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XRP Needs To Defend $2.98 Support To Avoid Deeper Correction â Details
XRP has failed to maintain bullish momentum after pushing as high as $3.13 during the week. At the time of writing, XRP is trading around $3.00 and testing its resilience above this level after sliding alongside Bitcoin. The resulting price action is a defining moment for XRPâs short-term trend, according to technical analysis, and crypto analyst CasiTrades has pointed out a decisive support level that could determine whether the bullish structure remains intact. Related Reading: Bitcoin Is âDigital Capitalâ That Outpaces Traditional AssetsâMichael Saylor XRP Tests $2.98 Support Zone Taking to the social media platform X, crypto analyst CasiTrades highlighted an important support level that XRP must hold in order to continue its bullish momentum. According to CasiTrades, XRPâs most immediate challenge is at the $2.98 support line. The analystâs technical analysis outlines an Elliott Wave formation now unfolding into an ABC corrective pattern. The analysis unfolds XRPâs price action since the beginning of September into Elliot Waves and suggests that XRP is now playing out Wave 4, which is a corrective wave divided into an ABC pattern. Although XRP is still holding above $2.98, momentum indicators such as the RSI on both the one-hour and four-hour timeframes show no bullish divergence, often a necessary condition for reversal. This puts the $2.98 level in the spotlight, and a break below it could increase the likelihood of further downside pressure. The analysis highlights the possibility of corrective Wave C extending below $2.98 towards Fibonacci retracement levels near the low $2.90s. The measured C wave extension points to the 0.618 Fib retracement, which is around $2.92 and $2.94. Interestingly, the 15-minute chart does reveal a short-term bullish divergence, offering a small window for relief bounces. However, without confirmation on the higher timeframes, such reactions are likely to remain temporary. The broader outlook, as outlined by the analyst, still leans toward the probability of another downward wave unless buyers step in strongly at $2.98 to restore confidence and preserve the larger bullish structure. Chart Image From X: CasiTrades Implications If XRP Holds Above $2.98 If buyers manage to hold above $2.98, XRP could stabilize and enter a consolidation phase that will create a foundation for the next leg higher. This consolidation would give the XRP price the breathing room it needs for an eventual upward attempt, one that would mark the beginning of an impulse Wave 5 formation within the Elliott Wave count. In this scenario, a decisive push through the $3.10 level becomes the first hurdle, and breaking it would confirm that bullish momentum is once again in play. Should XRP successfully clear $3.10 with volume and follow-through, the next target identified by the analyst is another resistance at $3.25. A sustained bullish momentum beyond this point could carry the price toward the next resistance at $3.44. Related Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead At the time of writing, XRP is trading at $3.01, down by 2.8% in a seven-day timeframe. Preserving the bullish wave structure and holding above $2.98 at this point is essential to avoid the corrective pattern turning into a deeper downtrend. Featured image from Unsplash, chart from TradingView
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Bitcoin.com
Data Shows Coinbase Tops $347B in Bitcoin With Over 3M BTC Under Custody
According to timechainindex.com stats, Coinbase now custodies 3,002,996 bitcoinâvalued around $347 billionâup from 2,919,643 BTC 57 days ago, a net gain of 83,353 BTC since July 26. Under Management: Coinbase Adds 83,353 BTC Since July 26, Pushing Stack to $347B Data collected from timechainindex.com and compared to a report published 57 days ago, exchange-traded funds [âŠ]
Bitcoin Price On The Verge Of Explosive Move: Hereâs The Only Condition
Bitcoinâs slow ascent towards establishing new highs has continuously encountered significant opposition in the past few weeks. As the market currently stands in an uncertain zone, there are several questions and concerns about the future trajectory of the premier cryptocurrency. Below is how the latest on-chain data answers some of these questions How $117,000 Slowed Down BTCâs Rise In a September 20 post on social media platform X, Alphractal founder and CEO Joao Wedson reemphasized his early prediction of $117,000 as a critical resistance zone for the Bitcoin price. Related Reading: Bitcoin Price Drops To $115K After Rate-Cut Rally â But BTC Far From Capitulation Wedson referenced his post published exactly a week ago, which utilized two main on-chain metrics â the CVDD (Cumulative Value Days Destroyed) Channel, and the Fibonacci-Adjusted Market Mean Price â in reaching his conclusion. For context, the CVDD Channel is centered around the amount of aged capital being sent into the market. This metric is typically used in highlighting zones of long-term support or resistance based on the movement of aged coins. Also, the Market Mean Price is the cost basis, on average, of all Bitcoin holders. By extension, the Fibonacci-Adjusted Market Mean Price is a metric that shows the average cost basis of Bitcoin, adjusted with specific Fibonacci ratios. It displays mathematical levels of extension or retracement around the Bitcoin average holderâs cost. According to the analyst, these two metrics had aligned perfectly, pointing out $117,000 as a zone where retracement was likely to occur. The convergence of these metrics showed not just the technical significance of this price level, but also reflected strong indecision in the market. Whatâs Next For Bitcoin? In the same post on X, Wedson pointed out specific price actions to watch out for in terms of Bitcoinâs price progression and what a potential breach could mean. Looking at the upside case, the analyst explained that a breakout above $118,600 would be a strong confirmation of heightening bullish momentum, which could âopen the path for the next explosive move.â Related Reading: Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value Wedson also warned about a potential downside, which hinges on a break below the $113,700 support. According to the crypto founder, this support breach could lead to a swift decline of Bitcoinâs value to as low as $110,000. A deeper correction could even drag Bitcoin to as low as $100,000âa price level that may attract institutions for accumulation. As of this writing, the price of BTC stands at around $115,660, reflecting no significant movement in the past 24 hours. Featured image from iStock, chart from TradingView
XRP Needs To Defend $2.98 Support To Avoid Deeper Correction â Details
XRP has failed to maintain bullish momentum after pushing as high as $3.13 during the week. At the time of writing, XRP is trading around $3.00 and testing its resilience above this level after sliding alongside Bitcoin. The resulting price action is a defining moment for XRPâs short-term trend, according to technical analysis, and crypto analyst CasiTrades has pointed out a decisive support level that could determine whether the bullish structure remains intact. Related Reading: Bitcoin Is âDigital Capitalâ That Outpaces Traditional AssetsâMichael Saylor XRP Tests $2.98 Support Zone Taking to the social media platform X, crypto analyst CasiTrades highlighted an important support level that XRP must hold in order to continue its bullish momentum. According to CasiTrades, XRPâs most immediate challenge is at the $2.98 support line. The analystâs technical analysis outlines an Elliott Wave formation now unfolding into an ABC corrective pattern. The analysis unfolds XRPâs price action since the beginning of September into Elliot Waves and suggests that XRP is now playing out Wave 4, which is a corrective wave divided into an ABC pattern. Although XRP is still holding above $2.98, momentum indicators such as the RSI on both the one-hour and four-hour timeframes show no bullish divergence, often a necessary condition for reversal. This puts the $2.98 level in the spotlight, and a break below it could increase the likelihood of further downside pressure. The analysis highlights the possibility of corrective Wave C extending below $2.98 towards Fibonacci retracement levels near the low $2.90s. The measured C wave extension points to the 0.618 Fib retracement, which is around $2.92 and $2.94. Interestingly, the 15-minute chart does reveal a short-term bullish divergence, offering a small window for relief bounces. However, without confirmation on the higher timeframes, such reactions are likely to remain temporary. The broader outlook, as outlined by the analyst, still leans toward the probability of another downward wave unless buyers step in strongly at $2.98 to restore confidence and preserve the larger bullish structure. Chart Image From X: CasiTrades Implications If XRP Holds Above $2.98 If buyers manage to hold above $2.98, XRP could stabilize and enter a consolidation phase that will create a foundation for the next leg higher. This consolidation would give the XRP price the breathing room it needs for an eventual upward attempt, one that would mark the beginning of an impulse Wave 5 formation within the Elliott Wave count. In this scenario, a decisive push through the $3.10 level becomes the first hurdle, and breaking it would confirm that bullish momentum is once again in play. Should XRP successfully clear $3.10 with volume and follow-through, the next target identified by the analyst is another resistance at $3.25. A sustained bullish momentum beyond this point could carry the price toward the next resistance at $3.44. Related Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead At the time of writing, XRP is trading at $3.01, down by 2.8% in a seven-day timeframe. Preserving the bullish wave structure and holding above $2.98 at this point is essential to avoid the corrective pattern turning into a deeper downtrend. Featured image from Unsplash, chart from TradingView
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Bitcoin.com
Data Shows Coinbase Tops $347B in Bitcoin With Over 3M BTC Under Custody
According to timechainindex.com stats, Coinbase now custodies 3,002,996 bitcoinâvalued around $347 billionâup from 2,919,643 BTC 57 days ago, a net gain of 83,353 BTC since July 26. Under Management: Coinbase Adds 83,353 BTC Since July 26, Pushing Stack to $347B Data collected from timechainindex.com and compared to a report published 57 days ago, exchange-traded funds [âŠ]
Bitcoin Price On The Verge Of Explosive Move: Hereâs The Only Condition
Bitcoinâs slow ascent towards establishing new highs has continuously encountered significant opposition in the past few weeks. As the market currently stands in an uncertain zone, there are several questions and concerns about the future trajectory of the premier cryptocurrency. Below is how the latest on-chain data answers some of these questions How $117,000 Slowed Down BTCâs Rise In a September 20 post on social media platform X, Alphractal founder and CEO Joao Wedson reemphasized his early prediction of $117,000 as a critical resistance zone for the Bitcoin price. Related Reading: Bitcoin Price Drops To $115K After Rate-Cut Rally â But BTC Far From Capitulation Wedson referenced his post published exactly a week ago, which utilized two main on-chain metrics â the CVDD (Cumulative Value Days Destroyed) Channel, and the Fibonacci-Adjusted Market Mean Price â in reaching his conclusion. For context, the CVDD Channel is centered around the amount of aged capital being sent into the market. This metric is typically used in highlighting zones of long-term support or resistance based on the movement of aged coins. Also, the Market Mean Price is the cost basis, on average, of all Bitcoin holders. By extension, the Fibonacci-Adjusted Market Mean Price is a metric that shows the average cost basis of Bitcoin, adjusted with specific Fibonacci ratios. It displays mathematical levels of extension or retracement around the Bitcoin average holderâs cost. According to the analyst, these two metrics had aligned perfectly, pointing out $117,000 as a zone where retracement was likely to occur. The convergence of these metrics showed not just the technical significance of this price level, but also reflected strong indecision in the market. Whatâs Next For Bitcoin? In the same post on X, Wedson pointed out specific price actions to watch out for in terms of Bitcoinâs price progression and what a potential breach could mean. Looking at the upside case, the analyst explained that a breakout above $118,600 would be a strong confirmation of heightening bullish momentum, which could âopen the path for the next explosive move.â Related Reading: Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value Wedson also warned about a potential downside, which hinges on a break below the $113,700 support. According to the crypto founder, this support breach could lead to a swift decline of Bitcoinâs value to as low as $110,000. A deeper correction could even drag Bitcoin to as low as $100,000âa price level that may attract institutions for accumulation. As of this writing, the price of BTC stands at around $115,660, reflecting no significant movement in the past 24 hours. Featured image from iStock, chart from TradingView