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Why There Will Be Several XRP & Solana ETF Filings This November?

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3 weeks ago

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Since Trump’s re-election, Bitcoin and other altcoins such as XRP or even ADA price surged on expectations of less strict cryptocurrency regulations during his administration.  Several new ETF filings, among which  are XRP and Solana, are expected during  November.

Many investors hope his favorable attitude toward cryptocurrencies will translate to laxer policies, perhaps encouraging more spot altcoin ETFs beyond Bitcoin and Ethereum. However, many issuers have been holding off until after the election, believing that  many could see their ETFs pass under a Trump administration.

As discussions swirl around the possible departure of SEC Chair Gary Gensler and an incoming crypto-friendly successor, the timing is ripe for such filings taking center stage.

Crypto Prices Soars on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Since Trump’s re-election, Bitcoin and other altcoins have surged on expectations of less strict cryptocurrency regulations during his administration.

Recently, the CEO of ETF Institute, Nate Geraci, expects an array of new applications for spot cryptocurrency ETFs this week. Although the SEC has certified many spot Bitcoin and Ethereum ETFs in recent years, it has denied most of the rest. With hope rejuvenated following Trump’s appointment, says Geraci, applications for spot ETFs on XRP, Solana, Cardano, and other altcoins could be in this week as well.

Geraci added that many issuers have been waiting on the US election results and are now poised to move forward, believing Trump’s administration will smooth the path for ETF approvals. Though the SEC already has applications for Solana and XRP under review, experts say Trump’s election raises the likelihood of approval for the SOL and other altcoin ETFs.

With rumors that the head of the US Securities and Exchange Commission, Gary Gensler, is about to leave office, names such as Dan Gallagher, chief legal officer at Robinhood, among others, have emerged at the fore as the first choices to replace Gensler after he leaves office.

During his stint on the commission, the SEC approved several Bitcoin ETFs. Gensler gave the deciding vote to the repeated filings in the face of massive protests from the crypto community. Commissioners Jaime Lizárraga and Caroline Crenshaw had initially moved to block the Bitcoin ETF approvals.

However, Gensler consistently voted with commissioners Mark Uyeda and Hester Peirce, both Republicans. He pulled off a surprise move in May when he approved multiple spot Ethereum ETFs that started trading in July.

XRP ETF Filings Surge After Trump Win, Price Skyrockets

As filed, a spate of other altcoin ETFs is on its way, including a July VanEck filing for a Solana ETF, while multiple issuers have submitted applications for a spot XRP ETF.

Asset manager 21Shares has filed a spot XRP ETF, the third such filing after Canary Capital and Bitwise. This came on November 1 and included a Form S-1 for shares to be issued and traded in 21Shares Core XRP Trust, which was to be listed and traded on the Cboe BZX Exchange.

The filing explains that the trust does not represent a direct exposure to XRP but will provide investors with indirect market access. After the news, Ripple CEO Brad Garlinghouse claimed the SEC has “lost its battle on cryptos.”

The value of XRP was up 15.7% over the week and consistently stayed above the $0.50 threshold. Its market cap currently stands at $33.6 billion. According to Amonyx, an XRP influencer, technical indicators point towards the price touching a mark of $260. That sounds too ambitious, and a realistic target in the near term would be breaking $1 this Q4.

SOL price is currently hovering around $219, marking a 2.79% increase in the last 24 hours. It’s also one of the top-performing assets among the top 20 cryptocurrencies by market cap, boasting a significant 34% gain over the past week. This impressive weekly rise has positioned SOL as a standout in the market, drawing attention for its strong upward momentum.

Trump’s Re-Election Boosts Solana’s Bullish Outlook

Throughout his campaign, Trump has uttered the ambition to make the US the world’s hub of cryptocurrency. This ambition also involves promise to replace the current chairman of the SEC, Gary Gensler, whom he has criticized for being too hard on the crypto sector.

Given the crypto-friendly stance, this could further encourage conservative investors to invest in Solana-based ETFs. On many occasions, supportive legislation has invited market confidence, and the potential for effective cryptocurrency policies under Trump’s administration could be one of the drivers for long-term investment in Solana.

While regulators are moving toward a more concrete regulatory environment, Solana is setting up for broader use cases and more sustained growth.

Solana’s recent surge above the $220 level has been considered the excitement point for many in the market. Some experts even suggest that Solana could surge to as high as $300 by the close of the year.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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 Could Rally 400% As Whales Move $100M DOGE

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1 hour ago

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December 3, 2024

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Dogecoin (DOGE) price has seen a retracement in the last 24 hours after failing to breach the resistance at the intra-day high of $0.4602. However, during the dip, Dogecoin whales have transferred over $100 million worth of DOGE, signaling significant market interest in the asset. Simultaneously, analysts anticipate that DOGE could potentially experience a 400% price surge in light of the heightened market interest amid a highly bullish Q4 market.

Whale Transactions Indicate Increased Market Activity

Recent reports reveal that two large transactions have taken place involving Dogecoin, involving over 249 million DOGE worth around $102 million. The first transaction saw 131 million DOGE transferred from an unknown wallet to Coinbase, while the second involved 117 million DOGE moved from Binance to an undisclosed wallet.

These large transfers could suggest that whales are positioning themselves for a possible price move, while also indicating heightened market interest.

The increased activity by major holders often signals potential price shifts. As DOGE trades above $0.40, many market participants are closely watching these large transfers, which may precede a breakout or retracement in price. In particular, the recent surge in derivatives trading volume by 77% suggests a rise in demand for Dogecoin, potentially setting the stage for the next big move.

Analyst Predicts 400% Dogecoin Price Surge

Market analyst Javon Marks has speculated that Dogecoin’s price could rise by 400% based on historical trends and Fibonacci extension levels. According to Marks, the meme coin is in its third bull cycle, following similar patterns from previous cycles in 2017 and 2021. The analyst believes that DOGE price could target the 1.618 Fibonacci extension, which currently sits at $2.28, up from its current price of around $0.42.

ImageImage

In his analysis, Marks points out that during the previous bull cycles, Dogecoin surged from its market bottom to the 1.618 Fibonacci extension level. In 2017, DOGE rose from $0.00009 to a peak of $0.8750, while in 2021, the asset moved from $0.00168 to its current all-time high of $0.73995.

Marks anticipates that a similar trend could unfold this time, with DOGE rising from its current cycle bottom at $0.06004 to $2.28. This represents a potential upside of 457% from the current price.

DOGE Bullish Pennant Formation Signal Breakout

Technical indicators are also signaling a bullish outlook for Dogecoin. The chart pattern currently forming suggests a Bullish Pennant, a continuation formation that typically precedes an upward breakout. After a strong price increase, DOGE has entered a consolidation phase, where it is currently trading near the $0.42 level. This consolidation may indicate a cooling-off period before the price makes another significant move.

The breakout from this pattern could propel Dogecoin to higher levels. If the price clears key resistance at $0.45 and $0.50, it could test the projected target level of $0.65. This would align with the bullish structure observed in previous cycles, where DOGE experienced substantial upward movements following similar consolidations.

doge/usd price chart (source: TradingView)doge/usd price chart (source: TradingView)
doge/usd price chart (source: TradingView)

As Dogecoin continues to consolidate, traders and analysts are keeping an eye on key support and resistance levels. The immediate support for DOGE lies at $0.40, where the price has recently stabilized. If this level holds, DOGE may be able to push through the next resistance at $0.45.

A breakout above this level could pave the way for further gains, potentially bringing DOGE closer to the $0.50 mark amid Dogecoin ETF anticipation. On the other hand, if the price fails to hold above $0.40, there could be a pullback to lower support levels at $0.35.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Analyst Who Correctly Called The XRP Price Jump From $1.4 To $2.8 Reveals The Rest Of The Prediction

Published

2 hours ago

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December 3, 2024

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A crypto analyst who accurately predicted the XRP price jump to the $2.8 milestone has made another bold prediction for the cryptocurrency. The analyst recently shared a technical analysis of XRP based on the Elliott Wave Theory, identifying price wave patterns and their implications on the cryptocurrency’s future trajectory in the mid-to-long term.

Analyst Accurately Projects XRP Price Rally Above $2.8

The XRP price has had a major price turnaround in the past weeks, shocking the broader crypto community as it continues on this strong bullish momentum. TradingView crypto analyst Behdark revealed that he had initially analyzed XRP at $1.4 before projecting its rise between the $2.7 and $4.2 targets. 

The analyst disclosed that since this last analysis, the price of XRP has skyrocketed by over 105%, reaching key zones and confirming his above $2.7 projection. Data from CoinMarketCap revealed that the XRP price is currently trading at $2.71, marking a 12.6% increase in the last 24 hours. 

Behdark has emphasized that the XRP price may be forming a “Running Triangle,” a consolidation pattern made up of the five waves of the Elliott Wave Theory: A, B, C, D, and E. Sharing a detailed XRP price chart, the TradingView analyst disclosed that the cryptocurrency was currently in Wave D, which is already nearing completion. This wave suggests that the XRP price may be getting closer to a resistance level, as indicated by the red zone on the chart. 

XRP Price 1
Source: X

The analyst revealed that XRP’s Wave D is targeting a new all-time high, signaling a potential for the cryptocurrency to briefly spike above critical resistance levels. He noted that after this sharp but brief price increase occurs, XRP is expected to correct downwards and officially enter wave E.

Following Behdark’s analysis, it appears that wave E may be the final consolidation phase of the Running Triangle. The analyst projects a major price rally above $15 once the triangle pattern completes. He disclosed that wave E indicates a strong bullish move for XRP that could potentially allow the cryptocurrency to hit new all-time highs this bull cycle. 

XRP Price Eyes Massive Surge To $30 

After accurately predicting XRP’s surge above $2.8, Behdark continued his technical analysis, further projecting that the cryptocurrency could surge close to the $30 price target. Based on his price chart, the analyst points to three potential long-term targets for the XRP price.

XRP Price 2
Source: X

Firstly, the $30 price projection for XRP is a long-term target that the analyst believes the cryptocurrency can achieve by 2026. Behdark forecasted the future trajectory of XRP, predicting that it would surge to the key resistance zone at $3.1 by 2025 and then break past this level to settle between $5.5 and $6.5. 

By 2026, XRP is projected to experience a deep correction back to the resistance zone at $3.1 before skyrocketing massively again to three main targets: $8 – $9, $14 – $17, and $25 – $30.  

XRP price chart from Tradingview.com
Bears push down price to $2.5 | Source: XRPUSDT on Tradingview.com

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



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XLM, KAIA, SAND, & These Crypto Eye Rally As Binance Expands Support

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3 hours ago

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December 3, 2024

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In an effort to further uplift market sentiment, crypto exchange behemoth Binance issued a vital update on Stellar (XLM), KAIA, The Sandbox (SAND), EOS, and Ethena (ENA) tokens. Notably, the crypto exchange revealed on Tuesday that it is adding new trading pairs and trading bots services for the mentioned tokens. In turn, crypto market enthusiasts are thoroughly monitoring the tokens, expecting further gains in light of enhanced offerings.

Binance Expands Trade Offerings For XLM, KAIA, SAND, & These Crypto

In an official Binance release, the crypto exchange revealed that it is adding new trading pairs and bots services for certain tokens in an effort to expand the list of choices offered to users. In line with this commitment, the exchange revealed that it will commence trading for ENA/BRL, EOS/FDUSD, KAIA/USDC, SAND/USDC, and XLM in FDUSD and USDC trading pairs starting December 4 at 08:00 UTC. Further, the exchange unveiled that it will also enable Spot Ago Orders for the mentioned trading pairs on the same date and time.

Altogether, these enhanced offerings by one of the top cryptocurrency exchanges have sparked significant market optimism surrounding the mentioned crypto, offering increased market visibility and magnetizing investors toward them. Meanwhile, it’s also noteworthy that the exchange’s announcement encompassed some other enhanced offerings for specific tokens.

The exchange’s announcement revealed that Spot Grid and Spot DCA services for AVAX/USDC, METIS/USDT, RONIN/USDT, and XRP/EUR are to commence on the abovementioned date and time. Further, the exchange will also open rebalancing bot services for METIS/USDT and RONIN/USDT on the same date.

Overall, these enhanced offerings have sparked significant market discussions, with investors primarily eyeing a bullish impact on prices amid a Q4 power play in the crypto market.

How Are The Coins Performing?

In light of Binance’s enhanced offering XLM price soared nearly 4% in the past 24 hours and is trading at $0.5375. The coin’s intraday low and high were $0.5002 and $0.6012, respectively.

Similarly, KAIA price surged 25% intraday to rest at $0.3531. Its 24-hour low and high were $0.2867 and $0.415, respectively. SAND price also witnessed gains worth 28% intraday and is currently sitting at $0.7994. Its 24-hour bottom and top were $0.6053 and $0.8883, respectively. EOS price jumped 3% intraday and is sitting at $1.13. The token’s 24-hour low and high were $1.07 and $1.20, respectively.

While these rising trajectories sparked investor curiosity amid the tokens’ enhanced offerings, it’s noteworthy that Ethena witnessed a waning action. ENA price slipped 2% in the past 24 hours and is currently trading at $0.8224. The coin’s 24-hour low and high were $0.8029 and $0.8863, respectively. Nevertheless, market watchers continue to extensively eye these tokens, expecting further gains mirroring past chronicles.

Notably, LUNA, LUNC, and USTC prices witnessed an uptick as the same exchange expanded the leverage for Terra Luna’s perpetual contract. Primarily, LUNA gained 9% as the crypto exchange revealed updated leverage and margin tiers of LUNA2USDT. This chronicle has added significant optimism over the abovementioned tokens’ prices.

Meanwhile, in another similar chronicle, Solana’s CHILLGUY price witnessed remarkable gains as the same exchange launched a perpetual contract for the crypto. In light of these past chronicles, market enthusiasts are anticipating further gains in prices amid an ongoing bull cycle.

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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.





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