Market
Ondo (ONDO) Flashes Bullish Signal, Accelerating $2 Predictions
Calls for Ondo (ONDO) to reach a new all-time high dominated the market after the price reached $1.48 on June 3. Yet, the token went against those wishes and is now 17.64% down from its peak.
When analyzing a cryptocurrency’s prospective price, on-chain data lets out unseen insights to help investors make informed decisions. For ONDO, there has been a change in previous developments, suggesting that the bullish predictions could become reality.
Cheaper Spend Can Lead to Higher Prices
When ONDO launched, its price was around $0.11. However, its 658% increase over the last 365 days makes it one crypto with many eyes on it. Fueled chiefly by solid fundamentals and a trending Real World Asset (RWA) narrative, here is how the cryptocurrency may fare in weeks to come.
To start with, BeInCrypto assesses the Realized Cap. Simply put, the Realized Cap measures the average value weighted by the price token holders paid for it. Furthermore, increases occur when cryptocurrencies that were last moved are spent at cheaper prices.
Converesly, the value decreases when the last tokens moved are spent at high prices. As a result, the metric acts as on-chain support or resistance.
At press time, ONDO’s Realized Cap stands at $1.15 billion. On average, the metric is a crucial tool for spotting accumulation and distribution regions. However, this happens when compared with the market cap.
If the Realized Cap is above the market cap, it implies a warning sign that the price may decrease. As of this writing, Ondo’s market cap is $1.70 billion. Furthermore, the fact that the Realized Cap is lower paves the way for the price to continue its bullish path.
Read More: How To Invest in Real-World Crypto Assets (RWA)
Tokens Continue to Leave Circulation
As the metric above increases, the Mean Coin Age takes the opposite direction. Often called by its short form, the MCA tracks the average age of all tokens on the blockchain. With the MCA, one can tell if trading activity around a token increases or if holders are sticking to keep it out of circulation.
According to Santiment, the 90-day MCA has plummeted as of this writing. This means that ONDO holders are refraining from sending tokens into exchanges. Instead, they seem committed to keeping them in self-custody.
If sustained, ONDO’s price can begin to run past its all-time high, and the $2 prediction being talked about in the market may come to pass.
Outside of the price action, the Total Value Locked (TVL) continues to reach new highs. Based on DeFiLlama’s data, Ondo’s TVL is $549.18 million. This is an 18.32% increase within the last 30 days.
TVL measures a protocol’s health by gauging the value of locked or staked assets. An increase implies that market participants are depositing more liquidity with hopes of a good yield, which is the case with Ondo.
If the TVL falls, it means that participants are withdrawing their assets as perceived trust for the project wanes. However, it is unlikely that the value of locked assets will plummet, especially as interest from traditional institutional investors continues to climb.
ONDO Price Prediction: Is a 15% increase Next?
Alongside the rising TVL, technical analysis shows that ONDO’s price is eyeing further gains. One reason for this forecast is the Exponential Moving Average (EMA), a technical tool designed to track a cryptocurrency’s price trend over a given period.
Some of the most important timeframes include the 20 EMA, 50 EMA, and 200 EMA. The daily ONDO/USD chart shows that the price is $1.20, trading above the 20 EMA (blue). This is a bullish sign for the token and may ensure the ONDO’s price does not fall below $1.19.
The token also trades above the 50 EMA (yellow), indicating that the cryptocurrency’s trend may give in to the upside in the short term. Should this be the case, ONDO’s first target will be a 15% increase to $1.39.
Afterward, it may move to break through the all-time high at $.1.48 if whales decide to buy as they did in the past.
Read More: Real-World Asset (RWA) Backed Tokens Explained
In the event that the price slides below the aforementioned EMAs, the prediction will be invalidated. If this happens, ONDO may drop to $1.07, setting the stage for a 12% decrease.
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.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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.
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