Altcoin
Here’s Why BTC, ETH, SOL, XRP, Meme Coins Are Falling Suddenly
The crypto market saw a selloff in US hours on Wednesday as investors brace for uncertainty after the recent recovery in the broader crypto market, with market value plunging nearly 2.50% to $2.57 trillion.
Bitcoin price fell 1% in an hour, dragging BTC price to $69,500 down more than 2% in the last 24 hours. The trading volume has decreased by over 35% in the past 24 hours after the recent rally.
Ethereum price also tumbled 3% in the last 24 hours despite positive progress on spot Ether ETF, with other top altcoins including Solana, XRP, Dogecoin, Cardano, and Shiba Inu falling 2-3% in an hour. Today’s leaders such as PEPE, BOOK OF MEME, GALA, WIF prices also dropped 3-6%. Let’s check what’s causing the market to fall.
Bitcoin, Ethereum and Meme Coin Prices Fell
The crypto market saw a broader selloff after the UK inflation data release. The annual inflation rate in the UK eased to 2.3% from 3.2% last month, but came in more than 2.1% forecasts. Despite the inflation missing market expectations, Pound Sterling strengthens as UK inflation is near the Bank of England’s 2% target.
As a result, the US dollar index (DXY) was volatile today but fell after the UK inflation data. However, the US 10-Yr Treasury yield (US10Y) saw an unusual increase of 0.027% to 4.457%. This caused Bitcoin to remain volatile despite low trading volumes.
Furthermore, the FOMC Minutes release today has caused traders to take a cautious approach after many Fed officials consider that inflationary pressure can still delay or reduce the number of Fed rate cuts this year. The CME FedWatch shows a 49.5% probability of 25 bps rate cuts in September.
Coinglass data revealed that the crypto market saw $40 million in liquidation in the last few hours, with a total of $180 million liquidated over 24 hours. Notably, $125 million longs and $55 million shorts were liquidated in the last 24 hours, with Ethereum, Bitcoin, Pepe Coin, Solana, and Dogecoin leading the liquidation figures.
Over 64K traders were liquidated and the largest single liquidation order happened on crypto exchange BitMEX as traded XBTUSD valued at $4.26 million. This caused crypto market to fall slightly in the last few hours.
Also Read: WisdomTree Secures FCA Approval To List Bitcoin, Ether ETPs On LSE
Analysts Reveal Sell Signals
John Bollinger, inventor of Bollinger Bands, predicts a consolidation or a pullback in Bitcoin due to two-bar reversal at the upper Bollinger Band. However, he is not bearish, but short-term concerned.
I am not fond of the two-bar reversal at the upper Bollinger Band for $btcusd Suggests a consol or a pullback. Not bearish here, just short-term concerned. https://t.co/4567TCglIy
— John Bollinger (@bbands) May 21, 2024
Popular analyst Ali Martinez also revealed that TD Sequential indicator is now showing sell signal on the Bitcoin daily chart. He recommends traders to trade BTC with caution.
Thus, Bitcoin could see a selloff in the next dew days. Altcoins are much likely to witness pullback due to profit booking after the recent rally.
Moreover, BTC Futures Open Interest on CME continues to fall after a 3% drop in the last 24 hours. Total BTC Futures Open Interest dropped 2% in the last 24 hours. XRP, DOGE, PEPE futures open interests are falling significantly, while other altcoins saw some buying.
Also Read: Bitcoin Price To Face Potential Correction If It Hits This Level
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.
Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.
Cardano Price Can Reach $2.5 In May
According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.
At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.
“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”
According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.
“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.
ADA Ripples With Bullish Activity
At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.
Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.
Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.
Why The XRP Price Can Hit ATH In 90 To 120 Days
In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.
The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.
In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.
For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.
Ripple’s Native Token Could Still Drop Below $2
Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.
His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.
Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.
Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.
She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program, which offers crypto rewards to users. This initiative allows eligible participants to earn rewards on their XRP transactions. Here’s a look at the program details and the steps required to join.
Gemini Founder Unveils XRP Cashback Rewards
On March 27, Tyler Winklevoss reminded the XRP community and Ripple army on X (formerly Twitter) that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.
Since adding XRP to its long portfolio of crypto cashback offerings in August 2023, Gemini has continued to support the third-largest cryptocurrency as an option for crypto enthusiasts. The Credit Card reward information announced by Winklevoss was well received by the XRP community.
He explained that the Gemini Credit Card allows users to earn crypto back each time they spend fiat. He clarified that this feature is only available to residents in the United States (US) currently. The Gemini founder also revealed that he has been using the Credit Card for years and has had a great experience accumulating significant crypto rewards from the cashback program.
Gemini’s Credit Card offers tiered cashback rates depending on the purchase categories. A 4% XRP cashback is offered on gas and EV charging, with up to $200 monthly. A 1% XRP cashback is available for fuel and EV charging after exceeding the monthly limit. Finally, a 3%, 2%, and 1% XRP cashback is provided for dining, groceries, and other purchases, respectively.
As XRP continues to push for widespread adoption, this Gemini cashback reward program strengthens its utility and encourages greater usability and investments.
Notably, Gemini isn’t the only crypto exchange embracing XRP in its rewards programs. Platforms like WhiteBIT and Bit2Me have also introduced similar programs. By offering an XRP cashback, Gemini and other crypto exchanges can make crypto more accessible, encourage faster adoption, and reinforce XRP’s role as a digital payment solution.
How To Participate In Gemini’s XRP Cashback
Gemini has specified that users interested in earning XRP rewards from Gemini’s cashback program must first qualify for the exchange’s Credit Card, which depends on their credit score. Approved applicants must secure their cards by June 30, 2025, to participate in the promotional offer.
The crypto exchange also stated that new cardholders could earn up to $200 in XRP cashback if they spend at least $3,000 within the first 90 days. Once earned, the XRP reward will be automatically deposited into their trading accounts on Gemini, enabling users to hold, trade, or sell whenever they wish. The Credit Card also comes with no extra annual, exchange, or foreign transaction fees, allowing crypto users to grow their portfolios continually.
Featured image from SCMP, chart from TradingView
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