132 days ago
A strong outlier in the current market situation, Monero (XMR) moves against the broader downturn that plagues the market. According to CoinGecko, Monero gained nearly 13% since last week, putting the coin under the spotlight as one of the strongest gainers within the bear market. Related Reading: RENDER Flashes Red With 18% Short-Term Loss – Details Monero’s simplicity lends itself to its focus on privacy and reliability, providing great value for both investors and users of the platform. This led to Monero’s semi-autonomous price movement which might continue despite the market’s bearish nature. Monero Utilization Jumps On CoinCards CoinCards, a gift card vendor, recently released some statistics about cryptocurrency use on its platform. According to the platform, Monero has the monopoly beating Bitcoin in utilization. This huge utilization is due to Monero’s simplicity and utility, garnering the attention of analysts on X. Although the market is overwhelmingly bearish, analysts show bullishness with predictions about XMR’s future performance. “While everything else looks like pre-death, the privacy coin is making higher lows and higher highs. Complete decoupling from the market,” said Crypto Van Der Linde, a cryptanalyst on the X platform. Although Binance and Kraken have delisted XMR for their customers, the token still has a large user base that is mostly concerned with their privacy. With more individuals considering privacy to be a core issue, we might see cryptocurrency users using XMR despite its downsides of slow transaction times. Rally Turns Sluggish As of writing, Monero is well between the $170-$174 trading range giving the bulls a great position for more upside potential. However, the market’s bearishness has bled through to XMR’s market, slowing down gains in the long term. XMR’s less-than-significant correlation with Bitcoin makes the coin more attractive to investors scouring the market for profit-generating cryptocurrencies within the bearish market. The relative strength index (RSI) shows that although the coin has bullish momentum, XMR bulls are nearing exhaustion in the short term. Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible? The coin’s trading range is pretty weak as the bears are gathering momentum to cancel out short-term gains. Long-term, however, it seems that XMR bulls will rest and gather momentum before another attempt to regain lost ground. As it currently stands, XMR eyes a breakthrough on $190 in the short term, providing a support level for the bulls to prepare for a strong upward movement. After this movement, investors and traders can target $200 in the long term. However, if XMR succumbs to the bearish momentum within the market, the coin might retrace back to $164 with more possible losses in the short term. Featured image from Chainalysis, chart from TradingView
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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Will XRP hit $3 this week?
XRP is having a red-hot run over the last 24 hours as the token continues to break critical resistance levels, potentially targeting the $3 mark. At press time, XRP was trading at $2.83, a gain of almost 10% in the past day. In the weekly timeframe, the token has surged by over 20%. This short-term momentum has been characterized by significant buying interest, pushing the market cap to $163 billion—an increase of nearly $20 billion in the last 24 hours. XRP seven-day price chart. Source: Finbold XRP’s path to $3 The current rally can be tied to several factors, with regulatory developments appearing to play a significant role. For instance, XRP is gaining momentum ahead of Gary Gensler’s exit from the SEC. Notably, the regulator has long been viewed as a barrier to cryptocurrency sector growth, and the XRP community, in particular, has been at odds with Gensler following the SEC’s lawsuit against Ripple. Additionally, Sean Dawson, head of research at the on-chain protocol Derive, believes the ongoing rally could be linked to the possibility of an XRP exchange-traded fund ( ETF ) being listed later this year. The general cryptocurrency market sentiment remains bullish , bolstered by Donald Trump’s upcoming inauguration. Trump is expected to sign executive orders on crypto on his first day in office, potentially a bullish development for XRP. With these fundamentals in play, one lingering question is whether XRP can reclaim the $3 level, viewed as a major juncture toward triggering the asset’s next record high. To this end, XRP’s technical setup supports the possibility of the asset hitting $3 in the coming days. One outlook was shared by pseudonymous X analyst LordOfAlts , who noted that XRP is breaking out of a descending parallel channel, signaling a bullish shift after weeks of consolidation. The breakout, marked by sustained higher lows, has strong momentum, pushing the Ripple token toward the $3 target. XRP price analysis chart. Source: LordOfAlts Cryptocurrency trading expert MikybullCrypto also opined that XRP could aim for a new record high after breaking key Fibonacci levels. The expert projects $3.25 (at the 1.272 Fib extension) as the next target, supported by strong bases at $2.24 (the 0.382 Fib) and $2.47 (0.618 Fib). XRP price analysis chart. Source: MikybullCrypto XRP’s whale transactions impact Meanwhile, whale activity seems to be driving momentum, and the sustainability of this transaction might be central to XRP hitting $3. In this line, data shared by prominent on-chain analyst Ali Martinez on January 15 shows 341 transactions exceeding $1 million in the past 24 hours. XRP whale transactions. Source: Santiment/Ali_charts At the same time, previous Finbold reports shared analysts’ predictions of higher XRP targets in the coming days. For instance, The Great Mattsby forecasts XRP is “just days” away from an all-time high breakout, while World of Charts predicts XRP could hit $4 in the “next couple of days.” On a more ambitious note, technical analyst Gert van Lagen speculates that if XRP replicates its 2017-2018 cycle performance, the token’s next target could be as high as $100 . Overall, XRP’s short-term structure looks strong. The price is well above its 50-day simple moving average ( SMA ) of $2.25 and 200-day SMA of $1.00, signaling bullish momentum. However, risks of a pullback remain. The 14-day relative strength index ( RSI ) at 65.41 is nearing overbought levels, while a Fear & Greed Index of 70 (Greed) suggests optimism may wane. Volatility at 5.83% also leaves XRP vulnerable to sharp price swings. Featured image via Shutterstock The post Will XRP hit $3 this week? appeared first on Finbold . NewsBTC
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