Altcoins

Potential 650x Rise in XRP Price – Examining if $20 is the Altcoin’s Next Target

Published

3 months ago

10 May, 2024

Potential 650x Rise in XRP Price – Examining if $20 is the Altcoin’s Next Target

XRP would hit the $20 mark by 2026 amid ongoing legal issues with the SEC.
The analysis suggests continued downward pressure on prices, with metrics showing increased interest.

Ripple [XRP]a leading cryptocurrency, has faced significant challenges due to an ongoing lawsuit with the United States Securities and Exchange Commission.

So far, the asset has seen a drastic 84.7% decline from its all-time high of $3.40 in 2018 and has yet to recover a fraction of its peak value.

This steady price decline has continued: over the past 30 days, the value of XRP has fallen by almost 20%.

Although there was an uptick last week, the cryptocurrency has started to lose those gains, currently showing a 2.3% decline over the past 24 hours.

However, despite the downward pressure, one analyst predicted that XRP has a bright future.

An optimistic argument for XRP

Armando Pantoja, a renowned crypto analyst, remains optimistic about the potential of XRP, estimating that its value will reach between $8 and $20 by 2026.

This projection implies a dramatic increase of up to 3,557.6% from its current levels.

Pantoja cites reasons why this increase might be possible, citing the 2017 bull run, where XRP increased more than 650 times to reach its peak, as a “historic powerhouse” for such growth.

Institutional adoption is an important factor for the future price of XRP. So far, Ripple, the company behind XRP, has seen significant integration into major financial institutions like Bank of America and Royal Bank of Canada.

Additionally, Ripple’s recent partnership with HashKey DX to introduce XRP Ledger-based solutions in Japan, and collaboration with SBI Ripple Asia, could propel the price of XRP upwards.

Despite these adoptions, efforts are still being made to expedite other adoptions.

For example, RippleX, the development arm of Ripple, has introduced significant upgrades to the XRP Ledger (XRPL), such as the XLS-68d specification.

This improvement allows platforms to cover transaction fees for others without distributing free XRP, thereby simplifying the onboarding process.

These developments are key to broadening the appeal and utility of XRP in the digital economy.

In addition to institutional adoption, Pantoja highlights the influence of market trends and the growing utility of financial services.

He predicts that XRP will soon achieve legal clarity and see a significant expansion of partnerships.

Regarding legal developments with Ripple and the U.S. Securities and Exchange Commission (SEC), tensions escalated in March when the SEC sought a substantial $2 billion fine against Ripple for alleged violations related to institutional sales of XRP.

Ripple has refuted these allegations, with chief legal officer Stuart Alderoty presenting the company’s detailed rebuttal last week.

Ripple’s defense disputes the SEC’s claims and suggests a much lower fine, ideally less than $10 million.

Reports You should know that the American SEC has filed its final response to the opposition fine, but the documents are under seal and are not yet accessible to the public.

As the trial nears its final stages, the crypto community is closely watching the outcome and whether XRP can surpass its previous highs and potentially reach double digits.

The possible short-term movement of XRP

Meanwhile, technical analysis indicates that XRP may continue to face downward pressure in the near term.

The asset has consistently broken its structure on the daily and 4-hour charts, recently capturing liquidity and now targeting the low near $0.48.

Source: TradingView

This bearish short-term outlook is reinforced by a recent report from AMBCrypto, which notes that the Chaikin money flow for XRP was at zeroindicating that there is no significant inflow of capital into the market.

Realistic or not, here is Market capitalization of XRP in BTC terms

However, despite these bearish indicators, data de Santiment shows an increase in metrics such as social dominance, total holders and active addresses for XRP.

This suggests that many community members remain optimistic and confident about the future of this asset.

Source: Santiment

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Altcoins

Best Altcoins for the Next Bull Cycle: Santiment’s Recommendations

Published

4 hours ago

27 July, 2024

TokenTalk Staff

Best Altcoins for the Next Bull Cycle: Santiment’s Recommendations

As Bitcoin (BTC) approached the $67,000 mark on Friday, the altcoin market, led by Ethereum (ETH)has shown strong bullish signals. Many altcoins are reaching the peak of a multi-week consolidation phase that began earlier this year. On-chain data also indicates that institutional investors have been actively buying crypto assets, preparing for the next phase of the bull market.

Additionally, several altcoins have recently retested the bullish breakout of the overall downtrend. With Bitcoin dominance set to decline, focusing on the altcoin market could be a smart move to maximize returns.

Expert advice: What should you pay attention to?

According to market intelligence platform Santiment, investors should keep an eye on the average trading returns of different assets.

After critically analyzing market data, Santiment believes that Shiba Inu (SHIB), Uniswap (UNI), Polygon (MATIC), Chainlink (LINK), Cardano (ADA), and Ripple-backed XRP are the best large-cap altcoins to buy now to maximize profits in the future.

Meanwhile, Santiment pointed out that Toncoin (TONNE), Bitcoin, Ethereum (ETH), and Dogecoin (DOGE) present a higher risk to maximize profits in the planned alternative season.

Market Outlook: Volatility Ahead?

With the Federal Open Market Committee (FOMC) expected to deliver its policy statements next week, increased volatility in the cryptocurrency market is likely. Furthermore, historical data suggests that August could bring a bearish trend for the sector.

Despite this, the cryptocurrency market is expected to turn bullish again in the fourth quarter, driven by the US elections and anticipated interest rate cuts.

Invest smart. The future of cryptocurrencies is bright.

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Altcoins

Analyst Says Ethereum-Based Altcoin “Looks Strong As Hell,” Outlines Path Ahead For Bitcoin And Solana

Published

6 hours ago

27 July, 2024

TokenTalk Staff

Analyst Says Ethereum-Based Altcoin “Looks Strong As Hell,” Outlines Path Ahead For Bitcoin And Solana

A widely followed crypto analyst and trader believes a memecoin is headed for the next leg higher.

Pseudonymous crypto trader Altcoin Sherpa tell his 216,400 followers on the social media platform X that Pepe (PEPE) market fundamentals appear solid.

“PEPE: I never got a chance to add $0.00001111, but I’m still in it. He seems pretty strong. I’m still a big fan of memes in general.”

Source: Altcoin Sherpa/X

Pepe is trading at $0.00001128 at the time of writing, down 8% in the last 24 hours.

Then the analyst said Ethereum (ETH) rival of Solana (GROUND) has greater upside potential due to network activity.

“SOL: Go long on Solana. Why? Because SOL memes continue to take off and everyone is denominated in Solana. Being in the trenches of crap money really helps you understand this stuff better. I expect a pullback soon, but this would be the bottom to buy in my opinion.”

Source: Altcoin Sherpa/X

Looking at the analyst’s chart, he suggests that SOL could eventually reach $205.

Solana is trading at $166 at the time of writing, down 6.7% in the past 24 hours.

Finally, the analyst said that Bitcoin (Bitcoin) appears to be in an uptrend but could retest the $63,000 level.

“BTC: Price still looks pretty strong to me. If you really want a dip to get in, look for $63,000 around the 200 four-hour exponential moving average (EMA). For now, things should continue in my opinion.”

Source: Altcoin Sherpa/X

At the time of writing, Bitcoin is trading at $64,596, down nearly 2% in the past 24 hours.

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Altcoins

XRP, ADA, and Other Altcoins to Accumulate Ahead of Trump’s Nashville Speech

Published

7 hours ago

27 July, 2024

TokenTalk Staff

XRP, ADA, and Other Altcoins to Accumulate Ahead of Trump's Nashville Speech

Bitcoin has recovered most of its losses from the week as traders eagerly await former U.S. President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, Tennessee. Interestingly, Bitcoin gained over 1% today as Trump appears to have changed his stance on digital currencies this election cycle.

Analysts Buzz About Altcoins said that this week, crypto whales have been quietly accumulating several altcoins, showing confidence in their short-term potential despite recent performance declines. Here are the top altcoins:

Arbitration:

Current price: $0.72

Whale activity:Despite its significant decline since the start of the year, Arbitrum has seen an 87% increase in net inflow from large holders over the past week. This suggests that whales believe in the token’s long-term potential. Arbitrum, a Layer 2 scaling solution for Ethereum, aims to improve transaction speeds and reduce costs on the Ethereum network. The recent accumulation of whales could indicate confidence in its technology and future adoption.

XRP:

Current price: $0.59

Whale activity:According to Santiment, the number of addresses holding between 100 million and 1 billion XRP tokens has increased since July 23. This shows that the supply has increased from 38% to 40%, which is a sign of growing confidence among large holders. XRP has benefited from recent legal victories and market sentiment, making it an attractive option for whales.

Cardan:

Current price: $0.41

Whale activity:Cardano saw a staggering 10,878% increase in large holder inflows in a single day, surpassing the 5 billion mark. This indicates a significant level of confidence among whales in ADA’s recovery potential. Cardano’s recent upgrades and continued development have been positively received by the market, contributing to its attractiveness.

Chain link

Current price: $13.55

Whale activity: Chainlink recently integrated its Cross-Chain Interoperability Protocol (CCIP) with TrueFi on the Ethereum and Arbitrum blockchain platforms. TrueFi, backed by Coinbase and Chainlink, provides transparent and real-time financial data, improving the decentralized finance (DeFi) ecosystem. This integration could drive increased adoption and usage of Chainlink, making it a popular choice among whales.

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Altcoins

Ethereum (ETH) ETF Fails to Spark Altcoin Season, Market Rebounds Above $1 Trillion

Published

8 hours ago

27 July, 2024

TokenTalk Staff

The rebound in altcoin market cap to $1 trillion slightly changes the positive dynamics for the much-anticipated altcoin season in Q3 2024.

Bulls took control of today’s session, pushing the total cryptocurrency market cap to $2.39 trillion, up 4% in 24 hours at press time. Total trading volume stands at $82.2 billion, up 4.4% in 24 hours, at the time of writing.

The Ethereum ETF was supposed to be the flagship of the altcoin season, but the response so far suggests nothing in its favor.

Altcoin market cap is moving in a flag pattern, a steady rise above $1.56T could trigger the altcoin rally and lead to the altcoin season with favorable market conditions.

Ethereum ETF Potential Stabilizes

The Ethereum ETF got off to a strong start with $1 billion in trading volume on its first day with massive inflows and outflows. This activity attracted a lot of money to Ethereum but failed to circulate among other altcoins.

With the launch of Ethereum, market sentiments were poised to trigger the altcoin season, but the cooling volume of the ETH ETF and the distributed interest in the BTC ETF could not muster enough power.

While the price of Ethereum (ETH) is yet to react, experts predict that the price will see a massive surge between $4,000 and $7,000. At the time of writing, ETH is trading at $3,271 with a 24-hour growth of 3.08%.

Altcoin Season Indicator Kills All Hopes.

The required demand for the altcoin season has not been met by the cryptocurrency markets and this can be seen in the Altseason Season Index indicator which is below the threshold of 25.

A push above 75 will mark the start of altcoin season.

Source Blockchain Center

Furthermore, analyzing the performance of the top 50 assets in 90 days shows that only 11 of them have outperformed BTC.

To kick off the official altcoin season, at least 75% of assets must outperform Bitcoin.

An increase in inflows and the return of investors in September and October could potentially trigger the altcoin season we have all been waiting for.

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