XRP Rally Not Over, JPMorgan Eyes Bitcoin-Backed Loans, SHIB Price May Soar 800% in One Week
No, XRP rally is not over
- XRP pullback. Current Price: $3.44.
It is much too soon to declare the rally over even though XRP’s price chart shows a noticeable decline. There is more to the situation than just price action, even though XRP has retraced to $3.44, down about 3% on the day. In terms of technical analysis, XRP is still far above important support levels.
- Recent surge. Up over 70% in July, so a cooldown is expected.
The pullback appears to be less of a complete reversal and more of a temporary cooldown after a powerful rally. Although the RSI is still high at 78, which usually indicates overbought conditions, high RSI can last much longer during strong bull phases without causing abrupt reversals. The on-chain data is more significant.
- On-chain strength. Transactions on July 21: Over 1.35 million payments processed via XRP Ledger
The number of payments on July 21 surpassed 1.35 million, according to XRP Ledger statistics. This significant amount supports the asset’s continued demand and usefulness. Even if the chart shows a daily dip, the underlying network activity is surging, which rarely aligns with the beginning of a market top.
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JP Morgan may accept Bitcoin and Ethereum as loan collateral
Banking behemoth JP Morgan might soon let clients borrow cash against Bitcoin and Ethereum.
- The proposal. Clients allowed to borrow cash directly against BTC & ETH, not just crypto ETFs
According to a Tuesday report by the Financial Times, American banking behemoth JPMorgan is considering allowing its clients to borrow cash against Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies.
- Major policy shift. This would give JP Morgan a competitive edge over rivals like Goldman Sachs
Notably, the policy change that is currently being explored would make it possible to directly use crypto as collateral instead of just crypto-related products like exchange-traded funds (ETFs). JP Morgan, which is the largest US bank by total assets, could potentially gain a competitive advantage with such a trailblazing move. Its key competitors, such as Goldman Sachs, are yet to allow borrowing cash against crypto.
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SHIB Team Hints at Potential 800% Surge
SHIB-affiliated X account @Shibizens has addressed the Shiba Inu community with an X post that contains a bullish statement about the second-largest meme cryptocurrency and a potential price prediction. The team has assured the community that the Shiba Inu coin remains strong and is ready to continue moving further, transforming the crypto space.
- Price can flip fast. Just like in 2021, when SHIB soared 800% in one week.
The tweet claims that no matter the amount of dips that the Shiba Inu meme coin is facing right now, it is currently “stronger than ever and ready to push even harder.”
Besides, @Shibizens said, the situation on the cryptocurrency market even for one coin, like SHIB, could change within a short period, such as a week, and the price may soar by 800% as it did during the bull run four years ago, in 2021: “Who knows one week can flip everything, just like SHIB’s 800% run in 2021.”
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