XRP off to the races
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 15th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
XRP Spikes As Most Other Tokens Tumble
The wider crypto market hit a slippery patch on Friday. However, this was not the case with the coin connected with Ripple. XRP had soared 22% in 24 hours as of 8:20 a.m. (EST). The seventh-largest coin is pushing toward 90 cents for the first time in about three years.
"Speculative optimism" — among traders banking on a crypto-friendly Trump administration — "could benefit tokens linked to U.S.-based companies, such as Ripple," CoinDesk said.
Being 60 cents has been XRP's jam for half of eternity, seemingly. It was only this past July that XRP was struggling to stay above forty cents. Around Election Day, Nov. 5, XRP was fifty cents.
With performance-hampering legal battles possibly set to finally be over, XRP could be on the brink of a "remarkable" price surge, according to speculatively optimistic analysis by a social media pundit named EGRAG.
What's down
Profit-Taking Happens
Since hitting an all-time high of roughly $93.5K two days ago, Bitcoin has pulled back slightly. At 9 a.m. (EST), BTC was battling to hang near $90K. In the past day, BTC has been as low as $86,995, per CoinGecko. The decline led to $120 million in liquidations of futures positions.
Old familiar macro forces made themselves known yesterday as grumpy Fed chair Jerome Powell delivered fly-in-the-ointment remarks to the effect that maybe inflation hasn't sufficiently cooled after all.
Total crypto assets stand at $3.11 trillion, down 2% since yesterday at this time.
What's next
Bitcoin $100K Still On Table?
More than $400M exited Bitcoin ETFs yesterday. Is this a sign of profit-taking? Sure. But do keep in mind that on two other recent occasions this year (on May 1 and Nov. 4), when a net outflow of at least $400M was observed, it harkened that a local bottom was at hand, CoinDesk pointed out.
BTC's dip from its Nov. 13 ATH came in the wake of Powell's hawkish comments, dampening hopes of speedier, heftier rate cuts relative to a more conservative scenario of perhaps one more cut and then a pause.
The futures market is now pricing in a 66% chance of a 0.25% cut in December. Only yesterday morning, the odds of such a cut were much pegged at 83%.
BTC momentum has in the past appeared to benefit from looser monetary policy. But this Trump pump thing has been a gasoline all its own, and with the lead left in it. Since the election last Tuesday, BTC has surged 25%. "Typically, once BTC sets new all-time highs, investors tend to take profits," CoinDesk said.
According to Glassnode data, holders have cashed in $15 billion worth of BTC just this week.
However, bullish sentiment remains firmly in place, CoinDesk said.
“Our view is that $100,000 to $120,000 may not be too far off,” QCP Capital traders declared during a Telegram broadcast earlier today. “We believe that the underlying strength in BTC represents a systematic shift in the market,” the traders added.
