PEPE bulls have encountered challenges in their attempts to push up the meme cryptocurrency’s price over the past week. Notably, PEPE has experienced a decline of approximately 4% in the last 24 hours alone, with a more substantial drop of 6.5% over the course of the past seven days. The selling sentiment surrounding PEPE has increased significantly since the middle of July. Throughout this period, the meme coin has struggled to break above resistance at $0.0000126, facing repeated failures each time it approached this critical price point. A deeper analysis of market behavior reveals that this prevailing selling sentiment can be largely attributed to a notable shift in the composition of PEPE investors. There has been a strong increase in the number of short-term holders, accompanied by a corresponding decrease in long-term holders. Jump In Short-Term Holders According to on-chain data from IntoTheBlock, short-term PEPE holders have increased noticeably in the past 30 days. This observation is derived from IntoTheBlock’s Balance by Time Held metric, which follows the variation over time of the balance in wallet addresses and groups them into holders, cruisers, and traders, depending on their average time. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge Notably, this metric shows that the balance in the wallets belonging to the trader cohort has increased by over 31% in the past 30 days. This is interesting because the trader cohort is made up of those who generally hold their assets for less than a month before selling. The behavior of this cohort suggests a shift towards more speculative trading, as these investors are looking to capitalize on quick market movements rather than committing to long-term. On the other hand, the balance in cruiser addresses have fallen by 6.24% in the same timeframe. Cruisers are those addresses that hold their tokens for between one to twelve months before selling. This decrease in the balance of cruisers suggests many long-term holders have been selling their PEPE tokens in the past 30 days. What Does This Mean For PEPE? The influx of short-term holders is creating a more volatile environment for PEPE. Currently, they account for 20% of the entire circulating supply of PEPE. As these investors tend to buy and sell quickly based on market fluctuations, they are more likely to create frequent price swings. This increased volatility is making it challenging for PEPE to maintain a stable upward trajectory. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash At the time of writing, PEPE is trading at $0.00001135. Although the crypto is still up by 42% from a 2-month low of $0.000007975 recorded on July 5, the upward trajectory has been stalled by the activity of short-term holders. PEPE now finds itself trading around a two-week significant support of $0.00001133. A bounce above this price point would enable PEPE to resume its uptrend and continue approaching the $0.00002 threshold. Featured image created with Dall.E, chart from Tradingview.com
Fred Rispoli, a prominent pro-XRP lawyer, has once again taken to X to reinforce his earlier prediction that today—July 31, 2024—would mark a significant turning point in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). Just yesterday, Rispoli posted, “I’m running out of time to hit my 7/31 […]
A potential rate cut in September could boost crypto market liquidity and investor confidence, driving up Bitcoin prices and ETF inflows.
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The use of the CBDC on the cryptocurrency exchange will enhance security and, it hopes, attract merchants.
In this week's issue of CoinDesk's newsletter on blockchain tech, we examine U.S. Senator Cynthia Lummis's call for a national "Bitcoin Strategic Reserve." We've also got photos from the Bitcoin Nashville conference, where it seemed like nearly everyone was talking about staple-gunning layer-2 networks onto the original blockchain.
Tether Holdings announced a record-breaking net profit of $5.2 billion for the first half of 2024. according to its recently released second-quarter attestation conducted by BDO, a leading global independent accounting firm. Meanwhile, the firm reported a net operating profit of $1.3 billion in the second quarter, marking its highest quarterly profit to date. The […]
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Bitcoin bulls have held the $65,000 level, but BTC and altcoin charts show it's too early for traders to expect a short-term trend reversal.
The company said its $97 billion exposure to U.S. Treasuries would put it 18th in the ranking among countries.
Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners’ reserves.
The Fed's interest rate decision could significantly influence crypto markets, affecting investor sentiment and economic dynamics globally.
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Users can choose to complete quest-like directives to receive Airheads or outright purchase the inscribed art through a “Whale Pass.”
Fidelity International has launched the Fidelity Physical Bitcoin ETP on the London Stock Exchange for professional investors, according to a July 31 press release. The launch comes as Bitcoin investment products are multiplying worldwide following the record-setting success of US-based spot Bitcoin exchange-traded funds (ETFs) launched in January. Bitcoin ETP in London Fidelity’s ETP will […]
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XRP is one of the top performers, looking at the performance over the last three weeks. After sinking below $0.40 in early July, the coin has rebounded sharply, adding 60%. As the coin outperforms leading altcoins like Solana and Ethereum, for example, there could be more room for growth. Is XRP Ready For $150? Analyst Thinks So From the daily chart, XRP is trending above key reaction levels. Notably, the close above $0.55 (now key support) reversed losses posted in mid-April. Additionally, the confirmation of recent gains and the close above $0.62 earlier today could spur demand, extending gains toward $0.74 and eventually $1. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash As optimism reigns, one analyst on X thinks the coin is preparing for sharp gains in the coming weeks and months. Sharing a price chart, the analyst said XRP is breaking out from the local resistance and the multi-year resistance trend line. From his analysis, the trader said XRP just broke from a “massive, 2,351 days resisting trend.” The breakout from the bull flag anchored at the swing high, when prices rose to all-time highs of over $3.20, and the swing low, $0.16, when the coin plunged to $0.16 in 2021, is crucial. In the analyst’s estimation, XRP is now preparing for more gains that could propel the coin to $150 for an over “21,000% climb” from spot rates. Settlement Of United States Versus SEC Case Crucial It remains to be seen how prices will behave going forward. However, one of the key drivers of demand in the coming days and weeks will be the outcome of the ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC). Despite the partial win in July 2023, the regulator wants Ripple to pay a huge penalty of $2 billion. However, things are evolving fast, with Ripple lawyers defending that XRP is not an unregistered security as the regulator alleged. The United States SEC is being accused of regulation by enforcement, forcing crypto innovation elsewhere. During the last Bitcoin conference, former President Donald Trump said if he took over, his administration would fire Gary Gensler, the current head of the Commission. Trump said his plan would be to make America the leader in crypto and even establish a BTC reserve. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? Brad Garlinghouse, the CEO of Ripple, has been critical of the United States SEC. After the agency requested the court to retract their classification of some altcoins, including ADA and SOL, as unregistered securities, Garlinghouse claimed the agency has been acting to fulfill a “political agenda and/or acting on bad faith” against crypto players. Feature image from DALLE, chart from TradingView
The crypto community might be set to witness the birth of the next Dogecoin following a recent announcement made by the beloved Kabosu’s owner. This has led to the launch of several meme coins, with one in particular looking well-primed to join the ‘billion-dollar’ club. Kabosu’s Owner Gets New Shiba Inu Dog Kabosu’s owner (also […]
We’re entering the “third wave” of AI and the era of mechanical humanoids, according to Nvidia.
Tether said its US Treasury reserve surpasses the size of all but 17 of the world’s governments.
The partnership between The Open Network and Trust Wallet is capturing the community’s attention. This integration will help the 100 Million users of Trust wallet to send and receive Ton tokens. This collaboration aims to support both projects and their communities. Let’s explore what this means for these projects and their users. Collaborative Benefits This …
Following the collapse of FTX and Terraform Labs, The Bahamas has introduced crypto regulation to prevent a repeat.
The Future Forward PAC has previously accepted donations from former FTX CEO Sam Bankman-Fried, which may be subject to forfeiture.
Two American artists filed suit against the U.S. Securities and Exchange Commission (SEC) on Monday, seeking a declaratory judgment from a Louisiana court that their forthcoming non-fungible token (NFT) projects would not violate U.S. securities laws.
Analyzing previous crypto market cycles helps us understand the current one, says Kelly Ye, head of research at Decentral Park Capital.
Quick Take Bitcoin As July comes to a close, Bitcoin has finished approximately 6% higher, hovering around $66,000, nearly offsetting June’s 7% drop. In 2024, Bitcoin experienced five positive months and two negative ones. Looking ahead to August, Bitcoin has historically averaged a 2.7% gain since 2013, though it has fallen between 11% and 13% […]
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Daylight’s testnet will allow users to plug in distributed energy devices such as smart thermostats, solar inverters, batteries, electric vehicles and chargers and energy monitors.
Research from EY-Parthenon shows that many institutional and retail investors want to increase allocations to digital assets and digital assets related products, Prashant Kher, Senior Director at EY-Parthenon.
BTC price volatility begins ahead of key US macro pointers from the Federal Reserve, with traders hoping that Bitcoin will sweep liquidity lower in its range.
SOL's anticipated bullish trend in August could significantly enhance its market position and attract more risk-averse investors.
The post SOL set for bullish August amid anticipated developments, says Zeta Markets founder appeared first on Crypto Briefing.
Exploring Value Investment and Bitcoin with Bill Miller IV In a recent episode of SlateCast, CryptoSlate Senior Analyst James Van Straten sat down with Bill Miller IV, the Chief Investment Officer & Portfolio Manager of Miller Value Partners. The discussion touched upon a variety of topics, from the principles of value investing to the burgeoning […]
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XRP has emerged as a standout performer among the top-100 cryptocurrencies by market capitalization today, recording a substantial 7% increase over the past 24 hours. This surge in XRP’s price occurs amidst swirling speculations of a forthcoming settlement or remedies ruling in the Ripple-SEC case. Amid these developments, XRP is dominating discussions on X (formerly Twitter), where a flurry of optimistic posts paint a bullish scenario for the cryptocurrency. Among the vocal proponents contributing to this positive outlook is crypto analyst Doctor Magic (@Doctor_Magic_), who shared several different time frame analyses for XRP. Short-Term Outlook For XRP (4-Hour Chart) The first chart posted by the crypto analyst shows the XRP/USD trading pair on a 4-hour time frame. The chart highlights the currently most crucial resistance zone (in red) just above the $0.70 mark. This resistance level is critical, as Doctor Magic suggests that surpassing this could pivot XRP towards new all-time highs (ATHs). Related Reading: XRP Price Jumps As Ripple Leadership Blasts SEC’s ‘Hypocritical’ Crypto Regulation However, he warns of potential short-term (LTF) rejections despite the higher time frame (HTF) indicators appearing bullish, advising traders to exercise caution with leverage long positions in this zone. “XRP most heavy resistance, get above that and we go for ATHs. Note that even though HTF XRP is primed on LTF this resistance could cause a LTF rejection, wouldn’t jump into leverage longs here.” The chart shows an uptrend line that XRP has successfully maintained, suggesting a strong bullish momentum. The focal point is the resistance zone above $0.70, which if breached, could potentially lead to higher price levels. The first target could be the price level above $0.90 which was last seen after the summary judgment by Analisa Torres on July 13 last year. A crucial element in Doctor Magic’s analysis is the breakout observed in the Relative Strength Index (RSI). The RSI demonstrates a clear upward breach of its previous trendline, signaling robust momentum. Currently at 67, the RSI is approaching the overbought threshold, which could suggest some notably bullish days ahead for XRP’s price action if the cryptocurrency runs red hot. Related Reading: XRP Price Poised For ‘Ultimate Breakout’ With $18 Price Target: Crypto Analyst Notably, the $0.70 zone as the key resistance area aligns with the Bollinger Bands analysis in the monthly chart. XRP surged above the middle band with the latest move and is now on the verge of breaking the upper band. “Today we confirm the breakout on monthly RSI. XRP is less than 10% to trigger volatility to come back which is at all time lows, $0.7 is the area to watch,” Doctor Magic explained. Long-Term Prediction For XRP (Weekly Chart) With regards to the higher time frames, Doctor Magic believes that it is too early to predict the cycle top price. Via X, he wrote, “Many of you are asking for my target on XRP, the answer is it depends. If I am right and alts lead the next leg up it will be the nail in the coffin for ‘it’s 2017 again’ and I will be looking for two tops, the second one will be determined by the first one.” The chart shared by the crypto analyst highlights several key Fibonacci retracement levels derived from XRP’s historical price movements, which could serve as critical points for potential reversals or continuation of trends. These include the 0.618 Fibonacci level at approximately $0.91, indicating a moderate resistance point. The 0.786 level sits at around $1.61, serving as a stronger psychological and technical barrier. The parity level or the 1 Fibonacci level is set at $3.31, which marked the April 2021 all-time high. Beyond this, the analysis extends into Fibonacci extension territory, with the 1.272 level at about $8.29, and the 1.414 level at roughly $13.37. The most notable and perhaps ambitious target is the 1.618 Fibonacci extension level, which is placed at approximately $26.60. The analyst concluded, “My point is it’s too soon to speak about final target, need more data for that and I will update when its time. For the impatient of you my best guess is we see double digits XRP and that $26.5 will be tagged.” At press time, XRP traded at $0.6539. Featured image created with DALL·E, chart from TradingView.com