Crypto Quest

The XRP price is currently trading at $0.554, having increased by 3% in the past 24 hours. However, XRP largely remains in the red in a 30-day timeframe, having broken below the $0.6 threshold earlier in the month. At the time of writing, XRP is down by 5.3% in the past 30 days.

According to CoinCodex, a machine learning algorithm, XRP should continue on a bullish trajectory this week. According to its latest forecast, XRP is on track for upward momentum this week and will maintain its strength throughout the week, with the price expected to surpass the $0.60 mark. 

CoinCodex Forecast: XRP Price Set For A Rally This Week

CoinCodex’s machine learning algorithm paints a bullish picture for the XRP price journey this week. Its Fear & Greed Index, a popular tool that measures investor sentiment, currently reads 72 for XRP, indicating a state of “greed.” Furthermore, the sentiment has now flipped to neutral after spending earlier days in the bearish zone. 

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According to CoinCodex’s algorithm, XRP’s technical indicators further back up the bullish case. Out of 29 key indicators used in the analysis, 20 are flashing bullish signals, while only nine are giving bearish signals. This overwhelming tilt towards positive momentum points to growing market confidence in XRP’s short-term prospects. Given these indicators, the algorithm predicts that XRP is primed to break above the $0.60 threshold again this week.

More notably, CoinCodex anticipates that XRP could achieve double-digit gains by the end of the week. The algorithm sets a target for XRP to close the week at $0.635269, which represents a significant 16% increase from its current price levels. Such an outcome would mark a major milestone for XRP, as it would be the first time in quite some time that the cryptocurrency posts double-digit gains on a weekly timeframe. 

What To Expect For XRP This Week

If the XRP price movement plays out as predicted, it could signal the beginning of an extended bullish trend for the cryptocurrency as momentum builds up and investors pile in. The combination of positive technical indicators and strong market sentiment makes this week a crucial period for XRP, as it suggests that the asset is positioned for further gains.

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According to CoinCodex’s analysis, XRP has support levels at $0.540343, $0.534077, and a stronger foundation at $0.530528. On the resistance side, key levels to watch include $0.550157, $0.553706, and $0.559972, which could present challenges on its upward path.

The key XRP price target to watch will be the $0.60 level. If breached, the momentum could pave the way for XRP to test the projected $0.643268 mark by the end of the week. 

Featured image created with Dall.E, chart from Tradingview.com

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

In another fabulous story from the crypto market, an investor has realized a staggering 3,360% return, transforming an initial investment of $86,000 into approximately $3.9 million. This extraordinary gain was achieved through an investment in the memecoin Goatseus Maximus (GOAT).

According to a report by on-chain analysis firm Lookonchain, the investor allocated 603 SOL (worth $86,000) to purchase 10.7 million GOAT tokens six days prior. At its peak, this investment surged to $3.75 million. Within the past eight hours, the investor liquidated 0.7 million GOAT tokens, converting them back into 1,453 SOL ($222,000), thereby retaining 10 million GOAT tokens valued at approximately $2.74 million.

Additionally, the trader invested $182,000 in 7.3 million BILLY tokens, which he sold after four months for $593,000, yielding a 226% return. Thus, the anonymous crypto investor made a staggering $3.291 million profit with both trades.

Crypto’s Latest Memecoin Sensation

The memecoin GOAThas garnered significant attention within the crypto community. Initially conceptualized by an anonymous developer using Solana’s memecoin creation app, Pump Fun, GOAT was not the direct creation of Andy Ayrey, the developer behind the AI bot Truth Terminal. However, the AI’s influence played a pivotal role in its virality.

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Andy Ayrey, a digital innovator, developed Truth Terminal as an experiment in memetic engineering rather than crypto creation. Truth Terminal, trained on Meta’s Llama 3.1 model, engaged in extensive dialogues across platforms like X, Reddit, and 4chan, eventually fixating on the Goatsee meme—a notorious early internet shock image.

These interactions inadvertently inspired the creation of the GOAT memecoin, which launched on October 13 and rapidly escalated to a market capitalization of $360 million within four days. As of the latest data, GOAT’s market cap has slightly tapered to just over $335 million, with the token trading at approximately $0.33.

Andy Ayrey acknowledged the unexpected success of GOAT, stating, “This isn’t a crypto project; it’s a study in memetic contagion and the tail risks of unsupervised infinite idea generation in the age of LLMs.” He further elaborated, “This memecoin taking off is proving a thesis I’m building an AI alignment and safety company around; which is where the bulk of my skin in the game lies.”

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Marc Andreessen, co-founder of Andreessen Horowitz, initially provided a $50,000 Bitcoin grant to Truth Terminal for independent AI research. Amid the GOAT token surge, Andreessen clarified his non-involvement with the memecoin: “For clarity, I sent a personal $50K no-string-attached unconditional research grant to Truth Terminal and its creator Andy Ayrey this summer […]. However, I have nothing to do with the GOAT memecoin. I was not involved in creating it, play no role in it, have no economics in it, and do not own any of it.”

GOAT’s rapid ascent and subsequent stabilization highlight the continued appetite among crypto traders for high-risk, high-reward memecoins rather than fundamental utility. Truth Terminal’s role as a catalyst in GOAT’s success exemplifies the profound impact that AI-driven narratives can have on digital asset valuations

At press time, GOAT traded at $0.3520.

Featured image from iStock, chart from TradingView.com

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.D needs to break below the lower boundary of a triangle first.

Interesting Take On Bitcoin Price Outlook

The analyst in question, known as TheSignalyst, takes an unconventional approach to analyzing Bitcoin’s price movement by relying on a lesser-known but intriguing metric. 

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According to TheSignalyst, the USDT.D chart, which tracks the dominance of the stablecoin Tether (USDT) in the cryptocurrency market, efficiently tracks the overall sentiment of the crypto market. Though not widely used by mainstream analysts, this metric has proven useful in predicting market tops, bottoms, and future price action.

According to the USDT.D chart, the USDT dominance has been playing out a descending triangle pattern since the first days of August. Since this period, the USDT dominance has ranged between 6.5% and 5.34% of the total crypto market cap up until the time of writing. As the analyst noted, as long as USDT dominance remains within the descending triangle, Bitcoin’s price is likely to continue consolidating in a range.

However, TheSignalyst adds that for Bitcoin to truly enter a bullish run, the USDT dominance needs to break downward. Specifically, it would have to fall below the lower boundary of the descending triangle and drop beneath 5.2% of the total crypto market cap. 

What Does This Mean For The BTC Price?

As the largest stablecoin, the USDT dominance can reveal a lot about the prevailing sentiment among crypto traders. High periods of USDT dominance suggest investors are pulling out of riskier assets and parking their funds in stablecoins, while a decline in the USDT dominance suggests inflows into cryptocurrencies.

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In the case of TheSignalyst’s analysis, the USDT dominance breaking below 5.2% would signal reduced reliance on the stablecoin and a renewed appetite for riskier assets, paving the way for Bitcoin to embark on a more aggressive upward trajectory. 

According to the analyst, if this scenario unfolds, it could enable Bitcoin’s price to break past the $70,300 mark in the weekly timeframe. This level sits just above a descending trendline that has been stopping Bitcoin’s momentum since April, and a successful breakout could confirm the start of a much larger rally.

In the case of such a breakout, the analyst suggests a strong surge towards the $100,000 price level. At the time of writing, Bitcoin is trading at $68,100 and is about 47% away from this six-figure target.

Featured image created with Dall.E, chart from Tradingview.com

Recent reports have revealed that Ethereum has had a challenging run, underperforming compared to other major cryptocurrencies. However, despite this, some positive signs may be on the horizon.

According to a CryptoQuant analyst, Percival, Ethereum’s open interest has increased significantly, indicating rising investor optimism for a potential rally.

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Potential For Ethereum Rally And Longs Benefit

According to the data shared by Percival, Ethereum’s open interest stands at $9.6 billion, marking a 28.57% increase from August, although it is still below the $13 billion recorded in June.

The rise in open interest points to expectations of an upward price movement, with many traders positioning themselves for increased demand.

Percival noted that several factors, including potential Federal Reserve interest rate cuts and a growing focus on the future of tokenization on the Ethereum blockchain, may fuel this uptick.

This shift could drive more interest toward decentralized finance (DeFi) protocols, making Ethereum more attractive for investors looking for long-term gains.

Percival also highlighted that Ethereum’s Relative Strength Index (RSI) is at 61, suggesting that the market is overheated.

A “convergence” between open interest and RSI levels indicates that price corrections will likely be short-lived, providing opportunities for traders to position themselves for a market rebound.

The analyst estimated that Ethereum may experience a correction of around 7% to 9% before rallying again, favoring long positions as traders await a potential rise in both price and demand.

The analyst particularly wrote in a post on the CryptoQuant QuickTake platform:

The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows.

ETH’s Path To A Bullish Breakout

At the time of writing, Ethereum trades at $2,611, down slightly by 0.1% in the past 24 hours. This comes after a strong week where the cryptocurrency saw a 9.3% increase and a nearly 15% rise over the past month.

According to another prominent crypto analyst, Ali, Ethereum could be on the verge of a significant rally. In a recent post on X, Ali revealed that Ethereum has recently touched the lower boundary of a channel, a level that has historically led to an average 130% price surge.

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According to Ali, should this pattern continue to hold, Ethereum could potentially climb to $6,000 as long as it maintains its key support level of $2,300.

Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum.

If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih

— Ali (@ali_charts) October 14, 2024

So far, despite ETH’s market’s volatility, the asset has managed to maintain its price above the critical $2,300 support level, which lends credibility to the theory that a bullish breakout could be on the way.

Featured image created with DALL-E, Chart from TradingView

Donald Trump new cryptocurrency initiative, World Liberty Financial (WLF), has encountered significant challenges since its launch. According to a report by CNBC, the project aims to establish a crypto bank and was expected to attract considerable investor interest. However, the token sale, which began on Tuesday, was marred by website outages and technical issues, severely limiting participation.

Trump Crypto Venture Faces Setbacks

Zachary Folkman, co-founder of WLF, had previously indicated that over 100,000 individuals were on the whitelist for the investment opportunity. Despite this promising start, the reality was starkly different. 

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As of Tuesday afternoon, blockchain data from Etherscan revealed that only about 4,300 unique wallet addresses held the WLF token, amounting to roughly 4% of the registered investors.

The platform reported selling more than 532 million tokens at a price of 15 cents each, which represents less than 3% of the total 20 billion tokens available for public sale. 

Throughout the day, users faced consistent disruptions, with the website often displaying a message stating, “We are under maintenance.” WLF has yet to provide an official comment regarding these technical difficulties.

These setbacks come at a crucial time for Trump, who is the Republican presidential nominee and has heavily promoted the project since August under the branding “The DeFiant Ones,” a nod to decentralized finance (DeFi). 

The project’s roadmap indicates an ambitious goal of raising up to $300 million at a $1.5 billion valuation during the initial sale.

Investors To Receive Voting Rights On WLF Platform

Folkman, who has a varied entrepreneurial background, including a previously owned company, Date Hotter Girls, has stated that 20% of WLF’s tokens are allocated to the founding team, which includes members of the Trump family. 

The WLF token, WLFI, is structured as a Regulation D offering, allowing it to raise capital without registering as a security with the SEC, provided it meets certain conditions, such as limiting the sale size and restricting participation to accredited investors. So far, details about the project’s functionalities remain sparse. 

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Individuals associated with the Trump family project have suggested that the platform will facilitate borrowing, lending, and investing in cryptocurrencies. However, a formal white paper or comprehensive business plan has not been made public, and the primary disclosure has been that investors will receive voting rights on the forthcoming WLF platform.

In a step toward legitimacy, WLF has also initiated the process of obtaining approval from Aave, a DeFi ecosystem and lending platform known for its open-source framework and reputation in the crypto community.

Featured image from DALL-E, chart from TradingView.com