XRP Drops 23% As SEC Appeals: Is Ripple Preparing For $0.40?

Posted on October 4, 2024 by Dalmas Ngetich

XRP is under immense selling pressure, looking at the formation in the daily chart. After days of sharp losses in the first half of the week, bears didn’t slow down. If anything, XRP retested September lows at around $0.50 before recoiling. This dump means XRP bears have reversed everything posted in September, and there is a high possibility that the sell-off will continue. With XRP below $0.55, all that’s required is a slight push, and the coin will lose $0.50, marking the start of another wave lower.

The current state of price action means sellers are back in the equation, and XRP, for all the strength it posted in Q3 2024, is surprisingly fragile. The sell-off to $0.50 means sellers are determined, pushing losses from September highs to over 23%. In the past week, XRP is down nearly 12% amid decent trading volume at nearly $2 billion.

XRP and Ripple traders are closely monitoring the following news events:

The United States SEC has repealed the recent court of appeal ruling, serving a blow to Ripple and XRP. Notably, the regulator wants an injunction to bar Ripple from selling XRP to institutions. Due to this insistence, the coin may continue losing.
There is a marked spike in XRP whale activity, looking at coin trackers in the past few trading days. Notably, Santiment data shows that XRP transaction volume soared, spiking to a new 8-month high of over $2.3 billion.

XRP Price Analysis

[[XRP/USD]] is sliding at spot rates.

It is down 23% from September highs and might continue losing in the coming days.

With the coin trending below $0.55, every high may offer entries for sellers targeting $0.50 and $0.40.

Notice that the slide of the past few days has seen bears recover gains of September.

At the back of this drop is a spike in trading volume, pointing to trader participation.

The only time this bearish preview will change is if XRP soars above $0.55.

Otherwise, XRP may dump to August lows.

Ethereum Collapsing As Whales Scramble For the Exit: Will ETH Break $2,000?

Posted on October 4, 2024 by Dalmas Ngetich

Ethereum is struggling for momentum, looking at the formation in the daily chart. After the close of the October 3 bar, it means ETH has posted four days of consecutive losses. Most importantly, from a technical perspective, the second most valuable coin couldn’t maintain prices above $2,400. For this reason, sellers may push the coin toward August 2024 lows of around $2,100. From the fundamental front, it doesn’t look positive. There is a wave of liquidation, especially from ICO participants, whales, Vitalik Buterin, and crypto market makers, including Wintermute.

At press time, ETH is down nearly 16% from September highs, and sellers dominate. Unless otherwise there is a refreshing bounce, slowing down sellers and forcing prices to consolidate horizontally, the path of least resistance will be southwards. As it is, Ethereum is stable in the past 24 hours, pushing weekly losses to nearly 11%. At the same time, engagement is average, at $17 billion in the past day.

Ethereum traders are closely monitoring the following developments:

Yesterday, Wintermute, a top crypto market maker, sent 14,221 ETH to Binance. Usually, whenever an address moves coins to a crypto exchange, it is seen as bearish; explaining the concern among holders. Over the past few days, whales have been moving ETH to exchanges and looking to liquidate.
While some whales are selling, one withdrew 7,735 ETH worth over $18 million from Coinbase. The whale is known for accumulating the coin—injecting optimism among holders.

Ethereum Price Analysis

[[ETH/USD]] is in a difficult position, looking at the formation in the daily chart.

Sellers are dominant, breaking below the local support, which is now resistance, at $2,400.

With this trend emerging and ETH in a bearish formation from a top-down preview, sellers can consider shorts targeting $2,100.

This outlook will only change if Ethereum prices recover, reversing losses and even closing above $2,500 by the end of the day.

If not, ETH may fall and register fresh H2 2024 lows in the coming weeks.

Bitcoin Down 8% In 4 Days, Will BTC Lose $60,000 Or Bounce Above $64,000?

Posted on October 4, 2024 by Dalmas Ngetich

Bitcoin is stable, containing losses yesterday, but the path of least resistance remains. Unless otherwise, there is a refreshing bounce toward $66,000, which will help recover losses for the better part of the week, the downtrend remains. If anything, there is real risk of the world’s most valuable coin dumping below $60,000 and the local support at around $57,000 should bears press on. Interestingly, Bitcoin is losing ground amid a wave of demand from BlackRock, looking at how it has been loading up coins on behalf of its clients.

The sell-off of the last four days has pushed BTC down nearly 10% from September highs. Although there are fears of more losses, yesterday was more balanced. Sellers are still in control. In the past 24 hours, Bitcoin is stable but down nearly 7% in the previous week. At the same time, the average trading volume in the past 24 hours is decent, at $34 billion.

Bitcoin traders are monitoring the following trending news:

Miners are crucial in the Bitcoin ecosystem. According to the latest data, these entities are sending fewer coins than they did after the Halving event in April. The more they slow down on their liquidation, the slower the downtrend is since the selling pressure will slow down.
With Bitcoin down, this is the worst start for any October, looking at price trends over the last ten years. All the same, Q4 2024 tends to be bullish, a positive encouragement for optimistic buyers.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure when writing.

It is sliding and weak, losing roughly 10% in the past week alone.

The local resistance is at around $64,000, while support is at $60,000.

If sellers press on and Bitcoin loses $60,000, the coin may plunge to as low as $57,000.

Conversely, any expansion above $64,000 may trigger a wave of buying pressure, lifting the coin back to $66,000 or September highs.

XRP Crashes below $0.55 Despite Spot ETF Hopes, Ripple Open Interest Approaching $1 Billion

Posted on October 3, 2024 by Dalmas Ngetich

XRP is down at press time. After losses of yesterday, it means the coin is down in the last three days, threatening to break below $0.50. As things stand, sellers can consider riding the trend, unless there is a sharp rebound lifting prices above September highs. For now, bears dominate and have the upper hand, looking at the pace of the sell-off and the accompanying trading volume. This dump, notably, comes amid quality partnerships with Ripple, the blockchain firm promoting XRP via the On-Demand Liquidity (ODL) platform.

Traders are confident, at least looking at price action. However, this is changing and should today close lower, possibly below $0.50, bulls have to re-consider their stand. Following the dump of the past three days, XRP has reversed gains over the past week. At the same time, the average trading volume over the last day is low, at around $3 billion.

The following XRP and Ripple news are worth tracking:

Brad Garlinghouse, the CEO of Ripple, predicts an upsurge in the number of spot XRP ETF applicants. Recently, Bitwise became the latest firm to apply for such a product.
There is a general increase in the number of XRP open interest in the past 24 hours. According to Coinglass, the number stands at nearly $1 billion. It comes days after Ripple said RLUSD is still being tested but will soon deploy for institutional use.

XRP Price Analysis

[[XRP/USD]] is under pressure.

The break below $0.55 means the trend is changing in favor of sellers.

In a bearish breakout formation, every high towards $0.55 may offer entries for sellers targeting $0.50, $0.45, and $0.40 in the coming days.

Note that the sell-off of the past few days is with rising volume, confirming weakness.

Any uptick above $0.55, reversing recent losses, will be a shot in the arm for bulls.

Ethereum Pinned Down By Sellers: Will ETH Collapse Below $2,100?

Posted on October 3, 2024 by Dalmas Ngetich

Ethereum remains in a tight trade range, looking at the formation in the daily chart. Even though there is optimism that bulls might flow back, the state of price action points to weakness. So far, sellers are in control, which will remain unchanged as long as prices are inside the October 1 bear bar. Technically, the local resistance has been shifted lower to around $2,700, or October 1 high. Any recovery lifting ETH above this line will be a huge endorsement for bulls. On the flip side, losses forcing the coin below $2,400 by the end of the day could trigger a sell-off with targets at August lows.

The state of affairs, especially in the daily chart, points to caution. Although there were hints of strength, the primary trend is bearish and will be so if prices are below the $2,700 resistance. With prices sliding on the past day, ETH is also down 10% in the previous week amid decent trading volume of around $20 billion in the last 24 hours.

Traders are watching out for the following Ethereum news:

In the past three months, there have been net outflows in Ethereum of around $800 million. Although some of its layer-2 solutions, like Arbitrum, also saw net outflows, others, like Base and OP Mainnet, attracted capital.
Ethereum might be slow and struggling to scale, but on-chain data shows that nine chains anchored on the legacy chain are already making profits. Cumulatively, these chains have generated over $140 million in the last year.

Ethereum Price Analysis

[[ETH/USD]] is down at press time.

From a top-down preview, the general trend remains bearish, and the coin is in a downtrend.

From the daily chart, the coin is in range.

Losses below $2,400, as is currently the case, open up Ethereum to $2,100, $2,000, and worse, $1,800.

As sellers are in charge, aggressive traders can choose to ride the emerging trend, targeting $2,100.

However, a recovery, lifting the coin above $2,700 at the back of rising volume, may see ETH soar to $3,000 in a buy trend continuation formation.

Bitcoin under Pressure: BTC May Lose $60,000, Blame Speculators And STHs?

Posted on October 3, 2024 by Dalmas Ngetich

Bitcoin is down in the past 24 hours and bearish since it remains inside the September 30 and October 1 bear range. Technically, sellers are in control in the short term, but buyers are in charge from a top-down preview. If there is a reversal from spot rates, the more traders will be relieved. However, should there be losses, extending losses of the first part of the week; Bitcoin may not only sink below $60,000 but drop towards $50,000. Triggers will depend on fundamental factors, including inflow to spot Bitcoin ETFs, geopolitical factors, and general trader sentiment.

Over the last day, the world’s most valuable coin remains stable but is down 4% in the previous week. At the same time, there is a slight dip in engagement, falling to $40 billion. As long as prices remain above $60,000, buyers have a chance.

Traders are keeping tabs on the following Bitcoin news events:

After weeks of lower lows, Glassnode data has established that Bitcoin recently printed out a series of higher highs. Despite the recent weaknesses, this is bullish and may stymie losses, setting the foundation for even more gains.
One analyst has established that the trouble facing bulls currently is the surge in the number of short-term holders (STHs). Bulls can easily rise from spot rates if their supply falls by 80,000 BTC, breaking $70,000.

Bitcoin Price Analysis

[[BTC/USD]] is down at press time.

The September range defines the short to medium-term trend.

Bulls must recover and close above $66,000 or September highs for the uptrend to remain. This move will allow risk-off traders to consider longs, targeting $74,000.

However, aggressive risk-on traders can load the dips even with losses, targeting $66,000.

If there are worrying losses below $60,000 and later $56,500, the upside momentum would likely lose steam, triggering a sell-off.

Bitcoin Drops, Losses 7% as Israel-Iran Conflict Spooks Market: Back to $60,000?

Posted on October 2, 2024 by Dalmas Ngetich

Bitcoin, like most crypto assets yesterday, registered losses, extending losses from Monday. With the coin down, prices are now below the immediate local support level at around $62,000 and may fall to $60,000 in a bear trend continuation formation. Overall, the trend shift is evident and may allow sellers to double down, pushing the coin lower in a retracement. While there are concerns driven by the escalation in the Middle East, the path of least resistance remains northwards, at least looking at price action in the daily chart. The September bull bar will shape the short to medium-term price trajectory.

Presently, Bitcoin is clearly under pressure and struggling. It is down 4% in 24 hours, pushing weekly losses to around 3%. Notably clear is the spike in engagement, rising to over $50 billion in the previous trading day. The expansion means the sell-off is supported, and may spill over to today if there are no counters, preventing the dump.

Traders are monitoring the following trending Bitcoin news:

Metaplanet, the public company in Japan, has added to its BTC stash, buying nearly $10 million worth of the coin yesterday.
Despite concerns about the Israel and Iran escalation, rising global liquidity and the safe haven status of Bitcoin give it an edge. For this reason, the coin’s valuation could rise, even with the weak start of Q4 2024.

Bitcoin Price Analysis

[[BTC/USD]] is down at spot rates.

When writing, sellers are in control.

Looking at the candlestick arrangement in the daily chart, traders can consider shorts, targeting $60,000 and $56,500.

However, for this outlook to change, a reversal above $66,000 could signal trend continuation. In that case, there will be grounds for Bitcoin to retest $70,000.

Technically, as long as BTC is inside the September trade range, buyers stand a chance.

Ethereum Slips As Tron Dominates: Will ETH Drop To $2,100?

Posted on October 2, 2024 by Dalmas Ngetich

Ethereum is down when writing, sliding from last week’s highs as sellers step on. With the drop, the coin is angling to retest $2,400, the immediate local support. Despite recent losses, hope exists for the second most valuable coin. Every low might be an opportunity as long as prices are inside the September trade range. There will be more confidence if bulls maintain $2,400. Still, if there is an unexpected spike above $2,800, ETH can easily lift off, soaring above $3,000. How ETH performs directly depends on whether BTC recovers and the general crypto market sentiment improves.

With ETH down, sentiment is worsening, as seen in the analysis from CoinMarketCap. Over 70% of traders are bearish on the second most valuable coin, and nearly 30% expect a recovery. There is a chance that contrarian action will occur. For now, sellers are in control, pushing the coin down 5% in the previous week. At the same time, the average trading volume is at around $23 billion—rising.

Traders are looking at the following Ethereum news:

The drop in network activity now means Tron has generated nearly 2X fees than Ethereum in the past three months. During this period, the Justin Sun-led network generated $567 million in fees versus $253 million in Ethereum.
In the past two weeks, Ethereum DEX volume has spiked by 17%, helping push gas fees higher. The more there is activity and movement, ETH might benefit.

Ethereum Price Analysis

[[ETH/USD]] is under immense selling pressure at press time.

Even though there are pockets of buying pressure, Ethereum could slip even lower.

As it is, the immediate resistance will be $2,800, while support remains at $2,400.

Every low above $2,400 offers opportunities for buyers to consider.

However, if sellers of early this week press on, Ethereum might crumble and drop to $2,100.

Further losses below August lows could open the second most valuable coin to $1,800.

XRP Down but above $0.55 as Bitwise Files for a Spot Ripple ETF

Posted on October 2, 2024 by Dalmas Ngetich

XRP is down, following Bitcoin and other top altcoins. Although there is weakness across the board, mainly from worsening geopolitical developments in the Middle East, the XRP uptrend remains. This will only change if there is a concerning dip below $0.55 that will likely trigger a liquidation. In that event, the uptrend will be punctured and the coin could slip towards $0.50 in retest, mirroring losses of August.

Unless there is a dip below $0.55, the uptrend remains. Accordingly, traders can consider loading the dips. As it is, XRP is down 4% in the past day but up 3% in the previous week at the back of expanding trading volume currently at over $2.8 billion on the last day.

Traders are closely watching out for the following trending news:

Bitwise, a crypto asset manager, has reportedly filed for a spot in XRP ETF. This is massive and came after the formation of a Grayscale XRP Trust. If this application is approved, it will be massive for XRP and trigger a bull run, further clarifying that the coin is a commodity.
The XRP open interest is up, reaching over $1 billion—a show of interest from traders. If this increases, it could drive more liquidity to the coin.

XRP Price Analysis

[[XRP/USD]] is under pressure at spot rates.

After the dump on October 1, the local support is between $0.55 and $0.57.

If breached, the probability of XRP sliding to $0.50 will be in. Looking at the chart, this will be a bear breakout formation, especially if the drop is due to an expanding volume.

As it is, aggressive traders can choose to load the dip.

Every dip above $0.55 may be an opportunity to consider longs, targeting $0.66.

If prices recover, winding losses of the last two days, Ripple buyers might expand, breaking above July highs.

Bitcoin Dumps 4% But Will BTC Drop From or Break $66,000?

Posted on October 1, 2024 by Dalmas Ngetich

Bitcoin is down at press time following losses of September 30. The world’s most valuable coin is now below the resistance zone of between $65,000 and $66,000. If bears press on today, extending losses, then the probability of BTC slipping below $62,000 will be elevated. The primary support zone is around the $58,000 and $60,000 zone. Buyers have a chance should prices remain in the September 2024 trade range. On the other hand, a breakout lifting the coin above $66,000 will be a huge boost for aggressive traders angling for $70,000 or better.

In the short term, traders are optimistic despite the sell-off. Even though prices fell slightly on the last day, the coin remains above $60,000. The retracement from the local resistance means Bitcoin is down nearly 4% in 24 hours. At the same time, the average trading volume is up, reaching $35 billion in the previous day.

The following trending Bitcoin news events are worth watching:

Bitcoin is retracing at spot rates. However, the uptrend will be solid if the coin bounces, recovering and breaking above $66,000. Trackers show that if BTC breaks $70,000, over $1.6 billion of leveraged shorts will be liquidated.
In September, the coin defied historical performance to register gains. By yesterday’s close, BTC had shaken off early September losses to add a decent 7%–the best over the years.

Bitcoin Price Analysis

[[BTC/USD]] is weak when writing.

The retracement has a double bear formation printing.

Aggressive traders can choose to ride the trend, shorting since the bar had decent, above-average trading volume.

The immediate stop can be at September highs, at around $66,500.

If sellers press on, BTC might slip back to $60,000.

Conservative, risk-off traders can wait for a close above $66,000 and September highs before considering longs. When this happens, Bitcoin can easily rise to $70,000.