XRP, the native cryptocurrency of the XRP Ledger, has recently experienced a significant surge in value, gaining 11% over the past week. This impressive growth has positioned XRP as one of the top-performing digital assets in the market, with its price rising from $0.523 to $0.584 in a week. The increase in value has been accompanied by a substantial rise in trading volume, indicating strong investor interest and activity.
Several factors have contributed to this rapid growth. One of the key drivers is the anticipation of a major breakout in XRP’s price history. Market analysts and investors are closely watching XRP, expecting it to surpass key resistance levels and achieve new highs. This optimism is fueled by positive developments in Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which has seen favorable rulings for Ripple in recent months.
Ripple is the company behind the XRP Ledger, a decentralized blockchain technology that facilitates fast and cost-effective cross-border transactions. The XRP Ledger’s unique features, such as its ability to settle transactions in less than five seconds and at a fraction of the cost of traditional methods, continue to attract both institutional and retail investors. These technological advancements and strategic partnerships with various financial institutions further solidify XRP’s position in the market.
As a result, XRP remains a prominent player in the cryptocurrency space, with its recent performance underscoring its potential for future growth. With ongoing legal developments and strategic initiatives, XRP’s trajectory appears promising, making it a cryptocurrency to watch in the coming months. Investors are eagerly awaiting the next moves in the market, hoping to capitalize on XRP’s potential for further gains.
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CNBC Analyst Says Massive ,000 Bitcoin (BTC) Bull Run Officially Underway! | Ethereum Skyrockets!
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CNBC’s Brian Kelly says he believes Bitcoin is ready to once again surprise the naysayers and begin a blistering parabolic bull run.
In a new interview on Fast Money, Kelly points to the recent BTC halving, which cut the rate of new supply entering the market in half, as a prime reason Bitcoin is set to outperform gold amid the shaky global economy.
“For me, it’s going to be Bitcoin. You might say I’m biased because I run a crypto fund, but that’s not it. I also trade macro, which means I have a whole bunch of different things I can invest in: currencies, stock, bonds, precious metals. And when I look at precious metals versus Bitcoin, Bitcoin has better fundamentals.
And with fundamentals, I’m talking about the stock-to-flow ratio. It’s better than gold at this point because we had the halving, and when I look at the Bitcoin cycles, the bull markets tend to cluster around the halvings.”
Kelly says he thinks Bitcoin is on track to return to its all-time high of $20,000 within six months, with $50,000 coming next year.
In the same time frame, he doubts gold will double in value.
“So we’re tracking right along the 2016 halving cycle and that would imply that sometime in Q2 2021, you’re looking at a Bitcoin price of $50,000. So that’s kind of the long-term target. And in the shorter term, $10,500 was a really big number.
We’re breaking out of a two-year range. It would not surprise me, this is just pure trading 101, once you break out of a range, [an asset] goes to prior highs. That’s $20,000. To me, I think that’s three to six months down the road. So Bitcoin looks like it could go two to five times higher.”
When pressed on why he’s overly bullish, with many sky-high Bitcoin predictions failing to materialize in the past, Kelly said he believes his forecast fits right in with Bitcoin’s prior price history.
“What we know about Bitcoin is it’s extremely volatile. It’s highly speculative, and when it goes on these speculative runs, it goes a lot further than people expect.
So I don’t think saying $20,000 is that outrageous when it’s already been there. You might question me on the $50,000, but that’s a year from now.”
In other trending Bitcoin News today:
Ethereum Rockets 50% in 5-Year Anniversary Month: What’s Behind the ETH Rally?
The Ethereum price has seen strong momentum in July. Since the start of the month, ETH has climbed by 50% from $225.5 to $340 on Coinbase.
It coincides with a five-year anniversary for the dominant smart contracts blockchain protocol.
There appear to be two key factors fueling the rally of ETH.
First, the anticipation of the market towards ETH 2.0 has been continuously building.
Second, the explosive growth of the decentralized finance (DeFi) market has upheld the momentum of Ethereum.
In mid-June, DeFi platform Compound essentially kickstarted the phenomenon called “yield farming.”
Ethereum users would flock to DeFi platforms providing the highest incentives, trying to obtain the highest yield possible.
Since then, several major DeFi platforms have emerged. According to Defipulse.com, Aave, Balancer, and Curve Finance have $482 million, $291 million, and $263 million locked in, respectively.
Consequently, the total value locked in the DeFi space has increased to $3.94 billion.
It is up by more than three-fold since the beginning of June.
The upward trajectory of the DeFi market could positively affect Ethereum for various reasons.
The most prominent factor is its usage as gas.
When users clog the Ethereum blockchain with many transactions, ETH is needed to pay transaction fees or “gas.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$COMP appears to be in a great position for a potential turnaround, according to the real-time metrics we’re seeing on Sanbase PRO. Track the chart to see the bullish developments for:1. DAA2. Network growth3. Transaction volume
4. Social volumehttps://t.co/4EleYExoKL pic.twitter.com/ZXWesq0hNQ
— Santiment (@santimentfeed) July 30, 2020
https://cointelegraph.com/news/ether-rockets-50-in-5-year-anniversary-month-whats-behind-the-rally
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BITCOIN SKYROCKETING TO $5 MILLION PER BTC IS A REAL POSSIBILITY EXPLAINS S2F MODEL CREATOR!!!!!
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In a recent interview with Scott Melker, popularly known as The Wolf Of All Streets, the Bitcoin S2F model creator PlanB, gave reasons why he believes BTC will trade as high as $5 million per coin in years to come.
“Maybe that all-time high could be reached this year and the low the year after in 2022 but after that there will be another halving in 2024. So 2025 and the years after that will be actually much much more interesting than the next two years. And yes, the S2F models predict prices ranging from $1 million (for the normal stock flow model) to 5 million (for the stock flow x model),” PlanB explained.
According to him, he will hold on to his bitcoin bags and will only sell small, if need be, to survive the bear market.
“My eyes are, by the way, on those price levels ($1m to $5m) more than on the $100k to $288k so I’m not selling. Maybe some to just survive the bear market but yeah,” he said.
In other trending Bitcoin News today: Institutions appear bullish on crypto despite record Bitcoin outflows.
At the start of 2021, the cryptocurrency industry was bursting with news of increased institutional investment, and this is still largely true. Despite reports suggesting increased outflows from institutional investors, net inflows are still very much positive.
Additionally, though Bitcoin (BTC) appears to be the investment of choice for liquidations, institutional investment into Ethereum (ETH) has never been healthier.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Ethereum Outpacing Bitcoin to New Record High, According to CryptoQuant CEO
https://cointelegraph.com/news/institutions-appear-bullish-on-crypto-despite-record-bitcoin-outflows
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BITCOIN BULL MICHAEL SAYLOR SAYS ETHEREUM IS PUSHING TO DEMATERIALIZE THE BANKING ESTABLISHMENT!!
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Bitcoin bull and the CEO of MicroStrategy, Michael Saylor, in a new CNBC interview lists ‘digital property’ as the first component of the cryptocurrency universe. While likening BTC to precious real estate in the New York City borough of Manhattan, the MicroStrategy CEO says Bitcoin is the most dominant digital property.
“Let’s talk about the crypto universe… You’ve got digital property and Bitcoin is the highest, most dominant digital property network. Think of it as granite blocks in Manhattan, in cyber Manhattan…
So Bitcoin is meant to last forever. High integrity, very durable.”
“Then you have got digital applications like Ethereum. Ethereum wants to dematerialize the JP Morgan building and banking establishment and all of the exchanges.”
In other trending Bitcoin News today: Why This On-Chain Analyst Lowered His Bitcoin Price Prediction To $200,000 By Year-End! In a recent episode of the Unchained podcast, popular on-chain analyst Willy Woo discussed what Bitcoin’s recent crash and resumed uptick in price meant for the leading cryptocurrency.
According to Woo, Bitcoin’s crash to $30,000 did not indicate the start of a bear market. However, the sharp correction did affect his year-end price prediction for the digital asset, which was originally as high as $500,000.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/bulls-aim-to-reclaim-40k-ahead-of-friday-s-520m-btc-options-expiry
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