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Digital assets appear ready for recovery after the latest flash crash, which saw billions liquidated from the crypto market in the past few sessions.
Let’s explore movements in large-cap altcoins for an overview of the ongoing developments amid the rotation from BTC to altcoins.
XRP’s imminent surge to ATHs
Ben Armstrong, known as Bitboy in the crypto community, predicted a significant uptrend for XRP in his latest X post.
He suggested that the remittance token could surge to $4.50 by 2024 end or early next year.
It looks like $XRP is about to rip. It will hit $4.50 if not by end of year, in January.
That would translate to a 100% increase from current prices of $2.25.
The remarks triggered excitement within the community as XRP remains on investor radar following its latest upswing past 2018 levels.
The token skyrocketed to $2.86, hitting its highest mark in six years.
Ripple’s native coin has underperformed over the past years due to the legal battle with the US SEC.
Meanwhile, recent regulatory developments catalyzed bullishness for the token.
Donald Trump appointed pro-crypto Paul Atkins as the new SEC chair, replacing Gary Gensler.
The community anticipates friendly crypto policies, potentially solving the unending fight between Ripple and the agency.
Gary Gensler will resign in January 2025, a timeline that matches Bitboy’s ATHs forecasts for XRP.
XRP changed hands at $2.25 at press time, down nearly 6% on its 24-hour chart.
Bulls battle to regain control as the coin gained 0.30% within the past hour.
It exhibits significant bearishness and can slide further before recovering.
Whales lose interest in UNI
Uniswap’s native token trades at $15.85 after losing around 10% of its value in the past 24 hours.
Faded interest from institutions and whales signals more pain for the token.
Lookonchain shows trading firm Cumberland offloaded 989,520 UNI assets worth approximately $16.73 million within the previous day.
6 hours ago, #Cumberland deposited 989,520 $UNI($16.73M) into #Binance, #Coinbase, #OKX and #Robinhood. Shortly after, the price of $UNI plummeted by 10%. etherscan.io/token/0x1f9840…
The transaction came after another whale swapped UNI for DYDX using Binance.
Details show the investor deposited 206,100 coins worth $3.79 million.
Three hours later, he cashed out DYDX worth around $2.82 million (1.065 million tokens).
Such trends reflect faded confidence in Uniswap’s future price actions.
UNI should stay above the solid support barrier at $14.90 for potential recoveries to $19.75.
Failure to hold $14.90 will likely trigger continued dips to $11.30.
Cardano within a buy region
ADA exhibits a downward stance amid the ongoing cash rotation from BTC to altcoins.
Bearish developments, such as the latest hack, saw the alt threatening the $1 support after losing footing at $1.2.
Cardano hovers at $1.02 following a 9.30% drop in the past day. The token remains poised for more dips towards $0.80.
However, analyst Ali Charts highlighted that ADA has followed a fractal setup similar to the 2020-2021 bull run.
#Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6.
Thus, he trusts that Cardano will stay in the buy territory even if bears dump it beneath $0.80.
The analyst predicts a significant recovery to explore the $4 – $6 range.
The post Altcoins today: Bitboy predicts 100% XRP gain, whales dump UNI, ADA in the ‘buy zone’ appeared first on Invezz
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