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XRP Price Eyes Rally To $8 Amid Major XRP ETF Decision
The XRP price is eyeing a rally to the $8 price level, which will mark a new all-time high (ATH) for the crypto. This comes amid speculations that the US Securities and Exchange Commission (SEC) is set to acknowledge the XRP ETF applications.
XRP Price Eyes Rally To $8 Amid XRP ETF Decision
In an X post, crypto analyst Dark Defender predicted that the XRP price could rally to $8. This came as he assured market participants that the XRP structure hadn’t changed for 18 months. He added that the crypto has successfully followed this path during this period, which indicates that it could still reach this projected $8 level.
The crypto analyst also stated that Fibonacci levels are precise at $5.85 and $8.76, which also earlier hit $1.88, and XRP is now using this level as support. As such, Dark Defender advised market participants to ignore fear, uncertainty, and doubt (FUD) and focus on upcoming developments.
These developments likely include the XRP ETF applications, which the US SEC could acknowledge soon enough, paving the way for a potential approval. As Coingape reported, these XRP ETFs would significantly impact the XRP price, potentially contributing to the rally to the $8 target.
Meanwhile, the analyst’s accompanying chart showed that XRP would hit this $8 target on the Wave 5 impulsive move to the upside. The chart also showed that this rally to this price level could happen between May and September.
A Bullish Outlook For The Crypto
In an X post, crypto analyst Egrag Crypto provided a bullish outlook for the XRP price. He stated that XRP’s price action remains firmly positioned above the blue ascending channel, which he highlighted on the chart. The analyst added that this demonstrates both strength and momentum in its current trend.
Egrag Crypto then discussed XRP’s daily Stochastic Relative Strength Index (SRSI), which he revealed is on the verge of breaking above the critical 20 level, indicating a potential bullish shift. The analyst alluded to the Wave Trend Indicator, which he revealed has registered a bullish cross, a development that signals a favorable outlook for upcoming price movements.
Lastly, the crypto analyst also touched on the On-Balance-Volume (OBV), which he revealed remains in the green and is on the rise. According to him, this suggests increased buying pressure. This trend is also said to indicate that a significant price movement may be on the horizon.
It is worth mentioning that Egrag Crypto recently predicted that the XRP price could top at $13 in this market cycle. Meanwhile, he also predicted that XRP will reach $110 in the next bull cycle.
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.
The Shiba Inu burn rate once again shot up by a staggering 2000% on Tuesday, reverberating market optimism surrounding its future price movements. Recent burn metrics revealed that over 20 million SHIB tokens were removed from the asset’s circulating supply in just a day. Now, crypto market traders and investors speculate if price gains loom, whilst a renowned SHIB community member further revealed that a “new pump wave is loading.”
Shiba Inu Burn Rate Soars 2000% As 20M Tokens Burnt
According to Shibburn’s data on April 15, the Shiba Inu burn rate exploded by 2061.22% at the time of reporting. This surge in the meme token’s burn rate is in sync with 20.83 million coins removed from the asset’s supply intraday.
For context, the SHIB burn mechanism transfers tokens to a null address and makes their recovery impossible. This saga drastically reduces the dog-themed meme coin‘s circulating supply, a reason that many believe is driving SHIB’s relatively sluggish performance over the years.
Besides, a renowned Wall Street expert going by the name “wallstreetbets” on X has stated that “Despite burns, SHIB supply remains unchanged.” This statement has ushered an apprehensive sentiment among market participants who are anticipating price gains ahead in light of the constant burns. Intriguingly, CoinGape found that the total circulating supply rested at 584.37 trillion tokens at the time of reporting.
Can SHIB Price Pump Ahead?
CoinMarketCap’s data showed that SHIB token’s price rested at $0.00001193, down nearly 3% over the day despite the Shiba Inu burn rate surge. The meme coin fell from an intraday high of $0.00001239, even hitting a bottom of $0.00001182. Crypto market participants are currently uncertain about the coin’s future price movements, given broader market trends and a volatile price trajectory.
Nevertheless, renowned Shiba Inu community member SHIB Knight posted on X that a “new pump wave is loading.” Notably, a sustained break above $0.00001238 paves the way for a bull run, per the community member. Traders and investors continue to monitor the coin for further price action shifts ahead.
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.
In the wake of the jarring incident around Mantra, community members are calling for Pi Network to glean valuable lessons from the black swan event. Pseudonymous cryptocurrency analyst Dr Altcoin wants the PiCoreTeam (PCT) to establish key guardrails to prevent a repeat of the OM incident for the Pi Network.
The OM Incident Is A Huge Lesson For Pi Network
Cryptocurrency expert Dr Altcoin has urged the Pi Network to learn valuable lessons from the grim Mantra (OM) incident. According to a post on X, Dr Altcoin called on the PiCoreTeam to lay a proper foundation to prevent steep price drops for token prices.
The price of Mantra (OM) fell from $6.32 to $0.57 in one steep drop that left investors scratching their heads. OM, once ranked among the top 50 cryptocurrencies by market capitalization, tumbled by over 90% in a day, stoking speculations of a rug pull.
While the official explanation puts the blame on liquidations, a consensus is forming that the steep drop is a “carefully orchestrated dump.” Market losses totaled $6 billion as a cohort of crypto traders lost $400 million after buying OM three days before the incident.
However, Dr Altcoin wants the PCT to speed up the development of ecosystem guardrails to prevent a repeat of the incident for Pi Network. Dr Altcoin has his eyes on the clock, urging the PCT to set up robust infrastructure before the transition to open mainnet.
“The OM incident is a wake-up call for the entire crypto industry – proof that stricter regulations are urgently needed,” said Dr Altcoin. “It also serves as a HUGE lesson for the PCT as we transition from the Open Network to the Open Mainnet.
Belief In the PiCoreTeam Is Waning
While a cross-section of community members will argue that the PCT is not scheming a rug pull, there is rising dissent in the ecosystem. Dr Altcoin remarks that faith in the PCT is waning given a trail of transparency issues facing the Pi Network in recent weeks.
“One thing is clear about the PCT,” wrote Dr Altcoin on X. “They are not transparent.”
Questions about the PCT’s transparency first reared its head over the murkiness of the locking and burning mechanism for Pi Coins. Furthermore, delays in issuing KYB approvals for projects leading to PiDaoSwap launching NFTs on the Binance Chain inflamed soured optimism for the PCT.
Dr Altcoin notes that if the PCT fast-tracks the KYB process for centralized exchanges, it will unlock the floodgates of demand for Pi ahead of the transition
At the moment, Pi miners are capitulating casting a shadow of doubt over the direction of Pi Coin price. Pi Coin is on the rise, climbing by nearly 30% over the last seven days to trade at $0.7404 but the specter of a drop to 0.3 hangs like a Sword of Damocles.
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.
Canada is set to launch the world’s first spot Solana ETFs after receiving regulatory approval from the Ontario Securities Commission (OSC). The green light allows several issuers, including Purpose, Evolve, CI, and 3iQ, to list their Solana ETFs.
The new financial products will be available to investors starting April 16, 2025, marking an important development in the cryptocurrency investment space.
Canada Approves Multiple Spot Solana ETFs
According to Bloomberg analyst Eric Balchunas, the OSC approved multiple SOL ETFs today. These ETFs will hold actual Solana tokens rather than relying on futures contracts, offering investors direct exposure to the cryptocurrency.
Purpose, Evolve, CI, and 3iQ are among the firms that have secured approval to launch these innovative products.
The launch of these ETFs coincides with an upward surge in the price of Solana. Over the past week, the price of Solana has seen a notable increase of 25%. Experts suggest that the growing institutional interest in Solana, further bolstered by these ETF products, could soon lead to even greater price appreciation. As the world’s first spot Solana ETFs hit the market, the launch is a critical step forward for altcoin-based investment products.
Staking Features and Yield Benefits
The newly approved SOL ETFs will engage in staking, which offers potential benefits for ETF investors, including enhanced returns compared to traditional investments.
Staking can improve yields and offset holding costs, making these ETFs more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it.
Staking could provide an edge for SOL ETFs over other cryptocurrency ETFs, such as Ethereum-based ETFs, especially with US SEC delaying Grayscale’s ETH Spot ETF staking proposal. The yield from staking and the token’s performance could offer additional incentives for investors looking to diversify their portfolios.
Solana Whale Moves and Growing ETF Expectations in the US
The approval of spot SOL ETFs in Canada comes during heightened activity in the Solana market. Amid the market activity, a whale moved 762,416 SOL, worth approximately $101 million, according to Whale Alert.
In another instance, 790,427 SOL, valued at over $105 million, was moved between unknown wallets. These large-scale transactions suggest that whales, or large holders of Solana, are preparing for future moves, possibly in anticipation of the market momentum the new ETFs could trigger. The approval of the first spot Solana ETFs in Canada follows the recent launch of the first-ever XRP ETF, Teucrium 2x Long Daily, in the U.S.
Concurrently, several major firms have already filed for approval to offer SOL ETFs in the United States. These firms include Grayscale, 21Shares, Bitwise, VanEck, and Franklin Templeton. In addition to the Canadian approval, market expectations for the approval of SOL ETFs in the United States are rising. Polymarket traders now assign an 81% probability to approving a Solana ETF by the end of 2025, up from just 65% in early 2025.
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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