Altcoin
Here’s Why The Dogecoin And XRP Prices are Jumping Again
The Dogecoin and XRP prices are jumping again, having witnessed massive declines earlier this week alongside the broader crypto market. This price surge occurred due to several factors, including the regulatory clarity which XRP could soon attain with the Ripple SEC settlement on the horizon.
Why Dogecoin And XRP Prices Are Jumping Again
CoinMarketCap data shows that the Dogecoin and XRP prices are up over 35 and 6%, respectively, in the last 24 hours. Both coins have recorded these price gains due to several fundamentals which provide a bullish outlook for them. One is the recent report by Journalist Eleanor Terrett that the Ripple SEC case could wrap up soon.
An end to the Ripple lawsuit is most especially bullish for the XRP price considering that it has been at the center of this long-running legal battle which began in 2020. A positive closure to the case would put to end doubts about XRP’s non-security status and boost investors’ confidence, which is why the coin has witnessed these gains.
An end to the Ripple SEC case is also bullish for the Dogecoin price and other crypto assets since it could lay to rest the argument that this asset class could be regarded as securities. Another reason the Dogecoin and XRP prices are jumping again is the potential 30-day ceasefire and ultimate end to the war between Russia and Ukraine.
In a Truth Social post, US President Donald Trump revealed that the US had very good and productive discussions with Russian President Vladimir Putin and that there is a “very good” chance that the bloody war can finally end. An end to the Russia-Ukraine war would help stabilize the markets, and the Dogecoin and XRP prices are already reacting to this bullish fundamental.
Macroeconomic Factors Beginning To Align
Macroeconomic factors are beginning to align for the crypto market’s benefit, which is another reason why Dogecoin and XRP prices are up again. The inflation data which were released this week indicated that inflation in the US may be reducing, which is bullish for these crypto assets.
The CPI inflation data showed that inflation surged to 2.8% in February, below the expected 3.0%. Meanwhile, the PPI data showed that inflation surged by 0%, way below the expected 0.3%. With these figures, there is some confidence in the market that inflation could indeed be slowing, which could prompt the US Federal Reserve to cut rates.
Rate cuts are bullish for the crypto market since investors would be confident in allocating enough capital to these risk assets. As such, Dogecoin and XRP prices are already pricing into these developments with their recent surge. From a macro standpoint, these coins could record further gains next week if the Fed adopts a dovish stance at its FOMC meeting and hints at imminent monetary easing policies.
Featured image from Pixabay, chart from TradingView
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A crypto analyst identified as ‘MonoCoinSignal’ on TradingView has shared varying forecasts for the Shiba Inu price. As the second-largest meme coin stages a recovery to a new all-time high, this analyst has outlined key resistance and support levels to watch out for
Shiba Inu Price Recovery Depends On These Levels
MonoCoinSignal has published a detailed Shiba Inu price analysis, outlining key technical indicators and levels that could determine its next move toward an ATH recovery. Currently trading at $0.000013, the Shiba Inu price reflects a sharp decline from its previous high of $0.000015 on March 10.
On its 1-hour chart, the TradingView analyst highlights that the SHIB is currently testing a key support zone around the $0.000011 level. If its downtrend persists, the meme coin is expected to fall toward additional support levels at $0.0000105 and $0.000010.
Currently, Shiba Inu’s price is trading below the short-term Moving Averages (MA), solidifying its bearish position within this time frame. Its Relative Strength Index (RSI) is also approaching oversold territory, suggesting a potential price bounce if buying pressure picks up.
Predicting a potential bullish case scenario, MonoCoinSignal highlights three key resistance zones to watch out for: $0.0000127, $0.000014, and $0.000015. The analyst suggests that these levels could trigger a strong rebound for the meme coin.
Notably, if Shiba Inu can hold above the support level at $0.000011, it could stage a rally to the aforementioned resistance zones between $0.0000127 and $0.000014. Due to the market’s recent declines, MonoCoinSignal has acknowledged that any gains experienced by the price will be limited and short-lived.
Currently, SHIB’s bearish performance aligns with the broader crypto market downtrend, with numerous meme coins and altcoins taking a hit after Bitcoin crashed below $85,000. The TradingView analyst mentions that Shiba Inu’s current market trend highlights a bearish position from the medium to long term.
With recent X social media reports revealing an increase in SHIB token burns, the TradingView analyst believes that the gradual supply reduction could eventually fuel a price increase in SHIB over time.
SHIB Uptrend At Risk If Price Breaks Support
On the flip side, MonoCoinSignal has also shared a bearish case scenario for the Shiba Inu price if the downtrend persists. The analyst has predicted that if selling pressures trigger a break down below the support level at $0.000011, Shiba Inu could slide towards new lows around $0.00001051 or $0.00001001.
While Shiba Inu’s recent token burns highlight a positive long-term outlook, the analyst suggests that their impact is unlikely to trigger a significant surge in this short time frame. With the SHIB price facing both bullish and bearish possibilities, MonoCoinSignal urges investors and traders to monitor the market for catalysts that could either positively or negatively influence the meme coin’s next move.
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
The crypto market concluded yet another week, primarily sparking investor optimism with recovering price trajectories. Bitcoin (BTC) price recovered from a $76K low to reach $84K right ahead of the U.S. FOMC next week. Whereas, major-league altcoins also mimicked price gains. The global cryptocurrency market cap again embarked upon a trajectory towards the $3 trillion mark as the week comes to an end.
Mentioned below are some of the top crypto market updates reported by CoinGape Media over the past week.
Crypto Market: Bitcoin Advancements This Week
The flagship crypto has witnessed significant developments over the past seven days, keeping investors optimistic despite price turbulence. Notably, global financial services firm Cantor Fitzgerald launched a $2 billion Bitcoin financing business, partnering with Anchorage Digital and Copper for secure institutional access.
On the other hand, Cathie Wood’s Ark Invest expanded its Bitcoin holdings, accumulating 997 BTC worth $80 million via Coinbase this week.
Also, despite the recent market turmoil, 95% of investors in the U.S. spot Bitcoin ETFs continue to hold onto their holdings. As a result, market watchers continue weighing optimism over long-term price prospects.
It’s also noteworthy that the Singapore Exchange (SGX) is planning to launch Bitcoin futures contracts shortly ahead.
Moreover, Deutsche Boerse’s post-trade unit Clearstream plans to launch Bitcoin & Ethereum custody services by the end of this year. Mentioned above are the top crypto market updates orbiting Bitcoin over the past week.
Are Prices Bracing For Macro Events?
Meanwhile, the broader market shows a recovery-like trend ahead of the U.S. FOMC next week. Set to occur on March 19, the monetary policymaking decision remains much eyed by investors globally.
Market-wide expectations of unchanged interest rates by the U.S. Fed prevail at the moment. Also, the latest U.S. CPI data indicated cooling inflation, offering some support to risk assets. In turn, traders and investors speculate whether a price recovery is possible after the turmoil caused by Donald Trump’s tariff saga.
Global markets, including crypto, took severe heat previously, although recent price actions signal that a recovery and bull cycle continuation might be on the horizon.
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.
Following the failed bid of a proposal to change network tokenomics, Solana cofounder Anatoly Yakovenko has reiterated the need for decisive governance. Yakovenko argues that failing fast will do more for Solana than a slew of proposal approvals.
Solana Governance Has To Prioritize Speed And Incisiveness
Solana co-founder Anatoly Yakovenko has moved on from the community’s rejection of the Solana Improvement Document (SIMD)-0228. Yakovenko noted that despite the failed proposal, the speed of governance proceedings for Solana left an impressive mark.
The SIMD-0228 sought to change Solana’s tokenomics by introducing a dynamic inflation model, moving away from the network’s fixed inflation schedule. While the proposal split the network over centralization fears and disadvantages to smaller validators, Yakovenko highlighted the silver lining in its rejection.
Learning from the proposal, the Solana cofounder disclosed that the network’s governance must be “fast and decisive.” For Yakovenko, the quick resolution of the proposal frees up resources for the network to explore a better approach.
“How fast the ecosystem iterates is a thousand times more important than making sure that every proposal passes,” said Yakovenko.
Over 74% of validators participated in the vote with Yakovenko declaring support for the proposal. Big ecosystem players including VanEck supported the proposal amid speculation that Solana price will spike following the approval.
Bulls Eye Upward Movement For SOL Price
Despite the rejection of the proposal, bulls are still clinging to hope that SOL can go on a parabolic rally. The network has faced significant downward pressure in recent weeks, complicated by Alameda’s SOL unstaking. A steep drop in Solana DEX volume darkens the cloud for the future of the asset’s price.
However, analysts are keeping their eyes on the potential repeat of a 2021 pattern that can send SOL price to $4,000. There is speculation that Solana is on course to surpass Ethereum’s market capitalization.
Optimist are hinging their prediction on on-chain metrics and the soaring number of projects building on the network. In the short term, traders have their eyes on SOL to $200 before the end of March despite a looming death cross.
Aliyu Pokima
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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