Crypto Quest

On-chain data shows the XRP Binance Netflow has spiked to positive levels recently. Here’s what this could mean for the asset’s price.

XRP Investors Have Been Depositing To Binance Recently

As explained by an analyst in a CryptoQuant Quicktake post, a large amount of XRP deposit transactions have headed to Binance recently. The on-chain metric of relevance here is the “Exchange Netflow,” which keeps track of the net transfers going in or out of a given centralized exchange.

The traditional form of this metric measures the difference between the inflow and outflow volume for the platform, but in the context of the current topic, a different version of the indicator is of interest: one that counts the net number of deposit/withdrawal transactions.

When the value of the metric is positive, it means there are more inflow transfers happening for the exchange than outflow ones. As one of the main reasons why investors deposit to these platforms is for selling-related purposes, this kind of trend can be bearish for XRP.

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On the other hand, the indicator being negative implies withdrawals are dominant on the exchange. Such a trend can be a sign that holders are interested in HODLing into the long term, which can naturally have bullish effects on the price.

Now, here is a chart that shows the trend in the 30-day moving average (MA) of the XRP Exchange Netflow for Binance over the last couple of years:

As is visible in the above graph, the XRP Exchange Netflow for Binance has mostly stayed inside the positive territory during the last two years, which suggests investors have constantly been making withdrawal transactions.

Recently, however, the metric appears to have diverged from the norm, as its value has registered a sharp positive spike. The asset has seen a sharp rally of over 54% in the past week, so it’s possible that the traders making the deposits are looking to sell and realize their profits.

Now, the main question is, is this selling a potential threat to XRP’s value? The indicator is sitting at 470 right now, which suggests significantly more inflows than outflows. Considering that this is also just the 30-day MA, the peak value is bound to be even higher.

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While this high number of inflow transactions may look like a danger at first glance, it may actually not be so, since it corresponds to activity that’s mostly from the retail investors.

Whales don’t tend to leave behind too many transactions, as they prefer to move large amounts with a single transaction. Thus, whenever this version of the Exchange Netflow spikes, it’s a sign that the small holders are depositing.

Naturally, there could still be a few whale transfers among these inflows, which can indeed end up having a negative effect on the XRP price. It only remains to be seen, though, which of the scenarios holds true.

XRP Price

XRP has pulled ahead of the rest of the market with a sharp rally during the past week, which has taken its price to $1.09.

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

Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone.

• Ethereum is slowly moving lower below the $3,150 zone.
• The price is trading below $3,100 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could extend losses if there is a close below the $3,000 support zone.

Ethereum Price Struggle Continues

Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.

There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low.

Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,080 level.

The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance.

An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone.

A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,030

Major Resistance Level – $3,100

The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14.

The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.

Symmetrical Triangle Points To A Bitcoin Price Breakout

A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend. 

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In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction. 

For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline.

Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.” 

Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies.

Next Bitcoin Price Target: $100,000

The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month. 

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At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis.

Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply.

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

The price of XRP has surpassed $1, a significant milestone that has not been observed since December 2021. The cryptocurrency’s market capitalization increased by $20 billion to approximately $64 billion on November 17, when it reached $1.23. This surge has incited a frenzy of discourse within the cryptocurrency community; however, it is not solely the price that is garnering attention.

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The Pot Is Being Stirred By Rumors Of A Meeting With Trump

Most of the conjecture about XRP’s surge stems from unsubstantiated accounts that Ripple CEO Brad Garlinghouse met with President-elect Donald Trump. Though neither Garlinghouse nor Trump’s staff have confirmed or refuted the meeting, the rumors have spurred discussions across the sector.

Brad Garlinghouse is shilling XRP and CBDC implementations. I am shilling American dynamism, and smart appointments that will solidify Trump’s legacy. We are not the same.

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) November 16, 2024

Some, such as former Messari CEO Ryan Selkis, have also gone public with the strongest term on record criticizing Ripple for the possibility of dictating US policy. Pierre Rochard of Riot Platforms and others have expressed skepticism about the anti-Bitcoin posture of Ripple and how it could be damaging for the future regarding crypto regulation.

We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.

Hopefully Trump will staff his Administration with more bitcoiners!

— Pierre Rochard (@BitcoinPierre) November 16, 2024

Garlinghouse has expressed confidence in the potential beneficial effects of the Trump administration on the cryptocurrency sector, despite the controversy. Garlinghouse suggested in a recent appearance on Fox Business that Trump perceives the crypto industry as a potential source of innovation and entrepreneurship.

🚨BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!

Donald Trump had a meeting with Ripple. 👀

💥 #XRP WILL MELT FACES 💥 pic.twitter.com/qp6CMbRTdY

— JackTheRippler ©️ (@RippleXrpie) November 15, 2024

His remarks, which center on the activities of SEC Chairman Gary Gensler, are perceived as directly addressing the regulatory obstacles presently affecting Ripple. This has strengthened the belief that, should government change, more favorable conditions could exist for crypto activities running within the United States.

Whale Activity And Bullish Sentiment Drive The Rise Of XRP

The rise of XRP is not solely due to speculative conjecture; it is substantiated by robust market data. Whale activity has been increasing, as evidenced by reports of substantial XRP transfers exceeding $316 million in the span of two days.

Their action might be the decisive step for a price rise, as such large-scale transactions typically indicate the big holders’ positive mood. Secondly, the Relative Strength Index indicates that XRP is in the boundary of an overbought area; in other words, the surge has already reached its maximum. However, the level of hope is rather high, and most people think that the trend will continue.

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Looking Ahead: Institutional Interest And ETF Prospects

In addition to the optimism, there are increasing expectations that an XRP exchange-traded fund (ETF) may be in the works. This, in conjunction with the increasing institutional interest in Ripple’s native token, could be a further catalyst for the sustained growth of XRP.

XRP is currently trading at $1.16, making it the best-performing cryptocurrency in the top 10 by market capitalization. Investors are eager to observe its future trajectory. Ripple’s future is unquestionably attracting significant attention, regardless of whether the rumors regarding a Trump meeting are accurate.

Featured image from Techreport, chart from TradingView

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.

Bitcoin is on the move again, surging toward its previous high of $93,257 with renewed momentum that has triggered excitement among traders. After a period of consolidation, Bitcoin’s latest price action signals a potential breakout that could set the stage for even greater gains. As it inches closer to this critical resistance level, can the crypto giant break through and unlock new heights, or will the bears reclaim control? With the market’s eyes fixed on this pivotal moment, the next move could reshape BTC’s future.

This analysis aims to explore Bitcoin’s current surge toward the $93,257 resistance level and assess the likelihood of a breakout. By examining key technical indicators and market trends, it seeks to determine whether BTC can overcome this significant hurdle and reach new highs. Additionally, it will explore the possible impact of such a breakthrough on its price trajectory and the broader market sentiment.

Bitcoin’s Renewed Momentum Leading To $93,257

Bitcoin is currently maintaining a bullish stance, holding firmly above the 100-day SMA on the 4-hour chart, a strong indicator of continued upward momentum. The price now aims for its previous high of $93,257, having successfully avoided a drop below the $85,211 support. If this pressure continues, a break above $93,257 could create a path for new highs, while holding above the $85,211 support level signals strength in the ongoing rally.

An analysis of the 4-hour Relative Strength Index (RSI) shows a continued upside movement as the RSI climbs to 61% after dipping to 53%, signaling that the market is maintaining its bullish strength. Significantly, the sustained rise in the RSI suggests that the uptrend is gaining traction with the potential for more price increases as the buying pressure builds.

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Additionally, the daily chart reveals that BTC is experiencing strong upbeat momentum, highlighted by the formation of bullish candlesticks. The asset’s position well above the key 100-day SMA further reinforces this positive trend. As BTC maintains its current trajectory, it bolsters market optimism, setting the stage for additional gains as it aims for the $93,257 target.

Lastly, the RSI on the daily chart is at 92%, indicating strong positive movement after recovering from a dip to 77% suggesting a shift in market sentiment with increased buying pressure. While the high RSI points to continued growth, prolonged overbought conditions may lead to a correction if buying activity begins to wane.

Key Resistance: Can Bitcoin Push Through?

Bitcoin is approaching a critical resistance level at $93,257, a price point that could determine the next phase of its bullish trajectory. If Bitcoin successfully surpasses $93,257, it could pave the way for new highs, indicating continued strength in the market.

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However, if the resistance holds, Bitcoin could experience a pullback or consolidation, with the price retracing toward the $83,211 support level. A break below this support could indicate more declines, with the possibility of testing additional key support zones.

Featured image from iStock, chart from Tradingview.com