XRP/BTC pair shows signs of weakness after failed breakout attempts
XRP price is on edge after a major bear signal appears on XRP/BTC chart.
- Double-top. XRP/BTC is now signaling potential exhaustion.
XRP’s bid to prove itself against Bitcoin has run out of steam, and the charts are starting to make that clearer with each passing week. What initially looked like the start of a major breakout on the XRP/BTC pair now resembles the shape of a double top, a formation that typically indicates weakness rather than strength and basically says that the trend is exhausted.
- Key support at risk. XRP/BTC is now hovering near 0.00002200 BTC.
The rally that began earlier this year lifted XRP above its 200-week average. For a moment, it seemed like the token might chip away at Bitcoin’s lead. The price pushed into the 0.00003200 BTC region twice, only to be rejected both times, sending the pair back toward familiar support levels.
The inability to extend higher after those attempts has left 0.00002200 BTC as the line to watch, because, historically, once this level is lost, the structure usually breaks toward 0.00002000 BTC. Moving averages flattening across the board add weight to the argument that the upside potential has been spent.
You Might Also Like
Ripple projects $16 trillion in crypto custody by 2030
The five-year tokenization market prediction sparks interest.
- 2030 forecast. Ripple predicts 10% of global assets will be tokenized by 2030.
In its recent tweet, Ripple shared a five-year prediction for the tokenization market, stating that by 2030, 10% of global assets are expected to be tokenized. Digital asset custody is anticipated to drive this adoption surge, with crypto assets under custody projected to reach $16 trillion by 2030.
- Ripple Custody adoption. Société Générale FORGE issues EURCV (EUR-backed stablecoin) on XRP.
Custody, a core safekeeping capability, is the bedrock of institutional digital asset services ranging from tokenized real estate and treasuries to stablecoins and cryptocurrencies.
In this light, Ripple Custody is gaining momentum. Société Générale FORGE, the crypto arm of French financial services company Société Générale, is issuing its EURO-backed stablecoin EURCV on XRP Ledger using Ripple Custody, while BDACS in South Korea custodies Ripple’s stablecoin Ripple USD (RLUSD).
You Might Also Like
DOGE confirms golden cross as ETF launch nears
DOGE price has risen since start of week.
- Golden cross confirmed. DOGE’s four-hour chart shows short-term MA crossing above long-term MA, a bullish signal.
Dogecoin recently confirmed a golden cross on its four-hour chart, which happens when the short-term moving average crosses over the long-term MA. The golden cross has coincided with a price increase for Dogecoin, as it is up 24% on a weekly basis.
The emergence of a golden cross invalidated a death cross, which appeared on the four-hour chart at the close of August, following which Dogecoin’s price saw a period of lackluster trading. Dogecoin’s price has risen since the start of this week, when the likelihood of a Dogecoin ETF in the U.S. began to emerge.
- ETF update. Bloomberg’s Eric Balchunas says DOJE has been delayed again.
Late Thursday, Balchunas stated in an X post that DOJE has been further delayed and might launch sometime next week, hinting at a Thursday launch. Earlier this month, the DOJE ETF won approval under the Investment Company Act of 1940, a framework typically used for mutual funds and diversified ETFs.
You Might Also Like
Ex-Wall Street trader sparks debate over alleged Bitcoin wallet thefts
Josh Mandell claims that quantum computing is already in use, and it is helping “a large player” to steal old Bitcoins.
- Josh Mandell’s claim. The former Salomon Brothers and Caxton trader alleges that long-dormant BTC wallets are being secretly drained.
Former Wall Street trader Josh Mandell has made waves on the X social media platform by claiming that old Bitcoins are currently being stolen from long-dormant (“deceased”) wallets. Mandell, who gained a lot of prominence earlier this year with his extremely prescient Bitcoin price prediction, argues that the tech is being secretly used by a “large player” to accumulate more BTC without using the market.
The former Salomon Brothers and Caxton Associates trader believes that on-chain analysis remains the only obstacle given that it would be capable of detecting such patterns.
- Industry pushback. Harry Beckwith (Hot Pixel Group) dismissed the claim
“There is literally no chance this is currently happening,” Harry Beckwith, founder of Hot Pixel Group, said in a social media statement. Matthew Pines, executive director at Bitcoin Policy Institute, claims that Mandell’s assumption is “false.”
You Might Also Like