Ethereum (ETH) and Ripple (XRP) Price Analysis

The crypto market rally has continued pushing the top coins into new growth heights as the daily gains have refused to trim down. While coins like Bitcoin (BTC) have remarkably and consistently traded at new all-time highs, others including Ethereum (ETH) have continued to make mind-blowing daily gains.

ETH and XRP Price Analysis

In the past few days, XRP has bounced back from the big dips it recorded since Ripple was slammed with a $1.3 billion lawsuit by the SEC. While the XRP coin also impressed with its growth, the potential for continued sustainability appears more and more unlikely. This piece highlights the price momentum of ETH and XRP and highlights the prospects for future growths or dips.

Ethereum (ETH) Price Analysis

Ethereum is still the second-largest cryptocurrency by market capitalization and its rally by percentage gains has surpassed even that of Bitcoin in the past week. According to data from CoinMarketCap, Ethereum has surged by more than 55% in the past month with a complimentary gain of 7% in the past 24 hours. For the first time in more than 2 years, Ethereum is now trading above $1,000, a level the coin’s whales are hoping to make their lowest price point moving forward.


Source: ETH/USD TradingView

A look at ETH-USD charts on TradingView shows that the coin has broken past several key resistances from January 1. These resistance levels include the price levels at $800, $900, $1000, and $1,100 with the market bulls aiming at new levels with the buying momentum depicted by the bullish RSI of 71.64.

The Long term Moving Average of Ethereum also comes out bullish and if the ongoing buying momentum is sustained, Ethereum may just surpass its all-time high to taunt Bitcoin’s latest feats.

XRP Price Analysis

XRP has witnessed one of its toughest tests of all time following the SEC lawsuit against Ripple Labs, the blockchain payment company it is most associated with. Following the lawsuit, XRP lost more than 40% of its value in days as exchanges halted the trading of the XRP coin.

XRP surged to erase some of its weekly losses but its current bearish momentum has given Litecoin (LTC) a new edge to surpass XRP as the fourth largest crypto by market capitalization according to CoinMarketCap.


Source: XRP/USD TradingView

XRP is down by 1.80% in the past 24 hours, a loss that came after Grayscale Investment removed XRP from its funds as reported by Blockchain.News. The Technicals are also bullish on the coin as the long-term Moving Average is nosediving. The hopes of any sustainable bullish price reversals will come if Ripple reports a major start at its scheduled Court duel with the SEC on February 22nd.

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Bitcoin Halving and Money Printing is BTC’s Rocket Fuel, Says Anthony Pompliano

Bitcoin (BTC) has been scaling heights not seen before after it surged past the $36,000 level. Even though it has corrected to $34,079 at the time of writing, according to CoinMarketCap, BTC has been on overdrive mode, and its bull run has not shown any signs of slowing down.

Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital Assets, has taken to Twitter to disclose that Bitcoin halving and money printing tendencies are influencing this uptrend. He said:

“I have been saying for 18+ months that the halving plus historic money printing was going to be rocket fuel. You’re living through it now.”

Pompliano acknowledged that economic initiatives like quantitative easing (QE) and BTC halving, were the rocket fuel behind Bitcoin’s surge. He added that the overwhelming appetite for BTC by institutions could not be fully met due to limited supply of the cryptocurrency

The fuel behind Bitcoin halving

Bitcoin halving refers to the reduction of Bitcoin block rewards, which occurs once every 210,000 blocks are created, and it usually happens around every four years. Block reward refers to the amount of Bitcoin received by miners after they successfully validate a new block. The rationale behind this is Bitcoin’s design, whose total supply is capped at 21 million coins. 

Bitcoin’s third halving took place on May 11, effectively reducing the block rewards from 12.5 to 6.25 BTC per new block. This was the third time in its history that this event has happened as the previous ones occurred in 2012 and 2016. Precisely, Bitcoin’s block rewards went down to 25 from 50 Bitcoin per block in November 2012. It further decreased to 12.5 units in July 2016. 

The logic behind halving events is that as more people utilize the Bitcoin network, more BTC gets mined. Therefore, by slashing the mining rewards by half, retrieving this digital asset becomes difficult, making its value increase based on limited supply.

Pompliano, therefore, bases his argument on this analogy. Moreover, global governments are continuously printing more money to bail themselves out of the economic turmoil triggered by the coronavirus (Covid-19) pandemic. For instance, Bitcoin price is expected to rally higher as President Trump recently signed a $900 billion pandemic stimulus bill. The money printing that comes with the stimulus relief packages is expected to push Bitcoin’s price higher. 

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Ethereum and Litecoin Could See Slight Correction Before Continuing Bull Run

Ethereum’s price has seen a considerable climb so far in 2021, following the lead of Bitcoin (BTC). Ethereum has recently broken past the $1,100 level, taking ETH closer to its all-time high price. Ethereum (ETH) is currently trading at $1,107 at the time of writing, up by over 7 percent in the past 24 hours. In the past week, Ethereum has surged by over 50%. - 2021-01-06T174454.763.jpg

Ethereum’s all time high price was at over $1,440 in 2018, almost three years ago. The altcoin market capitalization is still currently bullish, according to cryptocurrency trader Michael van de Poppe. He added:

“The #altcoin market capitalization is still looking bullish. The $160 billion retests occurred and was quite swift, after which continuation upwards occurred and a new higher high is established. Holding above $190 billion opens the gates towards the all-time high region.”

Commenting on Ethereum’s price, co-founder of Stacked recently said, “$ETH going back to ATH may be the easiest 50% ROI in investment history.”

Tyler Winklevoss, the co-founder of Gemini exchange recently commented, “Ether $ETH is still $400 dollars below its all-time high.”

While pointing to a graph of ETH/BTC, cryptocurrency trader Michael van de Poppe explained that Ethereum has bottomed out in the pair, however, it could consolidate further before seeing more growth. The trader said:

“#Ethereum is bottomed out in the $BTC pair, but could consolidate a bit more before it accelerates towards 0.06 sats.”

Litecoin has also recently seen a massive surge after the cryptocurrency pushed past the $100 level. Litecoin is currently trading at $159 at the time of writing, around 50% below its all-time high price. In the past week, Litecoin has surged by over 23%. 

Crypto trader Michael van de Poppe noted that there could be a final correction before Litecoin’s bull run continues. He explained:

“#Litecoin in itself has seen a massive rally. I’m expecting a final correction before the bull continues on #Litecoin too. Areas to watch for daytrades: $133-137 / $120-124. Areas to watch in case of further correction: $90-95. The next target zone: $250-270.”

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Former Bakkt CEO Kelly Loeffler Loses Crucial Republican Senate Seat

Former CEO of Bakkt Kelly Loeffler (R-Ga) has lost a crucial Republican Senate seat for the state of Georgia to Democrat Raphael Warnock in a special election held on Tuesday in the United States.

Loeffler left her role as the CEO of Bakkt crypto custodian firm in late December 2019 to replace Sen. Johnny Isakson who was forced to step down due to health complications.

Loeffler’s opponent, Democrat Raphael Warnock has now won the US Senate seat in Georgia, becoming the state’s first Black senator.

Battle For The Senate

Tuesday’s special election will be a determining factor to decide which party will gain control of the Senate. While Warnock has defeated Loefller—Senate control will now come down to the vote between Jon Ossoff (D-Ga.) and Sen. David Perdue (R-Ga.) who are running for Georgia’s other seat in the upper house.

Should Ossoff join fellow democrat Warnock in victory, President-elect Joe Biden’s party will gain control of the Senate. Ossoff winning the vote would create a 50-50 tie situation which would Vice President-elect Kamala Harris to break the tie and give Democrats the upper hand in the upper house. Democrats have also been in control of the House of Representatives since 2018.

However, should Perdue manage to oust Ossoff, the Republicans would enjoy control of the Senate for another two years with current Sen. Mitch McConnell (R-Ky.). In this scenario, McConnell would be in a position to control key confirmation votes for both Biden’s legislative agenda as well as for Cabinet nominees, such as Janet Yellen, Biden’s pick to run the Treasury Department.

According to Bloomberg, the Ossoff-Perdue race is still too close to call at the time of writing, but both are showing confidence in winning with Ossof threatening legal action should the vote does not go the Republican’s way.

Loeffler Does Not Concede

Kelly Loeffler served as CEO of Bakkt from the time of its establishment in mid-2018 up until her appointment to Congress. Despite her rich crypto background, Loeffler has been rather sheepish on crypto and Bitcoin since taking office and has not promoted the nascent asset class in anyway.

Loeffler has so far refused to concede to Warnock, seemingly following President Donald Trump’s lead who has so far lost over 60 legal battles trying to overturn several states’ results after losing the Presidential election to Joe Biden.

The former Bakkt CEO was embroiled in controversy in early 2020 after the Daily Beast reported that she and her husband, Intercontinental Exchange (ICE) CEO Jeffrey Sprecher, had sold between up to $3.2 million in stocks after she received a confidential Senate briefing on the potential outbreak and economic disruption of COVID-19 virus. An ICE statement in support of Loeffler claimed that financial advisors to the two had made those transactions independently and they were unrelated to the private briefing she received. 

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Cryptocurrency Industry Nears a $1 Trillion in Value Thanks to Bitcoin and Ethereum

The crypto market can no longer be disregarded by the financial sector, as it has made notable strides. Leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have brought the crypto space into the spotlight as more investors, pundits, and traders continue jumping on the bandwagon and converting to digital assets as a hedge.

bitcoin atop keyboard and financial graphs

New data reveals that the crypto market’s total value is edging closer to the $1 trillion mark. A market insights provider noted:  

“Total crypto market cap nearing $1 trillion for the first time.”

The cryptocurrency market is a force to be reckoned with, as it clinched $130 billion in a span of 24 hours to hit a market capitalization of $980 billion. This sector has enjoyed a rollercoaster ride, with Bitcoin (BTC) leading the surge after its price hit an all-time high of more than $36,000 on Jan.6. Since then, it has retracted to $34,643 as of press time. Its market capitalization currently stands at $670 billion.

BTC has started 2021 on a high by reaching levels unseen in its twelve-year life span. The trigger towards the $30,000 range was pulled in mid-December after it smashed a record-high of $20,000 set in December 2017. 

The driving force behind BTC’s bull run is a notable spending spree by institutional investors like MicroStrategy, Square, and GrayScale. Nevertheless, leading American bank JPMorgan Chase & Co. has stipulated that this uptrend might just be the beginning of Bitcoin’s budding potential if the leading cryptocurrency continues to steal market share and public support from gold, the traditional safe-haven asset, in the long-term.

Ethereum leads altcoins in bullish rally

Ethereum (ETH) has also been pivotal in bringing the crypto space closer to a $1 trillion market capitalization. Thanks to a booming DeFi sector and the launch of Ethereum 2.0, the second cryptocurrency recently smashed the $1,000 mark. It is currently trading at $1,104 with a market capitalization of $130 billion, according to CoinMarketCap. This is the closest ETH has gotten to its record-breaking price of $1,400. 

Other cryptocurrencies like Cardano (ADA), Polkadot (DOT), and Litecoin (LTC) have also gained considerably in value in the last few days, with LTC replacing Ripple (XRP) as the fourth largest digital asset by market cap.

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XLM Price Surges as Ukraine Selects Stellar Lumens for CBDC Development

Stellar network’s native token XLM has soared by approximately 30 percent in a day.

XLM has greatly gained in value, following the news that its blockchain network will be leveraged to develop central bank digital currencies (CBDC) in Ukraine. Together with the Ministry of Digital Transformation of Ukraine, the Stellar Development Foundation (SDF) will work on implementing and developing improved strategies for digital assets in Ukraine.

It will further the development of the digital currency that the Central Bank of Ukraine is currently working on. Beginning this month, Stellar will begin working with the Ministry to provide Stellar-fueled tools to the digital payment system in Ukraine.

Ukraine’s Ministry of Digital Transformation is planning on using Stellar to launch its national digital currency. Additionally, Stellar Development Foundation will help Ukraine develop an infrastructure for stablecoins.

Stellar may see more partnerships in the future, as it offers decentralized, fast, and scalable payments network for cross-border payments, much like its counterpart Ripple. While Ripple has been defamed due to the Securities and Exchange Commission’s lawsuit for its associated token XRP, Stellar seems to be scooping up the competition, as it has seen bigger inflows in the recent weeks.

Stellar Lumens (XLM) price analysis


Source: TradingView

Despite the recent plummet of Ripple’s price due to the SEC regulatory news, XRP’s pal Stellar Lumens (XLM) surged by almost 90% since the start of the year. In the chart, you can see that XLM formed a falling wedge in the previous month, and has exhibited explosive growth after the breakout. 

Since XLM’s all-time high is recorded at $0.51, it still has more potential to grow. However, the resistance sitting at $0.26 (which is also the top price of Nov 2018) may be a major obstacle for the coin to rise further.

Stellar Lumens is founded by Jed McCaleb, founder of Mt. Gox and co-founder of Ripple. It shares a similar concept and coding with Ripple. When Ripple suffers, it appears that Stellar Lumens gets all of its attention and takes off from the ground, with XLM currently rising past its previous high of late November.   


Source: TradingView

Recently, XLM has been outperforming Bitcoin and it has the potential to do even cbetter in arypto bull market. XLM price continues to move in the ascending channel drawn in the above graph, and traders can look for a buying opportunity inside the channel. If the channel breaks, the blue line currently sitting at 0.00000511 BTC can provide a decent support for a further upside and can be viewed as an excellent buying opportunity. 


Source: TradingView

If this happens, there may be a major market sell-off, and we can see whether 0.618 Fib. retracement level can provide a potentially nice entry for the coin.  

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Ripple Sued by One of Its Major Investors Demanding The Blockchain Firm Reclaim Its Stock

Things look grim for Ripple as Tetragon, a former investor in the company, has turned against it, filing a complaint against the fintech firm. 

UK investment company Tetragon Financial Group Ltd. issued an official complaint against Ripple with Delaware Chancery Court. The financial firm has been a major investor in Ripple’s $200 million Series C round in 2019 but has decided to pursue Ripple in court. 

In the complaint, it demanded that Ripple reclaim its equity under the Series C investment agreement with Tetragon and asked that Ripple’s assets and liquidity be frozen until a payment has been issued. Under the Series C investment agreement, if XRP is considered a security, Ripple is required by law to redeem their Ripple equity held by Tetragon, if the latter demands it. 

Additionally, Tetragon has requested for a temporary restraining order, a preliminary injunction, as well as an expedited trial against Ripple, according to Bloomberg. 

Ripple says the lawsuit has no merit

Ripple has addressed the lawsuit, and argued that the lawsuit had no basis, as a conclusion has not yet been reached in court to place XRP definitively in the securities basket.  

It explained, “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity.” As a conclusion has not yet been reached by the SEC lawsuit alleging XRP is a security, Ripple said that Tetragon’s lawsuit had “no merit.”  

XRP loses Grayscale Investments’ support

Rather, the fintech firm expressed its disappointment in its affiliate, saying that Tetragon was taking advantage of the fact that there was a lack of regulatory clarity in the US to strong-arm Ripple. 

XRP’s outlook remains fairly uncertain, as its operations inside the US may be inhibited by the Securities and Exchange Commission’s lawsuit. Currently, it has been unseated as the third-largest cryptocurrency by market capitalization by Litecoin, as it continues decreasing in value. Many leading crypto exchanges and funds have moved to delist XRP, with Grayscale being the latest one.

Grayscale recently removed all XRP from its portfolio, following a quarterly review. It announced that it will allocate the cash proceeds from XRP sales to re-weight its digital asset portfolio.

Currently, Grayscale’s digital asset portfolio holds 81.63% of Bitcoin (BTC), 15.86% of Ethereum (ETH), 1.43% of Litecoin (LTC), and 1.08% of Bitcoin Cash (BCH).

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Bitcoin Price Smashes $35,000 to New ATH, What’s Next for the BTC Price?

Bitcoin has recorded a new all-time high of $35,879.36 according. With no end to the BTC bull run insight crypto traders are wondering—where to next for the pioneer cryptocurrency’s price?

Bitcoin rising past $35K ATH, BTC price analysis 

Bitcoin price has surged to a new all-time high again on Jan. 6 with crypto bulls pushing BTC above $35,000 after days of consolidation in the low $30,000 range.

Bitcoin continues to set new price records into 2021, the BTC price breaking above $35,000 for the first time ever today, surpassing its previous all-time high set just days earlier of $34,800 on Jan. 3.

As Bitcoin whales liquidated over $2 billion in crypto on major exchanges on Jan. 4, Bitcoin underwent a comparatively huge retracement dipping below $28,000. However, the crash was short-lived, with BTC quickly recovering, and pressing into new all-time highs above $35,500.

Since smashing the psychological resistance of $20,000 on Dec.16, the Bitcoin price has now gained around 80% and is up over 26% in the last seven days alone, driven largely by an influx of institutional investment.

The Bitcoin price has since retraced to around $35,000 at the time of writing.

Bitcoin Price Analysis—What to Expect?

BTC (1).png

Source: BTC/USD TradingView

Bitcoin has resumed its uptrend after holding the 30,000 level yesterday and it has just reached a new historical high at $35,879.35 today. In the 4-hr chart, we can note that Bitcoin gets a nice-looking bullish pin bar after it reaches 30,000 (as drawn in the circle), the price has resumed its upwards momentum and reaches a new high today.


Source: BTC/USD TradingView

Currently, the BTC price is facing resistance at the $35,900 level, and the previous top at the $33,000 level has now become a new support level that traders may pay attention to, which also rhymes with the 50% Fib. retracement level. In case it breaks, the 0.618 level at 32397.86 is expected to provide a strong support level.


Source: BTC/USD TradingView

However, in a weekly timeframe, we can notice that the RSI of BTC price has gone far beyond 90, which has not happened since the last top of the bull market. It is a clear sign of BTC being overbought and retracement could occur any time. From the experience learned in the last bull market, a 10%-30% pullback would be healthy for BTC to sustain its uptrend.

Despite the RSI being very high, it does not mean that the price has peaked or that we are near the top. It’s because, in a crypto bull market, it is very common for RSI to keep staying in the overbought region. With the increasing buying pressure from institutional investors and high net worths, it would be very dangerous to predict the top and trade against the trend, and it is often considered a safer action to buy during pullback than shorting the market. 

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Bitcoin Whale Addresses at an All Time High as Major Indicators Suggest Bullish Outlook for BTC

Bitcoin has been consistently making new all-time highs recently, reaching a high of over $34,680 earlier this week. Bitcoin has seen a few major dips, and has recently recovered to trade in the $33,900 region recently. Bitcoin is up by over 4.7% in the past 24 hours, and up by over 23% in the past week. - 2021-01-06T113418.639.jpg

While Bitcoin’s price has been surging, Bitcoin’s number of whale addresses with at least 1,000 BTC has reached an all time high of 2,323 as Tuesday’s market closed. According to on-chain analytics firm Santiment, this is a very bullish indicator for the cryptocurrency. Santiment explained:

“#Bitcoin’s number of whale addresses with at least 1,000 $BTC has reached an #AllTimeHigh of 2,323 with Tuesday’s market close 45 minutes ago. There may not be a more notable bullish metric than one pointing to growing holders with $33.7M+ on the line.”

Santiment further noted that for Bitcoin and Ethereum holders, mid-tier holders are currently taking major profits, while BTC and ETH whales are not. Santiment noted:

“For both $BTC and $ETH, the story is simple: Mid-tier holders are taking major profits, but top-tier whales are not. And in #crypto, it’s a whale’s playground. Since last week: Chart with upwards trend 57 new 1,000+ $BTC addresses made. Chart with upwards trend 17 new 10,000+ $ETH addresses made.”

The on-chain analysis firm suggested that while Bitcoin managed to surge past $20,000 and $30,000 recently, one of the major key drivers was the cryptocurrency market’s largest stablecoin, Tether. Santiment explained:

“#Bitcoin surged past both $20k and $30k in just the past 3 weeks, an obviously historic achievement. What’s one of the key drivers? None other than #crypto’s largest stablecoin, #Tether! Market players are borrowing $USDT to ride $BTC.”

Major crypto assets, including Bitcoin, Ethereum and most altcoins have been seen trading in a healthy bullish range as a lot of cryptocurrencies are gradually moving off exchanges. This is another bullish sign for the crypto market.

A cryptocurrency trader recently noted how bullish the Bitcoin market was, by saying, “We had a 20% dump and couldn’t even turn the 3 day candle red. #Bitcoin.”

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Institutional Bitcoin Buying Could Push Price to $45K, What Happens They Start Taking Profits?

Bitcoin surged over 300% in 2020 on a wave of institutional buy-in which has continued a strong push for the BTC price to new all-time highs this year—but what happens when institutions decide to sell?

Over the last six months, an increasing number of institutional giants have been buying into Bitcoin. The overall assumption of the Bitcoin market regarding these mainstream players is that they are planning on holding their BTC for years to come—but some in the industry believe that this may not necessarily be the case.

Bitpay’s chief commercial officer, Sonny Singh thinks that if the Bitcoin price continues to rise as it has in the last two weeks—the temptation to take profits may be too great for these institutional firms and their shareholders.

Institutional interest in Bitcoin really began to heat up in the second half of 2020 as companies such as MicroStrategy, Square and mainstream insurance giant MassMutual made staggering investments into Bitcoin.

As Bitcoin began to drop towards $30,000 yesterday, Singh explained that institutions have likely raised the floor for BTC in an interview with Bloomberg:

“A lot of the institutional buyers bought in around $20,000, so that would be my floor for how far Bitcoin could go down.”

Singh argues that while many institutions have claimed they plan on holding BTC indefinitely—they were also most likely not expecting to have doubled their investment in less than 6 months. The Bitpay CCO said:

“All those buyers that bought in, they said ‘Oh were into Bitcoin now for a three to five year time horizon,’ which is great, but I think if Bitcoin hits $45,000 next month or so, they’re going to say, ‘wow we just made 2x, you know, we don’t need that three year horizon anymore, let’s start selling some.’”

MassMutual Insurance famously invested $100 million into Bitcoin in December 2020. The Bitcoin investment is however quite small for the US-based insurance company, whose general investment account totaled nearly $235 billion as of Sept. 30 2020—which suggests that they are looking to hold BTC. Host of “What Bitcoin Did” podcast Peter McCormack echoed this sentiment in a recent interview. He said:

“I was chatting to somebody who works at Skybridge[…] He said the thing you need to understand about MassMutual — they’ve put in $100 million dollars but that’s not a lot of money for them […]They’re not looking to sell next year, or in two years, or five years.”

While the intentions of these institutions appear to be to hold for the long term, Bitpay’s CCO makes an interesting point regarding institutions being tempted to sell and claim some profits as Bitcoin shoots to the moon.

Singh argues that institutional profit-taking could create an unfamiliar and more extreme sales environment for crypto traders. He said:

“Then you start seeing selling pressure of $200 million sell orders come in, which the industry has never seen before […]That could cause a catapulting event to cause things to start going down pretty quickly and could see it go down from 45 to 40 to 35 down to 30 or things like that, but I think the floor would be $20,000.”

While Singh speculated on the not too distant future, he noted that there appears to be a lack of Bitcoin selling pressure at present and he expects the BTC price to rise to between $40,000 and $45,000 in the next month.

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Bitcoin (BTC) $ 27,071.25 2.27%
Ethereum (ETH) $ 1,863.48 2.14%
Litecoin (LTC) $ 89.40 2.61%
Bitcoin Cash (BCH) $ 112.62 1.80%