RED narxRED

$ETH - Another nice red candle to buy the dip on to accumulate. So many wait for those green candles outside of the buy box to buy.

Love seeing the days where stocks are red and flat and a lot of crypto is still green. A boring stock market can lead to capital rotation if there's strength elsewhere.

The race to launch another crypto-based exchange-traded fund in the US continues in full force and XRP has reached another milestone as Bitwise’s filing has been officially acknowledged by the SEC. The 19b-4 filing, published in the Federal Register, means that the agency’s approval process has begun, while the interested parties have 21 days to send their comments. Following that deadline, the US regulator has the right to “approve, disapprove, or institute proceedings.” Recall that the SEC previously acknowledged XRP ETF filings from Grayscale and 21Shares, while those from Canary Capital and WisdomTree are still pending. Unlike the acknowledgment of 21Shares’ XRP ETF application, which caused an immediate uproar for the underlying asset, this time, the cryptocurrency failed to produce any substantial gains in the first hours after the news broke. XRP, alongside most of the market, is deep in the red today, dropping by over 5% on a 24-hour scale to under $2.5. Despite these acknowledgments from the US SEC, the agency is still engaged in a legal battle against Ripple. Experts believe the lawsuit needs to be concluded first before a potential approval of an XRP ETF. Additionally, Bloomberg’s ETF experts, James Seyffart and Eric Balchunas, recently asserted that XRP is not the leader in terms of which crypto asset is next in line after BTC and ETH to have its own exchange-traded fund. The duo placed Litecoin as well as Dogecoin ahead of it. Nevertheless, Ripple’s CEO, Brad Garlinghouse, remains an optimist as he has asserted multiple times that an XRP ETF is ‘inevitable.’ The post Ripple (XRP) ETF Edges Closer to Reality with New Milestone appeared first on CryptoPotato.

Shiba Inu (SHIB) has just caught the attention of analysts, who are predicting a possible breakout based on a technical formation. According to market analyst Javon Marks, SHIB looks like it has broken out of a Falling Wedge pattern, which could set the stage for a price increase. If this breakout holds true, SHIB might skyrocket over 422%, possibly reaching a new all-time high of $0.00008841. However, certain price resistance levels must be cleared before any upward movement can happen. The current technical analysis of Shiba Inu shows the formation of a Falling Wedge pattern. This structure is seen in a series of lower highs and higher lows, signaling a potential reversal after the price breaks above the upper trendline. The wedge formation has been forming since August 2021 and is nearing completion. If SHIB breaks out from this pattern, the price could trend higher in the coming months, with many investors viewing this as a high-risk, high-reward opportunity. Related: Shiba Inu Hints at Price Reversal After a 284% Spike in SHIB Burns The price must clear critical resistance levels for Shiba Inu to start a confirmed uptrend. Based on data from IntoTheBlock, about 757 trillion SHIB tokens were purchased above $0.000016, with 84% of 637 trillion tokens bought between $0.000016 and $0.000024. These investors are currently “out of the money,” so breaking through the $0.000018 to $0.000022 range would bring most of them back into profitability. At the time of writing, SHIB’s price was $0.00001531, a decrease of 3.92% over the past 24 hours. SHIB had surged to $0.00001593 earlier in the day before the decline. This fluctuation shows the volatility inherent in SHIB’s price action. Despite the recent downturn, the market capitalization remains at $9.02 billion, and the 24-hour trading volume has jumped by 50.70%, reaching $257.67 million. However, the circulating supply of SHIB stands at 589.25 trillion tokens, which may increase the risk of inflationary pressure. The MACD and RSI further suggest the downward pressure on SHIB’s price. The MACD is showing a bearish signal, with the MACD line below the signal line and the histogram displaying red bars, indicating stronger selling pressure. Related: Shiba Inu Battles Resistance Levels as Whales Bet Big on Recovery In the meantime, the RSI stands at 37.67, suggesting that SHIB is not yet in an oversold condition but is approaching a critical juncture. If the RSI remains above 30 and holds steady, a potential rebound could occur, possibly leading to a more favorable market environment for SHIB. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

$ETH - Another good red candle to buy in the buy zone.