The general sentiment behind the XRP price has been divided between market participants in recent months. Recent market dynamics have seen many investors adopting a negative outlook for the cryptocurrency’s price, especially considering its failure to break into new heights above $0.6. Furthermore, this negative outlook has been recently exacerbated by news of the SEC’s appeal of the judgement of the Ripple-SEC lawsuit. 

One notable analyst who has adopted a negative outlook on XRP is Max Keiser. According to him, the XRP rally that members of the community are waiting for is never going to happen.  

Bitcoin Maximalist Says XRP Price Rally Isn’t Going To Happen

Max Keiser is a strong Bitcoin maximalist known for his stance on Bitcoin being the only legitimate cryptocurrency. Keiser has been known to criticize many altcoins, and XRP isn’t just the only one. Recently, he noted on social media platform X that Solana has already reached its all-time high against Bitcoin, and he predicts a downward trajectory for the asset moving forward.

However, Keiser’s latest comment regarding XRP has come amid trying times for the cryptocurrency. With the current situation, the XRP price seems to be back under the pressure brought about by the prolonged lawsuit involving the SEC and Ripple, its creator. This is because the SEC has now filed an appeal against Judge Torres’ ruling in the Ripple case. 

Alongside his critical commentary on XRP, Keiser shared a video on social media depicting a bird repeatedly failing to catch a worm in its beak. He drew a parallel between the bird’s futile attempts and XRP holders who have been waiting so long for an XRP price rally. The video ended with the bird failing to capture the beak, meaning Kaiser believes XRP holders are never going to be able to capture an XRP rally.

Current State Of XRP

The recent settlement ruled by Judge Torres was initially seen as a major breakthrough in favor of Ripple, bringing renewed hope to XRP investors. However, the SEC’s subsequent decision to appeal the ruling has reignited uncertainty and cast a shadow over the future of the XRP price, dampening optimism once again. 

Unsurprisingly, the news of the SEC appeal sent the price of XRP spiraling downwards. On-chain data shows that this price drop was kickstarted by some XRP whales moving their assets into crypto exchanges, probably in moves to sell them off.

At the time of writing, the XRP price is trading at $0.5413, reflecting a 1.8% gain over the last 24 hours. However, the cryptocurrency has shed a significant portion of its market cap over the past week, losing 16.17% in the last seven days. This, in turn, pushed XRP below stablecoin USDC in market cap rankings. 

Max Keiser isn’t the first Bitcoin maximalist to provide a negative outlook on XRP. Other analysts have labeled the cryptocurrency as dead in the past. Despite this, the XRP community has enough bullish advocates to go around. According to one analyst, technical analysis shows that the XRP price chart is signaling an explosive rally in the macro timeframe despite the SEC appeal.

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

The price of Bitcoin (BTC) experienced a steep decline in the past week, falling as low as $60,000 based on data from CoinMarketCap. However, the BTC market has made some recovery in the last day in line with positive jobs data news from the US. Diving into this development, financial industry analysts at Kobeissi have tipped the US Federal Reserve to implement a 25% rate cut in November.

US Jobs Rise Higher Than Expected As Inflation Slips By 1%

On Friday, the US Bureau of Labor Statistics released the latest employment situation summary for the North American country. This is a monthly statement that measures aspects of the US labor force including unemployment by demographics, and nonfarm employment, hours, and earnings by various industries. 

Providing a commentary on this report, Kobeissi highlights that jobs in the US economy rose by 254,000 in September, marking an unexpected 107,000 increase in the last month over popular expectations.

On the same “hawkish”’ note, the unemployment rate crashed to 4.1% falling below common predictions of stability at 4.2% recorded in August. In fact, Analysts at Kobeissi highlight that the exact unemployment rate was 4.051% which is 0.002% shy of being rounded off to 4.0%.

Based on this report, Kobeissi states the Fed is 93% likely to adopt a 25 bps rate cut at the next Federal Open Market Committee (FOMC) meeting on November 7 which also falls below former market expectations of a 50% cut.

Implications For Bitcoin Price 

Despite the change in expected bps cut, Kobeissi describes this situation to remain bullish for financial markets including the crypto space even if the expected rate cut has already been “priced-in”. 

The analysts explain that generally, investors continue to retain a high risk appetite therefore all news is being received as good news. In addition, many financial market enthusiasts are hopeful of a “soft landing” as they predict inflation could continue falling (closer to the 2% target) while the economy remains stable. 

Following the release of the employment situation report, Bitcoin already showed a positive reaction rising by 2.53% to trade above $62,000 on Friday. Therefore, the confirmation of the expected rate cut by the Fed in November will contribute to Bitcoin’s highly anticipated bullish performance in Q4 2024.

Despite a bearish start to the quarter, the premier cryptocurrency is expected to record hefty market gains based on historical reports. Amidst high levels of optimism, multiple analysts expect Bitcoin to attain a six-figure price value soon. At press time, Bitcoin continues to trade at $62,874, following a 7.65% gain in the last month.

Featured image from MarketWatch, chart from Tradingview

The Bitcoin price having an outstanding Q4 to close the year 2024 has been one of the most prominent narratives in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain firm has weighed in with unique on-chain insights into the BTC’s price trajectory.

Can Bitcoin Price Reach $100,000 By December 2024?

In a new report, CryptoQuant revealed that the price of Bitcoin is entering a period of positive seasonal performance with the historically bullish Q4 yet to take its usual course. The on-chain analytics firm highlighted that the premier cryptocurrency usually performs well in the last three months of a halving year.

According to data from CryptoQuant, the Bitcoin price increased by 9%, 59%, and 171% in 2012, 2016, and 2020 (the first three halving years), respectively. Meanwhile, the value of the premier cryptocurrency is up by 46.79% so far in 2024.

Interestingly, CryptoQuant put forward an end-of-the-year target of between $85,000 to $100,000 for the Bitcoin price. It is worth noting that the Q4 rally to this new price high would place the coin’s yearly performance between 100% and 138%.

However, the blockchain firm has identified certain factors that need to align for the Bitcoin price to resume its bull run and potentially reach a new record high. One of these critical factors is demand, which has been mostly stagnant over the last few months.

Source: CryptoQuant

CryptoQuant data shows that Bitcoin demand growth has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as high as a staggering 498,000 BTC in April when the market leader danced around the $70,000 price level. Ultimately, this suggests burgeoning demand could have a positive impact on the Bitcoin price in the latter part of 2024.  

BTC Demand From US Spot ETFs On The Rise

Propitiously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been picking up in recent weeks. According to CryptoQuant data, the Bitcoin funds went from net selling 5,000 BTC in early September to net buying 7,000 BTC by the month’s end.

In comparison, the US spot ETF market purchased nearly 9,000 BTC daily in 2024’s first quarter, catapulting the premier cryptocurrency to the current all-time high of $73,737 by mid-March. If this positive trend continues, investors could see the Bitcoin price revisit its all-time high or even higher before the year is out.

As of this writing, the price of Bitcoin sits just above the $62,000 mark, reflecting a 2.3% increase in the last 24 hours.

Bitcoin price at $62,000 mark on the daily timeframe | Source: BTCUSDT chart from TradingView

Featured image created by Dall.E, chart from TradingView