Digital assets appear poised for a recovery after the latest flash crash, which saw billions of dollars liquidated from the crypto market over the past few sessions.
Let’s trace the movements in large-cap altcoins for an overview of the ongoing developments amid the shift from BTC to altcoins.
XRP’s imminent surge to ATH
Ben Armstrong, better known as BitBoy in the crypto community, predicted a significant uptrend for XRP in his latest post.
He suggested that the remittance token could rise to $4.50 by the end of 2024 or early next year.
It appears like that $XRP It’s going to rip. It will reach $4.50 in January, if not by the end of the year.
This would translate to a 100% increase from current prices of $2.25.
The comments created excitement within the community as XRP remains on investor radar following the latest surge past 2018 levels.
The token rose to $2.86, reaching its highest level in six years.
Ripple’s native coin has performed poorly over the past few years due to a legal battle with the US SEC.
Meanwhile, recent regulatory developments have catalyzed the bullishness for the token.
Donald Trump appoints pro-crypto Paul Atkins as new SEC chairReplacing Gary Gensler.
The community hopes for friendlier crypto policies, which will potentially resolve the endless battle between Ripple and the agency.
Gary Gensler will resign in January 2025, a timeline that matches Bitbuy’s ATH predictions for XRP.
At press time XRP changed hands at $2.25, which is down about 6% on its 24-hour chart.
Bulls are struggling to regain control as the coin is up 0.30% over the past hour.
It exhibits significant bearishness and may move further before recovering.
Whales have lost interest in UNI
Uniswap’s native token is trading at $15.85 after losing almost 10% of its value in the last 24 hours.
Fading interest from institutions and whales signals more pain for the token.
LookOnChain shows that trading firm Cumberland sold 989,520 UNI assets worth about $16.73 million over the past day.
6 hours ago, #cumberland 989,520 deposited $UNI($16.73 million) #Binance, #coinbase, #okx And #Robin HoodShortly thereafter, the price of $UNI There was a decline of 10%.
This transaction occurred when another whale swapped UNI for DYDX using Binance.
show details Investors deposited 206,100 coins worth $3.79 million.
Three hours later, he cashed out approximately $2.82 million (1.065 million tokens) worth of DYDX.
Such trends reflect fading confidence in Uniswap’s future price action.
UNI must remain above the solid support barrier at $14.90 for a possible recovery to $19.75.
Failure to hold $14.90 is likely to lead to a sustained decline to $11.30.
Cardano within a buy zone
ADA has shown a downward trend amid the ongoing cash rotation from BTC to altcoins.
development of recession, such as latest hackThe alt threatened the $1 support after falling to $1.2.
Cardano is hovering at $1.02 after a 9.30% decline over the past day. The token is set to decline further towards $0.80.
However, analyst Ali Charts highlighted that ADA has followed a fractal setup similar to the 2020-2021 bull run.
#Cardano It’s doing the same as it did in 2020, which is why I’m buying! Even if it drops to $0.76, I am buying more and plan to book profits between $4 and $6.
Thus, they are confident that Cardano will remain in the buy zone even if the bears drop it below $0.80.
Analysts predict a significant correction to explore the $4 – $6 range.
Post Altcoins Today: Bitboy predicts 100% XRP gain, whales leave UNI, ADA in ‘buy zone’ first appeared on Invez
