TL;DR

• XRP rose above $0.80, driven by expectations of regulatory changes at the helm of the US SEC.
• While analysts predict further gains for the asset, the RSI index suggests a short-term correction could be on the horizon.

Turning Into a Top Performer

Despite its retreat in the past 24 hours, the cryptocurrency market has been booming since Donald Trump’s victory in the US presidential elections (held on November 5). Initially, Ripple’s XRP lagged behind the other leading assets in terms of gains. However, it stands as the best-performing one from the top 20 club today.

Several hours ago, XRP’s price pumped to $0.83, a level last observed in the summer of 2023. Currently, it trades at around $0.80 (per CoinGecko’s data), representing a 14% increase on a daily scale. 

Perhaps the most apparent reason fueling the rally is the increased speculation that the Chairman of the US SEC – Gary Gensler – could soon vacate his post.

During his tenure, the agency has filed countless lawsuits against crypto businesses, and the community expects a different approach from the new potential leader. In any case, Gensler’s days in charge of the Commission seem numbered since Trump promised to fire him once assuming office. 

According to multiple market observers, XRP is poised for much more impressive gains in the near future. X user Mikybull Crypto claimed the asset’s valuation made a breakout on “the three-year downtrend,” suggesting that a “massive rally” is just around the corner. 

JAVON MARKS chipped in, too. The strategist envisioned a triple-digit spike to $3.30 based on XRP’s performance in the past. 

Another pundit who recently outlined bullish forecasts is Cryptoinsightuk. The analyst thinks XRP can mirror the solid performance of DOGE and soar above $1:

“I honestly feel a clean break of $0.66, and we send it $1+. Probably find resistance around $1.28.”

Possible Pullback on the Way?

Despite the overall optimism among industry participants, the XRP Relative Strength Index (RSI) hints at an incoming correction. The technical analysis tool monitors the speed and change of price movements, ranging from 0 to 100. 

Ratios above 70 signal that the asset has entered an overbought territory, meaning it might head south in the short term. Conversely, readings below 30 are viewed as a buying opportunity.

Currently, the RSI is set at approximately 71.

[PRESS RELEASE – George Town, Cayman Islands, November 15th, 2024]

Prosper, a decentralized protocol bridging institutional-grade Bitcoin mining power on-chain and aiming to unlock the potential of Bitcoin through liquidity farming, today announced that it has entered into a long-term hosting service agreement with BITMAIN, the world’s leading manufacturer of digital currency mining servers through its brand Antminer.

Under the agreement, BITMAIN and its affiliates will provide hosting services for Prosper’s foundation-owned Bitcoin miners, bringing high-quality operational standards for $PROS token holders. The first batch of hashrate under this agreement is expected to come online throughout November via Antpool’s mining pool platform and accessible via Prosper’s v1 web app.

Earlier this quarter, Prosper announced a pivot in its strategic direction to focus on Bitcoin mining and unlock Bitcoin’s potential in liquidity farming. Prosper has entered into an agreement with BITMAIN to enhance execution quality for its miners and $PROS token holders. This also highlights Prosper’s value proposition as the only Web3 Bitcoin mining project that has secured multiple top-notch industry players as key service providers.

About BITMAIN

Since its foundation in 2013, BITMAIN is the world’s leading manufacturer of digital currency mining servers through its brand ANTMINER, which has long maintained a global market share and leading position in technology, serving customers across over 100 countries and regions. The company’s R&D center is situated in Singapore, and it has multiple branches and subsidiaries across the globe, including but not limited to Hong Kong, the United States, Malaysia, and the United Arab Emirates.

About Prosper

Prosper is a decentralized protocol for a community that truly believes in Bitcoin, providing full exposure across Bitcoin’s value layers through bridging institutional-grade Bitcoin mining power on-chain, and unlocking the potential of Bitcoin through liquidity farming. For more information, users can visit prosper-fi.com or follow us on X (formerly Twitter).

It was somewhat inevitable that bitcoin will eventually retrace after it skyrocketed by more than $25,000 in about a week to tap a fresh all-time high of $93,800 on Wednesday.

Here are some of the potential reasons why the asset tumbled from $92,000 on Thursday to under $87,000 on Friday morning.

Miners, Whales Selling

The first most probable reason is actually two-fold and is related to sell-offs by some of the most important pieces of the BTC puzzle. Data from Lookonchain shows that whales have deposited large amounts of bitcoin to centralized exchanges in the past few days, likely to realize some profits after the mindblowing rally propelled by Donald Trump’s victory in the 24 US presidential elections.

A whale deposited 1,920 $BTC($169M) to #Binance 1 hour ago.

The whale has deposited a total of 4,060 $BTC($361M) to #Binance in the past 3 days.https://t.co/8D2y9MbfFn pic.twitter.com/6NlWDPKoVx

— Lookonchain (@lookonchain) November 15, 2024

The second part of the sales reasoning comes from miners. CryptoPotato reported earlier this week that some miners had started to dispose of their BTC but it wasn’t all that worysome at the time. However, more recent data from CryptoQuant indicated that they have continued to do so.

In fact, even a Satoshi-era miner started moving bitcoins mined nearly 15 years ago, with some of them sent to exchanges for possibly the same reason as the whale above.

Miners continue to sell.
This time a miner from the Satoshi era moved 2K Bitcoin.

The coins were mined in 2010 and had never moved.
Some of these Bitcoin ended up on exchanges. pic.twitter.com/I1Tlnq4FoY

— Julio Moreno (@jjcmoreno) November 15, 2024

ETF Outflows

After it became known that Trump will be the next US president, investors started pouring substantial amounts into the spot Bitcoin ETFs. Almost $5 billion entered the funds within just six trading days. However, the high volumes suggested that BTC’s price might have reached its local top, at least according to historical performances.

The trend reversed yesterday. Farside’s database shows that just over $400 million was withdrawn from the US-based ETFs, which is actually the third biggest net outflow day since the funds’ inception in January.

The first spot in this adverse stat belongs to May 1, with $563.7 million withdrawn. Second place goes to the day before the elections – November 4, with $541.1 million. Interestingly, both these dates turned out to be local price bottoms for BTC as the asset skyrocketed in the following weeks.

That concludes the second (full) reason. The third is a combination of several factors, which indicated that BTC had become overbought, including the RSI, MVRV, and the growing FOMO levels.

Despite being 17% up on the week still, BTC remains away from its $100,000 target and the community hopes that things will be different this time, compared to the laser eye movement from 2021.