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Франкфуртская компания Ethena, эмитент синтетического стейблкоина USDe, объявила о прекращении деятельности в Германии. Незадолго до этого решения Федеральное управление финансового надзора Германии (BaFin) отказало компании в лицензии.

Основатель и гендиректор компании 10x Research считает, что ралли биткоина прекратилось, и началась фаза длительной консолидации, на которую указывают краткосрочные индикаторы.

The founder of a leading digital asset investment firm has raised significant concerns over the reliability of crypto token pricing, citing widespread manipulation between market makers and centralized exchanges (CEXs).

Arthur Cheong, CEO of DeFiance Capital, stated via social media platform X that the crypto market is suffering from a lack of transparency, with artificially sustained prices posing serious risks for investors.

Crypto Market Manipulation Allegations

According to Cheong, the coordination between crypto projects and market makers has created a “blackbox” scenario in which external observers, including retail and institutional investors, struggle to determine whether token prices reflect real supply and demand or are the product of manipulated mechanisms.

Cheong emphasized that such practices threaten to undermine market confidence and could ultimately render the broader crypto market “uninvestable.”

In his statement, Cheong criticized centralized exchanges for turning a blind eye to the problem, suggesting that the unchecked behavior is eroding trust across the altcoin market.

The biggest problem plaguing the liquid crypto market now is the complete blackbox of how projects and market makers can work together to create an artificial price that can sustain for a very long period.

You don’t know whether the price is a result of organic demand & supply…

— Arthur (@Arthur_0x) April 14, 2025

He highlighted the trend of tokens launched through Token Generation Events (TGEs) quickly losing value. In many cases, newly listed tokens have declined by 70% to 90% within a few months of their initial release. Cheong noted:

If the big players in the industry don’t step up to improve this, large part of the market will remain uninvestable for foreseeable future.

Community Response

Supporting Cheong’s remarks, crypto analyst Miles Deutscher shared data indicating that only 3 out of 27 crypto tokens listed on Binance this year have managed to maintain positive price action.

The remaining 88% have experienced significant declines, with losses ranging from 19% to as much as 90%. Deutscher pointed to this trend as a contributing factor in the declining participation of retail investors.

This data including the statements by Cheong have sparked interesting reactions from the crypto community. Some users called out Binance and other exchanges to do the right thing and “demand more transparency and disclosure” from projects before listing.

CEXS should demand more transparency and disclosure before they list stuff. Hey @binance @coinbase maybe is crime szn with Trump. But the party will end sooner or later, and in EU it will get stricter so might as well start self-governing. You giving the industry a bad name.

— xKix – e/acc (Zack) (@0x_zak) April 14, 2025

Meanwhile, the other side of the community reactions believe that most cryptocurrencies are worthless from the start but with speculation backing their initial rise, they are doomed to fail in the end. X user known as Kun wrote:

It’s not an issue because if it was worth it you buy it If the value of a crypto business token relies on price that’s not investing but speculation only Most tokens are inherently worthless and people don’t know why they should own anything.

Featured image created DALL-E, Chart from TradingView

Yesterday morning, hackers broke into Government Minister Lucy Powell’s X account to promote a crypto scam coin dubbed ‘House of Commons Coin’ or $HCC.

The fraudster(s) falsely claimed that it was an official House of Commons initiative, describing it as ‘a community-driven digital currency bringing people’s power to the blockchain.’

Powell swiftly deleted the misleading post and secured her social media account to prevent similar incidents from occurring. Thanks to her quick response, the tweet attracted a mere £225 to the scam.

Celebrity Social Media Accounts Fuel Crypto Scams

Investors didn’t lose major bucks, but even so, the incident shouldn’t be ignored. It follows similar cyberattacks targeting high-profile figures with large social media followings.

Movers and shakers in politics and beyond are often targeted by phishing emails or data breaches to lend legitimacy to scams.

Another example is when Political BBC Journalist Nick Robinson’s X account was hacked in February.

After falling prey to a phishing scam, his account was exploited to advertise a cryptocurrency called ‘$TODAY.’

These scams are described as ‘pump and dump’ schemes. Cybercriminals attract investors (in these cases, through celebrity endorsement), artificially inflate the coin’s value, and then sell their holdings for profit, leaving the coin worthless.

Action Fraud received reports that 35,343 social media and email accounts were compromised last year, illustrating the weight of online hoaxes.

To defend against shady schemes, Action Fraud advises enabling two-factor authentication (2FA) and using a strong password consisting of three random words that are never shared.

Another way to steer clear of deceptive crypto ventures is to stick with the Best Wallet app.

Don’t Be Fooled By Fake Crypto Tweets, Join Best Wallet

Best Wallet is a safe gateway to vetted crypto presales alongside the best meme coins and altcoins.

As the first crypto wallet to feature presale coins, it helps filter out shady tokens and gives you direct access to the next crypto to explode. You no longer have to gamble on hype X posts in the hope of catching future market movers.

Already ranked as the best software wallet for trading and HODLing, Best Wallet has set its sights even higher, aiming to shake up the $11B non-custodial market.

As a top self-custody wallet, Best Wallet ensures you alone hold your wallet’s private keys, so there’s no risk of rug pulls, shutdowns, or insider theft.

Best Wallet’s ecosystem is about more than just crypto storage and security – think integrated DEX access, exclusive airdrops, a token launchpad, and seamless cross-chain swaps, all in one user-friendly app.

You can rest easy knowing you can enable 2FA and FaceID. It also has advanced anti-fraud and MEV protection in the pipeline.

And there’s more. Buying its native token, $BEST, comes with extra perks: reduced transaction fees, community governance, and higher staking rewards (currently at an impressive 129% APY!).

Buy $BEST to Save Funds on Legit Crypto Presales

In a world where even prominent public figures aren’t safe from crypto scams, choosing only trustworthy platforms to facilitate your digital asset investments is essential.

This is why tools like Best Wallet are becoming more prevalent. Instead of finding the hottest new crypto opportunities on social media channels, you can access verified presales and top-performing tokens directly from the mobile app.

Better still, you can save fees on legit crypto presales by purchasing $BEST on presale.

Buying $BEST is a breeze. All you need to do is head to the official Best Wallet Token website, connect your wallet to the widget, and buy as many coins as you’d like using fiat, popular crypto, or meme coins.

Considering it has already raised $11.7M and the $BEST price is predicted to reach $0.072 (a 190.91% spike compared to its current $0.02475 value), now’s an opportune time to buy in.

Nevertheless, this isn’t investment advice. You must DYOR and be aware that crypto prices can tumble as quickly as they jump, even after going live on the best DEXs and CEXs.

Эксперты банка Standard Chartered прогнозируют рост рынка стейблкоинов в 10 раз — до $2 трлн — в течение трех лет, в случае принятия в США законопроекта GENIUS, создающего нормативную базу для выпуска и обращения стабильных криптовалют.

Законопроект о стратегическом резерве в биткоинах не прошел этап согласования в Комитете по доходам и налогообложению Сената Оклахомы.

Исследователи компании по кибербезопасности OddEyeResearch заявили, что токен проекта Mantra (OM) рухнул из-за манипуляций инсайдеров, контролирующих более 90% предложения актива на рынке.

Galaxy Digital, the cryptocurrency investment company led by Michael Novogratz, has sent 25,000 Ethereum tokens to Binance exchange in the last three days.

The huge transfer of digital assets, which amounts to more than $40 million, occurs just a short while after the company resolved a large market manipulation lawsuit.

Huge Ethereum Transfers Raise Market Questions

Based on blockchain information, Galaxy Digital initiated a series of individual transactions to Binance. The latest move involved 2,500 ETH worth $4.05 million and an additional 10,000 ETH worth $16.32 million.

These were preceded by previous transfers on April 12, when the company moved 4,500 ETH ($7.11 million) and 8,000 ETH ($12.63 million) to the same platform.

Ethereum price fell during the activity. It retreated from $1,675 on April 14 to $1,63 when this report was made. Market analysts indicate that, especially during a very small time frame, such bulky institutional trades can really influence trading behavior and market prices.

Galaxy Digital deposited another 12,500 $ETH($20.36M) to #Binance 5 hours ago.

That’s 25,000 $ETH($40M+) moved to #Binance in just 3 days.https://t.co/owM3zRHpAx pic.twitter.com/tBtHImGwwO

— Lookonchain (@lookonchain) April 15, 2025

The company didn’t stop at Ethereum, though. According to transaction records, Galaxy Digital also transferred large amounts of stablecoins to Binance, such as 5 million in USDT. Another 100,000 USDC and $1,000 in Avalanche (AVAX) tokens were moved by the firm.

Intelligence platform Arkham data indicates that after these transfers, Galaxy Digital’s remaining positions have fallen significantly. The company now owns only 199.790 ETH (equivalent to around $328,476) and 18,150 AVAX tokens (equivalent to around $363,181). Their stablecoin reserves consist of 4.200 million DAI and 3.750 million USDC, which is close to $8 million.

Recent Legal Settlement Shadows Trading Activity

The timing of these huge crypto transactions comes on the heels of Galaxy Digital’s recent legal issues. The company agreed to pay $200 million to resolve a case with the New York Attorney General over LUNA token trading.

Prosecutors alleged that Galaxy Digital had marketed LUNA after locking in a deal to buy the tokens at discounted rates in 2020. As the price of LUNA rose, the firm supposedly dumped its holdings without disclosure, making hundreds of millions of dollars in profits.

Market Watchers Monitor Institutional Behavior

Such mass movements have drawn the interest of market observers in the crypto market. When an institutional investor such as Galaxy moves such massive sums so suddenly, it tends to spur wider market responses.

Some analysts claim the timing immediately after a high-profile legal settlement to be perhaps significant. Whether this indicated normal portfolio rebalancing or a more measured departure from Ethereum remains unclear.

Featured image from Pixabay, chart from TradingView

Как сообщает издание Reuters, власти Китая продают конфискованные криптоактивы для пополнения государственного бюджета на внешних рынках через частные компании.

Участники крипторынка опасаются, что торговая война США и Китая преподнесет новые «сюрпризы» в ближайшее время, и нисходящий тренд основных криптовалют может возобновиться, заявили в компании QCP Capital.

Губернатор Северных Марианских островов Арнольд Паласиос наложил вето на законопроект, который разрешал выпуск стейблкоина Tinian MUSD, привязанного к доллару США и обеспеченного наличными и казначейскими векселями, на блокчейне eCash.

Germany’s Christian Democratic Union (CDU) has radically altered its position on cryptocurrency from critic to advocate in the run-up to the formation of the nation’s new government.

The political party, once a leader in advocating hardline regulations against digital assets, now seeks to transform Germany into a Bitcoin business hub, recent reports indicate.

CDU Unveils Pro-Crypto Plans Following Electoral Success

The CDU’s new path came following the victory of Germany’s February 23 elections. The CDU places high value on the issue of cryptocurrencies, a party representative said in an interview with BTC Echo, a German digital currency media platform.

In its Agenda 2030, which the representative said they introduced in January 2025, they “expressly commit” themselves to shaping Germany as an ideal destination for the crypto economy.

This represents a full turnaround from the early part of 2024, when the party—then opposition—suggested prohibiting some transactions and forcing registration for self-hosted crypto addresses. Such proposals upset numerous people in Germany’s bitcoin circles who perceived them as threats to financial freedom.

„Wir wollen und wir werden den Wandel in der Welt für Deutschland mitgestalten. Der Koalitionsvertrag ist ein Aufbruchsignal und ein kraftvolles Zeichen für unser Land: Die politische Mitte unseres Landes ist in der Lage, die Probleme zu lösen, vor denen wir stehen. Die künftige… pic.twitter.com/Yg138rs9i1

— Friedrich Merz (@_FriedrichMerz) April 9, 2025

Proposed Scrapping Of Germany’s Crypto Tax Break

The official coalition treaty between the CDU, its Bavarian sister party CSU, and the Social Democratic Party (SPD) was signed on April 9. It contains only a brief mention of digital assets, vowing to “examine the regulation of crypto assets, the grey capital market and shadow banks for loopholes and close them if necessary.”

As per reports, the SPD had proposed eliminating Germany’s generous crypto tax break in March negotiations. German investors currently do not pay taxes on profits from Bitcoin, Ethereum, or other digital currencies if they keep them for over a year before selling them. This suggestion was excluded from the final deal.

Party Seeks ‘Balance’ Between Innovation And Security

The CDU’s spokesperson underlined that the party is now “fundamentally open to crypto assets” as part of the development of a new financial system.

“We see huge potential for innovation in the underlying blockchain technology,” they added, citing applications in cybersecurity and enhancing value chains.

Meanwhile, the party has not discarded all worries. The representative emphasized that any new legal framework should avoid money laundering and financing terrorism, something they say “still happen with some crypto assets.” The CDU’s reported aim is a “balanced approach to supporting innovation and security.”

New Gov’t Confronts Numerous Priorities Beyond Crypto

CDU chief Friedrich Merz is expected to be the chancellor when the new government is to be sworn in in the first week of May. Yet, crypto regulation might not be at the spotlight. According to reports, Berlin will have to tackle numerous urgent issues such as economic problems, migration policy, and defense issues.

Featured image from Hashdex, chart from TradingView

Bitcoin is facing a critical test as global markets remain volatile and macroeconomic tensions escalate. After weeks of price swings and uncertainty, BTC is trading above the $85,000 level — a psychological and technical threshold that bulls have managed to defend. Momentum appears to be building, but the real test lies ahead: reclaiming the $90,000 mark to confirm a recovery and shift broader sentiment.

Despite the recent bounce, the market environment remains fragile. CryptoQuant insights reveal that market risk is still elevated, even as Bitcoin’s price attempts to stabilize. According to their latest data, only 24% of the circulating supply is currently in an unrealized loss — a relatively low figure when compared to previous major corrections. Historically, such a level is often associated with early-stage pullbacks rather than full-scale capitulation.

This suggests that while bulls are stepping in, the broader market hasn’t fully flushed out excess risk, leaving room for additional downside if sentiment turns again. As the geopolitical climate remains tense and the macroeconomic outlook uncertain, Bitcoin’s next move will be crucial in determining whether this is the start of a sustained recovery or simply a temporary relief rally within a larger correction.

Bitcoin Price Steadies But Market Risk Remains Elevated

Global tensions and macroeconomic uncertainty continue to drive Bitcoin price behavior, with recent action hinting at a potential shift in momentum. As inflation begins to trend lower and the U.S. stock market shows signs of fragility, many analysts expect the Federal Reserve may eventually be forced to lower interest rates to prevent a deeper economic crisis. However, with trade negotiations between the U.S. and China evolving quickly, the timeline for any monetary easing remains unclear.

Despite Bitcoin’s recent bounce above $85,000, on-chain data from CryptoQuant highlights that market risk is far from resolved. While BTC has undergone a notable correction—dropping over 30% from its all-time highs—only 24% of the circulating supply is currently in an unrealized loss. This is historically a low level, often seen during early-stage corrections, not during deep capitulation phases.

The unrealized loss component is currently concentrated within the historical bottom zone, meaning that long-term holders are the ones absorbing the downside. This pattern typically reflects resilience but also signals caution: such phases tend to precede extended periods of sideways consolidation or further volatility rather than an immediate rally.

In summary, while bullish momentum is building, the market remains vulnerable. A sustained move higher will likely require improved macro clarity and confirmation of policy shifts before Bitcoin can fully break into a renewed uptrend.

Technical Details: Price Holds Above Key Indicators

Bitcoin is currently trading at $85,500 after successfully pushing above the 4-hour 200 MA and EMA, both positioned around the $84,000 level. This technical breakout is a positive sign for bulls, who now need to maintain price action above these indicators to confirm a shift in short-term momentum and initiate a broader recovery phase.

Holding above the $84K zone is crucial, as it signals strength and buyer commitment at this level. If bulls can continue to defend this range and reclaim the psychological $90,000 level, Bitcoin could quickly move into higher supply zones, potentially targeting a new local high and breaking the current consolidation pattern.

However, despite this positive momentum, risks remain. If BTC fails to maintain support above the $84K zone and dips below $81,000, it could trigger renewed selling pressure. Such a breakdown would likely result in a sharp drop toward the $75,000 support region, a level closely watched by analysts for its historical significance.

For now, Bitcoin’s price structure remains cautiously optimistic. Sustained buying interest and favorable macro conditions will be required to support further gains and confirm the beginning of a lasting recovery.

Featured image from Dall-E, chart from TradingView 

Bitcoin is holding firm above the $85,000 mark, signaling early signs of a recovery as market sentiment begins to shift. The renewed momentum follows last week’s major geopolitical development: a 90-day tariff pause announced by U.S. President Donald Trump for all countries except China, which continues to face a 145% trade tariff. The announcement injected optimism into global markets, with Bitcoin responding positively after weeks of volatility and uncertainty.

Now, BTC is eyeing a breakout above critical supply levels near $87K–$90K, levels that could mark the beginning of a broader uptrend if breached with volume. According to new insights from CryptoQuant, since Friday, bulls have taken control of the derivatives market—an encouraging sign that leverage is now favoring upward momentum.

While macroeconomic risks remain, including ongoing trade tensions and interest rate uncertainty, market structure is beginning to show signs of strength. Key technical levels are being tested, and if bulls maintain their current position in both spot and derivatives markets, a push toward $90,000 could come sooner than expected. All eyes now turn to how BTC behaves around its 200-day moving averages, as another leg higher may hinge on that breakout.

Bitcoin Builds Strength as Bulls Take Control of Key Indicators

Bitcoin appears to be preparing for a potential market surge, as bulls continue to push the price above critical technical levels. After weeks of uncertainty and high volatility, Bitcoin’s recent resilience above the $85,000 level is signaling growing momentum among buyers. Despite the positive signs, macroeconomic tensions remain a key factor influencing sentiment. US trade policy, geopolitical unrest, and recession fears continue to create a fragile environment for risk-on assets like crypto.

Some analysts remain cautiously optimistic, calling for a recovery rally if Bitcoin maintains its position above the 200-day exponential moving average and key short-term support zones. Others, however, remain skeptical, warning that continued uncertainty could trigger another leg down if confidence fades.

Top analyst Axel Adler shared new insights on X, highlighting that the Bitcoin cumulative net taker volume—a measure of aggressive buying versus selling—has flipped positive. This suggests that buyers are stepping in with increasing conviction.

Additionally, Adler noted that since Friday, bulls have taken control of the derivatives market, which further strengthens the bullish case. When combined with growing spot demand and on-chain accumulation signals, this shift in momentum may support a broader move higher in the coming sessions.

BTC Price Faces Crucial Resistance as Bulls Lose Momentum

Bitcoin is trading at $85,700 after struggling to reclaim the 200-day exponential moving average (EMA), a key level that often signals the beginning of trend reversals. While bulls managed to hold BTC above the $85K mark, the price is still trading below the 200-day simple moving average (SMA), currently sitting around $87,500. This level has become a strong resistance zone, and until it’s decisively breached, Bitcoin remains vulnerable to another sharp move downward.

The broader market environment remains uncertain, and momentum appears to be weakening. Despite last week’s bounce triggered by the 90-day tariff pause announcement, follow-through buying has not been strong enough to reclaim higher supply zones. A decisive move above $90,000 is essential to confirm a bullish trend continuation and invalidate the current consolidation range.

If bulls fail to generate enough strength to reclaim that level, a deeper retracement could follow. The key support remains at $81K, but if that fails, BTC could revisit the $75K region—a level that previously acted as a short-term bottom during last month’s correction. For now, traders are closely watching for a breakout or breakdown, as Bitcoin teeters at a critical inflection point.

Featured image from Dall-E, chart from TradingView 

Public companies have added nearly 100,000 Bitcoin to their balance sheets during the first quarter of 2025, pushing total corporate Bitcoin holdings to a staggering 688,000 BTC worth $56.7 billion. According to data from crypto fund issuer Bitwise, this represents a 16% increase in total crypto holdings by publicly traded companies.

12 New Corporate Buyers Enter The Market

The Bitcoin buying spree wasn’t limited to existing crypto investors. Twelve public companies purchased Bitcoin for the first time during Q1, bringing the total number of Bitcoin-holding public firms to 79.

Hong Kong construction firm Ming Shing led new buyers, with its subsidiary Lead Benefit acquiring 833 BTC through two separate purchases – an initial 500 BTC buy in January followed by 333 BTC in February.

Video platform Rumble ranked as the second-largest new buyer, adding 188 BTC to its treasury in mid-March. In a move that stunned market watchers, Hong Kong investment firm HK Asia Holdings Limited purchased just one Bitcoin in February – a modest investment that still caused its share price to almost double in a single day of trading.

Companies are buying bitcoin, Q1 2025 edition. pic.twitter.com/qZc62N8vu5

— Bitwise (@BitwiseInvest) April 14, 2025

Japanese Firm Acquires At A Discount

While new entrants made headlines, existing Bitcoin holders also strengthened their positions. Japanese investment firm Metaplanet announced on April 14 that it had purchased an additional 319 BTC at an average price of 11.8 million yen (about $82,770) per coin.

This latest purchase brings Metaplanet’s total Bitcoin holdings to 4,525 BTC, currently valued at approximately $383.2 million. The company has spent nearly $406 million (58.145 billion yen) building its crypto stack.

Based on current holdings, Metaplanet now ranks as the 10th largest public company crypto holder worldwide, sitting behind Jack Dorsey’s Block, Inc., which holds 8,480 BTC.

Bitcoin Price Recovers After Brief Slump

Bitcoin trades at around $85,787 as of April 15, showing a decent performance over the past 24 hours according to CoinGecko data. The cryptocurrency has gained roughly 2.5% since the end of Q1 on March 31.

The price has bounced back from a brief drop below $75,000 on April 7. That temporary decline came after a broader market selloff triggered by a new round of global tariffs announced by US President Donald Trump.

The growing corporate interest in the top crypto comes as more companies look to diversify their treasury holdings. The combined value of public companies’ Bitcoin rose about 2.3% during the first quarter, reaching nearly $57 billion with BTC priced at $82,400 by quarter’s end.

Featured image from Crews Bank, chart from TradingView

Crypto analyst Colin has assured that Bitcoin against the Global M2 money supply continues to be bullish. Based on this, he predicts that the flagship crypto will soon blast past $100,000 and rally to a new all-time high (ATH) in the coming months. 

Bitcoin Vs. Global M2 Money Supply Remains Bullish As BTC Eyes New ATH

In an X post, Colin stated that the Global M2 has remained at an all-time high for three days in a row, which he noted is a “fantastic sign” for Bitcoin and other risk assets. However, he warned that it could still take some weeks before the liquidity flows into BTC. His accompanying chart showed that the flagship crypto could rally to as high as $144,000 when that happens. 

In the meantime, Colin predicts that there could be another dip buying opportunity since the Global M2 doesn’t show a blast-off for another one to two weeks. Instead, it shows a slow bleed until around April 16th or 17th. As such, the analyst looks convinced that there will be another buy-the-dip opportunity. It is worth mentioning that his chart showed that the blast-off might not happen until May. 

Meanwhile, Colin cautioned doubters and flip-floppers, noting that the Global M2 is a macro chart and that it is best to view it as such and have patience. He added that they shouldn’t be swayed by each small price movement, even when Bitcoin breaks to the downside. 

He also noted that this is backed by the fact that the Global M2 will deviate 20% of the time due to mathematical correlation, including deviations to the upside and downside. However, Colin remarked that this is why the market participants must zoom out in order to account for that 20% non-correlated period. The analyst concluded that he wouldn’t be too quick to judge the M2 offset on each short-term Bitcoin price movement. 

BTC Momentum Flip Might Be Happening

Crypto analyst Titan of Crypto indicated that a Bitcoin momentum flip might be happening. He revealed that the LMACD is showing a clear shift in momentum, while price action is displaying strength on the weekly chart. He added that momentum and structure are aligned. His accompanying chart showed that BTC will seek to reclaim $90,000 on this momentum flip. 

Related Reading: Crypto CEO Reveals Why The Bitcoin Bull Market Is Over With Crash Below $80,000

In another X post, Titan of Crypto stated that a major breakout was on the horizon for the Bitcoin price. He claimed that BTC could be on the verge of a reversal as the weekly Relative Strength Index (RSI) just broke its trendline, which is a key shift in momentum. 

At the time of writing, the Bitcoin price is trading at around $85,400, up over 1% in the last 24 hours, according to data from CoinMarketCap.

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Эксперты по кибербезопасности Национального института стандартов и технологий США (NIST) заявили, что микроконтроллер ESP32, используемый в миллиардах устройств Интернета вещей (IoT), включая популярные аппаратные биткоин-кошельки, имеет критические уязвимости, ставящие под угрозу безопасность цифровых активов.

After a sharp break below the $2 support level last week that caught investors by surprise, the XRP price is back up again and looking to break out into another surge. This is highlighted by an analyst on the TradingView website who explained that XRP is making major strides after the recovery. This includes the formation of bullish candles that show momentum is rising, possibly to help prop up the recovery.

Why The XRP Price Has Turned Bullish

A number of bullish developments have been highlighted by the crypto analyst that suggests that the XRP price continues to be bullish from here. One of these is the classic cup and handle style formation that the analyst pointed out has been forming on the larger timeframes. Interestingly, this would not be the first time that the altcoin has done this and history shows that this usually happens before a surge.

According to the analyst, the previous time that the XRP price has shown something like this, the result had been a slow grind up, and then a quick move up to the next retest. At the current level, it means that if this formation plays out like last time, then the altcoin could be looking to surge and retest the $2.33 area as the next major resistance level.

With a break out of this resistance, then the XRP price is expected to test the next major point of contention, which is at $3.02. To do this, the analyst explains that it would have to break out with adequate volume, which could trigger a fast push from $2.33 to $2.59, before heading for $3.02. Then, they explain that bulls could step in once the price starts to hit the upper range.

Additionally, the higher timeframe structures have also been showing a gradual lift-off. This rise in the price, though slow, but steady, is showing a possibility of rising toward the $3.40 level. This puts it incredibly close to the $3.8 all-time high that has yet to be broken in the last seven years.

There is still a bearish scenario for XRP in the case where the $2 support fails again. A crash from here could send the price spiraling toward $1.5 again. However, the crypto analyst highlights that the current structure is clean. Furthermore, as momentum picks up and support holds, with no disruptions from macro sentiment, the crypto analyst believes “XRP is showing all the signs of a classic bullish retest setup.”

Featured image from Dall.E, chart from TradingView.com