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Bitcoin Price Eyes Additional Upsides: Will The Recovery Persist?

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Bitcoin price is consolidating near the $57,500 zone. BTC could gain bullish momentum if it clears the $58,000 resistance zone in the near term.

  • Bitcoin started a recovery wave above the $55,500 and $56,500 levels.
  • The price is trading above $57,000 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might struggle to clear the $58,250 resistance zone.

Bitcoin Price Could Continue Higher

Bitcoin price started a recovery wave above the $53,500 resistance zone. BTC was able to clear the $55,500 and $56,500 resistance levels to move into a short-term positive zone.

There was a move above the 61.8% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low. Besides, there was a break above a key bearish trend line with resistance at $56,850 on the hourly chart of the BTC/USD pair.

The bulls are now attempting more upsides above $57,500. Bitcoin price is now trading above $57,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,250 level. It is close to the 76.4% Fib retracement level of the key drop from the $61,040 swing high to the $49,110 swing low.

Bitcoin Price
Source: BTCUSD on TradingView.com

The first key resistance is near the $58,800 level. A clear move above the $58,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $59,500. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance.

Another Decline In BTC?

If Bitcoin fails to recover above the $58,250 resistance zone, it could start another decline. Immediate support on the downside is near the $56,400 level and the 100 hourly SMA.

The first major support is $54,500. The next support is now near $53,500. Any more losses might send the price toward the $52,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $56,400, followed by $54,500.

Major Resistance Levels – $58,250, and $58,800.



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Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken

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Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.

However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.

XRP RSI Is Below The Overbought Zone

XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.

This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.

XRP RSI.
XRP RSI. Source: TradingView

The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.

While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.

Ripple CMF Is Now Negative After Staying Positive For 14 Days

XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.

The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.

XRP CMF.
XRP CMF. Source: TradingView

The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).

XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.

Ripple Price Prediction: Biggest Price Since 2021?

XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.

However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.

On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Trump Media Files Trademark for Crypto Platform TruthFi

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Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing. 

The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.

Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year. 

However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social. 

The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter). 

Trump Media truthfi trademark filiing
TruthFi trademark filing. Source: Trademark Status and Document Retrieval

Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees. 

“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter). 

As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week. 

Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.

Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance

Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion. 

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase

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Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.

Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.

Crypto Reacts: Banana Gun on the Rise

Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.

Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.

Justin Sun with Comedian Artwork. Source: X (formerly Twitter).

Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.

What they are campaigning for, precisely, remains to be seen.

“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.

The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.

Banana Gun Price Performance.
Banana Gun Price Performance. Source: BeInCrypto.

Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.

This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.

The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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