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Backpack, a crypto exchange with ties to FTX, has announced the launch of a new platform that allows creditors to sell their debt claims. This portal offers a fee-free solution for FTX users looking to sell their claims, operating on a non-profit basis to facilitate direct on-platform transactions. Backpack Portal to Support FTX Creditors In
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Bitcoin maximalist and popular crypto analyst Samson Mow has stated that the XRP price should be worth $5,800 for it to match the value of Bitcoin. Mow’s recent remarks come as BTC continues to outperform most altcoins, including XRP, as the latter struggles despite legal victory against the SEC and strategic acquisitions. In this article, we explore whether the Ripple price can realistically reach $5,800 and why this target seems unattainable.
While making his argument in an X post, Mow advocated for Bitcoin as the most ideal crypto investment, adding that altcoins such as XRP were not worth their current trading price. He added that an altcoin such as XRP needs to hit $5,800 to reach its true value. He attained this target by dividing Ripple’s current market cap by Bitcoin’s supply of 21 million coins.
“Most altcoins take advantage of unit bias by utilizing a very high supply, so people can’t figure out what they’re buying. “XRP is only $2 but Bitcoin is too expensive at $85,000!” Unit bias is absolutely destroying the uninitiated.”
Mow also noted that buying Ripple with the XRP value today of $2 is the same as buying a small fraction of Bitcoin. Therefore, in his view, a trader looking to invest in the crypto industry was better off purchasing BTC, which continues to dominate altcoins.
Mow’s calculation of an XRP target of $5,800 is not realistic, as this altcoin cannot achieve this price with the immense supply of 58 billion Ripple tokens. This is because if Ripple reaches $5,800 with this circulating supply, its market cap would soar to $336 trillion, which is 3x higher than the entire world’s GDP. Hence, this target price is not realistic and attainable.
For XRP price to surge to $5,800 and offer the same investment value as Bitcoin per Mow’s thesis, it needs to lower this supply through events such as token burns. However, Ripple currently has a mechanism that adds 1 billion XRP tokens to the circulating supply every month. As the supply rises, it makes the $5,800 target unrealistic.
XRP price is exhibiting several bullish signs on the daily price chart, suggesting that it may make an upward breakout from consolidation. The Bollinger bands are constricting as Ripple bounces to the middle band, a signal that buying pressure is building up, paving the way for a recovery.
At the same time, the AO histogram bars are green despite remaining in the negative region. Traders should wait for a crossover of these bars above the zero line to confirm that a bullish momentum is now in play and that the Ripple price can extend its gains.
If buyers step in now, XRP price faces the next resistance at $2.23, and if it is successful in breaking this resistance level, it will set the stage for an upward breakout to $2.73. Such a rally will pave the way for Ripple to reach all-time high levels. Meanwhile, the recent surge in Ripple network activity supports a bullish XRP price prediction.
To sum up, analyst Mow believes that XRP will only offer the same value as Bitcoin if the price can surge to $5,800. However, this price target is not attainable, as it would give Ripple a market cap of $339 trillion. Despite this target being unattainable, the daily price chart indicates that a Ripple price rally is looming in the near term as technical indicators show weakening bearish momentum.
The post XRP Price Should Be Worth $5,800 Based on This Calculation, But It Isn’t, Here’s Why appeared first on CoinGape.
The Dogecoin price is in focus, having gained over 34% in the last seven days. Crypto analyst Rekt Capital has commented on the meme coin’s current price action and highlighted a critical level it needs to hold above to sustain this bullish momentum and rally to $0.27.
In an X post, Rekt Capital indicated that the Dogecoin price could soon rally to $0.27. However, he remarked that the meme coin needs to hold the green candle at around $0.22 on the weekly chart for it to reach this price target.
This came as he noted DOGE is now performing that key retest of pre-halving resistance into new support. In an earlier analysis, he also revealed that the top meme coin has successfully enjoyed a weekly close above the pre-halving highs. He added that Dogecoin is now on the brink of reclaiming that old resistance around $0.2 as the new support.
Indeed, the Dogecoin price is currently retesting the old resistance as part of a broader crypto market correction. The Bitcoin price has dropped to as low as $100,800 today, dragging altcoins alongside it. As a result, DOGE had fallen to $0.22 from its intraday high of $0.25.
Meanwhile, the meme coin is also at risk of suffering a correction due to the upcoming $100 million Dogecoin token unlock. Token unlocks typically put selling pressure on an asset, which could lead to a significant price decline.
Despite the recent correction and upcoming token unlock, crypto analyst Crypto Kaleo has predicted that the Dogecoin price will still reach the psychological $1 level. He stated that it is finally time for market participants to start paying attention again to the “king of memes” as it eyes a rally to this price level.
Interestingly, his accompanying chart showed that DOGE could even surpass the $1 level and rally to as high as $3. Meanwhile, the rally to these price levels is expected to happen in the second quarter of this year.
In the short term, the $0.22 price level is the level to watch out for. A Coingape market analysis also noted that a bearish reversal pattern suggests that DOGE may drop to $0.22 before a sustained rally.
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Prominent on-chain analyst Willy Woo has stated that Bitcoin (BTC) could reclaim its all-time highs if the current capital inflows persist.
He added that investors should view price dips as healthy corrections and buying opportunities rather than as signals of a market crash.
Woo shared his insights in a detailed thread on X (formerly Twitter). He believes strong fundamentals support Bitcoin’s bullish trend.
This includes a rising capital inflow into the Bitcoin network, with total and speculative capital flows recently bottoming out. The alignment of these flows creates a solid, bullish environment for the asset.
“BTC fundamentals have turned bullish, not a bad setup to break all-time highs,” he stated.
Additionally, Woo highlighted that Bitcoin’s liquidity is deepening, as evidenced by his downward-trending Risk Model. This downtrend suggests market liquidity has returned. Therefore, future price drops will likely be smaller and less severe, reducing the risk of sharp sell-offs.
“All dips are for buying under the present regime. In the very short term, there’s good chances of dips,” Woo asserted.
The analyst further noted that Bitcoin has already reclaimed medium-term price targets of $90,000 and $93,000. In addition, a new interim target at $103,000 has formed, suggesting that Bitcoin will likely reach this level before pushing toward the $108,000 all-time high.
He clarified that these targets are supported by sustained capital inflows rather than mere speculative trading, strengthening the case for a durable upward trajectory.
Despite the optimistic long-term outlook, Woo cautioned that short-term challenges may arise. Bitcoin’s on-chain Volume Weighted Average Price (VWAP) is currently at +3 standard deviations.
This implies that the coin’s current price is far above its typical range. When an asset moves this far above its average, it’s considered overextended.
“It’ll be hard to move upwards with decent momentum due to overextension,” Woo explained.
According to Woo, this metric indicates that upward momentum may be limited in the near term. Instead, the most likely outcomes are moving sideways or a slow, gradual increase rather than a fast rally.
Previously, BeInCrypto outlined three major signals that strengthen the case for Bitcoin’s recovery. In April, Bitcoin reestablished its inverse relationship with the falling US Dollar Index (DXY) and decoupled from the NASDAQ.
Meanwhile, long-term investors are actively accumulating coins. Together, these three divergences signal growing market confidence and hint at a potential major Bitcoin rally. In fact, BTC’s recent market performance also reinforces this outlook.
BeInCrypto data showed that the coin’s value has recovered by 7.7% over the past week. At the time of writing, Bitcoin traded at $94,125, representing a minor downtick of 0.07% over the past day.
The post Bitcoin’s Bullish Fundamentals Signal Path Toward $108,000, Says Analyst appeared first on BeInCrypto.
