Category: Tether

Categories
Bitcoin Cryptocurrency news Investment News Ripple Tether

The analyst predicts a 39,000% increase, taking the price of XRP to $220. Find out when here

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

Crypto Eggag highlighted the $220 price level as one of the numbers that XRP price could reach based on its analysis of Fibonacci levels. Interestingly, the attached chart he shared shows that this price level could be reached this year.

Related Reading: Shiba Inu Burn Rate Sees 900% Increase Will SHIB price continue to rise?

Based on his analysis, XRP would hit “crucial numbers” such as the $1.2, $2.2, $5.8, $11, and $33 price levels before hitting $220.

The analyst assured that this price movement would undoubtedly be parabolic as he explained that it would be a GRB (Gamma-Ray Burst) event. He also noted that such a development could end up reflecting a similar development to that of the XRP price in 2017, when it increased by 61,000%.

Meanwhile, Egrag provided insight into when the XRP bull market could begin by highlighting the 12 and 24 SMA (simple moving average) as a “clear signal.” Once there is a bullish crossover above them, the bull run could take place almost a month later, according to the crypto analyst.

Steven McClurg, chief investment officer (CIO) of Valkyrie, hinted in a recent interview that an XRP ETF could hit the market at some point. His comments came as he suggested that the imminent approval of spot Bitcoin ETFs could open the door to other ETF applications centered around tokens such as XRP and Ethereum.

In response to McClurg’s interview, Fox business reporter Eleanor Terrett shared some thoughts based on conversations she had with some industry players about an XRP ETF. She explained in an article that there are “diverging views” on whether the Securities and Exchange Commission (SEC) is ready to approve a single-product XRP spot ETF.

She noted that bulls argue that the XRP token will be included in future funds, especially since it is the only digital asset with clear regulation. They also highlighted Grayscale’s decision to re-incorporate the token into the Grayscale Digital Large Cap (GDLC) fund as a positive sign that there will soon be an XRP ETF.

On the other hand, Terrett says bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or a change in government. This argument is based on their belief that SEC Chairman Gary Gensler is unlikely to change his stance on crypto assets other than Bitcoin.

Categories
cryptocurrency exchange Cryptocurrency news Ripple Tether

XRP Price Prediction as Correction Trend Stops at $0.57

XRP Price Prediction: Bitcoin price’s continued struggle to break the $38,000 resistance has cast a shadow of uncertainty over the market. This domino effect is noticeable in the price of XRP, which has recently entered a phase of sideways fluctuation. This trend follows the buyer stabilizing at a support level of $0.57. Currently, XRP’s price trajectory is being shaped by a symmetrical triangle pattern, a development that offers insight into its near-term outlook.

Also read: SEC meeting raises hopes for resolution of Ripple-XRP case

Triangle pattern pins recovery at $0.7

   Under the influence of a symmetrical triangle pattern, XRP price may remain sideways for the next week.

   XRP price trading above the 50% Fibonacci retracement level reflects that the overall recovery trend is intact.

   XRP intraday trading volume is $865 million, indicating a 15% loss.

Over the past fortnight, the price of XRP has traded within a limited range bounded by the converging lines of this symmetrical triangle. Notably, the cryptocurrency rebounded from these trend lines twice, underscoring the significant influence this pattern has on market behavior.

With a modest intraday increase of 0.6%, XRP price has recently recovered from the lower boundary of this pattern, now hovering around the $0.606 mark. This bullish reversal is likely to lead to a 3% rally, only to find immediate resistance at the upper boundary of the triangle.

Although bullish resistance could prolong the sideways trend, the converging nature of the pattern would ultimately result in a breakout move. If recent corrections have sufficiently revived bullish momentum, a bullish violation of the triangle’s upper trendline would mark the continuation of an uptrend.

This scenario could increase the value of XRP by 12%, reaching the key threshold of $0.7.

Support trend line maintains long-term uptrend

Although the prevailing trend is bullish, a downward break of the triangle support line could amplify the selling pressure, which could trigger an extended correction phase. In that case, the price of XRP could fall to $0.57 and possibly even further to $0.53. However, a broader perspective reveals a long-term ascending trend line that has consistently provided dynamic support to XRP, presenting buyers with a favorable downside opportunity.

   Exponential Moving Average – XRP price fluctuation around the slope of the 200-day EMA reflects the feeling of indecision among traders.

   Moving Average Convergence and Divergence: A bullish crossover between the MACD and the signal line accentuates the growing buying pressure amid the current correction trend.
Categories
Bitcoin ETF Cryptocurrency news Ripple Tether

USTC surges 15% amid recovery following LUNC’s BTC surge

Terra Luna Classic (LUNC) and Terra Classic USD (USTC) have recently experienced major price fluctuations. After an impressive rally, both tokens suffered a pullback, attracting the attention of investors and market analysts. However, LUNC and USTC have nullified the bearish trend, with prices up 18% and 15% at the time of publication.

LUNC Roller Coaster Week

LUNC, the revamped version of the original Terra Luna, posted a notable 26% gain last week. This surge peaked on November 27, when the token reached $0.000128 before the momentum faltered and the price fell to $0.000095. Furthermore, despite this decline, LUNC has seen a substantial increase of 27.70% in the last seven days and an even more impressive increase of 49.23% in the last month.

USTC Soars After LUNC Recovery

Similarly, USTC, the dollar-pegged stablecoin that remained unpegged after the 2022 crisis, made headlines with a surge of over 200%. Although it reached a high of $0.078, the price adjusted to an intraday low of $0.03147 before establishing solid support. Despite this, USTC has recovered, up 205.53% last week and up 233.95% for the month. Furthermore, at press time, USTC had reversed downward pressure, rising 15.90% to $0.046125, according to CoinStats.

USTC Price Chart

One of the main drivers of these price movements is the recent strategic acquisition of USTC by Terra Classic Labs, which has also positively influenced the value of LUNC. However, despite the recent negative trend, a decline of over 20%, USTC has gained bullish momentum over the past day. This resurgence is attributed to LUNC’s bullish recovery after Bitcoin (BTC) surpassed $38,000.

Despite these fluctuations, the tokens have attracted significant attention in the crypto community. Santiment analysts suggest that the initial price rises of LUNC and USTC may have been driven by fear of missing out (FOMO) among investors.

Categories
Bitcoin Cryptocurrency news Ethereum Tether

Four Tether Execs Are Now Crypto Billionaires As Stablecoin Issuer Seeks $9,000,000,000 Valuation

The four executives behind the world’s largest stablecoin are worth more than $1 billion each now that Tether’s (USDT) market capitalization is at an all-time high.

Despite a prolonged bear market for digital assets, the British Virgin Islands-based company posted a $1.5 billion profit in the first quarter of 2023 alone, with USDT accounting for more than 50% of all liquidity in the cryptomarket, according to Forbes.

Tether can be sold for up to $9 billion if the reported financial information is correct, enough to make all four of the company’s top executives billionaires.

Chief Financial Officer Giancarlo Devasini, who owns more than 40% of Tether and is considered the company’s mastermind, is now worth at least $4 billion.

CEO Jan Ludovicus van der Velde and CTO Paolo Ardoino each own $1.8 billion of shares in the company. Meanwhile, Stuart Hoegner, the company’s general counsel, has a stake valued at $1.2 billion.

However, regulatory changes could affect Tether’s current valuation. According to Forbes, passing stablecoin regulations through Congress could give USDT’s more compliant competitors an edge.

IntoTheBlock previously revealed that the USDT market cap has set a new all-time high as it approaches the $84 billion level. The analytics firm also said that the circulating supply of USDT has risen by nearly 30% year-to-date.