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Jul 20, 2024, 04:54 pm

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1
XRP Adoption & Activity Spike: What This Means For Its Price

On-chain data shows XRP is observing a spike in its adoption and network activity. Here’s what this could mean for the asset.


XRP New Addresses & Active Addresses Have Both Spiked


According to data from the on-chain analytics firm Santiment, XRP has seen two metrics hit the highest levels since March recently. The first indicator of interest here is the “Network Growth,” which keeps track of the total number of new addresses being created on the network daily.


Spikes in the Network Growth can appear for a couple of reasons. The most obvious of the two is fresh adoption, as new investors coming in would naturally create new addresses. The other factor can be existing users creating multiple wallets for a purpose like privacy.



Generally, both are at play whenever the indicator rises, so it can be assumed that some net cryptocurrency adoption is occurring.


The second relevant indicator is the “Daily Active Addresses,” which measures the total number of unique addresses participating in some transaction activity on the network daily.


The active addresses can be considered the same as the unique number of active users on the chain, so this indicator’s value can tell us about the daily traffic the coin is currently witnessing.


Now, here is a chart that shows the trend in both of these metrics for XRP over the last couple of months:


XRP Active Addresses & Network Growth

As the above graph shows, sharp spikes in XRP in the network growth and daily active addresses have recently been observed. This would suggest that the network is observing both an influx of users and activity from existing ones.


More specifically, the blockchain saw 1,721 new addresses coming online and 47,363 users interacting at the peak of this spike. This growth for the cryptocurrency has come as its price has surged by more than 18% over the past week.


Investors find sharp price actions like rallies exciting, so new users get attracted to the network, and existing ones come alive to make some moves during these periods. As such, these latest spikes in the Network Growth and Daily Active Addresses aren’t unusual.



Spikes like these are essential for any rally to be sustainable, as the increased traffic provides the fuel such a move needs to keep going. Any rallies in the past that have failed to attract attention have ended up dying off before long. Thus, this development may be positive for XRP’s latest recovery run, at least on paper.


XRP Price


While the on-chain metrics are looking optimistic, the XRP price has still encountered an obstacle, as it has dropped back to $0.55 after breaking above $0.63 just a couple of days back.


XRP Price Chart

Source: XRP Adoption & Activity Spike: What This Means For Its Price
2
Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In

The Shiba Inu (SHIB) and Terra Classic (LUNC) ecosystems have become known for their regular token burns, which aim to increase the value of these coins. A computer engineer has given his opinion on this burn mechanism, revealing between Shiba Inu and LUNC, which will likely reach their desired goal of $0.01


Will Shiba Inu And LUNC Reach $0.01?


Computer engineer Charu Bey suggested in an X (formerly Twitter) post that only LUNC will likely reach its desired goal of $0.01 through its burn mechanism. He stated that the $0.01 price target is "not a dream for LUNC," meaning it is more likely to become a reality at some point, although the engineer warned that it wasn't financial advice. 



On the other hand, he expressed his sadness for Shiba Inu while suggesting that the meme coin's burn mechanism hasn't changed much, considering that the token still has a circulating supply of 589 trillion. He further remarked that the SHIB community is "very quiet" about this development, unlike the LUNC community, which is still dissatisfied despite burning millions of LUNCs daily, with the token currently having a circulating supply of "only" 5.44 trillion. 


Shiba Inu and LUNC have adopted similar burn mechanisms, with some transaction fees earned deployed for token burns. LUNC has, however, had extra help considering that the world's largest crypto exchange by market cap, Binance, has also committed to burning trading fees earned from the token monthly. Data from LUNC Metrics shows that Binance has burnt almost 62 billion LUNC tokens (48.9% of total tokens burnt so far). 


Meanwhile, Shiba Inu has had to rely on the layer-2 network Shibarium for most of its token burns this past year. However, network activity on Shibarium has continued to slow at times, leading to a decrease in the rate at which Shiba Inu burns are carried out. 


How Token Burns Can Cause Shiba Inu To Reach $0.01


According to Shiba Inu's burn tracker, Shiba Inu's maximum circulating supply will need to drop to around 126 trillion for its price to reach $0.01. That means about 78.52% of the meme coin's circulating supply must still be burnt to achieve this goal. Crypto YouTuber Jeff once suggested that it was almost unlikely for Shiba Inu to reach this price target, claiming that it would take about 1.1 million years just for 100 billion tokens to be burned. 



Crypto analyst Oscar Ramos previously suggested that Shiba Inu could reach $0.01 but added that he doesn't see the meme coin going above this level because of its circulating supply. He made this statement in reaction to a prediction by the price prediction website Telegaon, which showed that Shiba Inu could reach $0.5 in 2040.


LUNC price chart from Tradingview.com (Shiba inu)

Source: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In
3
Coinbase Analysts Warn: Bitcoin's Upward Trend Could Hit a Wall -- Here's Why

As Bitcoin is experiencing an uptrend in price increasing by 12.6% in the past week to trade above $66,000, analysts at Coinbase in a Friday report have disclosed potential limitations to its upward trajectory due to “increasing sell orders” on the exchange.


According to the report, the recent appreciation in Bitcoin’s value has tempted many traders to capitalize by selling, which could curb further gains.



A Wall Ahead, What Happens To Bitcoin Then?


This report, which analyzes the market’s overall picture, was compiled by Coinbase researchers David Duong and David Han. They noted that sell orders have been rising on Coinbase within 5% to 10% of the mid-price, indicating a strong desire not to see higher prices for the digital currency.


This suggests there might be a cooling-off from recent highs as traders take profits and reposition in response to current market conditions.


According to Duong and Han:


We may be seeing some profit taking at current levels and/or a greater willingness by market participants to sell into price appreciation, which may limit price moves to the upside


Such activities are essential market sentiment indicators that could influence Bitcoin’s short-term value. In their analysis, Duong and Han also reference data from Arkham Intelligence, which highlights some external factors that are also at play contributing to the sell-side pressure.


One significant factor is the ongoing Mt. Gox repayments, which have seen nearly 50,000 Bitcoin moved to exchanges since July 5. Despite this, the Mt. Gox trustee still holds a considerable amount of BTC, adding a layer of uncertainty and potential sell-side pressure to the market.


However, some positive factors might help to offset the increased selling demand. One of the most relevant factors is the US political situation.


In July, the U.S. political dynamics shifted dramatically resulting in a significant depreciation of the US dollar; the DXY index (which measures the dollar against a basket of other major currencies) falling by more than 2%, according to the report.


Since the value of Bitcoin is primarily valued in US dollars, a weaker dollar means a higher relative value of Bitcoin which may provide a buffer against some of the downward pressures from increased sell orders.


Further Roadblock On The Horizon


Besides the Coinbase report that has already signaled an impending correction for Bitcoin, legendary crypto trader, Perter Brandt has also recently shared a notable concern for the top crypto.


Brandt discloses that while he is “impressed” by Bitcoin’s upward trajectory so far, “the sequence of lower highs and lower lows continues despite the halving, despite the [exchange-traded fund] ETf, despite the hype.”


Bitcoin chart shared by Peter Brandt on X

This statement suggests a troubling trend for Bitcoin, indicating that instead of the asset having broken out of its current range, it has only continued to move in lower highs and lows.



Bitcoin trades for $66,447, a 3.9% rise from its previous lows of $63,229 in the past 24 hours.


Bitcoin (BTC) price chart on TradingView

Featured image created with DALL-E, Chart from TradingView


Source: Coinbase Analysts Warn: Bitcoin's Upward Trend Could Hit a Wall -- Here's Why
4
MATIC Targets $0.5030 As Bearish Pressure Halts Recent Uptrend

Recent trading activities have caused the price of MATIC to slide, targeting the $0.5030 mark, following a period of strong upward momentum disrupted by bearish pressure. This sudden drop, driven by increasing bearish sentiment in the market, has sparked speculation among traders and investors about whether the $0.5030 support level will hold or if further declines are imminent.


As the bearish sentiment around MATIC continues to build, this article seeks to analyze its current price movements and the technical indicators that suggest a sustained decline. The goal is to provide readers with a comprehensive understanding of MATIC’s potential future trajectory.


MATIC’s price was trading at approximately $0.511 and was down by 3.93% with a market capitalization of over $5 billion and a trading volume of over $250 million as of the time of writing. Its market capitalization and trading volume have decreased by 3.88% and 20.31% in the last 24 hours.


Market Overview: MATIC Recent Performance And Current Slide


On the 4-hour chart, MATIC shows an active bearish trend and is currently moving below the 100-day Simple Moving Average (SMA) toward the $0.5030 support level. It’s noteworthy that MATIC had previously attempted a bullish correction but was halted at $0.5673.


MATIC

The 4-hour Composite Trend Oscillator indicates that MATIC may continue its bearish movement toward the $0.5030 mark, as the signal line has crossed below the SMA of the indicator, with both lines currently attempting a move below the zero line.


On the 1-day chart, MATIC has experienced a three-day uninterrupted bearish move toward the $0.5030 support level, trading below the 100-day SMA. If this bearish momentum continues, the digital asset could drop below $0.5030, extending its downward trend.


MATIC

Finally, the 1-day composite trend oscillator indicates that MATIC’s price is likely to continue its current bearish trend, as the signal line is attempting to cross below the SMA of the indicator and move back into the oversold zone.


Future Outlook: Potential Scenarios For MATIC's Price Movement


MATIC's current price action suggests that the coin is on the verge of extending its bearish move, with $0.5030 as a crucial point to look out for. If the price reaches this level and breaks below, it could ignite a decline toward the $0.3132 support range. When this level is breached, the crypto asset may experience a further price decrease toward other lower levels.


However, should MATIC face rejection at the $0.5030 level, it may start to ascend again toward the $0.9488 resistance level. It could further experience additional price gains, potentially challenging the $1.096 mark and other higher levels if the $0.9488 resistance is breached.


MATIC

Source: MATIC Targets $0.5030 As Bearish Pressure Halts Recent Uptrend
5
ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What's Going On?

ETH derivatives volume suggests that Ethereum investors have little confidence in the Spot Ethereum ETFs, sparking a massive rally for the second-largest crypto token by market cap. This development comes amid the imminent launch of these funds, which are expected to begin trading next week


Ethereum Futures Premium Highlights Little Confidence In ETH's Price


According to data from Laevitas, Ethereum's fixed-month contracts annualized premium currently stands at 11%, suggesting that crypto traders aren't bullish enough on ETH's price. Further data from Laevitas shows that this indicator has yet to sustain levels above 12% this past month. 



This is surprising considering that the Spot Ethereum ETFs, which could launch next week, are expected to spark a price surge for Ethereum. Crypto analysts like Linda have predicted that ETH could rise to as high as $4,000 thanks to the inflows these Spot Ethereum ETFs could witness. 


However, crypto traders are not convinced that Ethereum’s reaching such heights is likely to happen, at least not soon enough. A plausible explanation for this lack of excessive bullishness is that Ethereum's price could continue to trade sideways for a while, thanks to the $110 million daily outflows that research firm Kaiko projected could flow from Grayscale's Spot Ethereum ETF. 


Moreover, this seems likely following the final S-1 filings by the Spot Ethereum ETF issuers, which showed that Grayscale has the highest fees. The asset manager plans to charge a management fee of 2.50%, while the highest fee among other Spot Ethereum ETF issuers is 0.25%.


Grayscale had done something similar with its Spot Bitcoin ETF, setting its management fee at 1.5%, while the other Spot Bitcoin ETF issuers had management fees ranging between 0.19% and 0.39%. That move is believed to have been one of the reasons why Grayscale's Bitcoin ETF witnessed significant outflows following the launch of the Spot Bitcoin ETFs. 


Making A Case For Ethereum's Inevitable Price Surge


Crypto analyst Leon Waidmann has made a bullish case for ETH's price and explained why Ethereum investors should be more bullish. He noted that the discount between Grayscale's Ethereum Trust (ETHE) and ETH's price has significantly narrowed since the Spot Ethereum ETFs were approved earlier in May. 



Ethereum

Waidmann stated that this has given ETHE investors ample time to exit their positions without significant discounts compared to Grayscale's Bitcoin Trust (GBTC). Another reason GBTC is believed to have experienced such outflows was because of investors who were taking profits from having invested in the trust at a discounted price to Bitcoin's spot price. 


However, unlike GBTC and other Spot Bitcoin ETFs, ETHE and other Spot Ethereum ETFs didn't start trading immediately after approval. Therefore, Waidmann believes that whoever intended to profit from the discount between ETHE and ETH's price must have already done so before now. As such, Grayscale's ETHE shouldn't witness the same amount of profit-taking as Grayscale's GBTC did after it began trading. 


Ethereum price chart from Tradingview.com

Source: ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What's Going On?
6
Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000?

Bitcoin is in an uptrend, but events in the daily chart show pockets of weakness. Though BTC is stagnant, analysts are upbeat, expecting prices to rise in the days to come.


Is Bitcoin Ready To Rip Higher: Analyst Says Bulls Are Eyeing $140,000


Taking to X, one analyst has picked out an unusual development: In the weekly chart, the Bitcoin Bollinger Bands (BB) is currently at their tightest level in history. Besides April 2016 and July 2023 events, the Bitcoin BB is tightening, forming a squeeze.



Since BB is a technical indicator used to gauge underlying volatility, what’s happening now should draw traders’ attention. Specifically, prices tend to explode within the next few sessions whenever BB forms a squeeze, compressing to what is now.


Bitcoin Bollinger Band squeeze | Source: @BittelJulien via X

However, traders should also know that the direction of breakout can be in either direction. In the past, Bitcoin prices rose higher. To illustrate, after the BB squeeze in July, the coin went on to fly in the coming months, breaking $70,000 by March before the coin rose to $73,800.


If the past guides, and indeed, prices explode at the end of this squeeze, the analyst predicts Bitcoin flying to $140,000 and even $190,000 in the next few months.


Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

 


The expansion would be a welcomed boost for bulls, considering that prices are now in what the analyst described as a “boring zone.”


Any uptick above $73,800 and all-time highs, pushing BTC to six-digit levels, would automatically be in the “banana zone.”


Spot BTC ETF Issuers On A Buying Spree, Donald Trump’s Endorsement


The confidence that Bitcoin will rip higher is also due to fundamental factors. Despite the current price lull after the refreshing surge earlier this week, spot Bitcoin ETF issuers are buying.


BlackRock is spearheading this buying spree. Records show that the asset manager bought over $1 billion of BTC in July.


BlackRock buying BTC rapidly | Source: @thomas_fahrer via X

On July 18, one observer noted that they bought 18,600 BTC, or $107 million worth of the coin, on behalf of their clients. According to SosoValue, as of July 19, BlackRock’s IBIT manages over $20 billion worth of BTC.



Moreover, adding fuel to the fire, it is speculated that if Donald Trump wins the United States presidency, his administration might consider BTC a strategic reserve. While this possibility is debatable for now, it highlights the growing interest from policymakers, which is a massive boost for crypto.


Source: Bitcoin Bollinger Bands Squeezing: Is BTC Ready For $140,000?
7
Barstool's Dave Portnoy Accepts Bitcoin From Kraken in Sponsorship Deal

Barstool's Dave Portnoy Accepts Bitcoin From Crypto Exchange Kraken in Sponsorship DealBarstool Sports founder Dave Portnoy has expressed his hesitation to buy bitcoin at its current price but is open to accepting the cryptocurrency as payment. He disclosed that he accepted bitcoin from crypto exchange Kraken as part of a sponsorship deal, highlighting his belief in the cryptocurrency. Dave Portnoy Embraces Bitcoin Payments Dave Portnoy, founder […]

Source: Barstool's Dave Portnoy Accepts Bitcoin From Kraken in Sponsorship Deal
8
Blockfi to Begin Interim Crypto Distributions via Coinbase This Month

Blockfi to Begin Interim Crypto Distributions via Coinbase This MonthCrypto lender Blockfi announced that it will begin interim crypto distributions via Coinbase this month. U.S. clients will receive notifications, while non-U.S. clients face regulatory restrictions. Blockfi, which filed for bankruptcy protection in November 2022, is now collaborating with Coinbase to maintain withdrawals and plan future distributions, including those recovered from FTX. Blockfi to Begin […]

Source: Blockfi to Begin Interim Crypto Distributions via Coinbase This Month
9
Basel Committee Gives Permissioned Stablecoins 'Preferential Treatment' in Amended Crypto Asset Standard Amidst Heavy Criticism

Basel Committee Gives Permissioned Stablecoins 'Preferential Treatment' in Finalized Crypto Asset Standard Amidst Heavy CriticismThe Basel Committee, responsible for setting standards for bank regulation, has revised its crypto asset standard, introducing new considerations that impact stablecoins. The updated standard favors permissioned stablecoins, such as JPM Coin, over those issued on public chains. This has elicited criticism from figures in the crypto community, who accuse the committee of attempting to […]

Source: Basel Committee Gives Permissioned Stablecoins 'Preferential Treatment' in Amended Crypto Asset Standard Amidst Heavy Criticism
10
Momint Secures Grant from Dfinity Foundation for Global Blockchain Expansion

Momint, a Web3 startup, is poised for global expansion after securing a $50,000 grant from the Dfinity Foundation. This Swiss non-profit organization, known for its blockchain R&D, awarded the grant through the Internet Computer Protocol (ICP) Hub of Southern Africa. Momint plans to integrate ICP blockchain technology into its operations, enhancing its global reach and […]

Source: Momint Secures Grant from Dfinity Foundation for Global Blockchain Expansion
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