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XRP Price Forecast; $0.55 rebound looms as network transactions surge by 120,000

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XRP Price Forecast;  $0.55 rebound looms as network transactions surge by 120,000

XRP price fell below $0.50 on May 11, down 5% over a 24-hour period, but spikes in network usage suggest the next phase of rebound could be imminent.

XRP Price Falls 12% as Altcoin Markets Retreat

XRP had a remarkable start to May 2024 and soared 15% between May 1 and 7. But since then, XRP’s price action has been subject to intense volatility, reflecting the broader altcoin market trend.

XRP Price Action vs. TOTAL 2 Altcoin Global Market CapXRP Price Action vs. TOTAL 2 Altcoin Global Market Cap

At the time of writing, May 11, XRP price is precariously above the $0.50 support level. Zooming out, this reflects a 12% decline from Monday’s weekly high of $0.57.

In comparison to the broader altcoin market, which has only declined 7% during this period, XRP’s price has underperformed the market average. This disappointing performance can be attributed to recent developments surrounding Ripple’s long-running lawsuit with the SEC.

Earlier this week, the SEC reaffirmed its recommendation to impose a hefty $2 billion fine on Ripple, after the company appealed to U.S. District Judge Annalisa Torres for a much lenient $10 billion fine. millions of dollars.

Transactions on the XRP network increased by 120,000 this week

Analysts predict the SEC’s $2 billion recommendation will be upheld by the judge. It is likely that negative investor reaction to this development contributed significantly to the 12% decline that saw XPR prices fall below $0.50 on May 11.

Recall that XRP initially beat the market average with a 15% rise in the first week of May. On the positive side, on-chain data trends show that the fundamental bullish catalysts that drove XRP’s price action in early May are still in play despite the bearish headwinds generated by the SEC’s $2 billion snap .

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A key indicator of this is Santiment’s network transactions chart below, which captures the daily count of all transactions executed on the XRP Ledger blockchain.

XRP price compared to the number of daily transactions XRP price compared to the number of daily transactions XRP price compared to the number of daily transactions

The chart below shows that at the start of the price decline on May 7, XRP recorded 224,250 transactions. But since then, the network’s activity has continued to grow. The latest data shows that the XRP Ledger network recorded 352,910 unique transactions on May 10, reflecting an increase of 128,660 transactions during the week.

Historically, a large increase in a blockchain network’s daily transactions has often been bullish for the underlying price of native coins for two main reasons.

A significant increase in daily transactions indicates the growing adoption and usage of the blockchain network. This suggests that more users and entities are actively engaging with the network, using its features and services.

Such increased activity generally reflects confidence in the network’s capabilities and can attract more investors and users, which will ultimately increase demand.

XRP Price Forecast: Rebound to $0.55 Imminent?

The price of XRP is trading for $0.50 apiece at press time on May 11. However, the increase of 130,000 transactions puts XRP price in a prime position for a quick rebound towards $0.55 in the coming days.

XRPUSD 2024 05 11 11 20 05XRPUSD 2024 05 11 11 20 05XRP Price Prediction

Looking at the basis of the Bollinger Band technical indicator, the prospect of XRP price recovery now faces major resistance at the $0.52 level. If the bulls manage to scale this 20-day SMA selling wall, a quick rebound above $0.55 could be on the cards, as expected.

On the contrary, the bears need to force a decline below $0.45 to take control of XRP’s near-term market momentum. However, as the Bollinger Band lower boundary indicators show, the buying wall of support at the $0.49 level could prove intimidating.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Does GameStop Timing Reveal Altcoin Investors Are Lagging? KAI Coin says NO!

TokenTalk Staff

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Does GameStop Timing Reveal Altcoin Investors Are Lagging?  KAI Coin says NO!

2024 was always going to be another key year in the quadrennial U.S. presidential election cycle. In 2012, it was destined to become one of Bitcoin’s super-cycle years, with a 50% reduction in new daily supplies of BTC tokens produced by the network’s blockchain program.

But does the timing of GameStop’s rally signal that coin investors are way behind the game?

What if altcoin crypto investors were far behind the supercycle curve to enter this market in value – a market that is broader and more educated than ever, through which information spreads faster than ever and markets become increasingly strangely better at accurately mapping the future in the current price of anything?

Why New Meme Coins Are Going to the Moon

In case any reader is wondering why new meme coins continue to become overnight hits despite the risks of hacking, rugpulling, pumping and dumping, and misfires – and regardless of the fact that even the most successful projects show their most dramatic gains during brief periods. windows (so they require daily attention to maximize profits from 40% to 4,000% for example) — here’s why.

At least that’s one of the main reasons why new coin projects with adorable furry cartoon animals like Kai cat coinwhich you and no one, not even Satoshi Nakamoto himself, heard about until yesterday, is becoming a $20 billion Internet economy and a concern for Treasury Secretary Janet Yellen to do battle with titans of industry in multi-billion dollar banks:

Because the Bitcoin economy – and the Ethereum and Solana economy – have already become so massive, so diffuse across the global network, that there is no natural pressure point to inject liquidity with incentives to attract this financing and capitalize the network with it. . The new currencies therefore create waves of new capitalization for these economies.

So, cryptocurrency capitalists are constantly creating these new currencies on smart contract decentralized finance (DeFi) networks. Some of them are duds. Some are carpet pullers. Others are pump and dumps. There are hacks in the field. Everything can happen. Some of them also fly to the Moon with the sums of their main donors whose market value has appreciated considerably.

GameStop Is A Bellwether Altcoin Season Early This Cycle?

How does the GameStop rally influenced by WallStreetBets commentator Roaring Kitty signal that altcoin investors may be late to invest in the altcoin season for incumbent secular currencies in the Web3 blockchain ecosystem? Coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)?

Because we are so early in this 4 year super cycle. During the last cycle, the Wall Street Memes rally occurred after the presidential election, not as part of a sneak attack six months before the election, and eight months earlier in the macro cycle. Markets are now too prescient and too anticipatory of anniversaries and repeating patterns not to rush to incorporate them for profit.

Bitcoin hit its highest price before the halving date this year, with Wall Street investors flocking through an SEC-approved exchange – instead of months after the halving, it’s another sign similar and worrying that it is late for altcoin investors to enter these coins. and earn the kind of returns that have attracted so many participants to cryptocurrency exchange markets.

Visit the Kai Cat presale

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Altcoins

Binance Updates Taker Fee Promotion for Altcoin Trading Pairs

TokenTalk Staff

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Binance Unveils Cristiano Ronaldo NFT Collection 'Forever Worldwide: The Road to Saudi Arabia'





Binance, one of the world’s leading cryptocurrency exchanges, has announced updates to its Taker Fee promotion for various spot and margin altcoin trading pairs. This change is expected to take effect from July 1, 2024 at 00:00 (UTC), according to Binance.

Updated promotion details

The updated promotion will affect the following trading pairs: PEPE/USDT, STRK/USDT, ENA/USDT, SUI/USDT, WIF/USDT, NEAR/USDT, OP/USDT, BONK/USDT, LTC/USDT, FET/ USDT, ORDI/USDT, BCH/USDT, W/USDT, ARB/USDT, LINK/USDT, TIA/USDT, ETC/USDT, APT/USDT, RNDR/USDT and WLD/USDT. Users trading these pairs will benefit from the taker’s promotional fees until the specified date.

Once the promotion ends, standard fees will apply. Interested traders are advised to check Binance information spot and margin trading fee structure for more information on fees applicable after the promotion.

Binance’s Commitment to Competitive Services

This update is part of Binance’s ongoing efforts to review and optimize its promotional offers, ensuring that users receive the most cost-effective and competitive services. Regular reviews and updates like these are essential to maintaining a strong trading environment that benefits both new and experienced traders.

Binance continues to emphasize the importance of user experience by providing timely updates and maintaining transparency in its pricing structures. Such initiatives are part of the exchange’s broader strategy to remain a leading choice for cryptocurrency trading worldwide.

Implications for traders

Traders using the affected altcoin pairs will need to adjust their strategies accordingly once the promotion ends. With the return to standard fees, it becomes essential for traders to stay informed and plan their trades in order to effectively manage costs.

Binance also reminded users of the inherent risks associated with trading digital assets. The exchange advises traders to consider their investment experience, financial situation and risk tolerance before making any trading decisions. Binance is not responsible for any losses incurred due to market volatility.

For more details on the updated Taker Fee promotion and other related announcements, users can visit the official Binance website.

Image source: Shutterstock

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Altcoins

Here’s When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

TokenTalk Staff

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Here's When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

A widely followed analyst reveals a possible timeline for altcoin markets to record new all-time highs.

In a new strategy session, trader Jason Pizzino tells his 329,000 YouTube subscribers that he’s taking a close look at the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins.

According to Pizzino, TOTAL3 experienced a 26-month accumulation period during the last cycle, spanning from late 2018 to early 2021, before launching a parabolic surge.

Pizzino says TOTAL3 could reflect the same pattern in this cycle and could be a few months away from triggering a strong bullish surge.

“That would take us around February, so the first quarter [of 2025]. As you look at the fourth quarter of 2024 – the first quarter of 2025, I think that probably had a pretty good move to a new high price…

All this fear of a market decline would be forgotten in the fourth quarter. I’m going to put myself in danger here. »

Source: Jason Pizzino/YouTube

Looking at the trader’s chart, he seems to predict that the total altcoin market cap will fall to the 50% Fibonacci level, at around $400 billion, before sparking a recovery and hitting a new all-time high at -above $1 trillion by early next year.

At the time of writing, TOTAL3 is hovering at $597 billion.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

TokenTalk Staff

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Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

Kitco NEWS has a diverse team of journalists who cover the economy, stock markets, commodities, cryptocurrencies, mining and metals accurately and objectively. Our goal is to help people make informed market decisions through in-depth reports, daily market summaries, interviews with leading industry figures, comprehensive (often exclusive) coverage of important industry events and analyzes of developments affecting the market.

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