Connect with us

Altcoin

XRP Price Jumps 14% As Long/Short Ratio Rises, $1 Coming Soon?

Published

on


While the rest of the crypto market entered a consolidation phase on late Tuesday, the XRP price continues to rise further with an additional 14% gain in the last 24 hours. The Ripple crypto is once again making the move to its crucial resistance level of $0.75 with its market cap crossing $41 billion while its daily trading volume surging by 166% to $11.53 billion.

Is FOMO Building Up for A Mega XRP Price Rally?

As per the blockchain analytics platform Santiment, the XRP price has had the highest long vs short positions on crypto exchange Binance, since March of this year. This shows that bulls are once again taking up the charge eyeing a further rally to $1 following the breakout from the $0.75 resistance. This is quite possible amid talks of dismissing the long-going SEC vs Ripple lawsuit.

Furthermore, the social sentiment is also growing quickly with the XRP discussions alone contributing to 4% of the overall crypto market chatter. This uptick in interest comes as the Ripple cryptocurrency rallied a staggering 45% over the past week after the Donald Trump victory.

Courtesy: Santiment

XRP’s next critical test will be breaking past its March high of $0.74, with market sentiment and Fear of Missing Out (FOMO) as key factors. Analysts also note that the potential for further gains hinges on maintaining balanced funding rates on major exchanges, like Binance. This is to avoid a buildup of leveraged long positions.

New All-Time High to $8 Ahead for the Ripple Crypto?

As per the Coinglass data, the XRP open interest has shot up by 14% to $1.120 billion. It has led to $24.5 million in liquidations over the past 24 hours. The surge in the open interest indicates strong bullish sentiment for the altcoin with the expectation of a further rally ahead.

Courtesy: Coinglass

Crypto analyst Armando Pantoja is signaling a significant opportunity in XRP while setting up an ambitious target range for XRP price between $8 and $30. Pantoja said that the technical indicators for the Ripple cryptocurrency mirror similar patterns as seen during the previous major rally.

According to Pantoja, the last time XRP exhibited a setup like the current one—marked by a symmetrical triangle pattern, a positive MACD (Moving Average Convergence Divergence), and increasing volume—the cryptocurrency soared from mere pennies to over $3. He also warned that this could be the last chance to accumulate XRP under $1 levels.

Market analysts also predict that the $100 billion market cap for XRP could be coming soon as the Ripple crypto could rally to $1.28.

On the other hand, the Ripple ecosystem is working on further expansion through potential partnerships with other market players. In the latest development, Cardano founder Charles Hoskinson hinted at a potential partnership with Ripple, however, hasn’t shared many details regarding the same.

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Altcoin

Donald Trump’s World Liberty Financial Taps Chainlink To Boost DeFi Offering

Published

on


Donald Trump’s World Liberty Financial (WLFI) has partnered with Chainlink to help secure its DeFi ecosystem. The DeFi protocol will adopt Chainlink’s standard for on-chain data and cross-chain interoperability to help ensure a successful launch.

World Liberty Financial Adopts Chainlink’s Standard

The DeFi protocol announced in a press release that it was adopting the Chainlink standard for on-chain data and cross-chain connectivity to help power its platform. WLFI reached this decision after determining that Chainlink was the most secure solution to solve the critical security, interoperability, and on-chain data problems related to successfully launching a leading DeFi platform.

World Liberty Financial believes that this would go a long way as it seeks to kick off the next wave of DeFi mass adoption, as the Chainlink standard will provide their community with the security and reliability needed to succeed in this goal.

Meanwhile, the press release revealed that the adoption of the Chainlink standard will start with the WLFI Protocol integrating Chainlink Price Feeds on the Ethereum mainnet, supporting the planned launch of the World Liberty Financial Aave v3 instance, although subject to the WLFI Governance platform approval process. The WLFI platform is built on the Aave DeFi protocol.

Thanks to the collaboration, WLFI will have access to Chainlink’s infrastructure, which has enabled over $16 trillion in transaction value. The Chainlink Price Feeds will provide the WLFI protocol with a secure and reliable source of financial market data, which is crucial to the protocol’s integration of assets such as USDC, USDT, ETH, and WBTC, among others.

Over time, WLFI will implement additional capabilities from the Chainlink standard, such as cross-chain interoperability and proof of reserves for RWAs.

Aligning With The Donald Trump Vision

In the press release, World Liberty Financial reaffirmed that its vision is to pioneer further the DeFi space, which is inspired by US President-Elect Donald Trump’s vision to democratize financial opportunities while safeguarding the global standing of the US Dollar.

Additionally, the WLFI Protocol aims to provide users with information and access to third-party DeFi applications, supporting the adoption of US dollar-based stablecoins that ensure the Dollar remains the world’s reserve currency.

Commenting on World Liberty Financial’s partnership with Chainlink, Eric Trump said,

“World Liberty Financial’s partnership with Chainlink marks a huge step forward. Never before have we been more bullish on crypto or the overall future of DeFi technology.”

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Dogecoin Eyes Parabolic Rally To Price Discovery, Is The 16,000% Surge From 2020 Possible This Time?

Published

on


The Dogecoin price is again eyeing a parabolic rally that will put the meme coin in price discovery and send it to new highs in this market cycle. Crypto analyst Mikybull Crypto indicated that the Dogecoin price could replicate its 16,000% surge from 2020 as it enters price discovery. 

Dogecoin Eyes Parabolic Rally To Price Discovery

In an X post, Mikybull Crypto stated that DOGE’s massive parabolic rally to price discovery is loading. The analyst remarked that the entry into price discovery is interesting, as the Dogecoin price rallied more than 16,000% in 2020 when it broke above the Relative Strength Index (RSI) 70 level. 

In line with this, Mikybull Crypto stated that the $1 to $3 range remains a target for the Dogecoin price in this bull run. The analyst also recently suggested that DOGE could rise to as high as $4 based on the alignment of the Fibonacci levels with DOGE’s performance after the last Golden Cross. 

Dogecoin price 1
Source: X

Crypto analyst Master Kenobi also recently stated that the Dogecoin price could rise to as high as $2 in this market cycle. He believes this would happen through the rapid flow of capital and frenzy in the market. Interestingly, the analyst made this prediction while raising the possibility of DOGE flipping Solana and BNB to become the third-largest crypto by market cap. 

Meanwhile, the analyst also suggested in a recent analysis that DOGE would make its way into price discovery soon enough. This came as he highlighted a 91-day sequence, which Master Kenobi noted DOGE was 20 days away from completing. He predicted that DOGE could rally to as high as $1 between now and then. Specifically, he put December 2 as the timeline for when the target could be achieved. 

Crypto analyst Dj Anas also recently predicted that the Dogecoin price could reach $1 by year-end. He made this prediction based on the Fibonacci levels, which he claimed supported a parabolic rally to this target. 

DOGE Could Witness A Correction First

Amid these bullish predictions for the Dogecoin price, crypto analyst Kevin Capital has suggested that DOGE could witness a correction first before it goes into price discovery. In an X post, the analyst highlighted a symmetrical triangle and said there is a 50/50 chance of a price breakout or breakdown. 

Dogecoin price 2
Source: X

However, he remarked that he still favors a correction due to the daily RSI being above 90, which suggests that the meme coin is currently in overbought territory. The analyst had previously predicted that Dogecoin could drop to as low as $0.26 following a price correction. 

At the time of writing, the Dogecoin price is trading at around $0.39, up over 7% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE price still holding $0.38 support | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Continue Reading

Altcoin

Binance Launchpool To List Usual (USUAL) With Pre-Market Trading

Published

on


Binance Launchpool has recently announced the listing of Usual (USUAL) on its platform, sparking market optimism. The launch of the listing will offer users an opportunity to farm the tokens. The exchange will begin the farming process, allowing users to lock their BNB and FDUSD to earn USUAL rewards.

Binance Launchpool to Feature USUAL

Binance Launchpool has announced that it will list USUAL starting November 14. This announcement marks the launch of Usual, a decentralized fiat-backed stablecoin, with pre-market trading to begin on November 19. The exchange users can lock their BNB and FDUSD to farm USUAL tokens, receiving rewards over four days.

The USUAL token will be paired with USDT for pre-market trading, allowing users to trade the token once the pair goes live. The farming of USUAL tokens will begin as users participate in Binance’s Launchpool offering.

Each user will have a maximum holding limit of 40,000 USUAL tokens, with a total token supply of 4 billion USUAL. Of that, 300 million tokens 7.5% will be allocated for Launchpool rewards. This initiative is a significant step in expanding the exchange’s role in the decentralized finance (DeFi) space.

However, users from certain countries, such as the United States, Canada, Japan, and North Korea, will not be eligible to participate. Binance has stated that KYC verification is required for those looking to farm USUAL tokens.

BNB Ecosystem And Market Performance

The listing of Usual on Binance Launchpool marks a new chapter in the DeFi space, offering a decentralized fiat-backed stablecoin. This launch comes at a time when meme tokens like ACT and PNUT have witnessed impressive price surges after their listings, indicating strong market interest in new projects.

BNB Price is currently trading at $634, with a 24-hour low of $605 and a high of $659. The coin has seen a 5% increase in the past 24 hours, a 6.8% rise over the last week, and a 7.6% gain in the last month.Its 24-hour trading volume stands at $3.7 billion, demonstrating robust demand.

The global crypto market is experiencing a bullish trend. Additionally, the recent US election victory by Donald Trump has sparked optimism among Bitcoin supporters. Binance founder CZ’s new initiative, Giggle Academy, is also gaining attention. The project aims to educate users in key target countries.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io