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XRP is in trouble
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Did Caitlyn Jenner enter crypto because of Trump and MAGA?
Key points:
The Olympian shared a video alongside her manager to prove that she supported the memecoin launch.
MAGA, the token deployed in support of Donald Trump’s presidential ambition hit a $200 million market cap.
News - American media personality Caitlyn Jenner took the crypto community by surprise after her X account promoted a memecoin named after her.
This development threw market participants into confusion, with some asking if Jenner deployed the token or if she was hacked.
“It’s not fake,'“ Jenner says - In response to the speculation, Jenner’s X (formerly Twitter) handle shared a video, saying she was responsible for the launch of the JENNER token. Sophia Hutchinson, her manager, also appeared in the video, reiterating that her team was involved with the memecoin.
Later on, Jenner hosted an X Space to serve as proof for her earlier statement. Despite that, there were arguments that all the evidence was a deep fake. Still, no one from the former Olympian’s team has come out to debunk the action.
Is it the Trump effect? Furthermore, it was interesting to note that the development came after U.S. Presidential candidate Donald Trump publicly declared support for the crypto market last week, especially as the industry has faced challenges with regulators in the country.
As a result, a lot of memecoins in honor of Trump were launched on Solana. Another one named after Trump’s motto— Make America Great Again (MAGA)was also launched on Ethereum.
MAGA pumps, so does JENNER - To add spice to the meal, Jenner’s post also added her picture with Trump to buttress the point, that she was in support of crypto and the candidate. As of this writing, JENNER’s market cap had surged to $186 million while MAGA was able to hit $200 million.
Dogecoin to spike 7x? Indicators place ‘possibility above doubt’
Key points:
Data showed that DOGE could repeat its 2021 rally this cycle.
Increasing circulation of money on the network supported the prediction.
News - Mags, a pseudonymous analyst on X, posted that Dogecoin’s (DOGE) price could increase seven-fold before the end of the bull market. According to him, this prediction implies that DOGE could trade above $1.
However, Mags backed his forecast by sharing a chart that showed that DOGE was at a close spot that triggered the parabolic uptrend in 2021.
Is DOGE ready - To assess this possibility, AMBCrypto looked at on-chain data. For instance, the velocity increased. This metric tracks how fast money is circulating in the crypto economy.
Therefore the increase implied that there was a lot of liquidity allocated to DOGE. If sustained, the price of the token might head toward new highs.
A rise past $1 is possible - In addition, A look at the Market Value to Realized Value (MVRV) ratio showed that the reading increased. This metric shows how profitable holders of a cryptocurrency are. It can also indicate if a coin is undervalued or overvalued when compared to its fair value.
Therefore the increase implied that a lot of DOGE holders were in profit. However, one thing AMBCrypto noticed was that the ratio was still less than the peak of the 2021 bull run. Thus, Dogecoin’s price prediction above $1 might be not plausible.
XRP whale dumps token, leaves price prediction in SEC’s hands
Key points:
XRP faced a large exchange inflow, suggesting that the price could drop below $0.53.
The outcome of the motion filed by the SEC could determine XRP’s fate in the short term.
News - On the 26th of May, a whale transferred 31.80 million XRP, valued at $16.87 million to the Bitstamp exchange.
What does this mean for the token? A transaction like this could put XRP at risk of a decline. This is because large volumes going into exchanges suggest that the participants involved could be willing to sell.
If the sale goes through, XRP’s price could be left with no option but to fall. As of this writing, the price of the token was $0.53— a 3.27% increase in the last seven days.
No one is bullish on XRP - With the recent transaction, the price could decline to the $0.50 support unless a new wave of buying pressure comes in. Furthermore, on-chain data showed that the sentiment around the token was negative.
As such demand could be deficient. Furthermore, the volume around the cryptocurrency dropped, reinforcing the notion of declining interest in XRP.
The lawsuit remains a problem - An in-depth assessment of happenings around the project revealed that Ripple’s long-standing case with the U.S SEC could be one of the reasons more tokens flowed into exchanges.
The last heard of the case was the opposing motion the SEC filed against Ripple to seal key documents vital to the case. Soon, Judge Analisa Torres would rule on the motion. If she aligns with the regulator, XRP’s price might tumble. But a win for Ripple in this case could push the price toward $0.55.
Is BNB’s price set to cross $700? Data predicts…
Key points:
Rising social dominance indicated potential demand for BNB.
Buyers were aggressive, suggesting that the price could rise above $700.
News - BNB’s price could be set to hit $738 within the next two weeks, AMBCrypto’s analysis found. However, traders in the derivatives market shared a similar thought as many of them were betting on the coin to surpass its all-time high.
Post-airdrop scenario - For the past few weeks, BNB has gotten close to $690 which was its ATH in 2021. But every time, it nears that point, bears push the price back.
However, the coin seemed to be seeing an increase in attention. This was indicated by the rise in social dominance. In most cases, an increase in this metric foreshadows demand that could lead to higher prices.
Apart from that, the net position indicator showed that the number of long positions in the market outweighed shorts. This means that there were more traders with the sentiment that BNB’s price would increase than those expecting a correction.
Sustaining these positions could do a lot of good for BNB. As long as buyers remain aggressive, the price of the token might be able to surpass $700 in the short term.
However, holders of the cryptocurrency might need to watch out for the broader market condition. If the wider sentiment gets bearish, the prediction could be invalidated. If not, BNB might hit a new high before the start of the third quarter.
More stories from the crypto ecosystem
Did you know?
As of 2021, German-born programmer Stefan Thomas could not guess the correct password to the wallet where he held 7002 BTC. At that time, the asset was worth over $220 million. The programmer had earned the coin after creating a video explaining what Bitcoin is while he was living in Switzerland. At the time of the report, he was left with two guesses unless the wallet would never be accessible.
Mike Winkelman sold the “Everydays: The First 5,000 Days” NFT for an incredible $69 million in 2021. This sale was one of the reasons the NFT market went mainstream in the same year. Winkelman, whose nickname is Beelpe, created the NFT by compiling 5,000 out of his digital artwork together.
June 2022 was a black month for the crypto market as several firms went bankrupt within a few weeks. First, crypto lender Celsius froze users’ accounts. Five days later, Babel Finance, another lender suspended withdrawals, citing liquidity issues. Before the end of the month, hedgefund Three Arrows Capital (3AC) defaulted on its loan payments. All these events caused prices to crash as market conditions hit extremely bearish levels.
Top 3 coins of the day
Pepe (PEPE)
Key points:
PEPE went against the broader market trend and rallied to a new all-time high.
Increasing upward momentum could send the price closer to $0.00020.
What you should know - With a 77.99% increase in the last seven days, PEPE’s price hit an all-time high of $0.0000168. The price increase could be linked to the rising demand the memecoin had on the 20th of May. During that period, the token had decreased to $0.0000091. However, bulls took advantage of the selling pressure as indicated on the daily timeframe. As. result, PEPE drove past the $0.000010 resistance. As of this writing, the Awesome Oscillator (AO) was positive, suggesting that bullish momentum might continue in the short term.
Ethereum (ETH)
Key points:
Postive investor sentiment, driven by external developments, triggered an incredible price increase for ETH.
Buyers outpaced sellers, indicating that the value could soon cross $4,000.
What you should know - ETH broke out of its descending channel after rumors emerged that the U.S. SEC would approve all spot ETFs. The result of the speculation was a break above the $3,278 resistance. At the time of writing, ETH changed hands at $3,916. However, the Moving Average Convergence Divergence (MACD) indicated that the upside has not ended as the reading was positive. Considering this positive momentum, the price of ETH could be ready to key into the $4,086 resistance anytime soon.
Chiliz (CHZ)
Key points:
Chiliz’s move from $0.11 and $0.14 was unexpected but backed by technical data.
The bullish crossover suggested that CHZ’s price could rise to $0.15
What you should know - CHZ made a surprise move from $0.11 to $0.14 between the 26th and 27th of May, sparking speculation that the token could be set for a big run. An indicator backing this prediction was the Exponential Moving Average (EMA).
On the 4-hour CHZ/USD chart, the 20 EMA (blue) had crossed above the 50 EMA (yellow). This is termed a golden cross, and it indicates a bullish signal. In addition, CHZ’s price was above both EMAs, suggesting that the token’s value could go higher. From a bullish perspective, CHZ could increase to $0.15. However, invalidation of the prediction could send the token back to $0.12.
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