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Binance Coin BNB Breaks Bull Flag, Targets $750 Amid Maxwell Hardfork Buzz

Albert Brown
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Binance Coin BNB Breaks Bull Flag, Targets $750 Amid Maxwell Hardfork Buzz

Binance Coin (BNB) surges 1.57% to over $650, breaking a bull flag. EMA crossovers and the Maxwell hard fork fuel a potential rally to $750.

With the crypto market bullish on Wednesday, Binance Coin has crossed $650. The recovery marks a bull flag breakout, hinting at a potential rally to $750, supported by positive EMA crossovers.

Binance Coin Price Analysis

On the daily chart, the Binance Coin price has broken out of the falling channel pattern that has been in place since December 2024. The recent price surge of nearly 15% in early May led to a breakout from the falling channel pattern, with a new peak near $680.

Binance Coin Price Chart
Binance Coin Price Chart

However, due to bullish exhaustion, BNB recently retested the $637 support level, which was highlighted by the late March peak. With the intraday surge, BNB Coin has marked a bullish breakout from the short-term pullback, suggesting an extended recovery.

Based on the bull flag formed by the recent breakout rally, BNB Coin shows a 16% breakout potential to reach the $750 milestone. Supporting this bullish outlook, the 50-day EMA has recently surpassed the 200-day EMA, marking a golden crossover.

Additionally, it has surpassed the 100-day EMA, signaling a second positive crossover within just a week. As the bullish influence grows, the daily RSI line rebounds before touching the halfway point, signaling a resurgence in bullish momentum.

Therefore, the technical patterns and indicators suggest a potential rally to the $750 level. However, a short-term hurdle may be encountered near the psychological level of $700.

On the contrary, a potential pullback could retest the $637 support level if the broader market becomes volatile.

Maxwell Hardfork Ignites Bullish Buzz

The surge in optimism driving the bullish trend in BNB is fueled by the announcement of the upcoming Maxwell hard fork. In a recent tweet, Binance Chain highlighted that the Maxwell hard fork will bring three major upgrades to Binance Smart Chain.

The BEP-524 upgrade will reduce the current block time to under 1 second, to 0.75 seconds. Furthermore, BEP-563 aims to enhance the validator network messaging, while BEP-564 will drive smarter fetching logic.

 

Rising Short Liquidations Amid OI Nearing $800M Shows Bullish Intent

Notably, the BNB futures market is also witnessing a surge in optimism, highlighted by a 2.56% increase in BNB Open Interest, reaching nearly $800 million. The surge in Open Interest occurs despite $423k in short liquidations over the past 12 hours, reflecting the growing bullish narrative in Binance Coin Futures.

Additionally, the OI-weighted funding rate of 0.0033% reflects strong bullish intent compared to previous levels. Thus, the BNB derivatives data indicate an overall bullish anticipation for an extended rally.

BNB Coin Derivatives
BNB Coin Derivatives

Analyst Says When This Shiba Inu Breakout Happens, You’ll Want a Piece of SHIB

Albert Brown
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Analyst Says When This Shiba Inu Breakout Happens, You’ll Want a Piece of SHIB

Analyst Joey Keasberry called Shiba Inu chart one of the most unreal ones he’s seen, adding that while a breakout hasn’t happened yet, it could be just around the corner.

Shiba Inu (SHIB) continues to trade within a wide consolidation range, suggesting long-term market engagement despite short-term price volatility. As of May 21, 2025, SHIB is priced at $0.0000145, marking a 0.7% increase over the past 24 hours. 

However, this minor gain follows a 9.1% decline over the previous week, pointing to lingering market caution. Still, recent analysis indicates that SHIB’s broader market behavior may reflect a deeper accumulation phase rather than a typical downtrend.

Shiba Inu Price Structure Remains Bound Within Long-Term Range

According to market analyst Joey Keasberry, SHIB has maintained a broad horizontal range between $0.0000050 and $0.00004 since its initial breakout in 2021. The asset has failed to breach either boundary, despite several attempts. 

In early 2024, price movements reached the upper resistance but could not establish sustained momentum beyond $0.000045. Keasberry, analyzing SHIB’s long-term chart, noted that there are currently no signs of a breakout.

However, he emphasized that when a breakout does occur, it could present a significant opportunity. He added that such behavior is typical in consolidation phases, where a volatility squeeze eventually leads to a breakout point, at which market participants tend to establish positions. 

Technical Resistance Levels Define Next Critical Moves

Further multi-timeframe analysis by analyst Şeyma highlights essential resistance levels that now shape SHIB’s short-term outlook. On the weekly timeframe, the token is consolidating after a downtrend extending from December 2024 into early 2025. SHIB’s immediate resistance sits just above $0.000015, and a close above this level on the weekly chart would indicate a shift toward a more bullish structure.

However, Şeyma emphasizes that a full confirmation would require a breakout past $0.000017. If both resistance lines are surpassed with a strong bullish candle, a path toward the $0.000030 mark could become viable. Failing to achieve this would likely trigger a return to lower demand areas, as no breakout would mean continued consolidation or retracement.

On-Chain Data Signals Shift in Holder Composition

Alongside the technical observations, on-chain ownership data reveals a notable shift in SHIB’s holder base. Whale wallets have increased holdings by 1.58% in the last 30 days, suggesting accumulation by larger investors. 

Shiba Inu Historical Concentration
Shiba Inu Historical Concentration

In contrast, retail holders have reduced exposure by 0.50%, while mid-level investors saw a sharper drop of 4.88%. This divergence may highlight reduced retail confidence amid ongoing sideways price action, even as larger entities position themselves more aggressively.

XRP Market Depth Shows Growing Maturity Beyond Speculative Burst: Kraken Report

Elendu Benedict
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XRP Market Depth Shows Growing Maturity Beyond Speculative Burst: Kraken Report

Prominent crypto exchange Kraken has highlighted how XRP has matured from a speculative coin to a key asset in the digital asset scene.

The report, prepared by CF Benchmark, a wholly owned Kraken subsidiary, defined XRP and its role in the XRP Ledger. Furthermore, it emphasized the asset’s escalating maturity and dominance in the cryptocurrency industry.

Notably, the May report followed XRP’s recent choppy price action despite Bitcoin’s bullish outing. The XRPL native token is down over 3% since Monday and 11% from its high of $2.65 last week.

Mega-Capped XRP Commanding Respect

With its $137 billion valuation, XRP currently ranks as the third-largest cryptocurrency by market cap. Interestingly, the coin’s cap swelled following its November-January run, fueled by optimism about regulatory clarity following Donald Trump’s election victory.

The optimism further escalated when the US Securities and Exchange Commission withdrew its enforcement action against Ripple and the XRP ecosystem. The Kraken report identified a growing market demand for XRP since the event, as retail and institutions develop traction towards the asset.

In truth, the demand for XRP has increased recently, forcing prominent exchanges to incessantly roll out products offering exposure to the coin. For context, the CME Group recently launched CFTC-regulated XRP derivative futures product.

Meanwhile, Japan’s leading Bitcoin exchange, bitFlyer, announced it would roll out leveraged XRP trading on its CFD platform as demand scales globally. Notably, BitMEX has also listed XRP for spot trading, confirming XRP’s growing popularity and influence.

XRP’s Daily Volume Rivals Bitcoin and Ethereum

Furthermore, Kraken stated that XRP’s daily spot volume across five major exchanges is now rivaling the two largest digital assets, Bitcoin and Ethereum. For context, its 24-hour turnover in the exchanges that make up the CME CF XRPUSD Reference Rate has reached $226.8 million, representing 24% of Ethereum’s and 11% of Bitcoin’s daily trading volume.

Specifically, the average daily XRP volume stands at $152 million, with Kraken, LMAX, and Bitstamp recording $30.8 million, $26.4 million, and $17.6 million, respectively. According to the report, this shows an XRP market maturity beyond speculative bursts.

Average XRP Volume Across Major Exchanges

Interestingly, the recent report follows another Kraken piece highlighting how a little XRP can significantly impact the profitability of one’s portfolio. The exchange noted that a modest 3.9% allocation to XRP could trim risks and uplift returns.

Ripple v. SEC: Expert Outlines Factors That Could Make Judge Torres Overturn Her Ruling in Ripple Case

Lele Jima
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Ripple v. SEC: Expert Outlines Factors That Could Make Judge Torres Overturn Her Ruling in Ripple Case

Crypto expert Ashley Prosper highlights conditions that could prompt Judge Analisa Torres to vacate her decision in the lawsuit between the SEC and Ripple. 

Last week, Judge Torres stunned the broader crypto community, particularly XRP holders, by denying the parties’ motion for an indicative ruling to settle the lawsuit under conditions different from the final verdict. 

The judge imposed a $125 million fine and a permanent injunction against Ripple following its violation of securities law. However, the parties agreed that Ripple should pay only $50 million instead of the $125 million fine while also setting aside the injunction. 

Following the agreement, the parties asked the judge for an indicative ruling to approve the settlement. However, she denied the motion, highlighting a procedural flaw in the motion. 

How to Get Judge Torres to Vacate Ripple Final Judgment 

With the parties expected to re-file the motion in the coming weeks, Prosper suggested how to get the judge to vacate her final judgment easily. 

Submission of Classified Evidence About Federal Interest in XRP 

According to Prosper, sealed or classified evidence demonstrating significant federal interest in XRP could prompt the judge to reconsider. He noted that such evidence would be reviewed privately due to its confidential nature.

For example, documents from the U.S. Treasury affirming XRP’s role in a proposed national crypto asset reserve. Another instance is the DOJ’s security briefing warning that continuing the lawsuit would undermine critical financial or diplomatic operations. 

Should the parties provide any of these documents, Prosper believes Judge Torres would be inclined to vacate her ruling in deference to national interest, a routine judicial practice when higher governmental authority is involved.

Intervention of Federal Executive Branch 

Another factor that could prompt Judge Torres to dismiss her decision is if a federal executive branch, like the Treasury or the Fed, files an amicus brief in the case, directly asking her to reconsider her stance on the lawsuit. 

For instance, if the Treasury were to argue that XRP is essential to the nation’s financial infrastructure, it could invoke legal principles such as Chevron deference, which grants courts the ability to defer to agency interpretations of ambiguous statutes.

While rare, Prosper noted that courts have, in the past, vacated judgments when the executive branch intervenes, particularly in cases involving financial stability or foreign relations.

He emphasized that Judge Torres could reverse her verdict if the legal grounds shift due to classified documents reframing XRP as a sovereign-grade asset or demonstrating that Ripple’s fine and injunction could interfere with the Fed or Treasury’s actions. 

If the judge vacates her ruling on this ground, Prosper believes XRP could transition from a mere token to a state-integrated financial bridge. 

Meanwhile, some community members dismissed these perspectives as highly speculative and unlikely to happen.

Shiba Inu Eyes 25% Surge After Bullish Pattern Retest

Albert Brown
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Shiba Inu Eyes 25% Surge After Bullish Pattern Retest

Shiba Inu retests an inverse head-and-shoulders breakout, targeting a 25% rally to $0.00001871. Futures data supports bullish momentum.

As the altcoin market soars, Shiba Inu is preparing for a massive post-retest reversal. After retesting the breakout of an inverse head-and-shoulders pattern, Shiba Inu targets a near 25% surge to the $0.00001871 mark.

Shiba Inu Price Analysis

On the daily chart, the Shiba Inu price trend shows a bullish breakout from an inverse head-and-shoulders pattern. The neckline is near the $0.0000144 level and slightly above the 23.60% Fibonacci level.

Shiba Inu price analysis
Shiba Inu price analysis

Over the past week, Shiba Inu saw the breakout rally peak at $0.0000170 before reversing to the downside. The pullback retests the neckline, suggesting a potential post-retest reversal.

However, the MACD and signal lines have given a negative crossover, indicating a potential downside. On the other hand, the daily RSI line bottoms out near the halfway level as it recovers from the oversold region. As the RSI points upward from this level, the indicator suggests a potential surge in bullish momentum.

Additionally, the intraday surge of 1.03% in Shiba Inu hints at a potential morning star pattern. This is typically considered a reversal pattern, supporting the post-retest turnaround thesis.

According to the Fibonacci levels, the potential reversal will likely test the 50% Fibonacci level at $0.00001871, which could lead to a 25% upside. On the flip side, a breakdown below the neckline could test the $0.00001265 level, near the early May low.

Optimism Sparks in Shiba Inu Futures

Shiba Inu futures are seeing a surge in bullish anticipation as the funding rate spikes to 0.1010%, according to CoinGlass data. With rising bullish sentiment, open interest has also increased by nearly 2%, reaching $220.18 million.

Notably, over the past 12 hours, short liquidations have surged to $93k, while long liquidations are limited to $35k. This rising bullish narrative in Shiba Inu futures indicates the possibility of a leverage-driven bullish rally.

Shiba Inu Derivatives Data
Shiba Inu Derivatives Data

Survey Shows More Americans Now Own Bitcoin Than Gold

Mark Brennan
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Survey Shows More Americans Now Own Bitcoin Than Gold

A new national survey by the Nakamoto Project shows a major change in investment preference among Americans from Gold to Bitcoin. 

This survey signals a notable shift in American financial behavior. Notably, Gold has long been regarded as a reliable store of value and a hedge against inflation, often held by older or more conservative investors. However, the data suggests that Bitcoin is rapidly becoming more widely adopted.

According to the data, approximately 50 million Americans own Bitcoin, whereas around 37 million own gold.

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Blockchain firm River, which also contributed to the surveys, provided additional data points to support the findings.

U.S as Global Bitcoin Leader

River positions the United States as the global leader in the Bitcoin ecosystem, with Americans estimated to hold over $790 billion in Bitcoin—about 40% of the global supply.

U.S. public firms account for 94.8% of institutional Bitcoin ownership, while the country contributes 82% of development funding and attracts nearly 70% of venture capital in the sector. The U.S. also leads in ETF ownership with a 79.2% share and controls 36% of the global Bitcoin hashrate. 

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Since 2021, American companies have mined $42.6 billion in Bitcoin and invested over $30 billion in domestic mining operations, employing more than 20,000 people across 150+ firms.

Also, the U.S. hosts over 40 large-scale mining facilities and more than 150 company headquarters. Government Bitcoin holdings stand at 198,000—more than any other nation—surpassing the UK’s 61,000 and China’s 15,000.

Survey Methods and Surprising Recommendations

Meanwhile, another Nakamoto Project’s survey, conducted in partnership with Qualtrics, sampled 3,345 Americans between late February and mid-March. According to the results, 4 in 5 Americans recommended converting some portion of gold reserves into Bitcoin.

Troy Cross, Chief Editor at the Nakamoto Project, addressed skepticism surrounding the findings. He acknowledged that many might assume such results came from a biased sample, such as a Bitcoin conference audience. 

However, he emphasized that the sample, composed of 3,345 respondents collected online in partnership with Qualtrics, closely matched U.S. Census demographics in age, race, gender, income, and geography. Data collection occurred between late February and mid-March.

Cross reported that survey participants responded to a specific prompt asking what percentage of U.S. gold reserves should be converted into Bitcoin, using a slider from 0% to 100%.

According to him, the results were unambiguous: four out of five respondents supported at least partial Bitcoin diversification. The median recommendation was 10%, while the average reached 20.3%. Respondents were reluctant to choose a 100% gold allocation, signaling an openness to Bitcoin.

Bitcoin Sentiment Mirrors Broader Market Developments

Cross pointed to additional results tied to current events. During the survey period, following a March 2 tweet by Donald Trump proposing a Strategic Crypto Reserve, respondents were also asked whether they supported such a move. 

Although the official executive order had not yet been issued, 66% expressed a neutral-to-positive view. This reaction, according to Cross, indicated a growing familiarity and comfort with the idea of Bitcoin as part of national reserves.

Analysts Point to Institutional Deleveraging as Bitcoin Trails Gold

Meanwhile, broader market analysts continue tracking Bitcoin’s performance compared to gold. On CNBC’s Squawk Box, Fundstrat Managing Partner Tom Lee discussed Bitcoin’s underperformance earlier this year.

He attributed the sluggish start to forced liquidations by institutional investors, particularly during weekends. Lee believed that with deleveraging behind, Bitcoin could close the performance gap with gold.

Lee also referred to Bitcoin’s previous high around $110,000, suggesting that it still has room to recover. Host Joe Kernen recalled Anthony Pompliano’s claim that Bitcoin typically trails gold before surpassing it roughly 100 days later. Lee agreed with the overall pattern, indicating that Bitcoin tends to follow gold’s upward movement with a delayed but stronger rally.

Today, Bitcoin trades at $106,504, showing a 1.45% increase in the past 24 hours and a 2.76% rise over the past week. Gold remains just above $3,309.

This Recurring Pattern on Dogecoin 6-Month Chart Could See DOGE at $6: Details

Albert Brown
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This Recurring Pattern on Dogecoin 6-Month Chart Could See DOGE at $6: Details

Trader Tardigrade identifies a recurring rounded bottom pattern on the Dogecoin 6-month chart, highlighting an accumulation phase awaiting a breakout.

Dogecoin’s price movements over the past week have revealed heightened volatility, with frequent swings between $0.210 and $0.235. As of today, Dogecoin (DOGE) is trading at $0.2296. 

While short-term price action remains active, technical analysts and on-chain metrics have shifted attention to larger macro trends forming on the charts.

This Pattern Signals Third Accumulation Phase

According to Trader Tardigrade, a technical analyst on X, Dogecoin’s 6-month chart shows a consistent pattern repeating over the years. The analyst has identified a recurring “rounded bottom” or cup formation, which previously appeared ahead of major rallies.

These cup-shaped patterns, marked by gradual accumulation phases, are visible three times on the chart, each followed by significant breakouts.

Image

The first instance occurred between 2014 and 2017. During this period, Dogecoin traded with low volatility before breaking out in mid-2017, rising from approximately $0.00011 to nearly $0.003. A similar pattern formed from 2018 to 2020. That consolidation phase ended with a breakout in late 2020, which drove prices to a peak above $0.6 in 2021. 

The chart now shows a third rounded structure forming between 2022 and 2025. If the historical trend persists, Tardigrade’s chart points to a potential breakout that could propel DOGE above the $6 mark. Dogecoin would surge approximately 2,513% from $0.2296 to $6.00.

Surge in Address Activity Reinforces Technical Setup

Meanwhile, on-chain data from recent weeks supports the ongoing accumulation narrative. Specifically, Dogecoin New Addresses rose by 102.40% in the last seven days, while Active Addresses grew by 111.32%. 

Screenshot 2025 05 21T105942055

Zero Balance Addresses also climbed by 155.50%. This uptick coincided with Dogecoin’s recent price gains, suggesting rising user engagement alongside technical accumulation.

Furthermore, the Ownership Concentration chart reveals changes in wallet segments over the last 30 days. Whale holdings increased slightly by 0.34%, while investor wallets decreased by 2.59%. Meanwhile, retail participation rose by 1.44%, indicating a minor shift in token distribution.

Dogecoin Historical Concentration

Key Trendline and Reversal Structure Under Watch

In parallel, technical analysis by Bitcoinsensus highlights an Inverse Head and Shoulders pattern forming on Dogecoin’s daily chart. The formation began in March 2025 at nearly $0.15, developed its head in April during a deeper price dip, and completed the right shoulder later in the month after rebounding above $0.165. The pattern’s neckline, which slopes downward, acted as a key resistance point.

According to Bitcoinsensus, DOGE broke above the neckline, potentially marking the start of a new bullish phase. However, the asset remains capped under a broader descending trendline active since late 2024.

This long-term resistance triggered rejections at $0.46 in December 2024 and again at $0.42 in January 2025, followed by a drop to $0.135. Per the analysis, Dogecoin is retesting this trendline. A breakout and confirmation above this level may direct price action toward the $0.42–$0.43 supply zone.

Hoskinson Considers Class Action Over Cardano Defamation, Criticizes Crypto Media for Malicious Reporting

Lele Jima
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Hoskinson Considers Class Action Over Cardano Defamation, Criticizes Crypto Media for Malicious Reporting

Cardano founder Charles Hoskinson is considering initiating a community class action against people defaming the crypto project. 

In an X post yesterday, Hoskinson asked Cardano stakeholders, particularly ADA holders, developers, and dApp builders, whether they would consider joining a class action against those defaming the crypto project. 

He linked any potential legal action to the upcoming release of an audit report focused on the project’s 2017 initial coin offering (ICO) redemption process.

NFT Artist Accuses Hoskinson of Misappropriating ICO Funds 

For context, tension has escalated within the Cardano community over the past few days. It started this week after NFT artist Masator Alexander accused Hoskinson of misappropriating 318 million ADA tokens from the 2017 ICO. 

He alleged that Hoskinson and Input-Output Global (IOG) embedded hidden functionality into the 2021 Allegra hard fork that supposedly enabled them to redirect the funds, valued at $619 million then, into a reserve they controlled.

Alexander claimed that only a small portion of the funds was used to establish Intersect, a Cardano member-based organization. He further alleged that the remainder was funneled into an IOG-controlled reserve via the alleged exploit in the Allegra upgrade.

These accusations raised questions about Hoskinson’s credibility, prompting him to embrace an audit to clarify the escalating claims. As previously reported, this audit will be conducted by BDO International, a prominent accounting and auditing firm, and McDermott Will & Emery, a law firm. 

The companies will provide a detailed report on their findings and reveal whether Hoskinson and the IOG misappropriated any funds linked to the ICO. 

Strong Community Support for Class Action

Although it remains unclear when the report will be published, Hoskinson has teased a class action against those defaming Cardano. He created an X poll to ask Cardano community members, particularly holders, dApp builders, and developers, whether they would join this class action. 

So far, the poll has attracted 10,306 votes, with 69% of these participants signaling their intentions to join the suit. The voting exercise will end in the next four days, on May 25. Based on the current poll results, most Cardano enthusiasts are willing to join the class action and seek damages from those spreading false claims.

Hoskinson has not provided more details about the potential lawsuit, including who might be included as defendants.

Hoskinson teases class action against parties defaming Cardano
Cardano founder teases class action against parties defaming Cardano

Hoskinson Slams Crypto Media Over Malicious Reporting 

Meanwhile, the Cardano founder issued a statement expressing outrage against crypto media’s reporting following the misappropriation saga. Hoskinson suggested that most media outlets abandoned objective and fair reporting on the issue in favor of “maximally viral clickbait.”

Hoskinson emphasized that no evidence of fraud has been found and noted that all parties involved in the ICO redemption process have publicly confirmed that no wrongdoing occurred. He pointed out that no regulator, law enforcement agency, or token purchaser has raised any fraud allegations tied to the ICO.

According to him, the only accusation, referring to Alexander’s claim, came from someone without insider knowledge of the ADA sale processes. 

As a result, he expressed that it is fundamentally irresponsible for media outlets to spread news with malicious headlines that hint at the possibility of massive theft. 

Hoskinson described these headlines as damaging, noting that it will take several months and huge funds to repair after the audit. After the saga, Hoskinson revealed plans to reduce his social media presence. 

According to him, a media team will take control of his social accounts post-audit. He also intends to change how he conducts his regular AMA sessions. However, the changes will not affect his physical meetings at crypto events. 

Elite Trader Reveals Why He Sold XRP to Go All In on Ethereum

Abdulkarim Abdulwahab
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Elite Trader Reveals Why He Sold XRP to Go All In on Ethereum

Doctor Profit, a renowned trader known for high-leverage plays, has announced a strategic move from XRP into Ethereum.

He disclosed his decision in a tweet, stating that he was pivoting from XRP to ETH after securing a 600% profit on his earlier XRP trade.

Notably, he did not provide specifics about the XRP trade. Meanwhile, it likely stemmed from profit-taking since the coin peaked at $3.40 in January or during its more recent rally to $2.65. It is also possibly a leveraged trade on these spot market movements.

With XRP losing momentum for further upside in recent times, Doctor Profit sees this as a good time to enter Ethereum. Notably, Ethereum is currently trading at a significant 30% discount on the yearly timeframe. Meanwhile, XRP is up 342% over the past year, trading at $2.38.

Not a Bearish Call on XRP

In his message to followers, Doctor Profit emphasized that investors should not mistake his exit from XRP for a bearish outlook. He reaffirmed his long-term belief in XRP’s potential and dismissed fears of an imminent crash.

Responding to growing concerns about a possible XRP price collapse, he noted that “the simple and complicated answers are both a big no.” He believes XRP will appreciate, although likely not as strongly as some of its rivals in the near term.

Furthermore, he explained that the move is about capital appreciation. Specifically, he is realizing gains in USD and reallocating to an asset he believes is poised for stronger short-term growth.

Why Ethereum Now?

Doctor Profit has reinvested all profits from XRP into Ethereum, citing confidence in a major near-term rally for ETH. According to him, while XRP offers strong fundamentals and remains a top long-term hold, ETH currently presents a better opportunity for short-term upside.

Notably, ETH’s price has increased by 56% in the past 30 days alone, while XRP has only gained 11% during the same period. While XRP’s short-term performance pales compared to ETH, Doctor Profit still believes the altcoin can achieve impressive gains the rest of the year.

Meanwhile, a subtle justification arises when considering XRP’s 343% yearly gain to ETH’s red position. This contrast may explain why Doctor Profit sees more upside potential in Ethereum, especially considering XRP has already experienced a 6x surge during this cycle.

It’s worth noting that both XRP and Ethereum are still trading at a significant discount from their previous all-time highs. Both are underperforming Bitcoin, which is currently in a price discovery phase.

Plans to Re-enter XRP

Importantly, Doctor Profit made it clear that he intends to return to XRP when market conditions are favorable. He views his current exit as tactical, not emotional, and plans to look for a better re-entry point to catch XRP’s next upward move.

Other prominent market watchers, such as Dennis of Virtual Bacon, have expressed similar views on XRP. Specifically, Dennis is waiting for a 20% dip in XRP to around $1.85 before making his first substantial investment. He aims to position himself ahead of the next FOMO-driven XRP rally.

More Upside? Bitcoin Records Highest Daily Close in History

Elendu Benedict
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0
More Upside? Bitcoin Records Highest Daily Close in History

Bitcoin has continued to set new records this week, closing at an unprecedented price mark on the daily timeframe in its 15-year history.

Bitcoin looks supercharged, as bullish momentum predominates. After a slight scare on Monday, the largest cryptocurrency by market cap resumed its uptrend yesterday, closing with a mild 1.18% uptick.

Interestingly, the May 20 close marked a notable milestone for Bitcoin. Notably, the asset has never closed that high on the daily timeframe since it started trading in 2010. This reflects both momentum and bullish traction, setting Bitcoin up for more landmark prices.

Highest Ever Daily Closing in History

Barchar, a prominent financial market analytical provider, highlighted in a tweet today that Bitcoin recently recorded its highest-ever daily close in history. The pioneering cryptocurrency closed May 20 at $106,909, breaking the record from two days ago when it closed at $106,487.

New Record Daily Closing for Bitcoin/Barchart

Meanwhile, the coveted daily record follows Bitcoin’s historic weekly closing. Last week, the crypto leader closed at $106,487, its highest-ever seven-day close in history. Notably, the sustained bullish price action has set the precedent for Bitcoin to continue its foray into price discovery.

Massive Liquidation Awaits Bears with Sustained Momentum

Notably, Bitcoin has continued the upsurge today, rallying to an intraday high of $108,010. Remarkably, it last traded at this level on January 20, the day it reached its current all-time high of $109,354.

Data from Coinglass shows an uneven liquidation heatmap in the past 24 hours, as bears incurred considerable losses with Bitcoin’s rally. Short positions worth $46.45 million were liquidated compared to $24 million in longs.

Further analysis suggests bears could suffer more liquidation if Bitcoin sustains bullish traction. Coinglass shows that cumulative leveraged positions worth $1.95 billion would be liquidated across exchanges if Bitcoin reclaims its all-time high above $109,300.

Cummulative Liquidation Data
Cumulative Liquidation Data/Coinglass

Nonetheless, bulls still face massive liquidation risks. If Bitcoin drops to $104,870, leveraged long positions would suffer losses exceeding $1.94 billion.

More Upsides?

Meanwhile, analyst Ali Martinez has identified the possibility of a sustained upward trajectory for Bitcoin. In a May 21 post, he highlighted that the flagship cryptocurrency may reach a new all-time high of $112,000, citing a potential breakout.

His analysis shows that Bitcoin has broken out from an ascending triangle on the lower timeframes, suggesting a bullish continuation. Martinez analyzed the possible target by the triangle’s length, identifying a possible near 5% rally to above $111,500.

Bitcoin Breakout/Ali Martinez

At the time of writing, Bitcoin has retraced slightly from its earlier daily highs, trading at $106,532.

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