XRP Burning Activity Increases, Suggesting Possible Price Rally
XRP remains under price pressure, but on-chain data points to improving underlying momentum.
- XRP burns. XRP burning activity increased by approximately 1% in the last 24 hours, with approximately 400 XRP burned as transaction fees on January 25.
XRP has continued to trade in deep red territory, but its network activity suggests momentum could return to the market in the near term. Amid the overall cryptocurrency market slowdown, the leading altcoin has seen a sharp increase in its burning activity, according to data from CryptoQuant. As such, it looks like a notable price resurgence could be underway.
- bullish sign. The increase in fee burning also suggests increasing use of XRP for payment-related activities, a factor that has historically supported price recovery.
Following the increase in XRP burning activity, the amount of XRP burned as fees increased modestly by about 1% over the past day, reaching around 400 XRP on January 25. The increase in the burn metric suggests a reduction in liquidation pressure as traders are willing to hold on to their assets to aid price stability.
While the metric also suggests increased use of XRP for payment purposes, often helping to drive an increase in the asset’s price, it appears that the price of
Dogecoin volume surges 197% despite continued price volatility
Dogecoin Underperforms the Broader Crypto Market, But Huge Volume Surge signs a potential rebound.
- Peak volume. DOGE recorded a 197% increase in trading volume even as the price action remains volatile.
Dogecoin (DOGE), the king of meme coins, has surged 197% in trading volume despite struggling with price volatility. According to data from CoinMarketCap, Dogecoin volume reached $1.29 billion in the process as transactions in the DOGE market increased.
The overall outlook for Dogecoin may be bearish, but the increase in trading volume has the potential to trigger a recovery. In particular, when the volume of the meme coin is reduced, it often amplifies the price swings in the market.
- Volatility. Higher volume can reduce extreme price swings and improve short-term liquidity conditions.
Since liquidity in the crypto space has decreased lately, Dogecoin is more prone to market selloffs. Retail traders looking for quick funds can choose to dump DOGE and reduce their losses. However, if trading volume continues to increase, it could indicate a resurgence of retail interest in the meme coin.
Peter Brandt Sets $93,000 as Key Level for Bitcoin Trend Reversal
Legendary merchant actions new view of Bitcoin price, points to the $93,000 mark as the level needed to negate the current bearish trend.
- Bearish view. Peter Brandt says Bitcoin remains bearish after falling more than 5.2% in the last seven days.
Veteran trader Peter Brandt has abandoned a new price rebound target for Bitcoin (BTC) after the coin lost more than 5.2% in the last seven days. Brandt opines that Bitcoin is likely to continue its bearish momentum unless it can reclaim $93,000 and stabilize above that point.
In particular, Brandt relied on technical charts to argue his point. According to him, Bitcoin is in a “bearish channel.” This is a downward sloping price range where lower highs and lower lows continue to form. Brandt maintains that Bitcoin’s moves in the bearish channel “have been completed.”
- Target price. Brandt noted that he would reconsider his stance only if BTC stabilizes above $93,000.
This implies that Bitcoin is likely to continue its bearish momentum or pause before continuing further declines. The veteran trader is generally bearish on Bitcoin’s prospects.
However, Brandt noted that for Bitcoin to break out of this bearish momentum, bulls must support the coin to rise to $93,000. He insists that if BTC fails to break above this level, the current outlook could persist for a while.