XRP Price Poised For A 13% Leap – If It Keeps Steady On This Route

XRP, the 7th largest cryptocurrency with more than $19.74 billion market capitalization, appears to be poised for a healthy surge.

Unfortunately for traders, investors or prospective buyers of the crypto asset, this upward movement will be temporary and the bears are expected to take control shortly after the altcoin registers an uptick in its price.

• XRP has already lost almost 14% of its value over the last 30 days
• The altcoin could jump all the way to the $0.44 level
• Whales have already moved over 150 million XRP tokens

At the time of this writing, according to tracking from Coingecko, the digital coin is changing hands at $0.3932, down by only 1.4% during the last seven days.

On its month-to-date (MTD) performance, XRP registered a decline of 13.6%. However, the pattern currently being followed by its price action is indicating a minor upward movement.

Technical Indicators Slightly Favor XRP

Over the past few days, the cryptocurrency has already tested its resistance trendline on two different occasions while it revisited its support trendline multiple times.

Source: TradingView

In doing so, XRP’s price action has made it caught in an inverted flag pattern which is a bearish model but offers a chance for a minor bullish breakout.

Currently, the $0.39 zone is a crucial support level for the altcoin as failure to hold it would mean a continuation of the ongoing downward trend for the crypto.

However, in the event that XRP manages to hold that particular line, there’s a good chance that the inverted flag pattern will provide a window of opportunity for the asset to surge all the way up to $0.443 to tally an impressive 12.5% jump.

The decline in trading volume of the cryptocurrency will eventually cool it down and pull it back to a bearish state all the way to $0.36.

Whales On The Move

Just a few days ago, Bithomp, an XRP-focused whale tracker shared some information about an unusual transfer of large sum of the XRP token.

According to the data, around 143 million units of the altcoin worth more than $56.5 million was moved by a crypto whale from Binance to Bittrex, a major U.S. exchange company.

Large investors have been active recently, getting involved in movement of millions worth of XRP from an anonymous wallet to another for purposes of selling or facilitating withdrawal through a cold wallet.

As of posting time, it is believed by the tracker that over 150 million of the altcoin has already been moved by whales.

XRP responded with this development with a minor price increase although its gains remain temporary as it cannot sustain its upward trajectory.

XRP total market cap at $19.5 billion on the weekend chart | Featured image from CryptoCoin Spy, Chart: TradingView.com

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Russian Miners Buy More Bitcoin Mining Rigs In Q4: Report

Bitcoin and the entire crypto market bleed due to many challenges that have befallen the industry. From the Terra crash and continuous interest rate hikes to FTX implosion, the market hasn’t enjoyed a whole month of positive price trend.

As the investors cry about the loss of investment funds, the miners of Bitcoin struggle to remain afloat. As a result, BTC price has continued to plummet even with the increasing electricity costs for miners’ operations. But, surprisingly, many miners in Russia will buy mining rigs now.

Why Are Russian Miners Buying Bitcoin Mining Rigs?

According to Kommersant’s recent report, many miners in Russia are grabbing more Bitcoin rigs in Q4 of 2022. In addition, the researchers discovered that the sale of ASIC rigs skyrocketed at the end of the year. This is surprising given the continuous fall of crypto assets in the market.

On a closer look, it became clear that Russian miners enjoy cheaper electricity costs. In addition, the country provided more affordable electricity for many regions, making it easier for households and businesses in those places to flourish. So, while other miners in countries with high power cost struggle, their Russian counterparts have it more accessible.

Another reason for gathering more ASIC crypto mining rigs is because of the cheap offer for the equipment. As a result, ASIC prices fell in the country, spurring many miners into action to acquire more.

More reason that led to this surge in mining rig purchases was the rising interest in crypto mining as a viable investment opportunity. According to Xive co-founder Didar Bekbauov, bitcoin mining became attractive because of lesser investment opportunities, sanctions, and the high-tech qualifications of many people in the country.

The buying spree started after the Ministry of Finance of the Russian Federation (MiFin) and the Bank of Russia (BoR) agreed to support crypto mining. But they allowed it in regions with more energy allocations, not those with scarce energy supply.

Secondly, Russian regulators introduced a bill to legalize mining and the sale of mined assets in the country. This bill came up in the Russian State Duma, the lower parliament.

Also, financial analyst Vladislav Antony stated that the lower ASIC mining rigs price, which is now close to the production costs, is a good encouragement for new investors. Mining revenues in Russia have increased recently, even with the BTC price recording a near two-year low.

Bitcoin price stands above $17,000 l BTCUSDT on Tradingview.com

Mining Rigs Vendors Sales Report

One of the distributors of mining rigs in Russia, Chikot, recorded more sales in October and November. This was different from their Q3 records.

Data shows that Chikot sales in Q1 to 3 were higher than 2021 sales by 65%. By August and October 2022, the hardware price fell by nearly 20% and remained the same for the following months.

As a result, Chikot even recorded a 30% increase in mining rig purchases in one transaction, different from early 2022 records.

Featured image from Pixabay, chart from TradingView.com

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MANA Bloats 3.5% In Last 24 Hours, And Traders Now Smell Profit

MANA, the cryptocurrency used as payment for goods and services in the metaverse project Decentraland, has already lost 33% of its value over the last 30 days.

After going all the way up to $0.7339 on November 5, the asset was on a consistent decline that pulled it down to a monthly low of $0.3611 on November 22.

Below, a summary of how MANA has been performing in the last few days:

• MANA registered an increase of more than 6% over the last seven days
• The crypto asset succeeded in recapturing the $0.40 marker
• A climb above the $0.50 category remains possible for the token

Since then, the digital token has engaged in multiple attempts to trim its losses, starting with recapturing the crucial $0.4 marker. So far, the crypto has been successful in this endeavor.

At the time of this writing, according to tracking from Coingecko, the altcoin has managed to increase its value by 3% during the last 24 hours to trade at $0.4174. 

Over the previous seven days, MANA has tallied an impressive gain of 6.2% and its price action indicates traders are poised to make profit with the asset.

More Bullish Breakout Possible For MANA

When the bulls successfully found a resting zone at $0.2572 after the FTX implosion last month that made the cryptocurrency lose all its gains prior to the unfortunate event, MANA price movement ended up being caught in an ascending triangle pattern.

Source: TradingView

In crypto space, this kind of price trajectory denotes a bullish rally and, in the case of the crypto, some of its technical indicators are suggesting it is not yet done recovering its losses and is headed for another upward breakout.

Its Relative Strength Index (RSI) is steadily rising and has moved out of the oversold territory, indicative of diminishing seller influence and increasing buying opportunities.

Moreover, after being flat for about two weeks, the altcoin’s On-Balance Volume (OBV) moved up, indicating a rise in trading volume brought about by healthy buying momentum.

Finally, MANA has established a bullish MACD which is considered to be a buy signal for an early uptrend.

Given all of these considerations, experts predict that if Bitcoin, being the leader of the pack, is able to recapture and hold the $17K turf, the Decentraland digital token will have $0.4740 and $0.5054 as its next destination.

Investors Should Still Be Wary

Holders, prospective buyers and traders must not be complacent due to the idea that they could make sizable profit from MANA right now as there’s still a chance that the bullish thesis could be negated.

Analysts believe that if the crypto fails to close today’s sessions with a price that is higher than the $0.3572 support zone, it will abandon any chance it has of hitting its next targets.

Moreover, Bitcoin is also integral to MANA’s progress as its failure to sustain the $17K region could doom the 57th largest cryptocurrency in terms of market capitalization.

At the time of this writing, BTC is changing hands at $17,025 and is dangerously close of falling back to the $16,000 region once again.

MANA total market cap at $772 million on the weekend chart | Featured image from CoinCentral, Chart: TradingView.com

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FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?

The market is trying to follow Bitcoin’s bullish action with Solana (SOL) being one of the outliers. Post-FTX life for SOL has been very rough.

On a monthly and biweekly time frame, CoinGecko data shows bearishness, while daily and weekly time frames show modest appreciation.

What this proves is that the wounds left by the demise of FTX have not been healed by Solana’s native token.

Ever since FTX collapsed, SOL has been losing a huge amount energy.

As bearish signals continue to emerge from technical analysis, the price decrease is likely to continue.

It’s possible that prices will fall down below the 61.80 Fibonacci level, which is now at $12.58.

This may be because Alameda Research, FTX’s sibling in the business, had a significant role in the Solana ICO.

Investor trust plummeted as concerns about Solana’s close ties to SBF and his company developed in the wake of the failing exchange’s holding of almost a billion in SOL.

Is The Star Just Fading Or Dying?

SOL was the poster child of DeFi in that side of the crypto industry. As of writing, the token is trading at a red candle at $13.55, a staggering 62.2% decrease in value from its $36.83 price pre-FTX.

However, Solana’s prospects are bleak even before the crash. Messari’s Q3 report on Solana reveals that only certain ecosystem components, such as NFTs, have truly stabilized and even flourished.

Chart: TradingView

However, the token’s technical aspects show potential. The RSI readings are oversold, while the metric is slowly gaining pace. This is backed by a favorable increase in the CMF index.

However, this occurs on a daily basis. In the 4-hour time frame, it created a triangle that is, to say the least, bearish.

With a Pearson’s R score of 0.7, the regression channel confirms a further downward push, indicating that a downtrend is more likely than an uptrend.

The narrow BB channel is likewise extremely bearish. Not to mention the resistance posed by the center band.

FUD (fear, uncertainty and doubt) is prevalent in this case.

The market is dominated by fear and a negative market mood as a result of Solana’s tight relations to FTX.

The 4-hour timeline provides insight about SOL’s future course. The $13.07 is a vital support zone for SOL to stay out of extinction.

If the indicated support is breached by the bears, a plunge below the 61.80 Fibonacci level is not out of the question.

SOL total market cap at $4.9 billion on the weekend chart | Featured image from Business 2 Community, Chart: TradingView.com

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Ethereum Price To Reclaim $1,300 Throne – What Are The Possibilities?

This week saw a positive recovery in some crypto assets, Ethereum included. It is gaining momentum and preparing for a bullish rally in the days to come. Although Ethereum is still below $1,300, some factors suggest a possible increase to $1,350 and $1,550.

The crypto market has been filled with FUD (fear, uncertainty, and doubt) in the past weeks following the FTX crisis. Crypto investors are left speculating whether to buy or sell holdings as assets plunged deeper. For example, reports show that Ethereum lost nearly 39% in a couple of weeks.

The crypto market has been anticipating news of the U.S. Federal Reserve dropping its bullish stance on interest rate hikes from December. As signals point towards this expectation becoming a reality, some assets started showing signs of recovery. However, despite the bullish trend, Bitcoin remains down due to miners’ capitulation, while Ethereum is rising.

Factors Indicating Massive Ethereum Price Surge

Coinglass’ crypto derivatives data shows that Ether futures open interest on Binance has reached an all-time high of 2.01 million. It amounts to a 9% increase in Open Interest in the last 24 hours, indicating a high probability that Ethereum will increase in the coming weeks.

On-chain data from Glassnode also revealed that the total value of the Ethereum 2.0 deposit contract hit an all-time high of 15,492,407 ETH. Ethereum validators’ revenue has also reached a 1-month high of 11.310%.

Image Source: CoinGlass.com

These records have got players and analysts reacting. For example, Michael van de Poppe believes ETH is exhibiting strength as it rose from the $1,150 level to the current price. The analyst predicts that a break above the $1,225 level would trigger a rally toward $1,350 and maybe $1,550.

Traders look forward to holding their Ether if it remains above the support level of $1,200. Analysts also believe the ETH price increase will rub off on other altcoins.

ETH Price Journey

Many traders were bullish about Ethereum’s price increase after the completion of the merger. However, Ethereum neither surpassed nor bounced back to the $1,700 level after the merge. With the macroeconomic situation, the asset continued falling and went below the $1,500 physiological.

Whale accumulations saw ETH price drop from $1,661 to $1081 in one month. Whales saw the price declines as an opportunity to accumulate ETH holdings. Whale accumulations are often indicators of an asset’s bullish recovery. However, it didn’t seem so initially for Ethereum, whose price dipped to $1,081.

Now the tables are turning, and Ethereum seems to gain bullish momentum, rising towards $1,350. Ethereum is trading at $1,283 with a 24-hour trading volume of $6,205,108,773.

Ethereum price ready for another bull run l ETHUSDT on Tradingview.com

With the ETH price above the critical support level of $1,225, there may be hope for more increase. The price surged nearly 2% in 24 hours and 8% in the past week.

Featured image from Pexels, chart from CoinGlass and TradingView.com

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This Historic Bitcoin On-Chain Support Level Is Still Not Lost

On-chain data shows the historical 20-Day MA Bitcoin aSOPR support level has continued to hold so far.

Bitcoin 20-Day MA aSOPR Rebounds Off Historical Support Line

As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR recently retested its 8-year old support.

The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.

When the value of this metric is greater than 1, it means the overall market is moving coins at some profit currently.

On the other hand, values of the indicator less than the threshold suggest holders as a whole are realizing some loss with their selling at the moment.

Naturally, SOPR values exactly equal to 1 imply the investors are just breaking even on their investment right now.

“Adjusted SOPR” (aSOPR) is a modified version of this metric that excludes from the data any selling of coins that was done within 1 hour of first acquiring said coins.

Here is a chart that shows the trend in the 20-day moving average Bitcoin aSOPR over the last several years:

Looks like the 20-day MA value of the metric has sharply declined in recent days | Source: CryptoQuant

As you can see in the above graph, the 20-day MA aSOPR rapidly went down following the FTX crash, and touched a low of 0.93 just a week or so ago.

This level was the same as the one seen during the lows of the previous bear markets, and each of the touches in those bears launched the metric back up.

The support line has now been active since 2014, and in the 8 years so far the indicator has never seen any actual dip below it.

Since the retest of this support level a week ago, the metric has already bounced back up, suggesting that this important support line is still holding right now.

However, it’s uncertain whether this successful retest means the bottom is now in. Back In the 2018/19 bear, it was indeed the case, but in 2014/15 it took two touches of the line before the real bottom formed.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.8k, up 3% in the last week. Over the past month, the crypto has lost 18% in value.

The below chart shows the trend in the BTC price over the last five days.

The value of the crypto seems to have been moving sideways since the surge | Source: BTCUSD on TradingView Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Bearish Signal: MPI Records Highest Value Since April 2022

On-chain data shows the Bitcoin MPI has surged to its highest value since the April of this year, a sign that may prove to be bearish for the crypto’s price.

Bitcoin Miners’ Position Index Has Spiked Up During Past Day

As pointed out by an analyst in a CryptoQuant post, this instance is the fifth time that the metric has sent a warning signal.

The “Miners’ Position Index” (or the MPI in short) is an indicator that measures the ratio between the miner outflows in USD, and the 365-day moving average of the same.

Generally, miners transfer coins out of their wallets (that is, make outflow transactions) for selling purposes. Thus, the MPI can tell us whether miners are selling more or less right now compared to their past year average.

When the value of this metric is high, it means miners are dumping more than usual currently. On the other hand, low values suggest these chain validators aren’t doing any heavy selling at the moment.

Now, here is a chart that shows the trend in the Bitcoin MPI over the past year and a half:

The value of the metric seems to have been pretty high recently | Source: CryptoQuant

As you can see in the above graph, whenever the Bitcoin Miners’ Position Index has crossed above a value of 2 during the past year, the price of the crypto has seen a decline shortly after.

There have been five such spikes in 2022 so far, the latest of which has only just been recorded in the last 24 hours.

This current surge has now taken the indicator’s value to the highest level since the spike back in April of this year.

When this previous spike was seen, Bitcoin was above $45k, but only a week later the crypto had crashed below $40k.

If the latest rise in miner selling also follows the same trend as back in April, then BTC may observe some downtrend in the coming days.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.9k, up 3% in the last week. Over the past month, the crypto has lost 17% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Looks like the price of the crypto has retreaded below the $17k level again | Source: BTCUSD on TradingView

Bitcoin has surged up in the last few days, but it’s unclear whether this rise will last, given the recent increased selling pressure from the miners.

Featured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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