In the first quarter of 2024, more than $336 million in digital assets were stolen from decentralized finance platforms across 61 incidents of hacking and fraud. During this period, criminals made off with digital assets valued at $144.48 million in two major hacking incidents. In contrast, centralized finance platforms reported no incidents of hacking or […]
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XRP holders are facing mixed signals. While the digital asset boasts nearly 20% in gains over the past year, significantly outperforming traditional savings accounts, its recent performance pales in comparison to other cryptocurrencies.
After a substantial decline, the altcoin’s price has now entered a phase of sideways consolidation, making market players unsure of its future course. It appears like the cryptocurrency will likely stay stuck in a narrow range until there is a breakout in either way.
Despite the seemingly negative vibe, a recent report highlighted the coin’s resilience. Specifically, it underscored its advantage over stagnant savings accounts.
XRP hit a low of $0.42 in March 2023 and surged to $0.93 in July, fueled by optimism surrounding the Ripple vs. SEC lawsuit. The coin then saw a rise of 1.30% on Sunday. After losing 1.35% on Saturday, the altcoin gained 0.41% at the end of the week to close at $0.6299. Today, it sits at $0.61, reflecting a 20% year-over-year increase.
This dwarfs the returns offered by most savings accounts. A Business Insider report pegs the average Annual Percentage Yield (APY) for US savings accounts between 0.01% and 0.25%. Even high-yield online banks rarely surpass 5.30% APY.
XRP is up over 6% within a single year, it has outperformed every savings account of every bank in the world and yet you people are still crying about it. pic.twitter.com/GGxVPJfudU
— Mr. Huber🔥🦅🔥 (@Leerzeit) March 29, 2024
“Mr. Huber,” a prominent crypto community investigator, emphasizes this point. To paraphrase his views, he said while XRP might not be setting the crypto world on fire right now, it’s definitely a better option than letting your money languish in a savings account.
However, discontent simmers within the community. Over the past three months, XRP has seen a meager 1% growth, while rivals like Bitcoin and Ethereum have skyrocketed by over 50%. This lackluster performance compared to its peers is causing frustration among holders.
XRP market cap currently at $33.6 billion. Chart: TradingView.com
The future trajectory of XRP hinges on multiple factors. The ongoing Ripple vs. SEC lawsuit, which centers around whether XRP is a security, is a significant cloud hanging over the coin’s price. A favorable outcome could reignite investor confidence and propel XRP upwards.
Another factor is the broader cryptocurrency market. If the current bull run continues and other top coins maintain their momentum, XRP might face additional pressure to catch up.
Analysts remain divided on XRP’s short-term prospects. Some believe the current stagnation is a buying opportunity before a potential price surge. Others urge caution, citing the ongoing lawsuit and the unpredictable nature of the cryptocurrency market.
The diverse perspectives surrounding XRP showcase the exciting array of options available to investors. With XRP presenting a compelling alternative to conventional savings methods, its unique features shine through.
Despite recent fluctuations in its performance compared to other digital assets, this opens up opportunities for thoughtful consideration and strategic investment. Ultimately, the choice to embrace XRP hinges on aligning with one’s personal risk appetite and long-term investment objectives, empowering individuals to make informed decisions tailored to their financial aspirations.
Featured image from Karolina Grabowska/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The meme coin phenomenon, where communities produce tokens with no other support than a meme behind it, has given rise to opposing opinions. These range from the most positive ones, which regard them as value-affirming elements, to the negative ones, which state that there is no value behind them. Bitcoin.com News examines the views of […]
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The next Bitcoin halving is on the horizon, drawing closer with each passing block and anticipated to take place anywhere between April 18 to April 22, 2024, at the milestone of block 840,000. Following this event, the reward for mining a block will halve from 6.25 bitcoins to 3.125 bitcoins. The following is a thorough […]
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XRP, the native token of Ripple, has become a hot topic in the crypto market, not for its recent price surge, but for its lack thereof. Despite a booming market that saw Bitcoin and Ethereum climb significantly, XRP remains stagnant, raising concerns among investors. However, a recent prediction by Andrew Forte, a crypto strategist, has reignited discussions about XRP’s potential, with a target of a staggering $100 per token by 2037.
While Forte’s prediction is certainly ambitious, it’s not the first time XRP has been touted as a future high-flyer. The token underperformed in the early stages of the 2017 bull run, only to later outperform the entire market. This historical precedent fuels optimism for some analysts who believe XRP is simply following a similar pattern.
The year is 2037:
– Bitcoin is at $1m
– Eth is at $20k
– Blockchain gaming is mass adopted
– Solana has an ETF
– XRP made it to $100You remember discussing crypto mass adoption with fellow animal pfps
You remember the good old days
You feel nostalgic
Life is good
— Andrew Forte
(@TheAndrewForte) March 28, 2024
The $100 price point represents a monumental 15,900% increase from XRP’s current value. Forte isn’t alone in his bullish outlook. Matt Hamilton, a former Ripple Director, and Steven Neyaroff, a former Ethereum advisor, have previously expressed confidence in XRP reaching the $100 mark. However, a key difference in these predictions is the timeframe. While Forte sets a specific date in 2037, others remain more cautious.
Ok we can disagree on that.
Do you support his prediction of $100 xrp?
— sir bitcoin (@sir_bitcoin) June 5, 2022
The diverging opinions highlight the inherent uncertainty surrounding cryptocurrency predictions. XRP’s future hinges on several crucial factors. The primary driver will likely be the adoption of Ripple’s technology. Ripple focuses on facilitating international payments for financial institutions, and widespread adoption could significantly increase XRP’s utility and value.
However, the ongoing lawsuit between Ripple and the SEC casts a long shadow. The lawsuit alleges that XRP is an unregistered security, which could hinder institutional adoption if the SEC prevails. A positive resolution for Ripple would be a major catalyst for XRP’s price.
The overall health of the cryptocurrency market also plays a significant role. A sustained bull run could elevate all cryptocurrencies, including XRP. Conversely, a bear market could stifle XRP’s growth potential.
While the road to $100 may be long and uncertain, XRP’s potential for future growth remains a topic that continues to spark debate and intrigue within the cryptocurrency community.
Featured image from Pixabay, chart from TradingView
Consensys has told the U.S. Securities and Exchange Commission that Ethereum’s proof of stake implementation “meets and even exceeds the security of Bitcoin’s Proof of Work (PoW).” The blockchain software company said the commission should recognize the advanced safeguards inherent in Ethereum’s design which exceed the “security and resilience safeguards underlying bitcoin-based exchange-traded products.” The […]
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The following is a guest post from Evgeny Filichkin, an Investment Advisor at Keytom neobank.
When Bitcoin cleared the $69,000 level and established a new all-time high, it resulted in the so-called ‘euphoria zone’ — a phase in the market cycle characterized by extreme optimism and speculative frenzy among investors.
With the upcoming April halving just around the corner, all the hype around it only serves to drive the exuberance further. This sentiment causes the BTC rate to grow as more investors rush to buy into the market, perpetuating a self-reinforcing cycle of optimism and price escalation.
But what can we expect to happen when the event hits the market? Halvings have historically heavily affected investor behavior patterns, and we’re already moving ahead of the curve this year. So, how should investors change their strategies amidst the current surge? Let’s take a closer look.
This halving will be the fourth in BTC’s history. Since the previous event in 2020, Bitcoin has made great strides towards mainstream adoption, which are underscored by notable advancements in regulatory frameworks and technological infrastructure.
Among the more recent events, the introduction of Bitcoin ETFs into the market has also contributed greatly to driving positive investor sentiment to new heights. The US SEC’s approval of them marked a significant milestone in Bitcoin’s acceptance as a legitimate investment asset. Furthermore, ETFs have broadened access to BTC for new investor segments, including financial advisors and capital market allocators. This broader access invites substantial capital influx.
As Bitcoin continues to gain traction among institutional investors and retail traders alike, the anticipation surrounding the 2024 halving event is heightened, with expectations of its potential impact on the market dynamics.
Historically, Bitcoin has experienced notable price fluctuations in the wake of halving events, as the reduction in block rewards has led to a decrease in the supply of new BTCs entering the market. With increasing demand and limited availability, Bitcoin’s appeal is amplified, driving further investment interest.
However, the lead-up to the 2024 halving has already differentiated itself in a unique scenario where Bitcoin reached the new all-time high of $73,000 well in advance of the event itself. This departure from past patterns suggests that the market sentiment is running ahead of historical patterns, and the dynamics after April’s halving may differ significantly from previous cases.
The old trading adage “buy the rumor, sell the news” may prove appropriate in the context of this year’s Bitcoin halving. Fueled by the anticipation of the event, investors are actively accumulating Bitcoin, thus “buying the rumor.” However, once the event passes, they may engage in profit-taking instead of driving the prices further and, in doing so, “sell the news.”
Given that the market dynamics are taking place faster this year than during the previous cycles, once the halving event passes, the BTC price will likely have no more room to grow around that news. If investors choose to take the profit-taking road, it would reflect the market’s ability to price in future events and adjust accordingly, resulting in a period of price correction and recalibration
Investors need to exercise caution and maintain a balanced approach to Bitcoin investment, particularly during periods of euphoria like the one we’re seeing now. While feeling excited about the potential for significant returns is natural, the euphoria zone is also characterized by heightened volatility. Many investors may overlook the fundamental factors driving Bitcoin’s value, instead focusing solely on short-term price gains, which can lead to unsustainable market dynamics.
Meanwhile, price corrections are a natural and necessary part of any asset’s upward trajectory for a number of reasons. Rapid and sustained increases in price can lead to overvaluation, where the price of the asset exceeds its intrinsic value. This can create a speculative bubble, fueled more by investor exuberance than anything else. Price corrections help to deflate such bubbles, bringing the asset’s price back in line with its true value and restoring market equilibrium.
As for when that correction will take place this time, it’s hard to say with any measure of certainty. Traders should remember that markets generally don’t have fixed peaks or troughs. Just because an asset’s price has already reached a high point doesn’t necessarily mean it must go down again. And the opposite is also true. This underscores the unpredictability of markets and the need for caution in trading decisions.
As investors navigate the opportunities and uncertainties presented by the 2024 halving, a proper understanding of market dynamics and risk management strategies will be essential for maximizing potential returns. If you’re planning to invest in BTC, make sure that you’re doing it for the right reasons, after having properly considered its long-term viability and the risk factors involved.
Families with a net worth of up to $100 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
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Rich Dad Poor Dad author Robert Kiyosaki has urged investors to ditch the U.S. dollar and buy bitcoin alongside gold and silver. He warned that “baby boomers’ retirements are going broke as paper assets crash.” The famous author stressed: “I do not trust anything that can be printed.” Robert Kiyosaki’s Latest Warnings and Advice The […]
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Panelists at global fintech company Finder have relayed a series of projections on the Cardano native token ADA. Despite the cryptocurrency’s slow growth recently, various crypto experts have predicted the price of ADA to surge to record highs soon.
A recent survey of panelists at Finders has revealed the future outlook for the price of ADA. According to the report, Cardano is expected to witness a significant surge between the average of $5.37 and $3.15 by the end of the decade.
Supporting the cryptocurrency’s potential price growth, the Chief Operating Officer (COO) of Layer One X, Matiu Rudolph has predicted that the price of ADA could increase to $3.50 or higher by 2025. He has also predicted that the cryptocurrency could witness a rise to new all-time highs of $10 by 2030.
The COO has based his predictions on Cardano’s burgeoning ecosystem and robust community of supporters. He disclosed that the cryptocurrency’s loyal community was one of its greatest assets, fostering global adoption and boosting the value of the cryptocurrency.
Also speaking about Cardano’s future price outlook, the founder of Omnia Markets, Mitseh Shah has projected the price of ADA to surge to $2.75 by 2025. The fintech founder has given reasons for his price prediction, stating if the crypto market enters a bull run, Cardano could see its price rising to new highs.
“If next year’s Bitcoin halving leads to a bullish crypto market Cardano could well be taken along for the ride,” Nick Ranga, senior cryptocurrency and forex analyst at ForexTraders stated.
In a similar light, another panelist, Ruadhan O, creator of Seasonal Tokens has remained bullish on Cardano, expecting the cryptocurrency to surge to $2 by 2030. The crypto investor has disclosed that Cardano is likely to witness significant gains from Ethereum’s market share during the next crypto bull run.
Overall, predictions regarding Cardano’s price outlook seem to depend on the market’s performance and the possibility of a bull run. At the time of writing the cryptocurrency is trading at $0.65, reflecting an increase of 3.63% over the past week, according to CoinMarketCap.
Despite the optimistic forecast from a considerable number of Finder’s panelists regarding Cardano’s price, others have expressed opposite views, highlighting Cardano’s underperformance and inability to keep up with market expectations.
Josh Fraser, co-founder of Origin Protocol, Cardano and Joseph Raczynski, a futurist have predicted that the price of Cardano could plummet to zero by 2030 and 2025 respectively. Numerous other panelists who share similar pessimistic sentiments have revealed that Cardano’s lack of decentralized applications and failure to achieve global adoption was one of the key factors behind its foreseeable limited price growth.
ADA price at $0.65 | Source: ADAUSDT on Tradingview.com
Featured image from CoinStats, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
