Bitcoin Traders Brace for These 4 Key Macro Events This Week
Here are the four major events likely to matter the most for BTC and the broader crypto market for the week ahead.
A stretch or a based projection? One of market’s most-seasoned analysts unfold a $5.40 target for XRP. Continue reading at DailyCoin.
Peter Brandt, a popular crypto & stock market analyst, just published a jaw-dropping XRP price prediction. Measuring XRP’s price movement in monthly bars, the seasoned chart analyst said: “This is my long-term chart of XRP. It implies an eventual advance to $5.40”. That implies an estimated 265% upswing from the current XRP value. Vet Trader Explains Rationale Behind $5.40 XRP Mr. Brandt also went on to note that an XRP price chart analysis on X doesn’t stand as “proof” it will happen and asserted it’s not a trading recommendation. The long consolidation structure provided by Peter Brandt shows XRP’s descending resistance from the 2018 highs and the gradually rising demand-driven support level from the 2020 lows. https://twitter.com/PeterLBrandt/status/2102136739313684580 The OG altcoin’s recent 8.22% rise has drawn notably attention from crypto whales. According to Ali Martinez’s estimates, big-time investors acquired $2 billion worth of XRP during the three-day period. Luckily, there may still be room to run: the UTXO Realized Price Distribution (URPD) metric indicates small resistance all the way up to $1.60. One More Road To Cross Before $2 Restoration.. Clearing this, the next resistance bubble lies at $1.86, where crypto bulls would gather new strengths for an eventual $2 reclaim. Going further, the $2.19 to $2.29 support cluster becomes one of the strongest potential XRP price tests on the way to the all-time high retest of $3.65 or Peter Brandt’s aforementioned $5.40 XRP price target. Presently trading at roughly $1.53, XRP’s magnificent figures on Spot crypto markets this Tuesday have boosted the 24-hour volume beyond $6.15 billion, a new monthly high. High demand on Spot markets lower the chances of a ‘bull trap’ or a ‘fake-out’, when the gains quickly evaporate. Derivatives have also been busy. How Derivatives Dictate XRP’s Near-Term Direction The 24-hour trading volumes have risen by more than 49% to reach $7.92 billion, CoinGlass data says. The renewed demand saw Options traders piquing their interest in XRP positions with exact expiration dates, pushing the Options volume up by 97.08%. The trades with expiry are done on stock exchanges. Meanwhile, the overall Open Interest (OI) is approaching $3.80 billion, allowing the OI-weighted funding rate to collect a bigger bias towards long XRP price positions. Typically, the higher the OI funding rate, the more favorable the setup is for XRP’s bulls in the near-term, as short-sellers pay for fresh long positions. Delve into DailyCoin’s popular crypto news today:Bitcoin Price Hits $85.4K as Short Liquidations Surge – How High Can BTC Go?The CLARITY Vote Excuse Doesn’t Sit Right With Schwartz
Here are the four major events likely to matter the most for BTC and the broader crypto market for the week ahead.
Here are the four major events likely to matter the most for BTC and the broader crypto market for the week ahead.
Bitcoin is about to get a major bullish signal it hasn't had in over a year CoinDesk
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