XRP Price Rebirth and Bitcoin Influence, Here's Correlation

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14 Feb 2024

XRP Price Rebirth and Bitcoin Influence, Here's Correlation

Godfrey Benjamin
XRP and Bitcoin exhibiting intense correlation as price soars to multiyear high
News
Tue, 13/02/2024 - 17:00
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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The XRP price has joined the broader crypto market rally as the coin has successfully wriggled out of the bear zone, jumping 1.3% at the time of writing to $0.5197. Over the past week, XRP has erased its losses and is now up by 3.85%, while simultaneously trimming its monthly loss to 9.2%.

Impact of Bitcoin correlation

The resurgence in Bitcoin’s price, which pushed the premier digital currency to a three-year high of $50,358.39, had a tremendous impact that surpassed market expectations. The rally pushed the price of many altcoins off their losing streaks, with XRP being one of the major beneficiaries.
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Over the past month, the price of XRP has served as a major concern to members of its ecosystem. In their bid for better closure, many have called on the executives of Ripple Labs to help proffer a solution to the price stalemate.
While there have been some defined strategies being employed by Ripple to control the circulation of XRP and its underlying use case, the price has failed to be obsessively impressive. The strong correlation it displayed against Bitcoin now serves as the dominant catalyst driving the growth of the asset.
This has an underlying disadvantage as well, as any impending correction in the price of Bitcoin might trigger a slump in XRP and other correlated assets across the board.

XRP growth strategies

As mentioned earlier, Ripple plays a huge role in the administration of XRP as a utility coin. The firm utilizes the coin in its cross-border payments solution On-Demand Liquidity (ODL), and it is fronting it as a crucial settlement asset for the RippleNet protocol.
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Beyond this, XRP Ledger (XRPL), a smart contract network controlled by Ripple developers, is also deploying a series of solutions and onboarding new innovators to create applications that can draw high demand for XRP use and ultimately boost price growth in the long term.
#XRP
About the author

Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
2024/02/13 17:02
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Peter Thiel’s Fund Bought Massive Amount of BTC, ETH Before Price Jump

Tomiwabold Olajide
Billionaire Peter Thiel's venture capital firm investing again in Bitcoin and Ethereum
News
Tue, 13/02/2024 - 16:30
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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According to Reuters, billionaire Peter Thiel's venture capital firm, Founders Fund, is investing again in Bitcoin and Ethereum, suggesting Silicon Valley's renewed interest in the cryptocurrency markets.

The fund invested $200 million between late summer and early fall last year to acquire crypto assets, half of which were in Bitcoin and half in Ethereum, the two largest cryptocurrencies, Reuters reported, citing sources.
As one of the first institutional investors in cryptocurrency, Founders Fund began aggressively buying Bitcoin in 2014 but unloaded it before the crypto market imploded in 2022, earning over $1.8 billion in gains. Bitcoin's price fell to roughly $15,000 in 2022, the lowest it had been since 2020.
Last summer, Founders Fund began buying Bitcoin when it was less than $30,000, and it continued to buy Bitcoin and Ethereum for several months.
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Peter Thiel, a cofounder of PayPal and Palantir, has publicly endorsed Bitcoin, describing it as a store of value similar to gold and a hedge against central bank monetary policy.
The Bitcoin and Ethereum prices have steadily increased over the last year, with Bitcoin reaching $50,000 for the first time in more than two years this week but still falling short of its top of $69,000 in November 2021.
Bitcoin investors can be said to be having a great year thus far, with the BTC market reaching new multiyear highs of $50,200 and a positive year-to-date return of 18.5%. Only 141 days in 2021 have had a daily closing price higher than $50,200, accounting for 2.84% of Bitcoin trading history.
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Bitcoin is also up 130% in the previous 12 months and over 207% since the November 2022 lows, and it is now trading down 28.6% below its all-time high (ATH).
At the time of writing, Bitcoin had retreated from its recent highs of more than $50,000, rising only 1.54% in the last 24 hours to $49,064. Ethereum, the second-largest cryptocurrency by market capitalization, has risen 5.93% in the previous 24 hours to $2,649.
#Peter Thiel#Bitcoin#Ethereum#Cryptocurrency influencer
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
2024/02/13 16:32
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Bitcoin to Hit $50,000 After Bullish Weekly Divergence, Dogecoin No Longer Top 10 Coin, VanEck's and Tether's Top Exec Opines Whether Satoshi Nakamoto Is Alive: Crypto News Digest by U.Today

Valeria Blokhina
Take a closer look at what’s happening in the world of crypto with U.Today’s news digest!
News
Tue, 13/02/2024 - 16:23
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Contents

Here are the top three news stories presented to you by U.Today.

Bitcoin (BTC) to hit $50K after bullish weekly divergence, says top analyst

Bitcoin's price continues to inch closer to the $50,000 mark, being pushed higher by a bullish weekly divergence. This upward trajectory was highlighted by top crypto analyst Michaël van de Poppe in a recent X post, noting the asset's recent break above the $48,000 level. According to van de Poppe, the Bitcoin price is looking at the resistance, indicated by a massive weekly candle that had helped the price of Bitcoin rise back above $48,000. The analyst wrote that he is curious to see what the price will do around $50,000 in the next 1-2 weeks, underscoring the critical resistance level that Bitcoin faces. The excitement around Bitcoin's price movement is further intensified by the upcoming Bitcoin halving event slated for April. Halving occasions have historically preceded bullish surges in the price of Bitcoin. Van de Poppe has set his sights on the $50,000 target for Bitcoin, attributing his prediction to the halving event's impact.
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Dogecoin (DOGE) no longer top 10 coin

In a sudden turn of events, Dogecoin (DOGE) has dropped out of the top 10 cryptocurrencies by market capitalization. The meme coin's 10th place was taken by Chainlink (LINK), whose market cap surpassed that of its dog-themed competitor by approximately $71 million at the moment of writing, thus leaving DOGE to get used to its new position outside of the "top 10 club." Such a shift in positions among the top 10 cryptocurrencies has once again demonstrated the volatile nature of the market. This is not the first time Dogecoin has been pushed out of this elite group; for example, last December, it was forced out by Avalanche (AVAX). Nevertheless, Dogecoin has continually been able to win its position back, underscoring the cyclical nature of its interest among investors and its popularity.

Is Satoshi Nakamoto alive? VanEck and Tether's Gabor Gurbacs opine

In a recent X post, digital asset strategist at VanEck and Tether Gabor Gurbacs shared “one of the best things" Bitcoin creator Satoshi Nakamoto did for the BTC community. In Gurbacs' opinion, one such thing is his disappearance as, thanks to Satoshi's retreat from the crypto stage, Bitcoin has no ambiguity, no attack vector and no centralization. Gurbacs thanked the anonymous BTC creator and showed his respect, wherever he is now, and if he remains alive. The X post got the attention of Bloomberg’s Eric Balchunas, who asked VanEck's exec if he believes that Satoshi is still alive. Gurbacs replied "both," confusing his followers; however, as he explained, many people believe that the world's largest crypto was created not by an individual, but by a group, similar to a group of mathematicians who named themselves Nicolas Bourbaki in the early 1930s. Thus, Gurbacs suggests that some members of the "Nakamoto group" could be dead, while others remain alive.
#Bitcoin#Dogecoin#Gabor Gurbacs
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.
2024/02/13 16:20
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Bitcoin $50,000: BTC Has to Go Higher, Pompliano Predicts, And Not Because of Halving

Yuri Molchan
Anthony Pompliano expects Bitcoin price to surge higher than $50,000 and not thanks to the approaching BTC halving
News
Tue, 13/02/2024 - 16:21
Cover image via youtu.be
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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Contents

VC investor and Bitcoin podcaster Anthony Pompliano has voiced a mega-bullish Bitcoin prediction. He expects the price of digital gold to continue rising way above the $50,000 level and the reason is not the upcoming halving event.
Related
XRP 'Cursed' by Max Keiser – It 'Goes to Zero Against Bitcoin'

"Bitcoin price has to go higher": Pompliano

Pompliano, known on Twitter as simply “Pomp”, took to this platform to make a major Bitcoin price prediction. The angel investor believes that the $50,000 level reached yesterday is not the last stop for the flagship cryptocurrency.
Pompliano did not make any specific predictions. However, he stated that “the price has to go higher.” According to the expert, once Bitcoin goes higher, bitcoiners will start selling their BTC and it will all be scooped up by Wall Street funds to satisfy their demand that has been increasing rapidly.

$50,000.

The price has to go higher to get bitcoiners to sell their bitcoin to Wall Street and satisfy the increased demand.
— Pomp 🌪 (@APompliano) February 12, 2024

He did not make any mention of the approaching Bitcoin halvening event in the middle of April. After it occurs, the number of Bitcoins produced daily will be cut by half from 900 to 450 BTC. Currently, according to Pomp, Bitcoin ETFs are absorbing 12.5x BTC produced on a daily basis.
Related
Elon Musk Ignites Bullish Sentiment in Community as Bitcoin Tops $50,000

Bitcoin ETFs break 30-year record

Many experts believe that after the halving takes place, they will start acquiring even more Bitcoin every day. So far, after one month of trading, Bitcoin ETFs launched by BlackRock and Fidelity have seen more than $3 billion of inflows, thus breaking a 30-year record of ETFs.
On Monday, Pompliano made an appearance on CNBC’s Squawk Box show to talk about Bitcoin. He mentioned that the world’s leading cryptocurrency has become Wall Street’s favorite asset.
As if supporting this thesis, digital asset advisor at VanEck and Tether Gabor Gurbacs tweeted that other financial institutions are soon also likely to start launching spot-based exchange-traded funds, since “Bitcoin ETFs allow holders to use Bitcoin as a collateral and gain access to credit and leverage in the traditional markets.” He expects the current volumes of liquidity flowing into ETFs to be “nothing compared to what's coming when more institutions begin to understand this.”
#Bitcoin#Anthony Pompliano#Gabor Gurbacs
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
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