2023-11-09 10:13

EGRAG, a prominent financial analysis firm, has projected that the market capitalization of XRP could reach an unprecedented high of $997 billion. This prediction reflects a potential price surge to around $18 per XRP, a significant increase from its current price of $0.7325 as of today. XRP's market cap currently stands at $37.2 billion, ranking it as the fifth most valuable crypto asset. EGRAG's forecast suggests that XRP might replicate its previous rally from 2017 to 2018, albeit at only 7% of the previous appreciation rate. If this prediction holds true and XRP's market cap increases by 7,070%, it could reach the projected $997 billion. This would result in an XRP price of $18.6 if the circulating supply remains stable at 53.5 billion. For comparison, Bitcoin's market cap is currently at $717 billion while Ethereum and Tether have market caps of $231.4 billion and $86.2 billion respectively. Despite a recent drop in value, XRP's trade volume stands at a significant $1.8 billion with an increase of 14.7% over the past week. Looking back at XRP's history, in January 2017, its market cap was just $110.5 million when the price collapsed to $0.0030. However, it rallied over the course of a year, hitting an all-time high of $3.3170 in January 2018. This surge resulted in a massive increase in XRP's market cap to $128.4 billion, marking a 140,140% increase. Despite this success, XRP eventually collapsed from this high, leading to a loss of $33.58 billion in its market cap. https://www.investing.com/news/cryptocurrency-news/xrp-forecasted-to-reach-997-billion-market-cap-price-surge-to-18-billion-93CH-3228330

2023-11-09 09:25

Copyrighted Image by: Reuters. Bitcoin and Ether remained positive this week, exhibiting resilience amidst a surge in altcoins and high bond yields. The cryptocurrency market showed signs of increased risk appetite, with altcoins leading the way. Polygon and Chainlink posted substantial growth, while Solana maintained an over 85% monthly gain despite experiencing a slowdown. Leverage in the market saw an uptick as Binance's Tether earn product offered 13% annual yields, and GMX's incentive program promised up to 75% annual yield on Ripple and Solana tokens. These high-yield offerings contributed to the increased risk appetite among investors. Coinbase (NASDAQ:COIN) led the buying spree in Solana with a purchase of 2.2 million tokens from October 18 to November 6. This resulted in $11 million inflows last week alone. Chainlink also attracted $2 million inflows, while increased investments were observed in Polygon and Cardano. Despite the hype around yield farming and hawkish comments from central banks, Bitcoin's appeal remains strong due to high bond yields. The optimism for Bitcoin ETFs is also on the rise, driven by BlackRock (NYSE:BLK)'s spot BTC ETF proposal. Binance's BTC annualized daily basis reached its highest level since June, indicating continued investor interest. Futures markets are expecting the Federal Reserve to maintain steady rates, with CME data showing a 90% likelihood of a pause at the next policy-setting meeting in December. The recent developments underscore the dynamic nature of the cryptocurrency market and the continued investor interest despite potential risks. As the market navigates through yield farming hype and central bank comments, Bitcoin and Ether continue to hold their ground amidst altcoin growth. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ether-show-resilience-amid-altcoin-surge-and-high-bond-yields-93CH-3228259

2023-11-09 08:43

Bitcoin's bullish trend was underscored on Thursday as the cryptocurrency's one-month call-put skew soared above 10%, a level not seen since April 2021, according to data from Amberdata. This rise in skew indicates that the demand for call options, which grant the right to purchase and reflect bullish sentiment, was exceeding that for put options. The spike in the call-put skew occurred on the same day that Bitcoin's price surpassed $36,800, driven by optimism around spot ETFs. As a result of this surge, investors halted selling calls above the spot price, a common yield generation strategy on coin holdings. Instead, speculators sought to gain leveraged upside exposure by purchasing call options. This shift in behavior has left market makers with a significant net short exposure over $36,000. To counterbalance this position and return to market neutrality, market makers are expected to buy Bitcoin, potentially fueling an accelerated rally. Looking ahead, longer duration call-put skews predict that the bias for Bitcoin strength will persist for two, three, and six months. This prediction is based on the recent wave of traders purchasing call options, which has resulted in a bullish bias exceeding 10%, a 31-month high monitored by Amberdata. This increased demand for call options suggests sustained Bitcoin strength over the coming months. https://www.investing.com/news/cryptocurrency-news/bitcoin-bullish-trend-escalates-as-callput-skew-reaches-31month-high-93CH-3228201

2023-11-09 08:42

In the wake of the ongoing SEC v Ripple case, Ripple's digital currency, XRP, managed to maintain its position above the 50-day and 200-day Exponential Moving Averages (EMAs) today. Despite the lack of a joint briefing schedule, which could potentially impact market sentiment, XRP held steady. Bulls are eyeing a potential surge towards Monday's high of $0.7328, provided it can surpass the resistance level of $0.7047. On Wednesday, XRP witnessed a marginal rise of 0.25% after Tuesday's significant 4.10% dip, closing at $0.6873. This occurred amidst the ongoing legal proceedings between the SEC and Ripple. The two parties were due to present a proposal as per Judge Torres' order, but indications of non-progress signal a contested briefing schedule. Earlier in the week, Metaco – a company previously purchased by Ripple – announced HSBC's digital asset service for institutional clients investing in tokenized securities. This development highlights Ripple's continued influence in the digital asset space despite ongoing legal challenges. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-maintains-position-despite-sec-case-uncertainty-93CH-3228200

2023-11-09 08:09

Copyrighted Image by: Reuters Investing.com - The U.S. dollar edged lower in early European trade Wednesday, handing back some of the previous session’s gains, but activity is limited as traders look for more monetary policy cues from speeches by a series of central bankers, including Fed Chair Jerome Powell. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 0.1% to 105.382, after rebounding from the near two-month low of 104.84 earlier in the week. Powell steps up again The dollar suffered a sharp selloff last week on rising confidence that the Federal Reserve has ended its interest rate-hiking cycle, but there has been a degree of consolidation this week after a number of Fed speakers warned against complacency. "A decrease in the policy rate is not something that is likely to happen in the short term," said U.S. Federal Reserve Bank of Philadelphia President Patrick Harker on Wednesday. However, trading is likely to be muted Thursday as Fed chief Jerome Powell is scheduled to speak once more Thursday, having steered clear of major monetary policy topics at an event on Wednesday. “Fedspeak will remain the central theme today, and probably for the rest of the week given a quiet U.S. data calendar,” said analysts at ING, in a note. Europe also looks to central bank speakers There’s a similar story in Europe, with European Central Bank chief economist Philip Lane and Bank of England Chief Economist Huw Pill set to speak at separate events, with any comments likely to influence the market given a bare economic calendar. EUR/USD traded flat at 1.0707, stabilizing after weakness in the previous session as eurozone retail sales fell 0.3% month-on-month in September. GBP/USD also traded largely unchanged at 1.2284, having earlier in the week hit a seven-week top above 1.24. Chinese disinflation weighs on the yuan In Asia, USD/CNY rose 0.1% to 7.2856, after Chinese government data showed that both consumer and producer inflation shrank in October. The readings showed that China entered disinflation for the second time this year, as repeated stimulus measures from Beijing failed to meaningfully prop up spending. USD/JPY fell 0.1% to 150.93, retreating from the 151 level, which was briefly breached last week following dovish signals from the Bank of Japan. Traders remain on guard over any potential government intervention in foreign exchange markets, with the currency now trading close to levels last seen during the onset of the lost decade in the early 1990s. AUD/USD rose 0.2% to 0.6414, with the Aussie dollar steadying after dovish signals from the Reserve Bank of Australia triggered steep losses this week. https://www.investing.com/news/forex-news/dollar-steadies-with-fed-chief-powell-set-to-speak-again-3228138

2023-11-09 07:41

Copyrighted Image by: Reuters. Today, amid coal price volatility, Indian steel manufacturers are negotiating a price increase for auto-grade steel. The proposed hike is Rs 2,000-3000 per tonne for hot rolled coils and Rs 4,500-6,000 per tonne for cold rolled coils. The finalization of these contracts is expected within a fortnight. This move comes months after automakers initiated a substantial price hike across categories in April 2023 due to the transition to OBD-2 compliant vehicles. In the same month, automakers switched to quarterly contracts as a measure to manage price volatility. For Q4 (January-March, 2023), mills enacted drastic price reductions on hot and cold rolled coils. This was a shift from the third quarter (October-December, 2022), which witnessed significant price cuts of Rs 4,000-5,000 per tonne across all categories. The current proposal for a price increase indicates a potential reversal in the pricing trend observed over the past year. As the industry continues to grapple with market uncertainties and supply chain disruptions, these negotiations underscore the ongoing efforts to balance operational costs with market demand. https://www.investing.com/news/commodities-news/indian-steel-manufacturers-propose-autograde-steel-price-hike-amid-coal-volatility-93CH-3228118