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Home > News
Published: 05/03/2024
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Author: Leexim
XRP Breaks Six-Year Trendline, Price Poised for Strong Surge?
The six-year trendline holds significant implications for XRP's price potential, suggesting the cryptocurrency may be primed for a parabolic move.
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Renowned crypto analyst Jaydee recently brought attention to a six-year trendline, hinting at a potential significant upswing in the XRP price. Intriguingly, the cryptocurrency seems to be on the verge of a parabolic surge, having successfully breached this long-standing trendline.
XRP Price Breaks Out From Six-Year Trendline
The breakthrough from the six-year trendline, as confirmed by Jaydee in a recent X (formerly Twitter) post, carries substantial implications for XRP’s price trajectory. In a previous post on the platform, Jaydee had emphasized that a breakout from this particular trendline would be nothing short of “massive” for XRP’s value. The accompanying chart he shared suggested the possibility of XRP reaching heights of $3 following this breakthrough, which has already materialized.
This impending surge aligns with the forecast of another crypto analyst, Crypto Rover, who predicted a “massive breakout” for XRP in March. While Rover’s prediction is more conservative, foreseeing the crypto token rising slightly above $1 during this event, the alignment of these projections adds credibility to the anticipated bullish movement.
Moreover, a substantial rally in XRP at this juncture would bolster the confidence in the prediction made by crypto analyst Egrag Crypto, who anticipates XRP reaching $5 by April. Indeed, XRP has demonstrated signs of resurgence lately, exhibiting an impressive uptrend of over 18% in the past seven days. This resurgence further fuels optimism in the broader crypto community regarding the potential realization of the projected price targets for XRP.
Surpassing the $1 threshold holds particular significance for XRP, as it has not achieved such levels since 2021. Even during the court ruling that affirmed its non-securities status last year, the cryptocurrency fell short of reaching the $1 mark. This potential milestone would not only mark a noteworthy recovery but also serve as a well-deserved reward for steadfast XRP investors who weathered the prolonged period of stagnation.
XRP Trading Below $1 Might Soon Be A Thing Of The Past
The prospect of XRP trading below $1 becoming a relic of the past has been kindled by crypto analyst Egrag Crypto. In an insightful X post, Egrag posited that achieving multiple closes above $1.3 in a convincing manner could be the catalyst for this transformation. A rise to $1.3 would not only signify a breakthrough but also set the stage for realizing all the targets highlighted by Egrag.
Egrag’s most optimistic price forecast for XRP in this bullish cycle stands at $27. This projection is grounded in the historical context of XRP experiencing an astonishing 61,000% gain in just 280 days during the 2017 surge. This ambitious target underscores the potential for remarkable gains if certain conditions align.
XRP Gears Up for Unprecedented Rally Following Bitcoin’s Momentum
As of the latest data from CoinMarketCap, XRP is currently trading around $0.64, registering a commendable uptick of over 4% in the past 24 hours. This positive momentum adds to the growing anticipation surrounding XRP’s potential resurgence and the realization of Egrag Crypto’s predictions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Home > News
Published: 05/03/2024
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Author: Kane
Tether (USDT) Supply Surpasses $100 Billion Milestone
The market capitalization of the largest stablecoin in the crypto industry, Tether (USDT), has reached $100 billion for the first time ever, driven by surging investment demand from the market.
Azcnews Breaking (53)
In the context of Bitcoin surpassing the $68,600 mark and nearing the ATH peak at $69,000, another pillar of the cryptocurrency industry, the stablecoin Tether (USDT), has also made history by reaching a market capitalization of over $100 billion for the first time in its 10-year history.
The USDT supply in the past 7 days has increased by an additional $2 billion, officially reaching $100.2 billion this morning, with the latest issuance transactions on the TRON network.
Thus, since October 2023, when the crypto market began to recover, Tether’s market capitalization has swollen by an additional $17 billion.
Usdt
Currently, Tether commands over 69% of the stablecoin market share, far ahead of USDC (20.5%), DAI (3.4%), and FDUSD (2.2%).
In the previous market cycle, Tether’s market capitalization reached its peak at $83 billion in April 2022, just before the LUNA-UST crash occurred. By 2023, this stablecoin attracted a significant market share as its main competitors, USDC and BUSD, encountered issues with depegging and legal obstacles, respectively.
Tether also had a highly successful year in 2023 due to its strategy of investing a large amount of assets backing USDT into US Treasury bonds, yielding up to $6.2 billion. The company then used the profit to create surplus reserves for USDT, as well as investing in Bitcoin, gold, and other initiatives.
All of Tether’s US Treasury bond holdings are held at Cantor Fitzgerald, an asset management company based in New York (USA). Responding to the media in January 2024, Cantor Fitzgerald CEO Howard Lutnick stated that Tether has enough assets to guarantee the value of USDT, expressing confidence in the stablecoin company’s operating model.
Related: USDT Spearheads the Recent Resurgence in Stablecoins
Tether (USDT) Market Cap Surpasses $100B
Total Supply Tether
Source: CoinMarketCap
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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