A popular analyst has identified a chart pattern in XRP that mirrors its 2017 rally, suggesting a potential surge to $10. The pattern has reignited interest in XRP as market attention shifts towards altcoins.
A new US labor market indicator is shifting towards neutral, signaling a potential economic cooldown. This could trigger short-term risk-off pressure on Bitcoin, but may pave the way for Federal Reserve easing, which could be beneficial in the medium term.
XRP’s price decline has pushed investor sentiment to ’extreme fear,’ a level that has historically been followed by significant price surges, despite recent whale selling and a lackluster reaction to new ETF inflows.
The new XRP ETF has seen nearly $900 million in inflows, setting records, yet the XRP price has declined to around $2.03. This contrasts with the price rallies seen by Bitcoin and Ethereum after their own ETF launches, leaving investors wondering what’s behind the divergence.
XRP is caught between two forces as whales dump 510 million tokens while institutional ETF inflows provide support. The price hovers around the psychological $2 level, with technical analysis suggesting more downside risk unless it breaks above $2.11.
The Dutch government’s new tax plan may eliminate the ‘buffelboete’, giving lower-income workers up to €230 more per year, while higher incomes still see gains.
Bloomberg ETF expert Eric Balchunas argues that comparing Bitcoin to the 17th-century Dutch tulip mania is flawed, citing Bitcoin’s resilience over 17 years and multiple market cycles, unlike the short-lived tulip bubble.
Analysts suggest the biggest risk to Bitcoin’s price is not the size of the Fed’s balance sheet, but the significant lag in how monetary policy affects the economy. This delay could create short-term headwinds for crypto before potentially fueling a longer-term rally.
Large holders, or whales, have offloaded over 510 million XRP in the past week, putting significant downward pressure on the price. Despite the launch of several XRP ETFs, the asset struggles to gain momentum, though analysts point to a potential breakout from a symmetrical triangle pattern.