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Could Ripple’s Upward Momentum Continue ? XRP Surges while Bitcoin and Ether Retrace

Ripple(XRP) is currently the seventh-leading cryptocurrency with a market cap of around $21,391,909,521. It is trading at $0.475 at the time of writing.

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Ripple (XRP), the digital token created by Ripple Labs Inc., is currently the seventh-leading cryptocurrency with a market cap of around $21,391,909,521. It is trading at $0.475 at the time of writing.

After Bitcoin strongly broke through numerous resistances, reaching an all-time high of $61,781, it corrected by around 10%. Other well-known cryptocurrencies such as Ethereum (ETH), Chainlink (LINK), and Litecoin (LTC), have suffered various degrees of losses. However, XRP outperformed Bitcoin and other major cryptocurrencies on March 16 with an over 9% increase.

XRP’s MACD indicator is close to the state of cohesion and Stochastic RSI has formed a “golden crossover” – a bullish indicator on the price chart. So what will the next trend of the XRP/USD be?

Ripple (XRP) Price Analysis

Source:XRP/USD Daily via TradingView

Bitcoin has performed strongly in the past two weeks and broke through numerous resistances, reaching a maximum of $61K. However, in the past two weeks, the performance of Ripple (XRP) has not been very impressive as the token has been hovering around $0.40 to $0.50.

But there seems to be a phenomenon suggesting that XRP will usher in a new dawn, with the price of XRP rising by 9.07% in the past 24 hours. Yesterday, the bulls were strong and pushed the price to the level of $0.52. However, it seems that many short-term traders are eager to sell to cash out, thus forming strong selling pressure and pushing the price down to the closing price of $0.468. An inverted green hammer candlestick has been formed, suggesting that XRP’s bullish situation may soon be reversed.

At the time of writing, the XRP price is hovering at a level of $0.47. The price is still above the Exponential Moving Average(EMA) ribbon. The technical chart shows that as long as the XRP bulls can stay above the 20-day EMA, which is about $0.46, XRP’s uptrend will continue. Buyers will also need to push the price above the important $0.50 to unlock a new upside potential.

On the contrary, if XRP/USD falls, XRP’s price will be pushed down to the first support level of $0.415. However, this horizontal support line is not strong enough, which means that if XRP/USD falls, the currency pair may likely fall to the key support area of ​​$0.37.

From a technical perspective, the stochastic RSI indicator rebounded quickly after touching the 20 oversold mark. The blue K-line exceeded the yellow D-line and formed a bullish crossover. Both lines have turned upwards, which may make it difficult for the bears to initiate a downward breakdown.

If the bulls can actively defend the rally near yesterday’s intraday high so that the two lines can climb to the 50 point mark, the new momentum may push XRP to the first resistance at $0.566. If XRP/USD successfully breaks through this resistance, the bulls will set the target price at $0.6400 and any further increase will likely make XRP/USD hit its all-time high of $0.79.

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Source: https://blockchain.news/analysis/could-ripples-upward-momentum-continue-xrp-surges-while-bitcoin-retrace

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US Space Force Makes its Foray into the NFT Metaverse

The United States Space Force is launching an NFT series named after Neil Armstrong.

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The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.” The NFT series is named after Neil Armstrong, the first American and human to land on the moon, which is under production in partnership with Ethernity Chain and Star Atlas.

According to the official announcement, the NFT series will feature a limited edition digital twin NFT of the GPS III SV05 “ARMSTRONG” satellite and 3D NFTs depicting 30-plus satellites currently in orbit forming a GPS constellation around the Earth, among others. The Armstrong Satellite, named after the historic feat of Neil Armstrong, has its inherent significance in that it will provide “accurate global positioning and navigation systems to military and civilian users.”

The foray of a notable US agency into the NFT metaverse signals that the industry’s potential is fast approaching maturity with a broader public acceptance. The Ethernity Chain team particularly considers the partnership with USSF as a win for blockchain immutability.

“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically,” said Ethernity Chain CEO Nick Rose as a part of the announcement. “We can now put this launch and Neil Armstrong’s historic achievements on the immutable ledger and memorialise and tokenise it on an NFT that the public can participate in.”

American agencies are known to be huge supporters and investors in blockchain technologies. The move into NFTs is a testament to the trust in the potential of the tech to recreate experiences for users and keep pieces of history. While NASA is funding a blockchain-based space communication project, the agency’s dive into blockchain has been attached to the probable launch of a cryptocurrency as the agency was once in search of a data scientist.

Image source: Shutterstock

Source: https://blockchain.news/news/us-space-force-makes-its-foray-the-nft-metaverse

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

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Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31k and $40k range.

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Bitcoin’s consolidation between the $30,000 and $40,000 area continues, while the leading cryptocurrency was hovering around $36.8K during intraday trading, according to CoinMarketCap.

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31K and $40K range. He explained:

“13.38% of Bitcoin’s money supply has now moved between $31K-$40K. A lot of distribution at 35K-36K, wouldn’t want to flip that into resistance.”

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The analyst, however, cautioned about this significant supply flipping to resistance, which could jeopardise Bitcoin’s upward rally.

Chris Weston, the head of research at Melbourne-based broker Pepperstone Financial Pty, recently asserted that BTC should trade above $40K for bulls to feel that they are out of vulnerability.

The percent of Bitcoin supply in profit hit a 13-month low

According to on-chain metrics provider Glassnode:

“The percent of Bitcoin supply in profit (7d MA) just reached a 13-month low of 72.140%.”

The recent market crash, which saw BTC nosedive from a record-high of $64.8K to lows of $30K, wiped profits of many investors, and miners were not spared either.

Reportedly, Bitcoin miners’ wallet net flows were increasingly turning negative.

This downtrend in the BTC market is also set to make the Q2 of 2021 record a negative, as acknowledged by Skew. The crypto data provider noted:

“Bitcoin is on track for its first down quarter since Q1 2020.”

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Meanwhile, US institutional Bitcoin demand had dried up because American-based crypto exchange Coinbase was experiencing more inflows.

According to a recent weekly report by digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. The net outflow reached a record of $141.4 million in the past week.

Furthermore, that whale holdings of more than 1,000 BTC had been dropping since February. It, therefore, remains to be seen whether BTC will attract more institutional investors to spur an upward move.

Image source: Shutterstock

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Source: https://blockchain.news/analysis/13.38-percent-bitcoin-money-supply-has-now-moved-between-31k-and-40k

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