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It is expected that in the next 2 months, XRP price may increase by 30%. Today XRP is trading at $0.19, having lost 1.80% within 24 hours.
According to the report from the crypto analysts, Ripple‘s XRP, the third-largest crypto, is set to rise 30% and mount an impressive comeback. This is after the crypto’s price plunged around 50% in February, falling from its peak alongside other crypto coins.
Analyst LomahCrypto revealed via a Twitter post that he is currently charting a scenario in which Ripple’s XRP may jump by nearly 30% in the coming two months, pointing to the $0.24 price point as a potential target.
Lomah, in his analysis, did not explain why this price action will transpire, but his chart shows that XRP printed a swing failure pattern at a key level of support, boding well for the cryptocurrency moving forward.
In the same light, Credible Crypto explains that the recent rally in the crypto market has enabled XRP’S long term chart to print a positive sign.
The third-largest crypto reclaimed a multi-year trendline recently, recovering from a downtrend after hitting its all-time high and dropped four times. According to Credible Crypto, XRP is managing to make the breakout, saying it is a sign that the bottom is in.
Ripple’s XRP Fate Tied to Bitcoin Performance
With the fact that Lomah, alongside other analysts predicting a bullish run for Ripple’s XRP, the price of the crypto remains tied to the fate of Bitcoin as the crypto king’s directionality dictates the overall trend of the crypto industry.
Fortunately, the crypto king is also about to begin its bull run. Crypto analytics provider Glassnode shared this week that there’s recently been a rise in the number for “daily new entities on the Bitcoin network.”
The metrics seven days moving average responsible for calculating how much people access the BTC network reports that the numbers have soared from 6,000 in mid-March to 17,000 recently amounting to a 200% rise in a few weeks.
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COVID-19 has become a serious challenge for the world economy. The economists predict that the worst is yet to come. However, cryptocurrency exchanges noted some massive spikes in their Bitcoin trading volumes.
The world is currently facing one of the most serious challenges in the last decades: the spread of a deadly virus. The novel coronavirus (COVID19) continues with full force and it has already engulfed a number of countries outside of China.
Italy, Iran, South Korea, Germany, Spain, Belgium, and other European countries are feeling the impact heavily while cases in the United States continue to spiral out of control. This appeared to have given sellers a good enough reason and traditional financial and stock markets tumbled. Wall Street’s major indices marked their quickest 30% drop in history. The Dow Jones Industrial Average (DJI), recorded losses that haven’t been seen since 1987.
The cryptocurrency market wasn’t left out. As people were eager to get their money on cash as quickly as possible, the fairly liquid crypto market felt the pain. In just over a day, it lost almost half of its entire capitalization as Bitcoin plunged down to $3,600. However, cryptocurrency exchanges noted some massive spikes in their Bitcoin trading volumes. Given that there are many Bitcoin leverage exchanges out there, trading got particularly intense.
Bitcoin Trading Volume Spikes to ATH
In the world of trading, volatility is always good for volumes, regardless of the direction of which the prices are going. In this case, unfortunately, cryptocurrencies were declining at an unprecedented rate. Exchanges, nevertheless, saw some hefty increases in their overall Bitcoin trading volume.
Data from CoinMarketCap reveals that the total trading volume on March 13th increased to as much $275 billion across cryptocurrencies and exchanges.
Going forward, Bitcoin’s total trading volume on that day spiked to a record-breaking $75 billion. Just for a quick comparison, back in 2017, when Bitcoin reached its all-time high dollar-value of $20,000, the trading volume across the board was around $15 billion – about five times less than now.
Why Is Bitcoin Trading Volume Surging?
One of the most compelling reasons for the surge in Bitcoin’s trading volume is perhaps the fact that there are, indeed, a lot of margin trading exchanges. People are now able to leverage extremely high positions without putting up the high capital they needed back in 2017. Back then, there weren’t a lot of margin trading exchanges.
For instance, Binance, which is the world’s leading cryptocurrency exchange, launched its futures platform last year and it quickly became one of the market’s leaders. In fact, the Bitcoin trading volume on the futures exchange now regularly exceeds that of the spot exchange, signaling the massive interest in this type of trading product.
It’s Not All Butterflies
Naturally, the increased trading volume brings higher revenues for cryptocurrency exchanges in the form of trading fees.
However, in this particular case, it wasn’t entirely peaches and butterflies for the venues because the price was declining very rapidly.
The VP of Binance Futures, Aaron Gong, spoke on the matter. He outlined that on March 12th when Bitcoin’s price dipped to $3,600, losing 50% in a violent swing, the exchange’s Insurance Fund lost “more than 50% of its value as its USDT reserves fell from 12.8 million to 6.2 million USDT”. In turn, Binance injected an additional 5 million USDT in order to protect its users from the auto-deleverage liquidations.
In any case, the crisis is likely to be ahead of us. With the U.S. Government pumping trillions of dollars in emergency money into the economy, this will possibly cause a lot of strain on the purchasing power of the US Dollar. While the measures are seemingly working, for now, a lot of experts, including renowned economist Peter Schiff, worry that the worst is yet to come and that this financial crisis will be even more fierce than the one back in 2008.
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With Bitcoin halving set to take place on May 12 and 22 days left, institutional investors are catching the fever and can’t help taking advantage of the crypto asset’s huge opportunities.
Bitcoin halving has become the internet new order, with its searches scaling by the day. With a lot of anticipation leaning on a possible bull rally, institutional investors are rushing to claim a share of the pie. The block halving event is scheduled to take place on May 12, 2020, whereby the Bitcoin mining reward to miners will be slashed by half from the current 12.5 BTC/ 10 mins.
Bitcoin halving is a major event that signifies the decline in BTC supply from miners to the market. It has happened two other times, 2012 and 2016, after completing 210,000 blocks before the next event. Bitcoin is mined with the knowledge of finite end in its supply, whereby it is meant to reach 21,000,000 coins at the end of the last block, approximately 2140.
The 2020 halving event has several additional factors than previous events in the past. First, the advanced technology in the mining devices has affected the miners’ profit margin, and secondly, the ongoing coronavirus pandemic has made the factors more complex for the crypto asset industry.
Tradeblock’s Analysis of Pre and Post Bitcoin Halving Event
However, the Tradeblock platform has critically analyzed the previous halving events and given their prediction on the oncoming may event. Their analysis has been favored by the increased institutional investors eyeing to take advantage of the pre and post halving volatility.
According to Tradeblock’s analysis, the Bitcoin price rose prior to each event, hence allowing miners to maintain healthy profits. The analysis also noted that the miners’ profits were slashed by half after the event. The Bitcoin hash rate in the previous events did not experience a dramatic uptick, as the miners were bagging home considerable profit margins.
The report went ahead to use the previous years’ analysis to predict the possible scenarios as we approach the halving event and the aftermath. The report estimated that miners are currently breaking even at approximately $7,300 per coin, despite the market price playing around $7,000.
Following the 2020 halving, the report suggests that the mining breakeven will rise to between $12,000 and $15,100 per coin. These figures used the assumption that the hash rate will stay unchanged or rise following a modest growth rate.
Institutional Investors Comes In
With all factors pointing towards price breakout to a possible new all-time high, institutional investors are moving fast to invest in both the crypto asset and also its future contracts.
One of the notable institutional investors is the Renaissance, through its Medallion Fund, whereby it has selected the CME cash-settled Bitcoin futures. Another notable firm is Grayscale Investments, which experienced a record inflow into its Grayscale Bitcoin Trust of more than $338. Million
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With Bitcoin halving 2020 in just 26 days, what can we expect? Will the asset meet the overwhelming expectations or will it stay at the same price level?
Bitcoin halving 2020, the third of such event since the inception of the asset 11 years ago, has attracted a lot of attention globally. With the past two events being a major catalyst to the Bitcoin price rallying, the pressure remains on the asset to maintain the standard already set and deliver a new all-time high.
If you have been following the crypto market even for the past few weeks only, you must have come across the term Bitcoin halving, which is extremely popular today in Google searches. It is an event that carries with it much more sense than many out there are just presuming.
The fundamentals have been made more complex by the ongoing coronavirus pandemic which has increased panic fear in the crypto community. The volatility is expected to sharply increase as we approach the event and after the event. Meanwhile, only 26 days are said to be left before Bitcoin halving 2020.
Bitcoin Having 2020 Price Theories
A number of theories have been thrown out there by different people regarding Bitcoin price in relation to the halving event. Although none can claim to have more weight than the other, there is no harm in highlighting them.
The most popular theory with most people is that the price will respect the aftermath of the previous events, where it rallied to a new all-time high a year later. The theory is backed by the fact that the Bitcoin supply drastically falls after the halving event, and the demand is on the rise for the rare commodity.
As a result, the price skyrocketed to cater to the lack of inflation as seen with the fiat system, where money printing is the order of the day to save governments in their projects. Over a decade past its inception, the asset has penetrated almost all corners of the globe.
The other theory was highlighted by coin metrics, from the basis that Bitcoin miners are the primary source of new BTC, and their overall behavior significantly affects the market price.
“Since miner variable costs are slow-moving and fairly constant in fiat terms, miners are required to sell less of their block rewards to cover their expenses during periods of rising crypto prices. On the other hand, when crypto prices are falling, they are required to sell more. Under this theory, miners have a pro-cyclical effect on the market, in that they further exacerbate price increases. There are limitations to this dynamic, however,” tells the theory.
The report suggested that the dynamics which are associated with the theory above can be altered by the ability for more miners to hedge against the future market price. The miners can also use their coin reward as collateral for loans denominated in fiat currency, hence offsetting the theory
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A block reward halving is a mechanism that is activated once every four years on the Bitcoin network that reduces the rate in which new BTC is mined. Theoretically, halvings should eventually lead to an increase in the price of bitcoin, as less BTC flows into the market approaching its 21 million cap
