Connect with us
  • tg

Cryptocurrency

Here’s Why XRP Is Down Over 4% as New Crypto ICO Raises $10M

letizo News

Published

on

XRP (XRP) has fallen over 4% since yesterday, with the token now trading around the $0.50 level.

This drop aligns with the bearish sentiment towards XRP, which has been the narrative for several weeks.

However, some crypto traders are shifting their attention to the hugely anticipated ICO launch of Bitcoin Minetrix (BTCMTX) – an Ethereum-based project that promises groundbreaking crypto mining innovations.

XRP Falls to Major Support Level as Selling Pressure Mounts

XRP is now down 27% since December’s high of $0.70, with the token at its lowest level in three months.

On the daily chart, XRP has been posting clear lower highs and lower lows, representative of a strong downtrend.

A key catalyst for XRP’s 4% drop in the past 24 hours is the token’s rejection of the minor resistance level at $0.53.

XRP had struggled around this level since Friday, testing it several times before eventually capitulating.

Given its psychological importance, holders will now be watching the $0.50 level closely.

XRP hasn’t closed below $0.50 since October – and if the token were to drop below this level, it could open the door for a steeper decline towards $0.47.

Notably, CoinMarketCap data shows that spot trading volume for XRP is actually up a whopping 94% in the past day.

This could be because short-term traders are looking to capitalize on the bearish pressure and take intra-day positions.

Whale Selling & Regulatory Woes Deepen XRP’s Bearish Outlook

Adding to the negative sentiment around XRP is the growing concerns about increased selling activity from “crypto whales.”

Data shows a noticeable decrease in reserves held by wallets with 100 million to 1 billion XRP tokens, alongside increased holdings by entities above 1 billion tokens – likely to be crypto exchanges.

This suggests that high-net-worth investors may be looking to offload their XRP holdings, usually viewed as a bearish signal.

Moreover, market pundits see little chance of a spot XRP ETF being approved anytime soon, given the ongoing SEC lawsuit.

Without an ETF to drive fresh institutional demand, XRP will likely continue underperforming relative to Bitcoin and Ethereum.

For this reason, retail investors have been selling off their holdings this week – and there doesn’t look to be any buying interest to absorb this pressure.

Trending Bitcoin Minetrix Defies Market Gloom & Nears $10m Funding Milestone

As negative sentiment swirls around XRP, some traders are shifting their attention to more promising opportunities in the market.

One new token that has generated enormous buzz is Bitcoin Minetrix (BTCMTX), currently in its presale phase.

Bitcoin Minetrix offers a groundbreaking “Stake-to-Mine” platform that allows holders to earn BTC rewards just for owning and staking the native BTCMTX token.

Built on Ethereum, Bitcoin Minetrix essentially offers two potential passive income streams for token holders.

At the time of writing, staking yields for BTCMTX are set at 67% per year – far higher than the industry average.

Over 625 million BTCMTX tokens have been staked already, showcasing the enormous interest from crypto investors worldwide.

This interest has also led to more than $9.9 million in presale funding being raised in just four months.

Once Bitcoin Minetrix’s presale ends, the development team plans to list BTCMTX on several exchanges to provide broader access to the token.

Given the uniqueness of the Stake-to-Mine protocol, many early community members believe there could be a wave of demand for BTCMTX tokens.

YouTuber Jacob Bury even described it as “the best crypto to buy now.”

While XRP struggles and looks headed for further downside, Bitcoin Minetrix could be a viable alternative for investors seeking innovative projects with solid use cases.

Visit Bitcoin Minetrix Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Cryptocurrency

Analyst: Skip Bitcoin FOMO, Altcoins Offer Better Gains Now

letizo News

Published

on

Bitcoin (BTC) has sent the crypto community into delirium, hitting a new all-time high (ATH) of almost $119,000 after brief stops around $113,000 and $116,000.

However, despite the excitement, prominent analyst CrediBULL Crypto has cautioned traders not to chase the rally blindly, suggesting that the real opportunity lies in altcoins, not Bitcoin.

Why BTC FOMO Could Be Costly

With BTC currently over 650% above its ideal accumulation zone, CrediBULL posted a stark warning on X:

“The big opportunity for gains is on ALTS even if Bitcoin is the one that is ‘leading’ this move.”

He added that anyone buying the asset at this particular point should only do so for an active trade with a clear setup.

“If you can’t identify a trade setup then there is no reason to buy Bitcoin at these levels as there are much better opportunities in alts from a R/R perspective at current levels.”

His comments echoed a broader sentiment emerging from key market voices, including former BitMEX CEO Arthur Hayes and YouTuber Crypto Rover, who likened the current market cycle to November 2024, when a major altcoin rally followed Bitcoin’s price surge.

In a recent tweet, Hayes said he had reversed his previously bearish stance, citing Bitcoin’s strong breakout and the rising dominance of Ethereum (ETH).

“Get ready for a monster alt szn,” he wrote, signaling increased institutional confidence. The crypto entrepreneur also reported that his Maelstrom Fund is ramping up altcoin exposure amid expectations of favorable political and macroeconomic shifts.

Observers have described the flagship cryptocurrency’s latest move as structurally different from past bull cycles. According to CryptoQuant, it isn’t driven by speculative angst, but rather by strategic accumulation and restrained selling activity.

Additionally, metrics like the MVRV ratio, currently 2.2 vs. over 2.7 in previous tops, SOPR, and MPI all hint at a sustainable rally with long-term potential. The drop in exchange balances, down over 21% in four months, also suggests that holders are in no rush to exit their positions.

Altcoins on the Mend

However, even with BTC in price discovery mode, Ethereum and several other altcoins are beginning to outshine it in percentage gains. ETH, for instance, is up by more than 18% in the last seven days, beating Bitcoin’s 8.9% rise in the same period. It has also reclaimed the $3,000 level and is setting its sights on $3,350–$3,500.

Meanwhile, Cardano (ADA) has pumped 23.7% across the week, reclaiming critical support at $0.64 and eyeing a return to $1. Hyperliquid (HYPE) is up nearly 19%, having set a new all-time high at $46.25, and is now targeting the $50 psychological threshold.

Even Solana (SOL) is catching a bid, with prices climbing above $164 and showing potential for a rally beyond $180.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

XRP Breaks Free With Double-Digit Gains — Flips USDT in Market Shake-Up

letizo News

Published

on

TL;DR

  • The consolidation phase for many altcoins, including XRP, seems to be over, and Ripple’s native token is on the run again toward $3.
  • On its way up, it managed to surpass USDT in terms of market cap and is now back in the third spot after months of hiatus.
XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

The graph above clearly demonstrates the price stagnation XRP had to endure for the past month or so. Its upper boundary was at around $2.6, while it also tested the lower one at $1.9 during the darkest hours of the war between Israel and Iran.

Nevertheless, each attempt met immediate rejections, and the cryptocurrency was pushed south to a tight range between $2.2 and $2.3. However, there were multiple signs that the consolidation could be coming to an end, and one analyst even warned that most traders will miss the breakout.

Such a price surge indeed started to materialize in the past few days, and especially today. XRP has been among the top performers on a daily scale, having surged by 20% at one point and coming close to $3 on most exchanges.

Although it was stopped there and now sits just under $2.8, it’s still up by over 12% since yesterday. Its market cap has spiked above $160 billion for the first time in months, and XRP has now become the third-largest cryptocurrency, by overtaking Tether’s USDT.

The move north was quickly picked up by the XRP Army, many of whom praised the asset’s performance and provided some bullish (and outrageous) predictions.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

letizo News

Published

on

BitMEX co-founder Arthur Hayes has decisively flipped bullish and even announced that Maelstrom Fund is “backing up the truck.” The exec’s comments came as Bitcoin (BTC) broke through its all-time high above $118K on strong volume.

He also revealed that Ethereum (ETH) began to follow with potential outperformance, and markets began pricing in a Trump administration’s readiness to ease trade tensions.

From Bearish to Bullish

This pivot follows Hayes’ prior cautious stance, which was rooted in concerns about a Treasury General Account (TGA) refill draining liquidity.

In his previous essay, Hayes explained that the US Treasury Secretary, whom he calls “The Big Bessent Cock (BBC),” faces an impossible task: funding ballooning deficits without causing a bond market revolt. To manage this, the government is turning to innovative liquidity engineering, including stablecoin adoption by “too big to fail” (TBTF) banks, which could unlock up to $6.8 trillion in T-bill buying power.

Hayes also noted that if the Fed stops paying interest on reserves, it could unleash another $3.3 trillion, bringing the total potential liquidity injection to $10.1 trillion.

He argued this approach was the modern replacement for QE, by maintaining equity markets and crypto afloat despite the Fed’s tightening posture. The exec warned that the TGA refill could briefly interrupt crypto’s bull momentum.

Despite this, Bitcoin’s resilience in busting through resistance while Ethereum appears to be positioning for a “monster alt season.”

“Frontloading Ahead of Trump Tariffs”

Adding to this backdrop, QCP Capital, in its latest analysis, also identified frontloading ahead of potential Trump tariffs as a key macro driver. Manufacturers are accelerating imports and production to preempt implementation, which has led to increased trade and manufacturing credit and improved liquidity conditions.

The firm views the current environment as supportive for continued crypto upside, with steady ETF inflows and strong structural demand boosting momentum.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved