Market
Scroll Reveals SCR Airdrop Before Binance Debut
Scroll, a zkRollup scaling solution for Ethereum, has announced an airdrop for its native token, SCR, which is about to debut on the Binance launchpool.
The SCR token enables Scroll’s mission of building scalable, secure infrastructure and accelerating real-world adoption with global distribution.
The Scroll ecosystem plans an airdrop event as part of its token distribution strategy. Out of a one billion total supply, Scroll has allocated 15%, or 150 million SCR tokens, to airdrops, split between two phases — 7% and 8%, respectively.
“We are allocating 7% of the total token supply to our first airdrop, and we will reserve 8% of the total token supply for future airdrops, which are intended to take place over the next 12-18 months,” the announcement read.
The SCR airdrop snapshot will take place on October 19, three days before the token launch date, when airdrop participants can claim their allocations. The token generation event (TGE) and the checker will be dropped off on October 22.
Read more: What are Crypto Airdrops?
Scroll said the first phase of the airdrop would focus on rewarding on-chain users for their engagement with the ecosystem. It will also reward the Scroll community for their meaningful contributions to protocol development, community, and ecosystem growth. Details about eligibility to claim SCR airdrops remain unclear for now.
“This suggests that perhaps the FIRST airdrop will be for on-chain activity (volume, smart contracts…) and then for our marks (within 12-18 months),” one popular airdrop farmer on X remarked.
Meanwhile, Binance announced 55 million SCR as launch pool token rewards, representing 5.5% of the total scroll token supply. As BeInCrypto reported, Scroll’s SCR token will debut on the Binance launch pool on October 11, with an initial circulating supply of 190 million tokens. It marks another addition to the exchange’s product suite, with Binance being the first exchange to list SCR.
Airdrop farming will start on Wednesday, October 9. Binance asked participants to lock their BNB and FDUSD over two days to receive the SCR tokens.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
According to Scroll, the SCR token will serve various use cases, including the primary governance mechanism of the protocol. It will also advance to become a protocol utility token amid the Scroll network’s progressive decentralization goals.
“There are three valuable rights for rollup protocol design that need to be decentralized and here is how SCR can be involved in all of them: Governance right, Proving right, Sequencing right,” Scroll explained.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance.
- Ethereum started a downside correction below the $2,500 zone.
- The price is trading just above $2,430 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,400 support level to start another increase in the near term.
Ethereum Price Holds Support
Ethereum price failed to extend gains above the $2,500 resistance zone. ETH started a downside correction like Bitcoin and traded below the $2,465 support zone.
There was also a move below the $2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downsides below the $2,400 support level.
Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,465 level. There is also a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD.
A clear move above the $2,465 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,600 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.
More Losses In ETH?
If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high.
A clear move below the $2,390 support might push the price toward $2,325. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,390
Major Resistance Level – $2,465
The Bitcoin (BTC) market is experiencing uncertainty as the resurgence of dormant coins coincides with lackluster demand for the coin in the spot market. On-chain data has revealed that many long-held BTC have re-entered circulation.
While this is usually a net positive for the coin’s value, it has been met with low demand, potentially adding further downward pressure on Bitcoin’s price.
Old Bitcoin Returns to the Market
In a post on X, Lookonchain noted that on Wednesday, a major Bitcoin whale withdrew 250 BTC from leading exchange Binance after six months of dormancy. This whale activity coincided with a sharp rise in Bitcoin’s Age Consumed metric, which tracks the movement of long-held coins. That day, the metric surged by 1026%, reaching 82.1 million — its highest level in over 90 days.
This spike is significant because long-term holders rarely move their coins. When they do, it often signals a shift in market trends. Historically, when dormant BTC re-enters circulation, it’s viewed as a positive indicator for future price movements, suggesting renewed activity from strategic long-term holders.
Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024
However, for the positive scenario to play out, the movement of dormant coins must coincide with strong market demand. If these previously inactive coins re-enter circulation during a period of weak demand, it can increase selling pressure and drive down Bitcoin’s price — much like what we’re seeing in the current market.
Bitcoin’s declining Chaikin Money Flow (CMF) highlights this weak demand. The CMF, which tracks the flow of capital into and out of the market, currently sits at -0.13, below the zero line. This suggests a liquidity exit, with more traders selling off their Bitcoin holdings, adding to the bearish pressure.
BTC Price Prediction: The Market Needs New Demand
The current surge in BTC’s supply without the demand to absorb it may cause its price to draw down in the meantime. BTC’s Fibonacci Retracement tool readings indicate that if selling pressure gains momentum, the coin’s price could slip under $60,000 to test support at $58,464.
Should the bulls fail to defend this level, Bitcoin’s price may drop to $54,847.
Read more: Bitcoin Halving History: Everything You Need To Know
However, if the coin witnesses a surge in new demand, the previously dormant coins re-entering circulation could be absorbed by buyers, potentially driving the price higher and invalidating the bearish outlook mentioned above. In this scenario, Bitcoin’s price could reach $68,474.
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.
Crypto analyst Egrag Crypto has predicted that the XRP price will rise 8,400% to $44. Interestingly, the analyst suggested that the crypto could still reach a higher price target, calling the $44 price level “conservative.”
XRP Price To Reach $44
Egrag Crypto predicted in an X post that the XRP price would reach $44. He highlighted this price level as one of the conservative targets based on the current cycle and the Fib Channel. The $44 price level is the target based on the Fib 0.702 channel. The other price targets he mentioned were $13 and $27, based on the Fib 0.5 and 0.618 channels, respectively.
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The analyst is confident that the XRP price will hit these price targets. He claimed that since the crypto’s inception, the chart has indicated that the market can expect pumps to these Fibonacci Channel levels. Egrag Crypto also suggested that XRP will reach these price targets in this bull run, claiming that this is what the chart states.
Egrag’s label of these price targets as conservative also means that the XRP price could still rise higher in this bull run. The analyst didn’t provide any other price target, but other analysts like Javon Marks have predicted that the crypto could reach three digits. Marks recently predicted that XRP could rise to as high as $200.
The analyst stated that the crypto has broken out of a Pennant pattern of over six years. He claimed that hold of this break plus a Logarithmic Follow-Through after can send XRP to $200, representing a price gain of over 30,000%.
Marks expects the XRP price to reach $3.3 in the short term, close to its current all-time high (ATH) of $3.8. The analyst explained that since 2022, the crypto has confirmed multiple hidden bull divergences and is on course to achieve a bull breakout.
According to him, this bull breakout will lead to a price gain of over 450% as XRP reaches the $3.3 range. He added that this price breakout may only be a start, especially since he believes the crypto will still reach $200.
The Worst Case Scenario
Amid these bullish predictions for the XRP price, Egrag Crypto has also revealed the worst scenario for the crypto in this market cycle. He claimed that XRP would at least reach between $2.3 and $5.89 in this bull run and outlined two reasons why he believes the crypto can at least reach these price targets no matter what.
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First, he noted that XRP managed to do a 10x from the bottom after the US Securities and Exchange Commission (SEC) dropped the lawsuit in December 2020. He stated that XRP could easily hit the $5 to $ range if there is a similar situation after the SEC appeal. He added that the crypto might reach the Fib 1.618 level at around $6.5.
Secondly, he mentioned that the XRP price could hit $2.31 and $2,88 if the Bitcoin price reaches $80,000 and $100,000, respectively. He expects XRP to mirror BTC’s move, just like it did in the 2021 bull run.
Featured image created with Dall.E, chart from Tradingview.com
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