Ripple’s XRP has seen an unexpected 25% jump in a week, briefly reaching its three-month peak at $0.57 at the end of last week’s trading period. Analysts believe that this could mark the beginning of a strong upward movement supported by historical trends. According to cryptocurrency news predictions, this surge in XRP indicates potential continued growth in the cryptocurrency market.
Cryptocurrency The markets are once again going through a consolidation phase as the bulls are encountering strong resistance. The bulls, which are the main driving force, are showing some vulnerabilities, indicated by weak spots that could delay the market’s uptrend. Solana, which is often used as a benchmark, is facing the unusual problem of rejecting crucial resistance levels. This has confirmed the bearish outlook, although a healthy position of buyers could counter this trend.
Today's cryptocurrency news predictions: Solana's price has increased by about 2.2% and the entire market has also experienced an uptrend. Many financial analysts see this as a positive thing; one analyst, for example, predicted a possible new record with a 450% increase, a forecast supported by the current uptrend.
bitcoin (btc) managed to establish a close above the daily resistance price of $64,900, while ethereum (eth) and Ripple (XRP) managed to further surpass their resistance levels to launch an uptrend.
Cryptocurrencies and the US presidential race
Moreover, with the 2024 election season just around the corner, cryptocurrencies are attracting the attention of politicians. In May, the House of Representatives passed the Financial technology and Innovation for the 21st Century Act; 279 voted in favor and 136 against. Republicans unanimously pushed the bill forward, and 71 House Democrats, including former House Speaker Nancy Pelosi, voted in favor. If it becomes law, developers will be given a checklist to be included in the digital asset business registry.
XRP crypto News Predictions: A Rising Bull?
XRP has taken the cryptocurrency world by storm, rising nearly 40% to around 60 cents. The rumor that Ripple Labs might settle its standoff with US regulators has fueled this boom. Along with bitcoin, the entire cryptocurrency market has also benefited from this optimism, fueled by the idea of a Donald Trump midterm presidency and a more crypto-friendly government.
Recently, XRP has seen a relative pullback in the trading sessions, taking it down to a psychological support of $0.5724. This correction, which is interpreted as a correction to the recent sell-off of the crypto-asset, has captivated traders and investors alike with ideas spreading on whether the bulls can hold on to the $0.5724 level.
XRP transaction volume and all major trades globally have increased dramatically. This is a direct result of whale transfers and conflicts sparking speculations about the Ripple vs. SEC lawsuit. On July 9, there were some major transfers totaling 237 million XRP and as a result, the price rose from the 44 cent mark to almost 60 cents, representing an increase of 36,364%.
Moreover, the most important lower support is reached at $0.5850 and the trend line. In case there is a drop and the price ends below the $0.5850 level, there is a possibility that the price will continue its decline as it moves towards the $0.550 support zone in the near term.
<img decoding="async" class="aligncenter wp-image-314275 size-publisher-lg" style="aspect-ratio:750/430" data-class="LazyLoad" src="https://technicalterrence.com/wp-content/uploads/2024/07/Cryptocurrency-News-Predictions-XRP-Up-25-Weekly.webp.webp" alt="XRP crypto News Predictions: A Rising Bull?” width=”750″ height=”430″/>
Solana Cryptocurrency News Predictions
Solana is likely to hit the next major resistance level at around $173. However, the current price zone is also the same as the past consolidation range, which could act as a resistance level.
Following a strong bullish trend of late, Solana has been steadily rising and is now on the verge of breaking through a couple of important resistances. Market sentiment has improved, as evidenced by the rising 50-day moving average.
Adding 12% to its value in the past week, Solana price has increased by over 7.21% this week compared to last week, which is better than the retracement level which was at 61.80%.
The eth/SOL price, for example, is at a decision point. This pair is in a downtrend below the 50-day and 200-day simple moving averages (SMA) and is also at the resistance trendline of the descending channel. Consequently, if Solana breaks out against eth, the latter could drop by 11.6% compared to the former. The chances of this happening are slim at the moment, but if the ETF turns into a sell-off event, the possibility is also slim.
bitcoin Cryptocurrency News and Predictions
There were suggestions that the bitcoin price was on the move on Thursday, but slowed its movement after a major rally caused by investor fears that Mt Gox, the defunct cryptocurrency exchange, could sell the company's tokens.
Once the possibility of a Donald Trump presidency was on the table, trading instruments seemed to be quite bullish on news forecasting a more lax regulatory environment. Initially, bitcoin was at a level of $64,769.3, up 0.3%, before reaching $64,769.3 over the past 24 hours.
The exchange recently announced that it will begin returning tokens stolen in a 2014 hack to creditors in July. However, the total amount of bitcoin that will be distributed is still unclear.
ethereum is struggling near $3,500
Once again, the ethereum price attempted to break out of the $3,500 resistance zone. Just like Biticon, ethereum faced a reversal on top of the upward price move it faced around $3,500. It fell, and $3,400 and $3,375 were the next levels the digital currency price visited in the past day.
Moreover, the price dropped below $3,400 and tested $3,375. The drop to the low of $3,376 seemed to be the end of the price decline, and the price is regaining footing above the 23.6% Fibonacci retracement level of the previous drop from the $3,516 high to $3,376 low. The hourly chart of eth/USD shows a decent support level aligned with the $3,375 area, which happens to be the bottom of the moving boundary.
ethereum price has not yet broken above the $3,450 resistance zone, although it has dipped slightly. If the bulls fail to push the price higher, it could continue to decline. The main support level is near the current price, around $3,380, and the trend line is also nearby. The main support point is at the $3,350 area. According to our crypto news predictions, a clear move below $3,350 could propel the price towards $3,270. If the decline continues, the price is likely to test the next support level at $3,220, followed by a secondary support area around $3,150.
crypto cards in 2024
The cryptocurrency industry has long included various types of payment cards, offering features such as cashback and interest.
With new and improved crypto cards being introduced frequently, it is worth considering the future directions of these cards and how they will remain relevant in 2024.
In 2024, crypto cards have become a popular choice for many people as they offer a simple way to use digital assets in everyday life. The outlook for crypto cards is promising and technological advancements are further enhancing their appeal.
The new cryptocurrency cards introduce unique features such as integration with self-custody wallets, eliminating third-party interference and allowing users to store their crypto assets securely.
However, some countries, such as Indonesia, still completely ban consumers from using cryptocurrencies, resulting in lower than ideal adoption rates.
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(tags to translate)Altcoins