish Pattern

Sam Wisdom Raphael
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Analyst Sees Terra Classic Spiking 1,134% to $0.00139 as LUNC Confirms Major Bullish Pattern

Crypto market analyst Javon Marks expects Terra Classic (LUNC) to record a 1,134% price spike to $0.00139 following confirmation of a major bullish pattern.

This price would mark a new all-time high for LUNC, with its current ATH price being $0.00005922, attained in September 2022. LUNC hit this level when it witnessed an impressive 1,336% upswing four months after the broader Terra ecosystem collapse in May 2022.

Terra Classic on an Uptrend Since October 2023

It bears mentioning that the Terra Classic community has championed narratives aimed at rejuvenating the ecosystem. This move is expected to bolster LUNC’s price action. However, with this campaign facing roadblocks amid community disagreements, LUNC is forced to find its own path to recovery.

Terra Classic has so far trailed the broader market, setting itself on an uptrend since October 2023. For context, LUNC collapsed to a low of $0.00005506 on Oct. 18, 2023, marking its lowest value since June 2022. However, this price marked its floor for the cycle, eventually leading to an impressive upsurge.

LUNC rode on the rally in the broader market from Q4 2023 to record this ongoing uptrend. So far, it has continued to register higher lows, forming an ascending trendline on the 3-day chart. Javon Marks confirmed this in a chart accompanying his recent analysis.

LUNC Readies for a Spike to $0.001391

A recent retest of this trendline sets the stage for an imminent price upswing that could lead to the September 2022 highs. According to Marks, if this structure holds, it could initially result in a price surge to $0.00058046, marking a massive 414% increase from current price levels.

However, Marks suggests that historical data indicates that the imminent price increase might actually be greater than a 414% surge. Recall that Terra Classic spiked 1,336% from a low of $0.00004123 in June to the current all-time high of $0.0005922 in September 2022. This rally occurred on the back of a similar setup.

Citing this previous rally, Marks believes LUNC could break the initial $0.00058046 target to clinch the second target at $0.00098584. After this, Terra Classic is expected to push toward a peak value of $0.001391. This target would represent a 1,134% rise from the current price of $0.0001127.

To maintain the structure and hold above the ascending trendline, LUNC must defend the support at the 20-day SMA ($0.00010747). The bulls are looking to tower above the resistance at the upper Bollinger Band ($0.00011498) to retain Terra Classic’s short-term bullish momentum. A push below the $0.0001 psychological level could spell trouble.

Terra Classic LUNC 1D Bollinger Bands
Terra Classic 1D Bollinger Bands

NEAR Hits 0.000123 BTC Barrier, with Veteran Analyst Eyeing Jump to 25,000 Sats

Mark Brennan
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NEAR Hits 0.000123 BTC Barrier, with Veteran Analyst Eyeing Jump to 25,000 Sats

NEAR faces critical resistance at 0.00012274 BTC, with analyst Michaël van de Poppe noting potential gains to 25,000 sats amid current market momentum.

NEAR is presently facing a critical resistance level, setting the stage for a possible breakout that could yield substantial gains. With the cryptocurrency market showing signs of renewed momentum, NEAR is among the altcoins that have been trending upward, drawing the attention of investors and analysts alike.

Notably, market veteran Michaël van de Poppe has noted that if the market momentum continues, NEAR could break out to 25,000 sats, essentially the 0.00025 BTC level.

NEAR Resistance at 0.00012274 BTC

As of now, the price of NEAR/BTC is approximately 0.00011521 BTC. According to van de Poppe’s chart, the cryptocurrency, marked by a pronounced downward trend, slumped from its peak against Bitcoin in early 2022 to a bottom in late 2023.

However, since the beginning of 2024, NEAR has shown signs of recovery, consolidating and moving upward. This upward movement has brought NEAR to a resistance level of around 0.00012274 BTC, a critical point that it has tested but not yet surpassed.

Is a Breakout Possible?

Should NEAR overcome the 0.00012274 barrier, the next major resistance zone lies between 0.00025800 and 0.00025840 BTC. This zone represents a significant target, as breaking through could lead to a price increase of approximately 103.29% from the current level.

Image Source: https://x.com/CryptoMichNL/status/1793612854144422237

On the downside, Poppe’s chart reveals that NEAR has immediate support around its current price. This support is reinforced by the consolidation zone below 0.00010000 BTC, which has historically provided a strong foundation during periods of price decline. If NEAR fails to break through the resistance and instead falls below the current support, it may retest these lower support levels.

On the other hand, the Relative Strength Index in Poppe’s chart is moving horizontally, indicating that NEAR is currently in a consolidation phase. However, the RSI is approaching the overbought region (>70), suggesting a potential price correction in the near future.

NEAR/BTC Shows Steady Bullish Signals

The MACD indicator is also moving horizontally at 0.00001356 above the zero line, signaling a slow but steady bullish trajectory for the NEAR/BTC pair. The MACD histogram supports this trend, with bars consistently above the zero line. 

Near Against BTC
NEAR/BTC 1Week Chart

Similarly, the Chaikin Money Index trends vertically, indicating increased money inflow into the NEAR/BTC pair and suggesting a strengthening bullish sentiment.

Bitcoin Price Reaches $70k as Whales Accumulate 20k BTC in Seven Days

Albert Brown
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Bitcoin Price Reaches $70k as Whales Accumulate 20k BTC in Seven Days

According to recent data, Bitcoin addresses holding 1,000-10,000 BTC added 20,000 BTC ($1.4 billion) during the recent price increase to $70,000.

Bitcoin addresses holding between 1,000 and 10,000 BTC have significantly increased their holdings during the latest price uptick to $70,000, according to recent analysis by IntoTheBlock. Over the past week, these addresses collectively procured 20,000 BTC, equivalent to $1.4 billion, showing a notable trend among large holders.

Trends in Bitcoin Holdings

The chart provided by IntoTheBlock, covering the period from May 14 to May 22, illustrates the balance held by addresses with 1,000 to 10,000 BTC alongside the price of Bitcoin during the same timeframe.

The data reveals that on May 14, the balance held by these addresses was approximately 4.91 million BTC. From May 17 to 19, there was a steady increase to about 4.93 million BTC, which continued to grow. The most significant upsurge occurred on May 21 and 22, ending at 4.97 million BTC.

Simultaneously, the price of Bitcoin showed notable volatility within this period. Starting at $63,789, Bitcoin’s price witnessed fluctuations before recording a gradual rise to $65,483, followed by a significant increase to $68,871 on May 19. The upward trend continued, peaking at $70,565 on May 21.

Accumulation Trends Among Significant Holders

The steady increase in the balance held by these addresses indicates accumulation by large holders. This trend suggests confidence in Bitcoin’s long-term value, potentially reflecting bullish sentiment among significant investors. Despite the fluctuations, the overall trend points to a positive outlook from these key players.

IntoTheBlock’s analysis also categorized ownership into whales and investors. Whale holdings, particularly low activity addresses, accounted for 1.26% of total BTC holdings. These low activity addresses suggest a portion of BTC is held by entities or individuals who do not frequently move their assets. This behavior could stabilize the market by reducing the circulating supply.

Bitcoin Ownership
Bitcoin Ownership | IntoTheBlock

Investor holdings showed a wider distribution with a mix of low and high activity addresses. The largest investor segment held 0.91% of BTC.

Majority of Bitcoin Holders Remain Profitable

Meanwhile, a March report revealed that the number of Bitcoin addresses in profit had approached 100% as the price neared its previous all-time high (ATH) above $68,000. The rally since the start of the year erased previous losses, with IntoTheBlock data showing 51.94 million addresses holding Bitcoin at a profit, amounting to 99.63% of total holders. 

This trend of profitability continued, with the percentage of profitable addresses reaching 95% as the price touched $57,416 in late February. 

Today, the price of Bitcoin is $69,756.52, with a 24-hour trading volume of $30,721,182,878.03. This represents a 0.37% price increase in the last 24 hours and a 4.84% price rise over the past 7 days. 

XRP Trading Returns for New York Users via Coinbase

Abdulkarim Abdulwahab
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XRP Trading Returns for New York Users via Coinbase

Coinbase, the largest U.S.-based exchange, has relisted XRP for trading for its users who are residents in New York.

Coinbase announced this relisting of XRP for New Yorkers in a post via one of its official X handles. The announcement was also confirmed by Paul Grewal, Coinbase’s Chief Legal Officer.

In the statement, Grewal noted that Coinbase has reinstated XRP trading in New York after collaborating closely with state authorities amid mounting requests from users. 

Notably, Coinbase halted XRP trading in January 2021 following the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, which labeled XRP as an unregistered security.

Subsequently, Coinbase and other U.S. exchanges relisted XRP in July after a court decision indicated that XRP is not a security. Despite this, trading in New York remained unavailable until the recent update.

This is due to New York’s reputation for strict cryptocurrency regulations, especially its ‘BitLicense’ framework, which poses significant operational challenges for businesses within the state. 

Interestingly, regardless of the federal court ruling that XRP is not a security, the New York regulator proceeded to revise its ‘green list’ of permissible assets to exclude XRP from the lineup.

Ultimately, Coinbase’s recent announcement suggests that the exchange and New York’s regulatory body have reached a mutual agreement that paves the way for the relisting of XRP.

XRP Spikes by 3% After Relisting Move

Remarkably, Coinbase’s reactivation of XRP trading for New Yorkers coincided with a mild uptick in price. Market data confirms that XRP briefly spiked by 3.15% to hit a new daily high of $0.5392. The chart shows the momentary spike surfaced precisely around the time of Coinbase’s announcement.

 

XRP chart
XRP chart | CoinMarketCap

Meanwhile, recall that, last July, XRP soared by over 100% in 24 hours, coming close to reclaiming the $1 range, when exchanges like Gemini, Kraken, and Binance.US relisted it after the lawsuit victory.

Shiba Inu: Here’s What to Expect at This Year’s Blockchain Futuristic Conference

Lele Jima
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Shiba Inu: Here’s What to Expect at This Year’s Blockchain Futuristic Conference

The team behind Shiba Inu’s bi-weekly magazine, ‘The Shib,’ releases the 25th edition, highlighting the cryptocurrency’s role at the upcoming Blockchain Futuristic Conference.

Shiba Inu Emerges as Title Sponsor of Canada’s Web3 Events

This magazine’s latest edition focused on the upcoming Web 3 events in Canada, including the Blockchain Futuristic Conference (BFC), ETHToronto, and ETHWomen. Notably, Shiba Inu has again emerged as a title sponsor of these events, slated to be held on August 13 – 14, 2024.

With its participation as a returning sponsor, Shiba Inu will have a dedicated space at these events where it can showcase its ecosystem projects, including Shibacals, Shibarium, Shib Name Service (SNS), K9 Finance DAO, and Shibverse, among others.

K9 Finance to Conquer BFC With Hackathon 

The magazine revealed that Shiba Inu’s liquid staking derivative (LSD) partner, K9 Finance DAO, will take center stage with a hackathon at the Blockchain Futuristic Conference.

According to the magazine, the upcoming hackathon will be a gathering of brilliant minds focusing on pushing the boundaries of possibilities of blockchain technology.

K9 Finance DAO’s founder Buzz revealed that the hackathon participants will leverage Shiba Inu’s L2 blockchain Shibarium in building solutions capable of redefining the blockchain landscape.

Buzz confirmed that winners will be rewarded with a KNINE bounty. He stated that more details about the bounty will be revealed soon. Per Buzz, the rationale behind the hackathon is to attract builders and developers to the Shiba Inu L2 network.

“It is a one-to-many marketing approach to market directly to developers to start building DeFi products on Shibarium. Of course, we want these products to integrate K9’s products,” Buzz added.

CryptoQueen to Speak on Women’s Empowerment at BFC

Another major highlight in the magazine is the inclusion of esteemed Shiba Inu community member Jenni Rogers (a.k.a CryptoQueen) among the speakers at the Blockchain Futurist Conference, ETHWomen 2024.

CryptoQueen, also the co-founder of ShibWomen, will speak on the topic “Empowering Women in Web 3 Via X Spaces.”

“[…] I am happy to speak on any subject pertaining to women in blockchain, so the topic may change depending on the conference’s needs,” she remarked. 

Interestingly, CryptoQueen expects Shibarium to garner significant attention during the upcoming ETHToronto conference.

Meanwhile, the magazine covered other events unrelated to the Blockchain Futuristic Conference. In particular, it highlighted Tangem’s focus on community-driven initiatives, which prompted the wallet provider to include SHIB as a payment method for its crypto storage device.

Axie Infinity Signals Bullish Outlook, Analyst Predicts Rise To $22

Mark Brennan
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Axie Infinity Signals Bullish Outlook, Analyst Predicts Rise To $22

On the weekly chart, Axie Infinity (AXS) signals a positive short-term outlook, displaying a pattern that suggests a bullish trend.

Axie Infinity price is up nearly 9% in the last two days, breaching the $7.76 threshold on Thursday. A stable close above $8.00 could bring more gains in the short term as AXS continues to show strength amid volatile market sentiment. 

AXS/USD is trading with a bullish bias. Nonetheless, in the last 24 hours, the trading volume is down by 27%, per CoinMarketCap data, suggesting a considerable decline in trading activity compared to the previous day.

Axie Infinity Daily Chart
Axie Infinity Daily Chart

After breaking the short-term consolidation of $6.51 and $7.70, the price jumped with strong buying conviction, as seen with a green Morubozu candlestick on the daily chart. The resistance in the daily time frame stands at the April high of $8.20. In the short term, the bulls could push the price higher after the massive daily close.

The recent price action has morphed into a “Morning Star” pattern on the weekly chart, representing a bullish reversal validation.

Axe infinity Morning Star
Axie Infinity Weekly Chart

Based on the bullish formation on the weekly chart, Axie Infinity has been steadily gaining value over the past few sessions. Analysts anticipate that it will surpass the $10.00 mark by a significant margin in the near future.

Famous analyst Ali also mentioned a bullish technical formation on the weekly chart, which gives an upside target price for the token.

 

Do these formations justify the ascending trajectory of the price rally? If yes, then the next question is how much and when!

The recent price movement shows that the Axie Infinity price has successfully broken through the higher level and reached the key resistance area at $7.76. The next important trading zone for the price is at the trend line, which is at $10.00. To maintain the bullish trend, the price needs to sustain this level and break the trend line on a weekly basis, as the bears have often driven prices down hard after reaching that level.

Once the price manages to breach the first upside target zone, it can move further toward the $13.00 level. According to Ali, further upside would take AXS to $22.

On the lower side, the key support zone is playing around $6.65, which attracts buyers to enter the long position. If the pattern fails to sustain and the bears capture this level, the price could again enter the area of consolidation. In that case, the risk of testing the $6.00 or below would strengthen.

Technical indicators, Support and Resistance

RSI trades below 50. Hence, validation is required for the prices to continue on the upward trajectory. MACD coincides with the central line, showing a neutral bias at the current price movement.

Investors are advised to clearly wait for the key levels on a closing basis to stay invested. The current resistance level for Axe Infinity is at $7.76, while the key support zone is fluctuating around $6.65.

Whale Moves 240M+ XRP Worth $127M as Price Battles $0.53

Mark Brennan
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Whale Moves 240M+ XRP Worth $127M as Price Battles $0.53

A recent financial audit reveals a whale moved 240.85 million XRP to an unknown wallet as XRP’s price battles to retain the $0.53 level.

According to on-chain data sourced by Whale Alert, a blockchain tracking service, the whale transaction, which had a monetary value of $127 million, was executed from Coincheck, a Japanese exchange. Data indicates that the recipient address is unknown.

Detailed XRP Transaction Breakdown

According to blockchain records, the transaction occurred today at 07:13 UTC. Interestingly, this transfer is not an isolated incident, as reports indicate that the same recipient wallet was involved in another major transfer just days earlier. 

As reported by Crypto Basic on Monday, Coincheck moved 250,000,000 XRP, valued at $129,015,796 at the time, to the same wallet. This activity has drawn attention due to the consistent high-volume transfers to this recipient address.

CoinCheck Linked to Recipient Wallet

Coincheck’s association with the recipient wallet dates back to February 2024, when the exchange initially activated the wallet. Since then, the address has consistently received large XRP transfers from the Japanese exchange. 

Records suggest the wallet belongs to Coincheck, which would make these transfers cases of in-house movements. Notably, the wallet has only moved out 300K XRP since then, raising questions about its purpose and the ultimate destination of the funds. It currently holds 602 million XRP tokens.

Meanwhile, the latest whale transaction occurs at a time when XRP is battling to reclaim and retain the $0.53 price threshold amid the market lull. The current price of XRP is $0.5248, reflecting a 1.95% decrease in the last 24 hours. Additionally, trade volume in the past 24 hours is $1,128,713,764, marking a 30.05% decrease.

Top Experts Unanimous That Solana Gets the Next Spot ETF, Not XRP

Abdulkarim Abdulwahab
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0
Top Experts Unanimous That Solana Gets the Next Spot ETF, Not XRP

Prominent figures in the finance scene propose that Solana (SOL) will be the next crypto asset to receive a spot exchange-traded fund (ETF) after Ethereum.

During a recent interview on CNBC, Brian Kelly, founder of digital currency investment firm BKCM, weighed in on the conversation around which cryptocurrency gets an ETF should the U.S. SEC endorse filings for Ethereum funds today. 

Kelly first voiced confidence that approval for Ethereum spot ETF is inevitable. Regarding the crypto to follow Ethereum, he proposed Solana. He recognized SOL as a strong contender due to its market competitiveness with ETH. 

Bloomberg Analyst Agrees

James Seyffart, a prominent ETF analyst at Bloomberg Intelligence, agrees with Kelly’s view. Seyffart highlighted that Solana particularly fits based on the current precedent and market condition.

Nonetheless, the ETF pundit suggested it could take a few years to see a Solana spot ETF. This is due to crucial listing requirements, such as establishing a CFTC-regulated futures market for Solana. 

Moreover, Seyffart argued that the earliest timeline for a Solana spot ETF would be 2026. Yet, he noted that the recently passed pro-crypto bill could accelerate this projected timeline.

Furthermore, Seyffart emphasized that a Solana spot ETF would garner more investor demand than ETFs of other crypto assets, besides Bitcoin and Ethereum. This further strengthens the view that a SOL ETF may precede other altcoin ETFs.

Solana’s Security Status Remains an Issue

Meanwhile, the Bloomberg analyst pointed to a factor that could delay Solana’s chances of getting an exchange-traded fund.

In particular, he cited the U.S. SEC’s position that SOL is a security, as prominently contested in the regulator’s lawsuits against Coinbase, Kraken, and Binance. He believes the SEC’s current view on SOL “could very easily make this [ETF] a very rocky road.”

XRP ETF Far In the Future

While XRP boasts a clearer regulatory status, Seyffart does not believe it holds a better chance against Solana.

In an earlier discussion, the ETF analyst stressed the need for Ripple’s ongoing lawsuit with the SEC to end. Additionally, he mentioned establishing a CFTC-regulated futures market for XRP before there can be any possibility of an XRP spot ETF.

Moreover, Seyffart believes that the permission for an XRP ETF would likely require a new SEC chairman. He views all these necessary conditions as likely to unfold over an extended period, thus delaying the prospect of an XRP ETF further.

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