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Why Is Ethereum Up Today? Will It Hit $10,000?

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3 hours ago

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The Ethereum (ETH) price has taken a strong lead gaining 5% over the last 24 hours and crossing past $3,500 levels while Bitcoin consolidates around $98,500. The attention shifts to ETH as BTC faces stiff resistance at the $100K milestone.

Following ETH’s gains, other altcoins like Ripple’s XRP, Cardano (ADA), Avalanche (AVAX), have reversed their trajectory for strong gains. The ETH/BTC pair will be crucial to monitor to decide the future course of action ahead.

Ethereum Futures Open Interest Hits Fresh All-Time High

Velte Lunde, Head of Research at K33, reports that the open interest in CME’s ether futures has nearly doubled since the recent election, reaching all-time highs. For the past few days, Ether futures premiums have even surpassed those of Bitcoin. This marks a significant shift in market dynamics.

Source: K33 Research

Ethereum has largely underperformed the rest of the altcoin space during the crypto market rally following Donald Trump’s victory. After surging to $3,400 earlier this month, the ETH price retraced to taking support at $3,000 levels, amid Ethereum whale dumping.

However, it bounced back from those lows jumping 14% over the past week with surging Ethereum futures open interest. Popular on-chain analyst Maartum also reported that Ether has experienced a notable change, with a net inflow of more than 10,000 ETH. A total of 115,000 ETH was deposited, while 105,000 ETH was withdrawn.

This is a much healthier and positive shift after months of net outflows. If this trend continues, it could reduce the overall availability of ETH in the market, potentially impacting price dynamics, noted the analyst.

Source: IntoTheBlock

ETH Price to Hit $10,000?

The ETH Price is showing major strength on the technical chart, overcoming the resistance of $3,375. Crypto analysts and participants consider $4,000 as the first target for Ethereum. Meanwhile, notable analysts have also shared targets of $6,500 by the end of Q2 2025.

As per the Coinglass data, the Ether open interests surged by 5.74% to $21.73 billion. Also, the 24-hour liquidations have shot up to $47.5 million of which $24.47 million are in short liquidations and $23 million in long liquidations.

Also, crypto analyst Michael van de Poppe noted that ETH price is yet to break upwards, highlighting the need for the cryptocurrency to surpass a critical resistance level. According to him, ETH/BTC must break the 0.036 mark and convert it into support before a potential upward move. Once this happens, Ethereum price rally to $10K will kickstart soon.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Ripple Announces First Tokenized Money Market Fund on XRP Ledger

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31 minutes ago

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November 25, 2024

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Crypto payments firm Ripple on Monday announced its first tokenized money market fund in partnership with FCA-regulated crypto exchange Archax and UK asset manager abrdn. The tokenized money market fund will be available on the XRP Ledger (XRPL) blockchain. Traders reacted immediately as XRP price saw a 6% jump today.

XRP News: Ripple, Archax Announces abrdn Fund Tokenization

Archax has expanded its tokenized funds offering with UK asset manager abrdn, as per a press release by Ripple on November 25. A money market fund from abrdn is introduced in tokenized form on the XRP Ledger (XRPL). The fund comprises part of abrdn’s £3.8 billion US dollar Liquidity Fund (Lux) fund.

Ripple said is the first tokenized money market fund on the XRPL. This will help establish the leading blockchain for real-world asset (RWA) tokenization and institutional decentralized finance (DeFi).

The company revealed that tokenized assets market is projected to reach $16 trillion by 2030. This milestone will unlock cost savings and settlement efficiencies by deploying capital markets infrastructure on the XRPL.

Crypto Payments Giant Deepens Partnership With Archax

Ripple disclosed allocating $5 million into tokens on abrdn’s Lux fund. This is part of a larger fund that the company will allocate to RWAs on the XRPL provided by a range of asset managers.

“The arrival of abrdn’s money market fund on XRPL demonstrates how real-world assets are being tokenized to enhance operational efficiencies, while further reinforcing the XRPL as one of the leading blockchains for real-world asset tokenization,” said Markus Infanger, Senior Vice President, RippleX.

In June, Archax and Ripple partnered to bring hundreds of millions of dollars of tokenized RWAs onto the XRP Ledger (XRPL). Ripple CEO Brad Garlinghouse said it will help establish the XRPL as one of the leading blockchains for RWA tokenization.

Last week, Archax added State Street, Fidelity International and Legal & General Investment Management (LGIM) funds to its tokenized RWA offerings. These tokenized funds will initially be available on XRP Ledger (XRPL), Hedera and Arbitrum blockchains.

XRP price jumped 6% in the past 24 hours, with the price currently trading at $1.49. The 24-hour low and high are $1.31 and $1.54, respectively. Furthermore, the trading volume has increased slightly, indicating a continued interest among traders. Total XRP futures open interest hit a new all-time high valued at $2.60 billion as whales purchased over 250 million coin during the weekend.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

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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Dogecoin Price To $1.2 In 10-15 Days? What The Bull Pennant Says

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2 hours ago

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November 25, 2024

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Recent movements of the Dogecoin price have seen the meme cryptocurrency breaking to the upside of a bull flag pattern. This bull flag pattern took shape during a consolidation that began after the Dogecoin price reached a new yearly high on November 12. 

Interestingly, Dogecoin price action over the weekend has seen an upward breakout of the bull flag to peak at $0.4759 and then an immediate retest. Technical analysis of the Dogecoin price suggests that this breakout/retest movement could lead to a breakout to $1.2 within the next 10 to 15 days.

Technical Formation Says Dogecoin Price To $1.2 In 10-15 Days

Many crypto participants are watching the Dogecoin price to see how it plays out in the next few days. According to a technical analysis by a crypto analyst called CryptoManiac101 on the TradingView platform, the current price pattern is pointing to a $1.2 price target in the next 10 to 15 days.

CryptoManiac101 noted that the Dogecoin price had broken out of the bull pennant but is currently retesting the breakout level, which is a critical area to watch for further price movement. The analyst emphasized the importance of this retest, calling it a “key area to be on the lookout for,” given its potential to either validate or invalidate the pattern.

Statistical analysis of bull pennants reveals a 70% probability of price continuation following a breakout. However, CryptoManiac101 suggested that this probability might be even higher in the current market environment, as there is a reigning idea of what many are describing as an altcoin bull market. Keeping this in mind, there is a higher probability that the Dogecoin could soon see sharp price movements upward.

The next milestones for the Dogecoin price are a confirmation of the retest and an “abrupt continuation” of the rally. The price targets are set between $0.74 and $1.20, which could be achieved within the 10 to 15-day timeframe mentioned. However, the analyst warned of the importance of holding above the $0.39 level, as a drop below this threshold could invalidate the bull pennant and lead to a bearish reversal.

Dogecoin price $1.2
Source: TradingView

What’s Next For The DOGE Price?

At the time of writing, the Dogecoin price is trading at $0.4252, down by 2.35% in the past 24 hours. Therefore, reaching the $0.74 and $1.2 price targets would translate to a price increase of 74% and 182%, respectively, from the current price. 

Although reaching either of these targets would see the Dogecoin price breaking above its current all-time high of $0.7316, CryptoManiac101 did note that these are only short-term price targets. Other analysts have predicted much more bullish Dogecoin price targets in the longer term. For instance, one crypto analyst noted that the Dogecoin price is on track to reach $3 by January 2025.

Dogecoin price chart from Tradingview.com
DOGE price struggles with market bearishness | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Futures OI Tops $2.50B As Ripple Whales Buy Over 250M Coins

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4 hours ago

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November 25, 2024

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XRP News: Ripple whales have purchased millions of XRP in the last few weeks triggering a massive 200% rally this month. XRP price saw a 10% correction last weekend, but on-chain data revealed that whales have bought more than 250 million during the dip. Is a rally to $20 ahead as XRP futures open interest surpassed $2.50 billion?

Whales Accumulation Triggers Bullish News for XRP

Ripple whales purchased more than 250 million XRP over the weekend, according to on-chain data platform Santiment. It follows as whales moved to buy the dip after a recent selloff of XRP during the weekend.

ImageImage

Popular trader Ali Martinez signaled that the Ripple whales are bullish on a further rally in XRP price. The significant transactions indicate confidence in XRP or strategic accumulation. Traders must watch for potential market moves and legal resolutions of crypto lawsuits.

Whale Alert reported multiple XRP tokens transactions, including a transaction of 149,000,000 tokens worth $227 million transferred from crypto exchange Bybit to a wallet. Also, a whale accumulated 20 million XRP from South Korean exchange Upbit.

In addition, on-chain data reported 58,333,326 XRP valued at $87 million transferred from Binance to a whale wallet.

As CoinGape reported earlier, whales are accumulating the tokens massively amid bullish sentiment. Donald Trump’s win in US presidential election and US SEC Chair Gary Gensler’s resignation have fueled sentiment for the potential end of the Ripple lawsuit.

Rally Continues As Open Interests Hit Over $2.50 Billion

Ripple’s token saw a correction over the weekend but whales buying the dip came as major news for XRP investors. The recent dip came from South Korean investors. However, analysts have given a target of $2 and a long-term price target of $20 amid various bullish news for XRP.

Total XRP futures open interests have now surpassed $2.50 billion, hitting a new high. The futures OI increased to 1.59 billion XRP worth $2.50 billion amid massive buying seen on Binance and Bybit, as per Coinglass data.

XRP price has jumped 4% in the last few hours, with the price currently trading at $1.51. The 24-hour low and high are $1.31 and $1.54, respectively. Furthermore, the trading volume has increased by 24% in the last 24 hours, indicating a rise in interest among traders.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

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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