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Veteran Trader Peter Brandt Says Nothing Exciting About XRP For Now

Abdulkarim Abdulwahab
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Veteran Trader Peter Brandt Says Nothing Exciting About XRP For Now

Veteran market trader Peter Brandt has offered a remark suggesting XRP lacks any significant offering to market participants at the moment.

XRP Market is Dull

XRP’s market performance has recently caught the attention of the legendary trader.

Brandt’s commentary on XRP came in response to a request from an XRP enthusiast on X. The crypto enthusiast sought Brandt’s insight about what XRP’s market chart suggests for potential proper positioning. 

At the core of the inquiry was Brandt’s earlier forecast that XRP was set for a “big run-up” based on observations from XRP’s market patterns.

That was June 2023. Indeed, XRP saw a significant rally a few weeks later, though it was influenced by regulatory victory.

In response to the new inquiry, Peter Brandt, who boasts nearly five decades of experience in trading, remarked that nothing appears exciting about XRP’s market chart.

“Nothing stands out to me,” he replied.

The graph accompanying the tweet was XRP’s candlestick patterns in the 30-day timeframe. The chart depicted a flatlining 18-month moving average, suggesting the absence of a clear upward or downward trend.

Essentially, by analyzing XRP’s monthly bars, the trader found little to inspire confidence or excitement.

XRP Outlook

Meanwhile, looking ahead, crypto market participants typically expect two divergent scenarios to emerge for XRP’s trajectory. 

In the growth case, prominent market watchers have underscored the need for XRP to breach and sustain price levels above the psychological barrier of $0.60.

For instance, crypto analyst Dark Defender has boldly asserted that should XRP reclaim $0.6649, the stage is set for a run to $2.

Meanwhile, a decline scenario hinges on XRP breaking below critical psychological support levels such as the $0.50 mark. Factors that could contribute to this bearish outlook include further retracements from Bitcoin and more resentment towards XRP from the market participants.

At press time, XRP is trading at $0.5387, reflecting a 1.77% decrease over the past day. Likewise, it has declined by 4.36% over the past seven days. Despite the recent negative performance, XRP’s 30-day trajectory remains notable at 5.3% gains.

Shiba Inu Community Petitions Grayscale to Launch SHIB ETF

Mark Brennan
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Shiba Inu Community Petitions Grayscale to Launch SHIB ETF

The Shiba Inu (SHIB) community is being rallied to sign a petition requesting Grayscale Investments to consider the launch of Shiba Inu ETF.

The petition, now listed on the Change.org platform,  began on February 25 and was specifically directed to Grayscale CEO, Michael Sonnenshein. The publicity for the Shiba Inu ETF proposal is being spearheaded by pseudonymous community builder SHIB BPP.

Need for Shiba Inu ETF

The emergence of the spot Bitcoin ETF triggered a paradigm shift in the crypto ecosystem with investors now anticipating a more widespread suite of options.

Asset management firms have already filed applications for spot Ethereum ETF and the clamor for a Shiba Inu ETF is the first collective push for a meme coin.

This development comes a month after the SHIB Magazine featured a thought-provoking question in one of its issuances: “Wen SHIB ETF?” The question triggered community speculation, with the recent petition one of the products of this speculation.

The petition is already garnering support from members of the Shiba Inu ecosystem having received 619 Signatures out of the required 1,000. The proponents of the Shiba Inu ETF gave four major reasons to justify the need for the product.

The first is the Google Trends data that positioned Shiba Inu as the second most popular cryptocurrency in the United States.

The sponsors of the petition argued that this popularity indicates its ecosystem’s readiness for a SHIB-based ETF. Secondly, they argue that with a SHIB ETF, there will be ease of accessibility to investors, a move that will simplify the embrace of the token.

They argued that, being an ERC-20 token, Shiba Inu already passes the Howey Test as a non-security. As a result, Grayscale would not have any regulatory issues with launching a SHIB ETF.

In all, the sponsors appealed that the Shiba Inu ETF will help Grayscale expand its leadership in the crypto and ETF terrain across the board.

Will the Market Welcome a Shiba Inu ETF?

Speculations might not be helpful at this stage but should the petition hit its desired mark, the main hurdle will begin as it will now be left for Grayscale to add support for Shiba Inu.

Grayscale operates some of the largest trusts in the crypto scene. Currently, the firm has no Shiba Inu Trust that it can easily file to convert to an ETF with the US Securities and Exchange Commission (SEC).

The chances of getting a SHIB ETF anytime soon are also low, seeing there is no Shiba Inu Futures ETF at the moment, a product that is often a precursor to an spot ETF approval.

Lawyer Spots New Reason Why a Settlement in Ripple V SEC Is Unlikely

Lele Jima
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Lawyer Spots New Reason Why a Settlement in Ripple V SEC Is Unlikely

With Kraken referencing Ripple’s summary judgment in its motion to dismiss SEC charges, Attorney Morgan thinks a settlement in the Ripple case is improbable at the moment.  

Several legal experts have suggested multiple ways the SEC v. Ripple lawsuit could be resolved. While many speculated that the lawsuit might be resolved via a court ruling, others predicted that the parties could agree on a settlement that could potentially end the multi-year legal battle. 

Notably, Attorney Bill Morgan thinks the lawsuit will not end in a settlement anytime soon. According to Morgan, recent developments in the SEC v. Kraken lawsuit could negatively affect the chances of a settlement in the Ripple lawsuit. 

Kraken References Ripple Ruling in Recent Motion 

Morgan called attention to how crypto exchange Kraken cited Ripple’s summary judgment in its motion to dismiss charges brought against it by the SEC. 

Citing Judge Analisa Torres’ decision on Ripple’s programmatic sales of XRP, Kraken argued that the SEC showed no relationship between the tokens it alleges to be securities and its customers. 

It bears mentioning that tokens on crypto exchanges like Kraken are traded via blind bid/ask- a type of transaction that Judge Torres found to be a non-investment contract. Per the Ripple verdict, Judge Torres emphasized that there is no relationship between traders and issuers of XRP. 

One of the reasons backing Judge Torres’ decision, according to Morgan, is that XRP retail traders do not expect to make profit from Ripple’s efforts. 

Interestingly, Attorney Morgan said Kraken is also extending the Ripple decision to the 11 tokens, which the SEC alleges to be securities, including ADA, MATIC, and ALGO. 

Why a Settlement is Improbable at the Moment 

Per Morgan, Kraken leveraging Judge Torres’ decision on programmatic sales in its motion to dismiss shows why the securities regulator could be motivated to appeal the Ripple verdict. 

Additionally, he noted that the recent development in the Kraken lawsuit is another reason why a settlement in the Ripple lawsuit will not happen anytime soon. 

Should the SEC agree to settle with Ripple and not appeal, several crypto businesses will continue to reference Judge Torres’ decision as a legal precedent to bolster their defenses against the regulator. 

Will the SEC Appeal After Final Judgment? 

Meanwhile, the SEC attempted to overturn Ripple’s decision earlier in the case. However, Judge Torres denied the SEC’s request to file an interlocutory appeal and ordered the commission to wait until all pending matters in the case are resolved. 

The remedies phase is the only pending issue in the case and is expected to be resolved before the year ends. 

It remains unclear whether the SEC would appeal to the Second Circuit once Judge Torres issues the final judgment. 

Investors Lose Over $440K to MicroStrategy X Hack

Mark Brennan
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Investors Lose Over $440K to MicroStrategy X Hack

Unsuspecting investors have lost over $440,000 to a recent security breach involving the X (formerly Twitter) of popular Bitcoin company MicroStrategy.

The weekend was one to forget for some crypto investors, as they lost hundreds of thousands of dollars to bad actors. MicroStrategy X account was evidently hacked and used to post a link to a malicious website.

In the now-deleted post, the hackers claimed that MicroStrategy had launched $MSTR, a token on the Ethereum blockchain. Additionally, they claimed that MicroStrategy’s Bitcoin reserves backed the token, and users could claim tokens for free.

However, when users click through the link and connect their crypto wallet to the phishing website, they unknowingly grant a malicious smart contract the ability to siphon their crypto assets. 

According to blockchain sleuth ZachXBT, the bad actors received over $440,000 from their scheme. At the same time, they have transferred a significant portion of the loot to different addresses and now hold a balance of $200,000 at press time.

Meanwhile, it appears that MicroStrategy has regained access to the hacked X account at the time of writing. The malicious posts have since been deleted, although the company has yet to reveal the details of the hack.

Ironic Scam Post Highlights Reason for Caution

As some in the X crypto community were keen to point out, the scam strategy used by the hackers on MicroStrategy was ironic and relatively easy for experienced investors to flag. Aside from using a widely-repeated approach, tying MicroStrategy to an Ethereum-based project evidently raises the brows.

MicroStrategy CEO Michael Saylor has repeatedly pledged his unwavering commitment to Bitcoin (BTC) and is famously noted for saying, “There is no second best [to Bitcoin].” The company has devoted 100% of its crypto endeavors to Bitcoin, holds billions of dollars worth of the cryptocurrency, and has not given any idea so far that it would diversify.

Investors must remain cautious of phishing scams, especially with the cryptocurrency market being in a seemingly bullish phase. Bad actors will intensify their efforts, and only careful research can protect investors from losing their money.

AMM Will not Reduce XRP Price Volatility: Ripple CTO

Sam Wisdom Raphael
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AMM Will not Reduce XRP Price Volatility: Ripple CTO

The Ripple CTO recently asserted that the upcoming AMM on the XRP Ledger (XRPL) DEX would not substantially decrease XRP’s price volatility anytime soon.

The upcoming automated market maker (AMM) on the XRPL has remained the subject of discussion within the community. Market participants have made inquiries regarding the AMM’s potential impact on the XRPL and its native token, XRP.

One such inquiry relates to the possibility of the AMM contributing significantly to a reduction in XRP’s price volatility as a result of some trading strategies users could employ, including volatility harvesting.

Recall that the XRPL community recently delayed the implementation of the AMM feature, as some validators revoked their support when they discovered a mild bug that could affect its performance. The bug has been fixed, with the latest amendment currently boasting a 74% validator consensus.

Ripple CTO on Impact of the AMM

Amid the imminent launch of the feature, Ripple CTO David Schwartz recently responded to Uptownsaul, an XRP community figure, expressing his thoughts on the AMM’s potential to mitigate the price fluctuations of XRP, commonly influenced by market sentiment and external factors.

Schwartz clarified that the AMM feature could alter existing trading strategies used by market participants. However, he highlighted that it would also introduce new trading prospects, such as arbitraging against the native XRPL DEX and participating in the continuous auction.

He emphasized the emergence of volatility harvesting with the AMM. This strategy, which market participants could leverage with multiple AMM instances, capitalizes on price movements to generate profits.

David Schwartz confirmed that volatility harvesting could theoretically reduce the price fluctuations of an asset. However, he expressed skepticism that the AMM feature on the XRPL DEX would bring about a substantial decrease in XRP price volatility in the near future.

The Ripple CTO reasoned that the trading activity on the XRPL DEX is relatively minor compared to the overall XRP trading volume, dominated by centralized exchanges and other platforms. According to him, trading on the XRPL DEX is a “drop in the XRP trading ocean.”

XRP Sees Reduced Price Volatility

Schwartz’s remarks come at a time when some proponents have suggested that XRP was exhibiting features of a stablecoin. These enthusiasts have bemoaned the asset’s inability to record major price swings despite the broader market uptrend.

Notably, XRP currently changes hands at $0.5389, only up 1.24% over the past 30 days. In contrast, Bitcoin (BTC) has skyrocketed 22.76% within the same timeframe, while Ethereum (ETH) is up 36.91%. Investors have not received this underperformance well.

Some individuals have begun speculating that Ripple might be using trading strategies to keep XRP’s price stable, but these speculations remain unproven. The imminent implementation of the AMM has raised further concerns of a more substantial reduction in XRP price volatility.

Shiba Inu Analyst Projects Incoming 128.5% Rally, Targeting $0.000022

Abdulkarim Abdulwahab
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0
Shiba Inu Analyst Projects Incoming 128.5% Rally, Targeting $0.000022

A prominent analyst in the Shiba Inu community has forecasted that SHIB could break a 22-month high of $0.000022 soon amid its prolonged stay in the downtrend.

Shiba Inu has shown a bearish trend over the past week, unable to regain the $0.00001 range it attained two weeks ago. The asset now struggles around $0.000009629, seeing barely a 1% gain over the past 24 hours.

Nonetheless, Shiba Inu community market analyst “SHIB KNIGHT” has expressed unwavering confidence about the trajectory the asset could engineer in the coming months.

Shiba Inu Set to Regain $0.000022 Coming Months

SHIB KNIGHT recently took to X to inform community members about a pivotal breakout expected from Shiba Inu soon. The analyst first noted that Shiba Inu’s current market position reflects a resistance point the asset has struggled to overcome since August 2022.

Furthermore, he provided a graph depicting Shiba Inu’s one-week timeframe. It illustrated the historical attempts made by the asset to overcome this resistance. 

The analyst highlighted that since June 2023, Shiba Inu has consistently formed higher lows without experiencing significant breakout movements despite the relatively favorable market condition.

However, SHIB KNIGHT now exudes much greater confidence that Shiba Inu will surpass the historical resistance range this season. “It is close to breaking the resistance this time,” the prominent analyst remarked.

Moreover, SHIB KNIGHT stated that since the observed patterns were identified on the weekly timeframe chart, he argued that the coming months hold promising prospects.

The Shiba Inu analyst indicated that the initial target SHIB enthusiasts can anticipate upon a successful break is a rally toward $0.000022. However, he provided no specific timeline for when the $0.000022 target may materialize.

SHIB to Rally 128.5%

Notably, Shiba Inu was last seen in the $0.000022 territory around April 2022. With SHIB trading at $0.000009629, a move to $0.000022 implies a 128.5% rally. In other words, the analyst expects SHIB to rally 128.5%, surpassing a 22-month high in the coming months.

SEC Eyes $2.6 Billion Fine From Ripple: Details

Lele Jima
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SEC Eyes $2.6 Billion Fine From Ripple: Details

Popular XRP community member Ashley Prosper has taken to the X (formerly Twitter) platform to highlight why the U.S. SEC is actively pursuing the Ripple case. 

According to Prosper, the securities regulator sees the Ripple case as an opportunity to secure substantial monetary remedies that could potentially impact its financial performance in the fiscal year 2024. 

In a tweet yesterday, Prosper shared an excerpt from the SEC’s initial complaint against Ripple in December 2020.

The U.S. SEC, which alleged Ripple violated the law by offering and selling XRP as an unregistered security, claimed the crypto payments company sold 4.9 billion XRP to institutional investors from 2013 through the end of Q3 2020. 

At the time of the filing in 2020, the SEC noted that the 4.9 billion XRP was worth $624 million. Interestingly, the value of the 4.9 billion XRP has skyrocketed in value to $2.64 billion. 

Notably, Prosper said if the SEC successfully proves its claim against Ripple regarding institutional sales, 2024 could become the best fiscal year the commission has ever had. 

“No wonder they don’t want to let it go easily,” Prosper remarked. 

Ongoing Remedies Litigation 

For context, the legal tussle is currently in the remedies phase. The remedies litigation is focused on determining the appropriate penalty to address Ripple’s violation of securities laws via its institutional sales of XRP.

Although the SEC was initially focused on Ripple’s past institutional sales, recent developments suggest that the commission is also interested in the company’s post-complaint sales. 

As reported earlier, Magistrate Sarah Netburn ordered Ripple to produce its audited financial statement from 2022 to 2023 and post-complaint contract governing institutional sales based on the SEC’s request.

She also ordered Ripple to disclose the proceeds received from selling XRP to institutional investors after the complaint was filed in December 2020. 

The financial records the SEC requested would help the court determine the appropriate penalty that Ripple might face. 

Aside from the monetary penalty, the SEC also expects the judge to impose an injunction that could prevent Ripple from selling XRP to institutional investors. 

Meanwhile, the parties are expected to file their legal briefs from March 13 through April 29, 2024. Afterward, the court would issue its ruling on remedies. While there is no specific date for the ruling, legal experts speculate that the judgment would be issued in early summer. 

Analyst Expects XRP Rally to $288, Citing Recent Breakout

Sam Wisdom Raphael
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Analyst Expects XRP Rally to $288, Citing Recent Breakout

A notable market analyst recently asserted that an XRP surge to a massive $288 price could actually be possible, citing historical context amid a recent breakout.

XRP has been stuck below the $1 price threshold since December 2021, presenting challenges in its pursuit to reclaim the all-time high price of $3.3. Despite the struggles, Javon Marks, an internet personality and crypto analyst, expects XRP to skyrocket to a three-digit price.

In a recent post on X, Marks called attention to a historical pattern that previously led to XRP’s surge to the $3.3 ATH in January 2018. Notably, the crypto asset formed a bearish descending trendline when it collapsed from the $0.0614 high in December 2013.

XRP remained underneath this descending trendline for over four years, recording two futile attempts at a breakout throughout this period. However, a successful breakout occurred in March 2017. Following this breach, XRP rallied 63,080% to the $3.31 ATH in January 2018.

This exact pattern is currently playing out, data from Marks’ chart suggests. Interestingly, XRP also formed a similar descending pattern when it slumped from the $3.31 all-time high. The asset continued to trade underneath a bearish curve following the fall until recently, when it broke above it.

Pointers for a Similar XRP Surge

Marks has called attention to some pointers similar to the trend recorded by XRP before it saw the 63,080% rally from 2017 to 2018. The first and most obvious pointer is the breakout from the bearish trend. Such a breakout signals that the bulls are gradually taking control of the scene. 

The second pointer is the set of two failed attempts at breaching the downtrend. Like in the previous cycle, XRP also moved to breach the downtrend on two occasions, but witnessed intense pressure from the bears. The third push led to the eventual breakout, similar to what the market observed in March 2017.

Interestingly, the third pointer is the formation of higher lows on the 18-day chart despite XRP trading below the downtrend. XRP also recorded these higher lows in the previous cycle, indicating a weakening of the downtrend.

XRP’s Lofty Price Target

Now that the crypto asset has broken out of the downward trend, Marks expects it to stage a rally similar in magnitude to what it recorded in 2017 to 2018. The analyst projects a 61,052% upsurge, eventually leading to an ambitious $288 price.

While this represents one of the loftiest price targets for XRP, some analysts have also predicted a similar rally. In July 2023, market analyst EGRAG projected XRP to hit $200 following a 50,000% price increase. Interestingly, EGRAG’s analysis also centered on a repetition of the 2017 pattern.

Shannon Thorp, a Citi banker, also noted that she believes XRP could trade between $100 and $500 this month. However, this prediction has failed to materialize, as XRP still struggles to hold the $0.54 level. The asset currently changes hands $0.5398, down 1.15% over the last 24 hours.

XRP ETF and Ripple IPO Prediction Ignites $5 XRP Price Target Anticipation

Mark Brennan
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XRP ETF and Ripple IPO Prediction Ignites $5 XRP Price Target Anticipation

Members of the XRP community are now projecting whether or not the coin can soar to $5 should an XRP ETF and likely Ripple Labs IPO emerge.

Speculations regarding the price of XRP are an age-long conversation in the community. Despite persistently trading below $1 since November 2021, XRP proponents contend the token is worth more than its current valuation.

Amid sustained confidence of an imminent price surge, former Ripple Labs Director Sean McBride recently triggered talks around XRP’s bullish growth potential with his latest dual prediction.

Potential XRP IPO and ETF

Considering XRP’s position as the 6th largest cryptocurrency, many community members are optimistic that it can attract investment products tailored for Bitcoin (BTC) and Ethereum (ETH), including spot ETFs.

McBride hinted at this possibility when he predicted that the community is likely to see an XRP ETF later this year or, at the latest, by 2025.

The expectations of an XRP ETF predate the approval of spot Bitcoin ETF in the US. In Q4 last year, there was a false filing for XRP ETF with links to investment management giant BlackRock.

Though BlackRock denied knowledge of the filing, the reactions to the filing exposed the community’s desire, evidenced by XRP’s price upsurge at the time.

McBride’s projection also aligns with remarks from Ripple CEO Brad Garlinghouse, who is convinced that “numerous ETFs around different crypto” are inevitable.

Garlinghouse walked down memory lane in a Bloomberg Interview, noting that diversification is like an evolutionary trend in the industry, and, as such, getting an XRP ETF cannot be ruled out.

Ripple IPO Plans

Another major fundamental within the XRP community is the likelihood of Ripple Labs going public through an Initial Public Offering (IPO). Amid speculations, Garlinghouse finally attested to the exploration of this move, but outside the United States.

The lack of regulatory clarity in the US has made the country unattractive to Garlinghouse, and time will tell whether or not the firm will make the move soon. To McBride, the IPO is likely to become a reality in 2025.

Should these projections be actualized, it might contribute to an XRP surge toward lofty price predictions, such as $5. Recall that last month, market analyst EGRAG presented a pathway for an XRP rally to $5. 

With XRP’s price and market capitalization pegged at $0.5382 and $29,360,872,719, the $5 target will imply a growth of 930% from the current level.

This is How $100 Invested in Shiba Inu Monthly Results in $11.6M

Sam Wisdom Raphael
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This is How $100 Invested in Shiba Inu Monthly Results in $11.6M

A Shiba Inu (SHIB) investor would currently be sitting on $11.6 million worth of investment if he committed $100 into Shiba Inu every month since January 2021.

Shiba Inu has a history of massive surges that have transformed investors to millionaires. However, the extent of these rallies is often lost with some proponents. This article evaluates how much investors could have made by committing $100 monthly to SHIB from January 2021.

SHIB began January 2021 with a price of $0.000000000077295, per data from market tracker CoinGecko. This low price presented ample opportunity for market participants to procure more tokens, as a mere $100 investment would secure over 1.293 trillion SHIB.

$100 Into Shiba Inu Monthly From January 2021

However, if an investor sought to continue pumping $100 into the token every month in a dollar-cost averaging approach, the ROI of such an investment becomes more complicated. As a result, we employed an online DCA tool to evaluate the journey.

Data confirms that if an investor committed $100 to Shiba Inu every month from January 2021, they would have invested $3,800 as of this month, having continued the purchases for 38 months. 

Interestingly, the investor would have procured a total of 1,307,261,321,793 (1.307 trillion) Shiba Inu tokens with this $3,800 capital. This result considers the varying prices of Shiba Inu from January 2021 to February 2024 amid the massive volatility the crypto asset has witnessed over the years.

Shiba Inu DCA Calculator
Shiba Inu DCA Calculator

With Shiba Inu now trading at the $0.000009 price territory, the 1.307 trillion tokens are currently worth $11.69 million. Essentially, if an investor had committed $100 to Shiba Inu every month since January 2021, he would have transformed $3,800 to $11.69 million.

Further data suggests that the investment would have hit its peak worth of $87.6 million in November 2021 amid Shiba Inu’s all-time high value that year. However, the profit continued to decrease as SHIB collapsed from its ATH and now struggles to reclaim $0.00001.

A More Substantial $439M Profit

Despite these struggles, an $11.6 million profit from $3,800 is much more than any asset can promise in three years, including Bitcoin (BTC).

Notably, the profit would have been much more substantial if the investor just proceed $3,800 worth of SHIB in January 2021 instead of DCAing.

In January 2021, $3,800 would have procured 49.162 trillion SHIB against the $0.000000000077295 price at the time. These 49.162 trillion tokens are currently worth over $439.4 million, an amount substantial enough to make anyone retire anywhere in the world.

Assessments such as this have sustained the hope among proponents that Shiba Inu could deliver similar gains in the future, leading to lofty price targets.

However, there is no guarantee that SHIB could replicate its past success. As a result, investors should seek proper financial advice before making any investments today.

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