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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WILL BITCOIN PRICE HIT ,000 POST HALVING?! | BTC Just Passed K Yet Again: What's Next?
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Many analysts asserted that 2020 would be a strong year for the Bitcoin price long before the current global economic crisis began.
Most notably, the flagship cryptocurrency was expected to jump after May’s block reward halving.
New data now suggest that these BTC predictions are still on-track.
Analyst PlanB continues to stand by the assertion that Bitcoin’s stock-to-flow ratio points to extremely high gains after the halving.
This metric is determined by comparing present inventory to production and is a common tool used to gauge the value of hard commodities such as precious metals.
PlanB has just tweeted:
“So btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May.”
Thus, although a prediction of USD $70k may seem outlandish, it would be perfectly in-line with previous gains for the flagship cryptocurrency.
Also, there is no doubt that the capital exists to drive Bitcoin this high, as well as the public interest.
In fact, government responses to the impending recession may make Bitcoin and other cryptocurrencies even more attractive.
A just-published article on HackerNoon asserts that the banks and legacy financial companies are all but certain to receive massive bailouts, just as they did in 2008.
However, unlike twelve years ago, the infuriated public has the opportunity to put their assets into crypto, which will boost prices.
Author Mark Helfman writes: “Don’t underestimate the potential for this financial crisis to spur people into buying crypto and building businesses around crypto-based products, services, and processes.
People might get so angry that they look for an “out” that doesn’t involve the banks, governments, and corporations.”
It is worth noting that Bitcoin was born out of frustration with central banks, and the U.S. government’s willingness to prop up incompetent and corrupt financial institutions.
It is safe to assume that a repeat of this cronyism would only drive more investors into the crypto space.
Market activity notwithstanding, the development and adoption of Bitcoin and other cryptocurrencies are rapidly taking place.
Of particular note is the institutional embrace of blockchain technology by a wide range of industrial sectors.
Also, whereas fiat remains strong for purchases, the world is increasingly turning to crypto for remissions and financial transfers.
It is these real-world use cases that will play a key role in driving up Bitcoin’s value.
In other words, the central bank-issued fiat must now compete with a new asset class that offers many clear advantages.
When placed in this context, predictions of much higher Bitcoin prices are very realistic.
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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:
So #btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May🚀 pic.twitter.com/2pkCgOSAEN
— PlanB (@100trillionUSD) April 4, 2020
Bitcoin Just Passed $7,000 Yet Again: What Do Analysts Think Is Next?
Bitcoin Follows Pre-Bull Run Pattern That Sent Amazon Stocks Soaring
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5 CONVERGING FACTORS: BITCOIN RALLY IS JUST STARTING | Arthur Hayes Teases Elon Musk With 0K BTC
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Just seven weeks ago, Bitcoin (BTC) was trading down in the dumps, at $3,700 after one of the worst trading sessions in the cryptocurrency market ever.
In the wake of that move, there were many analysts calling for the crypto market to fall even lower than it had, but digital assets quickly rebounded across the board in a show of resilience.
Just around 50 days after the crash and the Bitcoin price is now trading at $9,200 — 150% higher than the $3,700 lows, a stellar performance that puts almost any other $100 billion+ asset to shame.
Although impressive, analysts are convinced that more upside is in the cards for the crypto market, citing a convergence of technical and fundamental factors boosting BTC’s outlook.
BITCOIN’S CHART IS OVERWHELMINGLY BULLISH
The past week has seen the crypto market explode after two weeks of accumulation.
The BTC price recently shot past $9,000, reaching a local high of $9,500.
This move past the ever-important $9,000 level, which acted as both psychological and technical resistance, is just the start of a greater bull run, analysts say.
One well-known trader corroborated this narrative, identifying five technical and fundamental reasons to be bullish on Bitcoin at the moment, despite the fears of a global recession and a downturn in the stock market:
- Mex funding+premium index still negative
- Above the yearly vwap
- Above the 200 DMA
- Bullish 1D cloud
- Halving in 10 days
- Asserting how strong the current bull trend is, the trader concluded by writing that while “you might not call and short THE top, you will save yourself a lot of potential headaches by just waiting for a break in the 1D market structure.”
- While all the topics the trader mentioned suggest more upside is imminent, the Bitcoin halving is likely to act as the biggest catalyst for a bull run, analysts say.
- May’s halving is expected to be certainly bullish for Bitcoin and the rest of the cryptocurrency market, with one prominent analyst suggesting that BTC will have a fair price of around $288,000 — over 3,000% higher than the current price — after the event.
- In other trending Bitcoin News today:
- Arthur Hayes Teases $420,000 Bitcoin As Elon Musk Asks Crypto Traders for Anime BTC
- The CEO of the crypto derivatives exchange BitMEX is highlighting Bitcoin’s decentralization, teasing a massive Bitcoin price and taking a shot at Elon Musk – all in a single tweet.
- On Friday, Arthur Hayes “announced” that he has secured enough funding to take Bitcoin off the public market once it hits the $420,000 mark.
- The statement is a twist on Elon Musk’s infamous tweet about his plans to take Tesla private when it hits $420 a share.
- That tweet landed Musk in hot water with the US Securities and Exchange Commission, which accused him of misleading investors.
- Musk eventually settled with the SEC and paid a $40-million fine without admitting any wrongdoing.
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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:
$BTC-Mex funding+premium index still negative-Above the yearly vwap -Above the 200 DMA -Bullish 1D cloud-Halving in 10 days
You might not call and short THE top but you’ll save yourself a lot of potential headaches by just waiting for a break in 1D market structure.
— HornHairs 🌊 (@CryptoHornHairs) May 2, 2020
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K BITCOIN PRICE IS ‘REASONABLE’ IF BTC HITS NEW HIGHS, SAYS TONE VAYS!! PEAK PROJECTED AT 5K!!
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Tone Vays, the well-known BTC derivatives trader, believes the Bitcoin price will stay above $10,000 for the rest of 2020.
At the start of the year, Vays said he was skeptical the BTC price would break $20,000 in 2021 but now he thinks it’s possible for the top cryptocurrency to overtake its record all-time high.
If the price of Bitcoin surpasses $20,000 in the medium-term, Vays said history shows it tends to double.
Based on the historical price cycles, he said the $45,000 to $50,000 range is a reasonable target.
During an interview with IGTV, Vays said:
“Every time Bitcoin breaks a prior all-time high, especially when it takes years to break that all-time high, it tends to usually more than double. So I think $45,000 to $50,000 is a reasonable target.”
Throughout 2020, Vays said Bitcoin would likely stay above $10,000 and gear towards $20,000 the following year.
He noted:
“In the beginning of the year, I thought that even next year would be a struggle to break $20k. Now I think it’s pretty likely that we’ll break $20k next year.”
As on-chain analysts have said throughout August, the $10,000 area has become a strong support level for Bitcoin.
As long as a key psychological level at $10,000 is intact, an extended uptrend becomes more likely.
Vays also drew a comparison between Bitcoin and gold. He emphasized that gold broke its all-time high and saw a 5% upside past its previous high fairly quickly.
The trader explained that Bitcoin could do something similar over the medium to long-term when it breaks its previous all-time high at $20,000. He stated:
“We are watching what’s happening with gold right now. Gold finally broke its all-time high, that it made ten years ago, just recently, and it went already $100 past that. So it went 5% more fairly quickly. So let’s see how fast gold goes up since breaking all-time high, and Bitcoin can do something similar.”
How far could Bitcoin go?
Various price models predict the price of Bitcoin to reach anywhere between $30,000 to $250,000 in the long-term.
According to Vays, he would be satisfied if the next top of Bitcoin is at around $45,000.
Historically, Bitcoin has seen a major breakout past its previous record high, reach a new peak, then correct.
A rapid upsurge to unsustainable price levels could leave BTC vulnerable to sharp drops. He added:
“Do we think we go as high as $100,000? I’m not willing to make that statement. For me, I would be happy if the next top was around $45,000, and that can happen quickly.”
In other trending Bitcoin News today:
Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Bitcoin price recently set a new high for 2020 but has since pulled back to just under $12,000.
However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto expert and former Google engineer.
Because the asset is further beyond in its cycle “trajectory,” it could mean that there’s still more downside to go before the bull run picks up in steam.
In the end, however, it doesn’t matter, as the same projection brings the cryptocurrency to a peak of over $325,000 in under two years.
According to the crypto expert, if the cryptocurrency was following the last cycle exactly, the price per BTC should be trading around roughly $10,800.
Currently, BTCUSD is trading roughly $1000 higher following a pullback that began after setting a local high at $12,400.
If Bitcoin continues to follow this path, and it has thus far, the next peak would arrive sometime around October 19, 2021.
The target? $325,000.
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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:
If we were to follow the 2016/17 trajectory (we’re ahead of schedule right now), the peak of the cycle would occur on October 19th, 2021 and the peak price would be approximately…
$325,000 👀
— Vijay Boyapati (@real_vijay) August 19, 2020
Stats showcasing crypto growth in 2020– Crypto market cap +95% – Stablecoin market cap +185%
– $BTC +65%
– $ETH +220%
– $LINK +800%– BTC futures OI +50%– BTC options OI +560%– BTC CME futures OI +660%– BTC CME futures OI (in BTC) +360%– Total value locked in DeFi +900%
— Alex Krüger (@krugermacro) August 20, 2020
Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
https://grayscale.co/wp-content/uploads/2020/08/Grayscale_Valuing_Bitcoin.pdf
https://cointelegraph.com/news/grayscale-bitcoin-market-looks-like-2016-before-historic-bull-run
https://cointelegraph.com/news/50k-bitcoin-is-reasonable-if-btc-hits-new-highs-says-tone-vays
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