Market
XRP Holders Face Growing Losses as Ripple Price Dips to $0.56
Six days ago, Ripple’s (XRP) price was $0.63. However, an 11.11% decrease over that period has dragged the cryptocurrency’s value down to $0.56.
As a result, many XRP holders who thought that the initial price increase was a stepping stone to further heights have been left disappointed. But how has this affected the broader XRP holder status at large?
Ripple Takes Its Holders Out of the Money
On August 29, BeInCrypto reported that XRP’s price action had recently turned profits for some market participants. However, the situation has since shifted, as indicated by the Market Value to Realized Value (MVRV) ratio.
The MVRV ratio is an on-chain metric that assesses the market’s profitability, helping to identify when an asset might be overvalued (near a peak) or undervalued (near a bottom).
As of August 24, XRP’s 30-day MVRV ratio stood at 5.57%. This suggests that if every holder were to sell, the cryptocurrency would yield approximately 6% in gains. On the same date, the seven-day MVRV ratio was 10.65%, indicating that a higher percentage of XRP holders were sitting on unrealized gains.
Read more: How To Buy XRP and Everything You Need To Know
However, both metrics have recently slipped into negative territory due to XRP’s price performance. This decline means that the average XRP holder now faces the risk of a negative return on investment.
Additionally, data from crypto intelligence platform Santiment shows a decrease in XRP’s social dominance. This metric measures the frequency of discussions around a cryptocurrency relative to others in the top 100 by market capitalization.
A higher social dominance indicates more mentions or posts about a particular cryptocurrency. The decline in XRP’s social dominance suggests that its recent price action has caused many participants to shift their focus from XRP to other cryptocurrencies.
If this trend continues, it could become increasingly difficult for XRP’s price to recover. As a result, more holders may face another round of unrealized losses.
XRP Price Prediction: The Token Could Drop to $0.50
On the daily chart, XRP appears to be following a pattern similar to the one that caused its price to drop to $0.49 in early August. Back then, the token initially traded around $0.62 before quickly crashing.
This time, bulls may need to defend the support level at $0.55 to prevent a similar decline. If they fail to hold this level, XRP could enter a freefall, potentially dropping to $0.50.
Additionally, the Awesome Oscillator (AO), which measures momentum, is currently negative. A positive AO reading indicates bullish momentum and the potential for price increases, while a negative reading suggests that bearish momentum is dominating.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, in XRP’s current situation, the negative position of the Awesome Oscillator (AO) could accelerate the downtrend. If this scenario unfolds, the drop to $0.50 might occur within a week or less.
On the other hand, a rebound could be possible if market conditions improve or if market participants start aggressively buying XRP around the $0.56 level. If this buying pressure materializes, XRP could see a jump back to $0.62.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How Fed Rate Cut Could Help LINK
Chainlink’s (LINK) price has risen above $11 following the recent Fed rate cut. This increase has ignited fresh speculation about the coin’s short-term outlook.
In this analysis, BeInCrypto examines the factors contributing to the hike, the potential implications of the rate cut, and what traders can expect from LINK.
Chainlink Key Drivers Want More
According to Santiment, alongside the recent rate cut, Chainlink’s 90-day Mean Coin Age (MCA) has risen. The MCA reflects the average age of tokens in circulation, with a low MCA suggesting that previously inactive tokens are being moved from cold wallets, potentially leading to a sell-off and putting downward pressure on the price.
Conversely, a rising MCA indicates that investors are holding onto their tokens and engaging less in trading activity, often signaling a long-term hold strategy. In Chainlink’s case, the spike in the MCA suggests that many investors are choosing to keep their LINK tokens dormant or moving them into self-custody, reducing selling pressure.
Read more: How To Buy Chainlink (LINK) and Everything You Need To Know
Beyond the rising coin age, the 4-hour LINK/USD chart reveals a surge in the Cumulative Volume Delta (CVD), a key indicator of market sentiment. Each bar on the CVD shows whether the market is dominated by buying or selling activity. Red bars signal selling pressure, which could drive the price down.
In LINK’s case, the chart shows five consecutive green bars, indicating sustained buying pressure. This suggests that the market’s demand for LINK is growing, potentially supporting the continuation of its uptrend.
LINK Price Prediction: Further Gains
The daily chart shows that Chainlink is holding strong at the $10.02 support level, which played a key role in its recent breakout above the $10.83 resistance. Currently, LINK is trading at $11.30, with no significant resistance in sight to halt the uptrend.
Using Fibonacci retracement levels to assess potential price targets, LINK’s next likely move could take it to $11.86, corresponding to the 38.2% Fibonacci level. If it breaks past this point, the next target could be around $12.98, a level that appears within reach given the current momentum.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
However, the cryptocurrency could experience a pullback if it fails to surpass $11.86. If that happens, LINK might drop to $9.25.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will Notcoin Price Break This Key Resistance?
Like other altcoins in the market, Notcoin (NOT) has seen a price increase in the last 24 hours. Within the period mentioned, NOT has jumped by 8% while its volume has surged 85%, indicating growing interest in the Telegram coin.
With market volatility at a high level, Notcoin faces a crucial momentum that could determine its short-term movement. If NOT fails to break through this key resistance, it risks facing a significant correction that may send its price tumbling.
Notcoin Encounters Challenges
Notcoin is currently trading at $0.0078, still 73% below its all-time high. Despite recent gains in price and volume, which suggest a potential rally, the 4-hour analysis indicates the token could face challenges as it targets $0.011.
The 4-hour chart shows that Notcoin is working its way toward $0.0080, but this level has previously acted as resistance, where the coin faced rejection. If Notcoin fails to break above this price level, it could see a 10% correction. In this case, its value might drop to $0.0072.
Read more: 5 Top Notcoin Wallets in 2024
An evaluation of Notcoin on the daily timeframe shows its Relative Strength Index (RSI) remains below the neutral 50.00 mark. The RSI is a momentum indicator that tracks the speed and size of price changes.
If the RSI moves above the midpoint, it signals bullish momentum and a potential price increase. Conversely, a decline in the RSI suggests weakening momentum.
For Notcoin, the RSI is rising but still below the signal line, indicating the uptrend is uncertain. The token’s upward movement will likely remain shaky unless bulls apply more pressure to push the price higher.
NOT Price Prediction: Rally Could Stop
Furthermore, the Fibonacci retracement indicator provides insights into NOT’s next movement. From a short-term perspective, bulls might try to break above $0.0085. However, around the same region, Notcoin began a decline that pulled it down to $0.0072 on September 6.
As such, that region is a supply zone that requires notable buying pressure to surpass. Currently, it does not appear that Notcoin has the notable capital flow to keep the upswing going.
Read more: Notcoin (NOT) Price Prediction 2024/2025/2030
In a highly bearish scenario, Notcoin’s price could drop to $0.0072 and possibly as low as $0.0069. On the other hand, if the token manages to break above the $0.0080 and $0.0085 resistance levels, it could potentially surge to $0.011.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens
Crypto investors and analysts support that the 2024 altcoin season may have just started, drawing signals from multiple fundamentals, including Bitcoin’s (BTC) sustained foray above $63,000.
The optimism comes after the Federal Open Market Committee (FOMC) decided a 50 basis points interest rate cut in September, suggesting the US economy is in a good place.
Crypto Banter Founder Highlights Tokens Primed for Altcoins
Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is beginning. Its founder, Ran Neuner, cites the Federal Reserve’s (Fed) interest cut on Wednesday, increasing global liquidity and the all-time high seen in the money market funds. With this, he lists six tokens that are best positioned to rally if the altcoin season takes off.
SUI
The analyst starts by highlighting Sui (SUI) as a standout token, noting its rising prominence in the market, even posing a threat to Solana (SOL). SUI has been making headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched a Sui Trust, which has driven a significant increase in both price and trading volume.
Ran Neuner believes these strong fundamentals position SUI for success in the short term, especially if an altcoin season unfolds.
FTM
The analyst also highlights Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has gained attention after recent internal developments, including the rebrand to Sonic Labs in August.
The rebrand has sparked renewed investor interest, positioning Fantom for further growth. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.
This development has provided a boost for FTM, which has risen by 10% since the Thursday session began, trading at $0.33, according to BeInCrypto data.
IMX
ImmutableX (IMX) is also on Crypto Banter’s list of altcoins poised to rally on a possible alt season. The gaming token has broken above a falling wedge pattern, effectively confirming a reversal. Based on this breakout, analysts expect a bullish wave.
Read more: What Is Altcoin Season? A Comprehensive Guide
AERO
The portfolio rebalancing also considers Aerodrome (AERO), as the central trading and liquidity marketplace continues to thrive on Base L2. The underlying fundamental for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.
“When we assess Aerodrome’s implied outcomes through a model, it’s evident that token inflation, in itself, is not inherently bad. Instead, emissions are just one input into an economic model—a cost that can be managed and overcome,” a DeFi researcher echoed.
SOL
If the assumption proves accurate, Solana (SOL) may be gearing up for a strong rally, given its history of delivering impressive gains during altcoin market surges. Solana has often outperformed when broader altcoin momentum picks up, making it a key player to watch.
Currently, SOL is trading at $141.53, marking a 10% increase in the last 24 hours, according to BeInCrypto data.
OM
MANTRA (OM) earns a spot on the analyst’s list due to the upcoming launch of its mainnet in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on-chain. The mainnet launch will be a crucial step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for MANTRA’s growth.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
Ran Neuner also highlighted several other tokens that could see strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have posted steady, conservative gains despite recent market uncertainty, positioning them for larger increases if an altcoin season takes off.
However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decision on Friday. He warns that if the BOJ raises rates, it could disrupt the current rally, potentially leading to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward momentum.
“Don’t get overconfident. We need good CPI out of Japan tomorrow and for BOJ not to raise rates on Friday. September still has some potential liquidity drains so don’t lever up to the gills, just 8 more days until it is really up only,” GamesMasterFlex wrote.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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