Market
Triangle Formation That Sparked The 2017 XRP Rally Returns, What’s The Target?
![](https://coin2049.io/wp-content/uploads/2024/06/XRP_d8f702.jpeg)
The XRP price is seeing another triangle formation on its chart that could point to an impending rally. One important fact about this triangle formation is the fact that it led to a significant rally seven years ago, and if history repeats itself, then XRP may be set for a bullish wave.
XRP Triangle Formation Signals Bullish Continuation
In an analysis on TradingView, crypto analyst TradingShot pointed out that the XRP price is seeing another triangle formation. This formation comes from the culmination of a number of indicators, all of which have become bullish during this time.
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The indicators pointed out by the crypto analyst include the price closing below its 1W MA50 and 1W MA200. While, at first glance, this could look bearish, it can be a bit signal that propels the price up as investors start to get back in at low prices. This is also made obvious by the 1W RSI dropping to 40.00, as historically, this indicator at this level has always presented a buying opportunity.
Furthermore, the crypto analyst points out that the XRP price is currently testing the bottom with the higher lows trend line. All of these have come together to form a triangle structure that has not been seen since 2013-2017.
This triangle structure is important given that the last time it appeared in 2013 and eventually broke out in 2017, the XRP price went on to rally to new all-time highs. Therefore, the appearance of this triangle structure this time around could signal the start of another bullish trend that pushes the altcoin’s price toward new all-time highs as well.
How Far Can The Price Go?
In the scenario where the XRP price does follow the 2013-2017 trend and a breakout occurs, the crypto analyst does see the price reaching a new all-time high. However, for this to happen and for the bullish trend to be confirmed, the price will have to break above the 1W MA200, as the analyst explains.
Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why
In such a case that the altcoin does break this important level, TradingShot puts the price as high as $4.5. Such a move would mean an over 800% increase in value from where the XRP price is currently sitting at $0.47.
However, as with any bullish scenario, there is also the possibility that the trend fails to actualize. In the event that the price does not break the 1W MA200, the crypto analyst advises “that the XRP army will need a need narrative to hang on to, as the long-term pattern would have failed them.”
Featured image created with Dall.E, chart from Tradingview.com
Market
XRP Price Maintains Support Level: What It Means For The Bulls
![](https://coin2049.io/wp-content/uploads/2024/07/XRP-Price-Support.jpeg)
XRP price climbed higher and tested the $0.4840 resistance zone. The price corrected gains but the bulls are able to protect the $0.4750 support.
- XRP price is eyeing an upside break above the $0.4840 resistance zone.
- The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if there is a close above the $0.4840 resistance.
XRP Price Corrects Gains
XRP price started a decent upward move above the $0.4740 resistance like Bitcoin and Ethereum. The bulls were able to push the price above $0.480. However, the bears were active near the $0.4840 resistance zone.
A high was formed at $0.4839 and the price recently started a downside correction. There was a move below the $0.4800 and $0.4780 levels. The price even spiked below the 50% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high.
It is now trading above $0.4740 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $0.4760 on the hourly chart of the XRP/USD pair.
On the upside, the price is facing resistance near the $0.480 level. The first major resistance is near the $0.4840 level. The next key resistance could be $0.4880. A clear move above the $0.4880 resistance might send the price toward the $0.5050 resistance.
The next major resistance is near the $0.5120 level. A close above the $0.5120 resistance zone could send the price higher toward $0.5250. Any more gains might send the price toward the $0.5320 resistance.
More Losses?
If XRP fails to clear the $0.4840 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4765 level and the trend line.
The next major support is at $0.4740, the 61.8% Fib retracement level of the upward move from the $0.4695 swing low to the $0.4839 high, and the 100-hourly Simple Moving Average. If there is a downside break and a close below the $0.4740 level, the price might continue to decline toward the $0.4640 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.
Major Support Levels – $0.4765 and $0.4740.
Major Resistance Levels – $0.4800 and $0.4840.
Market
The Rise of Liquid Staking on Solana: Key Insights
![](https://coin2049.io/wp-content/uploads/2024/06/bic_-Solana_SOL_4-covers_bullish.jpg.optimal.jpg)
Solana, the fifth-largest crypto asset by market size and the third-largest proof-of-stake (POS) network, saw its liquid staking ratio rise by 1.76% quarter-over-quarter.
According to DefiLlama, over $54 billion worth of crypto assets are staked across liquid staking platforms. Liquid staking, unlike traditional staking, lets users earn extra yield and retain liquidity with a derivative token for DeFi.
The Rise of Liquid Staking on Solana
Data from Dune Analytics shows over 23 million SOL, valued at over $3.6 billion, staked on liquid staking platforms. Solana has a higher staking ratio than Ethereum, around 60%, but only 6% of staked SOL is in liquid staking. This indicates untapped potential in Solana’s liquid staking sector, as well as potential growth opportunities.
Read more: What Is Liquid Staking in Crypto?
![Solana Liquid Staking Ratio](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-15.15.37-850x480.png)
Solana’s two-day unbonding period, shorter than many other blockchains, might also impact the popularity of liquid staking. Konstantin Boyko-Romanovsky, founder and CEO of Allnodes, explains how this can be an advantage over other blockchains like Polkadot or Ethereum.
“Since Solana’s unbonding period is only two days, liquid staking might not be as popular as blockchains with unbonding periods of 2-3 weeks. In the context of staking, the unbonding period is when staked assets are unlocked and available for use after a user decides to unstake them,” Boyko-Romanovsky, told BeInCrypto.
Platforms like Sanctum and Jito Labs are also driving the liquid staking boom on Solana. According to researcher and analyst Tom Wan, Sanctum lowered the barrier of entry and is helping projects build their own liquid staking tokens (LSTs) and scale.
Jito currently has about 91,000 Solana investors staking on the platform, with an APR of over 8% and over 10.6 million SOL staked.
“Sanctum is able to take the torch. The launch of INF, Sanctum Router, and Sanctum Reserve, has lowered the barrier to entry, buklding foundation of a Cambrain explosion of the liquid staking sector on Solana,” Wan shared in a post.
![Solana Dominance of Liquid Staking Token](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-20.10.54-850x485.png)
Boyko-Romanosvky also highlights the influence emerging trends like re-staking can have on liquid staking’s growth in Solana.
“Emerging technologies like re-staking can potentially influence the development and adoption of liquid staking on Solana and similar blockchains. By providing continuous liquidity, increasing yield opportunities, and offering greater flexibility, re-staking can enhance the attractiveness of liquid staking even on platforms with short unbonding periods like Solana. However, ensuring the security and reliability of these technologies, alongside effective market and liquidity management, will be crucial for their success and widespread adoption,” Boyko-Romanosvky shared.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
As liquid staking continues to grow in popularity, Solana could benefit from increased user participation and enhanced network security. So far, two major filings for a Solana ETF have been made in the US. If liquid staking popularity continues to grow, it can give Solana a competitive advantage and attract investment firms.
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Market
Bitcoin Price Challenge: Can It Break Through and Resume Climbing?
![](https://coin2049.io/wp-content/uploads/2024/07/Bitcoin-Barrier.jpeg)
Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650.
- Bitcoin started a decent increase above the $62,500 and $63,000 levels.
- The price is trading above $62,250 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it clears the $63,650 resistance zone.
Bitcoin Price Holds Ground
Bitcoin price started a decent upward move above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone.
However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high.
Bitcoin price is now trading above $62,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher.
In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term.
Are Dips Supported In BTC?
If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on the downside is near the $62,800 level and the trend line.
The first major support is $62,200. The next support is now forming near $61,800 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Any more losses might send the price toward the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,800, followed by $61,800.
Major Resistance Levels – $63,650, and $64,000.
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