The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance. This is evident in its total supply of 1 quadrillion, even though its community plans to drop this figure. Also, its ecosystem is a good ground for different projects. Some of these projects are the creation of a decentralized exchange known as Shibaswap and storing NFT art. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? The SHIB team recently launched its game, referred to as Shiba Eternity. However, more updates on the game from the developers are still pending. The developers have revealed that they’ll release more updates on the newly launched Shiba Eternity on Thursday. An event will accompany the announcement according to the community. But the awaited update from the developers is already becoming a discussion subject on Twitter. This is due to the already slated Twitter Spaces. The community members will share their thoughts on the Shiba Eternity project there. More updates will come from the founder and lead developer of the SHIB token, Shytoshi Kusama, and William Volk. They intend to release these updates on the SHIB official Twitter page. Briefing On Shibarium Development A layer-2 blockchain network from the SHIB developers is currently in the pipeline. This blockchain is known as Shibarium, and it’s intended to reduce the workload of building blockchain ecosystem applications. The primary beneficiaries of this new development are developers and users. The idea of the Shibarium layer-2 network is similar to that of the Ethereum blockchain network. The reason is that both networks support developers of decentralized applications (DApps). The notion behind the project is to cut down transaction costs for gaming. This is possible because the project will serve as the premium layer-2 for the community and the SHIB token. A Quick Look At Shiba Inu Price Considering the current bearish state of the crypto market, it’s no surprise that the SHIB token is dropping in value. This is evident from the market watch in the last four weeks. The token is now down to its value dating from three months back. There’s no indication pointing to the possibility of a rise anytime soon. The same can be said about the general crypto market. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? But the update of the community’s upcoming project from Shytoshi Kusama seems to raise the hopes of many fans of the SHIB token. As a result, several investors are watching the SHIB token’s price. The digital token currently trades on a bullish trend. Featured image from UnSplash, Chart: TradingView.com
Interoperability enabling network Quant has gained 10% in the last 24 hours amidst the general crypto bear market. The token is inexorably climbing up the price charts while other tokens struggle to keep their heads above water. The crypto is steadily gaining, testing new highs after its yearly low in June when its price dipped below $50. The Quant blockchain was a project geared toward solving the issue of interaction among multiple blockchains. Since its inception in 2018, the token began an upward climb from below $1, culminating in an all-time high just below $400. This unprecedented event in the history of Quant took place in September 2021. Quant soared 200% from $187 to $490 on the month, a spike that analysts attribute to three factors. Related Reading: Sandbox Struggles In A Bear Market, How Low Can Price Go? Quant’s All-Time High Catalysts The first catalyst outline was the launch of Overledger 2.0.5, the network’s DLT connection for businesses to all networks and DLT. Secondly, Quant offered developers incentives via the “Quant developers Program,” a means to lure devs into its ecosystem. Devs build useful protocols and apps, which in turn, attract more users, thereby ensuring the growth of Quant. Finally, Quant’s price boosted when it got listed on major exchange platforms like Coinbase and Binance. This move alone caused the protocol’s trading volume to skyrocket from $9 million to a whopping $740 million, according to coinmarketcap. And the rest, they say, is history. Although the token has not tested such highs since then, it continued to do well for itself till the general market became turbulent. Macroeconomics Turned Crypto Assets Bearish By June this year, when the crypto market dropped into a downward spiral, the Quant token dipped to a low of $49. A combination of macro factors dragged down most cryptos, including Bitcoin, from their lofty heights. For one, the Russo-Ukrainian war began causing global unrest, which always targets risk-prone assets, e.g., crypto. Then followed inflation and Fed’s hawkish attitude towards digital assets in fixing the problem. Ethereum’s merge with its initial hype and subsequent letdown came into the mix, further muddying up the waters. As a result, crypto assets globally have been testing unheard-of lows. At the time of writing, Bitcoin continues to fluctuate around the $20,000 resistance level. This is notably a far cry from its legendary $65,000 high, which occurred in 2021. Similarly, ETH and SOL are not left out of this bearish market turn, trading at $1300 and $33, respectively. Ethereum is 70% down from its all-time high, while Solana is 87% below its own. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Yet Quant is slowly but surely wending its way up the chart, testing new highs daily. At the time of writing, the token is exchanging hands around $116 after briefly testing $120 earlier in the day. Against the past week’s prices, it is a 7.90% gain, 10% over the last 24 hours. Featured image from Pixabay and chart from TradingView.com
The month of September for WAVES didn’t look good as the coin registered a sharp downward pattern. The market is looking bearish as WAVES slipped below the key $4.6 level. Crypto market looking bearish for WAVES WAVES key support retests the $4.3 zone OBV shows a weakening in selling volume Bitcoin, the king of crypto, climbed to $19.8K, forcing the retreat of the bears and allowing the bulls to recharge. In the event that Bitcoin nosedives lower than $19K, this could inevitably pull the other cryptocurrencies down with it. On the other hand, WAVES has shown some improvement as it dashes above the $4 zone in the last two days. Waves is a multi-purpose blockchain platform which supports different types of use cases including decentralized applications and smart contracts. The blockchain platform’s native token is WAVES, an uncapped supply coin used for payments such as block rewards. $4.3 Revisited As Key Resistance Zone Based on the 4-hour chart, WAVES was able to recover and jump to the $4.3 level following its recent correction. In the next days, WAVES price is seen to bounce back in the $4.5-$4.6 range. A couple of days ago, the key support found at $4.3 have been revisited as a key resistance zone. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Source: TradingView.com Earlier, its price has once again dropped below the $4 range. On the 1-hour chart, it retreated once again or back to the $4.3 level following its latest setback. The price on the higher timeframes is seen to be massively bearish than bullish. Additionally, the market is now leaning toward the sellers as noted in the past few weeks. WAVES was aiming to hit the $4.3 mark a few days ago but was barred and pushed towards the $3.9 mark instead. With that being said, going long in the $4.02 support level wouldn’t be a wise move, especially with the risks involved. With the token unable to clutch strongly on the $4 zone, this led to the bears gaining enough traction to dominate. Additionally, a selling opportunity is predicted to occur once a retest is done on the $4 mark. Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? WAVES RSI Falls Below 50 According to CoinMarketCap, WAVES price is up by 2.53% or trading at $4.01 as of press time. The Fibonacci retracement levels at the $4.0 and $4.09 range can hinder the buyers’ intent to press on the gas in terms of prices. The token’s relative strength index is seen to have traversed below 50 further strengthening the validation of bearish momentum. Also, the CMF is seen to have dropped beneath the -0.06 level showing the rapid loss of capital. In terms of On Balance Volume, the token seems to signify weakened selling as seen in the past few days. More so, the OBV also shows that there is no indication of a sharp pullback. The price is seen to have plunged below the $4 mark. It was seen to pause at the $3.94 level which means a retest at the $4 mark could tick off a selling opportunity. Crypto total market cap at $902 billion on the daily chart | Source: TradingView.com Featured image from The Coin Republic, Chart: TradingView.com (The analysis represents the author’s personal views and should not be construed as investment advice).
Barely a week after Ethereum’s transition to Proof-of-Stake, Cardano (ADA) has replied to its critics with the widely anticipated Vasil upgrade as it looks to lure more projects to its network with improved features.
Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]
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After the September FOMC meeting, Bitcoin Magazine Pro recaps the medium-term thesis for bitcoin and how to think about the looming macro volatility.
There may be a Shiba Inu (SHIB) rally coming soon. Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem. SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update. Related Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor? Shiba Inu ‘Eternity’ Excitement A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet. Thank you to all the wonderful #SHIBARMY listeners, participants, and those who asked questions. You rock! See you on Download Day, October 1st/2nd!! 😍😍 #SHIB #Shiboshis #ShibaEternity #SHIBARMYSTRONG https://t.co/TcGVBZIM10 — SHIBQueenie (@SHIBQueenie) September 23, 2022 The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game. According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores. There was consequently a lot of excitement about the coin and the overall ecosystem. There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30. That Much-Needed Scalability Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side. Will this, however, be sufficient for the coin to rally? Currently, the coin’s value is between $0.000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies. Chart: TradingView.com This decline in price, which followed a progressive climb from June to August, is the result of larger market factors. The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10. SHIB Seen Rising To The Occasion Nevertheless, it has risen to the $0.00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally. The last decline at $0.00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level. Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash. If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com Featured image from Coin Culture, Chart: TradingView.com
A recent plunge pushed Bitcoin below the $19,000 mark, but it gradually recovered. This action followed its 6% gain as of yesterday. Meanwhile, Ripple Coin (XRP) seems to be among the notable digital tokens in the bullish trend. Investors incurred huge losses due to the ongoing crypto winter. Many believed that the Ethereum Merge would halt the market’s bearish trend. On the contrary, most altcoins, including BTC, depreciate their prices. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 Bitcoin Fails To Jump Above $20,000 Last week, Bitcoin made some promising moves toward the $23K price level. But, unfortunately, that was where its bullish journey ended. From then up to now, the crypto market condition has not been pretty, particularly for investors. Following the introduction of the U.S. CPI numbers, BTC lost a few more thousand, dropping to the $20K price mark. It maintained this position for a couple of weeks until it rose to about $20,500 on Sunday. That looked like a start for a bullish move until Monday when its price dropped massively, hitting the $18,300 price level. The three-month low became its lowest bearish benchmark. As of September 20, BTC gained some push to arrive at $19,500. The 24-hour growth of 1.72% reduced its weekly losses to around 10.90%. While this seems like a good price movement, the token and the crypto market remain in the red zone. Recently BTC fought to regain the $19K price. It made some bullish movements at the time. Unfortunately, BTC has lost about 2% of its value in the last 24 hours. Chances are that it will plunge even further before the close of the market. The token is now down to 39.4% regarding its dominance over other digital tokens. Meanwhile, its market cap has dropped to about $360B. Ripple XRP Growth Amid Bear Market Amid the bleeding market, XRP (Ripple) seems to be in the spotlight among the gainers. Its growth can be traced to the recent event between Ripple Labs and the SEC. Ripple trades at $0.4, a 10% increase in the last 24 hours. Following the Monday red zone parade, several other digital currencies gained some bullish push yesterday. Unfortunately, the green glory didn’t last for many of these digital tokens, according to today’s market watch. Among the digital assets with the highest losses was Ethereum. The Merge, as many believed, was meant to take Ether to some green heights. While that is probable, Ethereum is currently plummeting to an unknown price level. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level A few days back, Ethereum traded at just over the $1,600 mark. Days later, it went down to a little below $1,300. At the time of writing, Ethereum trades at $1,311, around a 1% decrease in the last 24 hours. Featured image from Pixabay, chart from TradingView.com
Ethereum funding rates had taken a beating after the Merge was completed. This event was the single most anticipated upgrade in the history of the network, and it had affected both price and funding rates in adverse ways. However, as the market begins to settle into the new normal of Ethereum being a proof of stake network, things are beginning to stabilize. One of those is funding rates returning to pre-Merge levels. Funding Rates Stabilizing The days leading up to the Ethereum Merge had been extremely volatile for the crypto market. Ethereum itself had borne the brunt of this, and even though the days leading up to the upgrade were filled with positive movement, it had quickly changed. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Ethereum funding rates nosedived on the back of the Merge. It fell from trending just below neutral levels at around negative 0.02% to negative 0.35% by the time the upgrade was final. It also follows the sell-offs that rocked the market at the same time. In the days leading up to the Merge, FTX longs had seen a total of 9.92% paid by shorts to hedge their positions on the exchange. ETH funding rates recover | Source: Arcane Research However, not long after the Merge was finalized, the market began to see recovery. This recovery was just as sharp as the decline, returning from negative 0.35% to around negative 0.02% by September 16th. This sharp uptrend was shown in the price of the digital asset, which maintained most of its value through this time. This shows that despite the sell-offs, there are still a significant number of Ethereum holders who maintain long exposure to the digital asset. Ethereum Might Recover With funding rates recovering back to pre-Merge levels, it shows that there is still bullish sentiment among investors. This sustained bullish sentiment continues to prop up the price of the digital asset even through the bear market. Since most of the sell-offs happened due to the hype around the Merge, it is only normal that Ethereum has begun to stabilize once most of that hype has now worn off. It leaves the accumulators at a point where they are able to purchase the digital asset without sacrificing too much of their previous value. ETH price drops below $1,300 | Source: ETHUSD on TradingView.com Even now, with the FOMC-inspired volatility in the market, support for ETH continues to ramp up. Exchange outflows over the last 24 hours show this growing accumulation trend. Outflows were about 40% higher than inflows for ETH for the day, according to data from Glassnode. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? If ETH is able to maintain its support level at $1,250, this point will serve as a bounce-off point for the digital asset. If ETH successfully breaks through the $1,300 resistance, a retest of the $1,500 level is possible in the next week. Featured image from Currency.com, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Data shows the crypto market has been fearful for 171 days already, will the streak continue in October and reach 200 days? Crypto Fear And Greed Index Points At An Extremely Fearful Market As per the latest weekly report from Arcane Research, the crypto market has been continuing to show a fear sentiment since April of this year. The “fear and greed index” is an indicator that measures the general sentiment among investors in the cryptocurrency market. For representing the sentiment, the metric makes use of a numeric scale that runs from zero to hundred. All values of the index greater than 50 imply the market is greedy, while those below the threshold suggest fearful investors. In these main sentiments, there are two zones that have historically been particularly important for prices of coins like Bitcoin. These are the “extreme greed” and “extreme fear” regions and they occur at values greater than 75 and below 25, respectively. Related Reading: Get Forked: Ethereum PoW Forks Fall 66% In Just Days The relevance of the extreme sentiments is that tops have usually taken place in the former type of periods, while bottoms have formed in the latter ones. Now, here is a chart that shows the trend in the crypto fear and greed index over the last year: The value of the metric seems to have gone down in recent days | Source: Arcane Research’s The Weekly Update – Week 37, 2022 As you can see in the above graph, the crypto fear and greed index recently observed a small surge as the Ethereum merge came around, but as soon as the investors realized it was a sell-the-news event, the sentiment dropped back down sharply. Two days ago, when the report came out, the indicator had a value of 23, which would suggest extremely fearful mentality. Since then, it hasn’t budged much as today’s value is still 22. Related Reading: Bitcoin Falls Under High Selling Pressure, What Will Shoot Its Price? The crypto market has been in a state of fear since the month of April, making it a continuous run of such sentiment for 171 days now. Back during the relief rally in August, the indicator came the closest to escaping from this region and ending what has become the longest streak of fear in the history of the index. However, before investors could embrace greed, the rally ended and the sentiment immediately plunged down. Currently, it’s unclear when the run would finally come to an end. If it keeps on and runs through October, crypto investors would have observed 200 days of fear. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, down 5% in the last seven days. Over the past month, the crypto has lost 10% in value. Looks like the price of the coin has been mostly moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Arcane Research
A finalized text of the Markets in Crypto Assets (MiCA) legislation now seeks to bring Non Fungible Tokens (NFTs) and algorithmic stablecoins under its regulatory purview. According to a bill draft dated September 20, EU authorities have been urged to take a “substance over form” approach to the law, suggesting that NFTs such as BAYC’s […]
The Bitcoin price is stuck in a tight range following yesterday’s U.S. Federal Reserve (Fed) announcement on monetary policy. Macro forces have taken over global markets increasing the correlation across all asset classes. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? For a deep dive into how the Fed 75 basis point hike affected the Bitcoin price, and a look into the crypto market’s internal dynamics, check out the analysis from our Editorial Director Tony Spilotro. Link below: At the time of writing, the Bitcoin price trades at $18,900 with a 2% and 7% loss in the last 24 hours and 7 days, respectively. The entire crypto top ten by market cap is recording losses on similar time periods with the exception of XRP which continues to trend to the upside with a 29% gain over the past week. Why The Bitcoin Price Needs To See More Capitulation As NewsBTC reported yesterday, the crypto market has completed every major price catalyzer in the short term with the Ethereum “Merge”. Now, the market is moving in tandem with macroeconomic factors and with traditional markets. This might provide room for a relief rally or for more downside if major financial indexes trend in one direction or the other. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, there has been “little capitulation” for the S&P 500. Despite the fact that the equity index has been on a downtrend since reaching an all-time high at 4,819 into its current levels at 3,837, Timmer believes the market has been resilient and might need to see more capitulation before forming a bottom. Via Twitter, the expert said the following sharing the chart below: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (…). The above coincides with analyst Dylan LeClair look into previous Bitcoin cycles. The analyst believes BTC forms a bottom following a “final capitulation” of the mining sector. This event might lead to a crash in the network hashrate, which is yet to be seen. LeClair said: I believe with macroeconomic conditions as the catalyst, something similar will repeat. We’re not there yet. Will Bitcoin Re-Test Its 2020 Lows? But how low can the Bitcoin price and the crypto market crash? The benchmark cryptocurrency is already trading 80% lower than its all-time high, $69,000. This has historically marked a bottom for BTC’s price and has formed a barrier against further downside. In that sense, rather than a fresh leg down, the cryptocurrency might see more sideways movement across 2022 as the Fed continues to hike interest rates and traditional markets trend to the downside. This thesis might be supported by a potential downside pressure for the U.S. dollar (DXY). Related Reading: Bitcoin Taps $18,100, Why This Is Dangerous For The Market? The currency has been trending higher, moving opposite to the Bitcoin price and risk-on assets, but seems to be at a critical resistance area. This might provide the crypto market with room for a relief rally. As seen in the chart below, the DXY Index could be above to see a spike in selling pressure.
From September 22, ShareRing app users can directly swap $SHR between BNB Smart Chain and ShareLedger (SLP3) without first converting to Ethereum ERC-20 token. ShareRing said the decision to slash conversion steps from three to two would drastically boost efficiency, lower the cost of conversion, and save time. $SHR is native to ShareLedger, a Leased Proof-of-Stake blockchain that’s scalable and energy efficient. Compliant with the ShareRing standard, the token is primarily used to pay transaction fees. However, because the token is cross-chain and can be held in various blockchains, including the BNB Chain, and Ethereum, all $SHR transactions can be tracked on the ShareLedger blockchain. There is a trail that prevents fraud by ensuring a simple and reliable tracking mechanism on the ShareLedger blockchain. Before this announcement, $SHR token holders were required to shift their BEP-2 token first to the BEP-20 version in the BNB Chain through the non-custodial Binance Wallet. In the second step, they had to move the newly converted BEP-20 $SHR to Ethereum as an ERC-20 token through the Multichain Bridge. Afterward, they had to move them to ShareLedger (ShareRing App) as an SPL3 token. This three-step procedure was not only tedious but consumed many resources. Notably, there was a risk of users paying high transaction fees when shifting the $SHR token via Ethereum. This is because Ethereum is the world’s most active blockchain that continues to face scaling challenges, forcing Gas fees to outrageous levels. Depending on network activity levels, simple conversions, including transfers, can dent a sender requiring them to pay high fees that they would not otherwise spend in the BNB Chain or ShareLedger. By eliminating the need to move to Ethereum via the Multichain Bridge, ShareRing is tirelessly continuing with its objective of refining the user experience and working on improving the liquidity of the $SHR cross-chain token. While the Multichain Bridge will continue to serve users wishing to move tokens between Ethereum and the BNB Chain ecosystems, the decision to convenience users wishing to bypass Ethereum when transferring between ShareLedger and Binance is welcomed. To conclude with this updated swap module there will be faster transactions, cheaper gas fees, improved efficiency when swapping $SHR into SLP3 and usage of EIP712 to sign and verify the approvals on smart contract side. Also, it reduces the usage of centralized database for keeping transactional data and it improves overall performance. This feature comes amid ShareRing’s drive to build an active, cyclic ecosystem that leverages features made possible by smart contracts and blockchain. ShareRing recently announced the NFT Simple Event feature available on the ShareRing Application designed for organizing and managing events. By integrating NFTs, the host can, in real-time, be assured that attendees are the ones invited, all while keeping their data private.
At the time of writing, the XRP price noticed upward movement on its chart. After the asset consolidated for a few days, it finally travelled north. Over the last 24 hours, the XRP price registered a 6% appreciation. In the past week, the coin has rallied by over 20%. Buyers were attempting to push the price up, and they finally succeeded over the last 24 hours. XRP was stuck at the $0.38 price mark for a considerably long period of time, but buyers rescued the altcoin despite broader market weakness. Continued pressure from the buyers could make XRP move past its immediate resistance, which would make it invalidate its bearish thesis. On the other hand, if the bulls fail to defend the present price level, then the sellers will take over. If the sellers take over, then XRP could be pushed close to the $0.30 price mark. At the current moment, XRP rests in a crucial support zone. XRP Price Analysis: One Day Chart The altcoin was trading at $0.40 at the time of writing. The XRP price had witnessed weeks of consolidation on its chart. Finally, buyers pushed the price above the next resistance mark. Over the past week, XRP has broken past many resistance lines. The immediate price ceiling for the coin rests at $0.44 as the altcoin has had difficulty moving past that price level for multiple months now. On the flip side, the closest support to XRP was at $0.38, and a fall from that level would bring XRP to $0.30. If buyers remain steady, then XRP could push past $0.42 with a chance of toppling above the tough resistance of $0.44. The amount of XRP traded in the last session declined slightly, indicating that the number of buyers also dropped to a small extent. Technical Analysis Buying strength recovered considerably over the last week, which slowly helped XRP travel upwards on its chart. The Relative Strength Index was almost about to touch the overbought zone but it noted a downtick. Despite the downtick, buyers have substantially outnumbered sellers in the market. Usually, an increased number of buyers creates a price pullback. In the event of that, XRP could rest at $0.38 before it picks up momentum again. The XRP price was above the 20-SMA line, which signalled that buyers were driving the price momentum in the market. Related Reading: Post-Merge Profit-Taking Cuts 13% Off Ethereum Ratio Against BTC The altcoin seems to be registering an increased buy signal on the one-day chart. Moving Average Convergence Divergence depicts the market momentum and the price action of the altcoin. The MACD underwent a bullish crossover and formed green signal bars, which were buy signal for the coin. The increase in the size of the signal bars indicates that XRP will travel up on its chart. The Parabolic SAR also determines the overall market direction, and the dotted lines below the price candlestick signify bullish momentum. Related Reading: XRP Braces For Turbulence Amid Looming Fed Hike, Ongoing Ripple-SEC Court War Featured image from Pixabay, Chart: TradingView.com