Altcoin
XRP Whales Buy The Dip With 139M Accumulated From Major Exchanges
Crypto market whales have taken action to accumulate nearly 139 million XRP from exchanges against the backdrop of a price pullback today, July 18. On-chain data indicates that a series of accumulation transactions occurred over the past day, igniting optimism over the coin’s future price movements. Despite the crypto’s recent slip below the resistance of $0.6, the accumulations have injected optimism among market participants. Here’s an overview of the Ripple Labs-backed asset’s current market dynamics and what it indicates for future price movements.
Whales Bag 139M XRP From CEXs
As per insights offered by Whale Alert on X, six whale transactions collectively resulted in the accumulation of 139 million XRP in the past 24 hours. These transactions ignite market optimism, emerging amid a pullback in Ripple’s coin’s price. Usual market sentiments convey a potential buy-the-dip strategy taken by crypto market whales, hinting at more gains in the pipeline.
Concerning this, the renowned address ‘rarG6’ was again recorded to have bagged 47.36 million coins from the Binance crypto exchange. Meanwhile, the address rDqnm accumulated 25 million coins from the Upbit crypto exchange.
Simultaneously, the addresses rhWj9g and rfQ9Ec accumulated 23.27 million and 23.16 million coins from Binance, respectively. At last, the address r4186v was recorded sacking 19 million coins from the Upbit crypto exchange.
These accumulations bring additional buying pressure to the asset, generating investor enthusiasm for future price movements. However, it’s also worth mentioning that the renowned whale address Rzn was recorded to dump 43.72 million coins to the CEXs Bitstamp and Bitso in the same duration.
Besides, the Ripple-backed asset traded in the red zone today.
Also Read: Ripple SEC Settlement Speculation Grows Amid 150M XRP Payment
Ripple’s Coin Tumbles
Despite the buying pressure, XRP price illustrated a 6.28% downfall in value to reach $0.574 today. The coin’s 24-hour bottoms and peaks were recorded as $0.5685 and $0.6366, respectively.
It’s worth mentioning that the coin’s today’s waning movement falls in line with the broader crypto market trend. Meanwhile, recent developments within the XRP lawsuit reveal that the U.S. SEC canceled a closed-door meeting that could be on discussions about the lawsuit’s settlement.
Besides, the RSI for the Ripple-backed asset hovered in the bullish territory today, at 63. This validates today’s colossal buying while it also paves the way for additional purchases, hinting that the price fall may be short-lived. Further, the abovementioned accumulations solidify optimism on future price movements.
Ripple CEO Brad Garlinghouse’s stance on a looming resolution of the Ripple vs SEC lawsuit has sparked further discussions across the global crypto community.
Also Read: Ripple XRP Case Update: Ex-SEC On Secret Meeting; XRP To Hit $1 Next?
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.
The rivalry between Shiba Inu (SHIB) and Dogecoin (DOGE) continues to rage, making headlines and becoming a top discussion among crypto community members. Recently, Investment firm Sistine Research unveiled a Shiba Inu chart analysis, which suggests that SHIB might be poised to outperform DOGE in 2025. The chart analysis points to a possible increase in Shiba Inu’s value against Dogecoin, highlighting key resistance and support levels for a significant price rally.
SHIB Targets Key Resistance Levels To Outpace Dogecoin
In a recent X (formerly Twitter) post, Sistine Research released a detailed chart of the Shiba Inu and Dogecoin trading pair, highlighting that this was “a very interesting chart.” While the chart shows SHIB bouncing off a lower support zone against DOGE, the upward move towards the higher resistance levels suggests that Shiba Inu could gain value and potentially outpace Dogecoin by 2025.
Sistine’s chart analysis of the SHIB/DOGE pair illuminates a consistent price pattern where established resistance and support levels have impacted the trajectory and performance of Shiba Inu against Dogecoin.
Based on the chart, since mid-2021, Shiba Inu has showcased a somewhat stable support zone around the price range of 0.00008 to 0.000105 DOGE. On another note, the resistance price range between 0.00019 and 0.00023 DOGE has often acted as a barrier, limiting Shiba Inu’s upward price movements.
Additionally, in November 2022, Shiba Inu experienced a sharp drop from 0.000202 DOGE to 0.0000841 DOGE. Nevertheless, the meme coin managed to hold onto critical support levels, which helped propel it back to 0.00013 DOGE by February 2023.
Following the chart’s pattern, it can be noted that throughout 2023, Shiba Inu held on and consistently tested this support level. However, as the meme coin attempted to breach upper resistance levels at around 0.00019 and 0.00023 DOGE, selling pressures kicked in and triggered a significant decline for SHIB, pushing its price down to lower levels.
Shiba Inu Prepares For A Breakout
The overall conclusion of Sistine’s SHIB/DOGE chart suggests that the above trading patterns appear to be repeating for SHIB, with the support level providing a potential base for a breakout and recovery. With Shiba Inu now trading in the lower support range again, Sistine believes this support could serve as a launch pad for SHIB, potentially pushing the meme coin up to the resistance area near 0.00019 DOGE.
This implies a whopping 95% increase from current levels, a slight decrease from the 110% rally experienced by the meme coin in the previous cycle when it witnessed a similar movement from the support zone to the resistance level. Moreover, if Shiba Inu can maintain bullish momentum, Sistine sees it outperforming Dogecoin by 2025.
As of writing, the price of Shiba Inu is trading at $0.000019, marking a 7.16% increase over the past week, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Trader Tardigrade has highlighted a similarity between the Dogecoin price action and that witnessed in 2020. The analyst further revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin Price Sees Bi-Monthly Rise To 2020 Levels
In an X post, Trader Tardigrade revealed that the Dogecoin price bi-monthly RSI (Relative Strength Index) has risen to levels last seen in 2020. The analyst further noted this was happening right before the massive bull run. In line with this, he predicts that the three bi-monthly candles will be huge for Dogecoin.
The analyst’s accompanying chart showed that massive giant candles followed when the Dogecoin price RSI rose to these levels in 2020. This eventually paved the way for Dogecoin to reach its current all-time high (ATH) of $0.73. Interestingly, Trader Tardigrade’s chart showed that the Dogecoin price could rise to as high as $44 this time around.
Such a parabolic move will be possible if the Dogecoin price replicates its gain of over 26,000% in the 2021 bul run. Alongside Trader Tardigrade, some other crypto analysts have also offered ultra-bullish predictions for the Dogecoin price this week.
Crypto analyst Ali Martinez mentioned that the Dogecoin price could rise to as high as $23 in this market cycle. He explained that this could happen if DOGE were to rally to the 1.1618 or even 2.272 Fibonacci levels. The analyst also suggested that the world’s richest man, Elon Musk, could contribute to this price rally.
Crypto analyst Olivier also predicted that the Dogecoin price could rise to as high as $32 in this bull run. The analyst is confident that this parabolic rally could happen since there are predictions that the Bitcoin price can rise to $1 million.
DOGE’s Growth Potential In Comparison To Bitcoin
Crypto analyst Master Kenobi recently analyzed Dogecoin’s price growth potential in comparison to Bitcoin. In an X post, the analyst noted that Bitcoin has already achieved a 5x from the market bottom, while Dogecoin has only managed a 4x so far. He further noted that BTC’s market cap is $1.5 trillion, while DOGE’s is $29 billion, which is a 51x difference between these market caps.
Having made these points, Master Kenobi highlighted the Dogecoin price growth potential. He claimed that Dogecoin’s market cap could increase 10x from this point and rise to $290 billion, which will put DOGE’s price at $2. Meanwhile, he predicts that the Bitcoin price would only 2x from this point, rise to $150,000, and attain a market cap of $3 trillion.
At the time of writing, the Dogecoin price is trading at around $0.2, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Dark Defender has stated that the XRP price will flip the Ethereum price in this market cycle in terms of market cap. He outlined reasons why this is possible and went on to declare that XRP could take over its crown from Bitcoin.
Why The XRP Price Can Flip The Ethereum Price
In an X post, Dark Defender outlined five reasons why the XRP price can flip the Ethereum price. First, he cited Judge Analisa Torres’ ruling that XRP is not a security in itself, which he believes is a huge positive for the coin.
Secondly, he alluded to the numerous developments that Ripple has secured. While he didn’t mention these developments, this could include recent developments such as the crypto firm gaining the DFSA approval to expand its payment services to the UAE.
Dark Defender further alluded to Central Bank Digital Currencies (CBDCs) and upcoming currencies such as the RLUSD stablecoin, which is another reason he is confident that the XRP price can flip the Ethereum price. A recent development also indicates that Ripple is eyeing a potential Dirham-backed stablecoin launch in the UAE.
Lastly, the analyst mentioned that the US is set to become a crypto-friendly environment under pro-crypto President-elect Donald Trump. Despite these reasons, XRP will flipping Ethereum will be a huge task.
Ethereum is currently the second-largest crypto with a market cap of $365 billion, while XRP is the seventh-largest crypto with a market cap of $31 billion. However, it is worth mentioning that XRP was the second-largest crypto ten years ago, just behind Bitcoin.
Time To Also Dominate Bitcoin
Dark Defender also indicated that the XRP price could challenge Bitcoin’s dominance for the reasons he mentioned. He remarked that XRP will take over its crown from BTC by being the only crypto asset with regulatory clarity.
However, Bitcoin’s non-security status has never really been in doubt. The US Securities and Exchange Commission (SEC) Chair Gary Gensler has admitted that the flagship crypto isn’t a security. This is also why the Commission didn’t object to issuers filing S-1 forms for the Bitcoin ETFs before their subsequent approval.
Meanwhile, the analyst also suggested that a bull run is set to soon begin for the XRP price. Specifically, he said this XRP bull run will begin on November 24. He is confident this will happen because he claims that Bitcoin Dominance has had its reversal in the monthly RSI as it did in January 2021. When this happened in 2021, XRP rallied from $0.170 to $1.966.
Crypto analyst Mikybull Crypto also provided a bullish outlook for the XRP price. In an X post, he stated that a huge acceleration is coming. He cited the coin’s performance after the past election cycles, and a massive rally usually follows. The accompanying chart he shared showed that $19 was a possible target.
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.
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