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Metaplanet stock price crashed another 12% on Wednesday, hitting the lows of 1,256 JPY as the Bitcoin holding firm kickstarts its “555 Million Plan” with an initial fundraise of $517 million. Over the past week, the stock has corrected nearly 26% from its 12-year high of 1,900 JPY attained last week. On the other hand,
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XRP has been on a steady decline over the past weeks, causing losses for many investors. Despite the falling price, some key holders are actively working to counter the bearish momentum.
Their efforts could play a significant role in stabilizing and potentially reversing XRP’s downtrend.
The Network Value to Transactions (NVT) Ratio for XRP has spiked to its highest level in a month. A rising NVT Ratio typically indicates that the network’s valuation exceeds its transaction activity, often signaling an upcoming price correction. This metric warns that XRP might be overvalued relative to its current use.
However, XRP has shown resilience at times in the past by bouncing back after periods of overvaluation. Investors and holders expect a similar rebound this time, fueled by renewed buying interest.
XRP’s Liveliness indicator has been trending downward, signaling active accumulation by long-term holders (LTHs). A decline in Liveliness suggests that these investors are holding onto their tokens despite price drops, aiming to stabilize the market. This behavior contrasts with an uptick, which would indicate increased selling pressure.
LTH accumulation during a price dip shows confidence in XRP’s long-term prospects. These holders are countering bearish trends by absorbing selling pressure and positioning themselves to profit when the price recovers, providing a critical support layer.
XRP is currently trading at $2.30, reflecting a two-week downtrend. It is holding just above a key support level at $2.27. Securing this support is vital for the altcoin to prevent further declines and maintain a foothold for potential gains.
If bullish factors continue to strengthen, XRP could bounce off the $2.27 support level. Breaking through the downtrend could enable XRP to flip $2.38 into new support, paving the way for a rise toward $2.56. This recovery would signal renewed investor confidence.
Conversely, if XRP loses support at $2.27, the price may drop further to $2.12. Such a decline would invalidate the bullish outlook and extend the ongoing downtrend, leading to increased losses for investors and sustained bearish pressure.
The post XRP Price Suffers Downtrend as Overvaluation Delays Recovery To $2.50 appeared first on BeInCrypto.
USDC stablecoin issuer Circle has finally applied for the Initial Public Offering (IPO) for listing “CRCL” stock on the New York Stock Exchange (NYSE). This development comes as the firm puts to rest the rumors of a potential acquisition by Coinbase or Ripple. Furthermore, the announcement comes just as the stablecoin bill aka GENIUS Act, is just one step away from becoming a law. Circle Files for IPO And Listing on NYSE Circle Internet, the issuer of the USDC stablecoin, announced plans to seek a valuation of up to $5.65 billion through its U.S. initial public offering (IPO). The company aims to sell approximately 9.6 million shares, while existing shareholders intend to offload an additional 14.4 million shares. The company’s stock will trade on the New York Stock Exchange (NYSE) under the ticker “CRCL” after securing all regulatory approvals. As per the official press release, each CRCL stock will be… Read More at Coingape.com
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The recent Shiba Inu price recovery has stalled after hitting a crucial resistance level. It has slipped by 11% from its highest level this week. This crash may be reversed if a SHIB ETF is filed and approved this year, and if the funds capture 10% of Ethereum’s inflows.
The value of SHIB has risen by 2.5% over the last 30 days, and according to CoinGape, its market capitalization has increased to $7.9 billion.
The Shiba Inu price remains in a deep bear market, having plunged by 60% from its highest point in November last year. A potential catalyst for the second-biggest meme coin would be a spot SHIB ETF application by one or more fund managers.
Besides, some top financial services companies have filed for over 70 ETF applications in the past few months. While XRP and Solana have dominated these applications, meme coins like Dogecoin, Bonk, and Official Trump have received several applications.
This means that the odds of at least one asset manager filing for a SHIB ETF application are high. That’s because Shiba Inu is one of the most actively traded meme coins in crypto. It has an active community of over 1.5 million holders, and it often ranks high in terms of Google Searches and social media mentions. Also, Shiba Inu has grown its ecosystem to include Shibarium, a layer-2 network, and ShibaSwap, a decentralized finance platform.
An eleven-month-old Change petition asking Grayscale to file for a Shiba Inu ETF has attracted over 11,000 verified petitioners.
A Shiba Inu ETF would likely attract some inflows from Wall Street investors seeking exposure to meme coins. However, odds are that many large players in finance will keep off because of the perceived volatility.
Therefore, a potential scenario is one in which these ETFs capture at least 10% of Ethereum’s inflows. Such a move would be a bullish one for Shiba Inu price as it would be a sign that it has demand. Ethereum ETFs have attracted cumulative inflows of $2.4 billion. In our hypothetical situation, that would mean that these SHIB ETFs receive about $240 million inflows after their launch.
As a disclaimer, no Shiba Inu ETF has been filed yet, and Grayscale has not commented on the Change petition. Also, the 10% inflows estimate is hypothetical, and could be higher or lower depending on the prevailing market conditions.
It is also worth noting that it may take months or over a year for a SHIB ETF filed today to be approved. Just this week, the SEC delayed its approval of a spot XRP ETF to June. ETFs of other coins may take longer to be approved, a worse situation for Shiba Inu since no application has been made yet.
The daily chart provides a clear picture of what is going on with Shiba Inu price. This chart reveals that the coin bottomed at $0.00001080 this month. This price was not by accident as it coincided with the lowest level in August last year. It has formed a giant double-bottom pattern at that price, with its neckline at $0.00003340. This pattern often leads to a strong bullish breakout.
Therefore, based on this pattern, one can estimate the potential SHIB price forecast to be the neckline at $0.00003340. A surge to that level would imply a 147% increase from the current level. Also, a jump above that price would signal more gains to last year’s high of $0.00004560, up by 240% from the current level.
On the other hand, the bullish SHIB price will invalidate the double bottom pattern if it fails to hold the key support at $0.00001080. Such a move will point to more downside, potentially to $0.0000077, its November 2023 lows.
The post Here is Possible Shiba Inu Price if a SHIB ETF Captures 10% of Ethereum ETF Inflows appeared first on CoinGape.