Total number of oil rigs in the U.S. for the week ending August 22

A bull run and altcoin season seem to be on the horizon, promising an increase in cryptocurrency values. Investors are holding their breath, waiting for the next big break, while the market remains calm. Altcoins are still at their lowest levels and ready to explode at any moment. Rumors about the possible approval of the Solana ETF are increasing expectations. Experts suggest that some cryptocurrencies are the primary candidates for significant growth. This intriguing mix of market conditions and expert predictions makes it vital to know which cryptocurrencies to watch. Discover the cryptocurrencies that should be owned and could achieve significant gains before the approval of the Solana ETF in this article.#HotTopicDiscussion#

OP Falling Trend mix and retest should be followed, a minimum amount of risk can be taken, friends, YTD! #ContentStar# #比特币# #HotTopicDiscussion# #BTC# #GateLive# #Optimism $Op#

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XRP price flashes 4 warning signs One XRP price metric hints at a 50%-plus price decline for the cryptocurrency in the coming months. XRP bulls should brace for a period of potential price declines in the coming weeks. At least four indicators hint at downside ahead, including a mix of technical, fundamental and on-chain metrics. >XRP price bear flag setup The first indicator hinting at a potential downturn for XRP is a bear flag pattern. A bear flag is a bearish continuation pattern characterized by a small, upward-sloping rectangle formed by parallel lines against the prevailing downtrend. It gets resolved when the price decisively breaks below its lower trendline and falls by as much as the prevailing downtrend’s height. As of Jan. 30, XRP is precariously hovering at the lower trendline of its bear flag, signaling a potential breakdown. Concurrently, its weekly relative strength index (RSI) stands at around 40, a neutral territory indicating the scope of possible further declines in the market. Therefore, a decisive break below the flag’s lower trendline risks positioning XRP's price for a fall toward $0.24 — down about 55% from current price levels — by May or June. >XRP whales are dumping XRP is on the brink of a bear flag breakdown, a situation that aligns with the substantial inflow of XRP, worth hundreds of millions of dollars, into Bitstamp and other cryptocurrency exchanges, according to data from Whale Alert. That includes Ripple’s transfer of $24.75 million worth of XRP tokens into an unknown wallet on Jan. 30. This transfer is likely part of Ripple’s routine operations involving the tokens unlocked from escrow each month. The timing of these substantial XRP transfers to exchanges is noteworthy, as it aligns with a critical shift in the distribution of XRP holdings. Specifically, there’s a noticeable decrease in the XRP reserves of whales holding between 100 million and 1 billion tokens (the teal wave), alongside increased holdings by entities possessing over 1 billion tokens (the black wave), which could be crypto exchanges. Following the decline in XRP holdings among the cohort with 100 million to 1 billion tokens, there has been a corresponding uptick in the supply controlled by the group holding 10 million to 100 million XRP (the red wave). This suggests either the selling or redistribution of XRP holdings by whales. >Death cross, head-and-shoulders breakdown XRP’s sell-off risks a further increase due to a confluence of two bearish technical setups on shorter timeframes. First, XRP’s 50-day exponential moving average (50-day EMA; the red wave) will likely cross below its 200-day EMA (the blue wave), forming a so-called “death cross” — which is seen as a bearish signal by traditional traders and analysts. For instance, a death cross formed on the XRP daily chart in December 2021 preceded a 65% price decline. econd, XRP is painting a head-and-shoulders (H&S) pattern on its daily chart. H&S is a bullish-to-bearish trend reversal pattern, characterized by a peak (shoulder), followed by a higher peak (head), and another lower peak (shoulder) — all forming atop a common support line called the neckline. Analysts measure the H&S price target by calculating the maximum distance between the head’s peak and the neckline and extending it downward from the point where the price breaks through the neckline. Applying the same technical rule on XRP’s H&S brings its price target to about $0.34, down 30% from current price levels, by March or April. >No spot XRP ETF in sight Analysts are not too optimistic about a spot XRP exchange-traded fund (ETF) happening anytime soon, which could dampen the demand for XRP versus Bitcoin BTC and Ether. The ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission is a big reason why, along with the absence of an XRP futures ETF in the United States. Townsend Lansing, head of product at CoinShares, told Cointelegraph that for a spot XRP ETF to be feasible, the SEC must agree that XRP is not a security, a scenario that seems unlikely for the time being. *Source: Cointelegraph

Bitcoin and cryptocurrency markets are set for an interesting second half of 2024 with potential for gains, impacted by ETF demand, regulations and evolving market trends. Investors need to monitor various factors for maximum gains and to navigate potential challenges ahead.