Market

Will Xrp’s 6-Month-Long Struggle Come to an End in Q4 2024?

Published

4 hours ago

October 1, 2024

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XRP’s price has been battling to break above the 78.6% Fibonacci Retracement line since early March, facing significant resistance. Despite repeated attempts, the altcoin has failed to maintain a breakout, keeping it in a bearish zone.

However, recent shifts in market sentiment have provided a glimmer of hope. This growing optimism among long-term holders could lead to a potential price rise, boosting profits for key investors and possibly ending XRP’s prolonged struggle.

XRP Is Noting Mixed Signals

The MVRV (Market Value to Realized Value) Long/Short Difference indicator for XRP currently stands at 3.1%, signaling that long-term holders (LTHs) are in profit. This is a bullish indicator, as LTHs generally hold onto their tokens longer, waiting for larger profits before selling. The absence of short-term holders dominating the market suggests that there is less risk of immediate selling pressure, providing XRP a better chance to rally.

On the other hand, negative values for short-term holders typically signal bearishness, as they tend to take quick profits, leading to price drops. With long-term holders in the profit zone, the possibility of them holding onto their XRP tokens increases. This shift could provide the necessary stability for XRP’s price to attempt another breakout.

XRP MVRV Long/Short Difference. Source: Santiment

XRP’s macro momentum shows mixed signals. While the Realized Profit indicator has recently spiked, suggesting that investors are selling to secure gains, this could put downward pressure on XRP’s price. A surge in profit-taking often counters the bullish sentiment, especially if long-term holders decide to hold off on further selling.

Despite the spike in realized profits, the support from long-term holders could still help balance the market. However, the short-term bearish signals from profit-taking investors may limit the cryptocurrency’s upside potential, leading to traders’ cautious approach as XRP navigates this delicate situation.

XRP Price Prediction: Finding Strength

XRP is currently priced at $0.62, holding steady above the critical 61.8% Fibonacci retracement line at $0.59. The altcoin is attempting to breach the $0.65 barrier, which aligns with the 78.6% Fib line. This resistance level has kept XRP subdued for six months, and breaking through it is essential for further upward momentum.

The 61.8% Fib line is considered a key support level in bull markets, giving XRP a strong foundation to hold above it. However, the mixed signals from profit-taking and long-term holders may hinder the token’s ability to break through the $0.65 barrier.

If broader market cues remain positive, XRP could break past the 78.6% barrier in Q4 2024. Failure to do so could lead to consolidation below $0.65, potentially invalidating the bullish outlook for the altcoin in the near term.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Bitcoin Price Back at Support: Can It Avoid a Breakdown?

Published

48 mins ago

October 1, 2024

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Bitcoin price started a fresh decline below the $65,000 level. BTC is now testing the $62,850 support zone and might start another increase.

Bitcoin is correcting below the $65,500 zone.
The price is trading below $65,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $62,500 support zone.

Bitcoin Price Revisits Support

Bitcoin price started a fresh decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone.

The price even dipped below $63,500. A low was formed at $62,883 and the price is now consolidating losses. The price is now trading below the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $63,500 level. There is also a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $64,500 level. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.

A clear move above the $64,500 resistance might send the price higher. The next key resistance could be $65,500. A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $66,200 resistance level. Any more gains might send the price toward the $68,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.

The first major support is near the $62,850 level. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,200 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,850, followed by $62,500.

Major Resistance Levels – $63,500, and $64,500.

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Market

3 Winners as US Elections Approach

Published

2 hours ago

October 1, 2024

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The US presidential election is scheduled for November 5. With October already here, meme coins tied to the top 3 presidential candidates, dubbed “PolitiFi meme coins,” have seen explosive growth amid the heightened political climate.

Among them is MAGA (TRUMP), which the meme coin community built in favor of former President Donald Trump. The other two include Kamala Horris (KAMA), which supports current Vice President Kamala Harris, and lately, Jeo Boden (BODEN), a token initially deployed when current President Joe Biden was still in the race.

MAGA (TRUMP)

Two weeks ago, PolitiFi meme coins plummeted to their lowest points in seven months. MAGA (TRUMP), which is reflective of Donald Trump’s Make America Great Again campaign, also felt the heat during that period.

But in the last seven days, TRUMP’s price has increased by 75.60% and currently changes hands at $3.19. This renewed rally is linked to the speculation that the US presidential candidate may start mentioning crypto in their campaign even though they’ve avoided it in past debates.

According to the 4-hour chart, the recent resurgence was also validated by the golden cross on September 26. For context, a golden cross occurs when the shorter Exponential Moving Average (EMA) crosses above the longer one.

As seen below, the 20 EMA (blue) had crossed over the 50 EMA (yellow). Apart from that, the Relative Strength Index (RSI), which measures momentum, is now above the signal line and reinforces the bullish thesis.

MAGA TRUMP PolitFi meme coin price analysis — MAGA 4-Hour Analysis. Source: TradingView

Should this remain the same, TRUMP’s price could breach the overhead resistance at $3.40. If that happens, the meme coin’s value might climb to $4.11 before the US elections come in full force.

However, if Trump’s chances of winning the election drop significantly in the coming weeks, this forecast might not happen. Instead, the token might decline to $2.35 if it fails to hold the support line at $2.82.

Kamala Horris (KAMA)

KAMA’s price is currently $0.0087, representing a 68.50% increase within the past week. The meme coin initially plunged to $0.0053 on Thursday, September 26. But since Kamala Harris reportedly displayed commitment toward crypto expansion, the token has been rising.

Despite significant gains, the 4-hour chart suggests KAMA’s price may face challenges in maintaining its upward trend. This is primarily due to the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD), both momentum indicators, turning downward.

As such, KAMA might experience a pullback as it attempts to hit $0.0090. If the meme coin does not break above this point, a decline could be next.

Kamala Horris meme coin price rises — Kamala Horris 4-Hour Analysis. Source: TradingView

In that scenario, KAMA’s price could decrease to $0.0075. Increased buying pressure and rising support for Kamala Harris on the outside could change things for the better. Should that happen, KAMA could erase one zero and climb to $0.011.

Jeo Boden (BODEN)

Jeo Boden was a trending PolitiFi meme coin and registered notable upswings earlier in the year. However, after President Joe Biden dropped out of the race, BODEN’s price crashed.

Things are starting to change again, especially as the token increased by 62% in the last seven days. This uptrend suggests that, even though Biden is no longer a candidate, BODEN could remain a notable force among PolitiFi meme coins.

As of this writing, BODEN’s price is $0.0092. Based on the 4-hour chart, the Bull Bear Power (BBP) had hit higher green histogram bars. The BBP measures the strength of buyers to sellers. When it increases, buyers (bulls) are in control, and the price might increase.

BODEN PoltiFi meme coin price analysis — Jeo Boden 4-Hour Analysis. Source: TradingView

Conversely, a negative reading of the BB suggests that bears (sellers) are dominant. Considering the current condition, BODEN’s price could be set to climb to $0.011. Retracement to $0.083 might, however, happen if buying pressure decreases.

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BNB Price Could Regain Momentum: Is an Upswing Coming?

Published

3 hours ago

October 1, 2024

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