2
Apr, 2025
Trader uncovers signs XRP price may have bottomed — Rally to $3.80 next?
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
XRP (XRP) price fell 22% between March 19 and March 31, potentially forming a local bottom at $2.02. The price then increased by 9% to $2.20 before retracing to current levels.
Has the popular altcoin finally bottomed out, or is there a deeper retracement in the cards?
XRP bullish divergence on multiple timeframes
The XRP relative strength index (RSI) displays bullish divergence conditions in lower timeframes, according to analyst CasiTrades.
A bullish divergence is when the asset’s price prints lower lows and the RSI produces higher lows, indicating that downward momentum is waning.
“After reaching the 0.786 retrace at $2.05, XRP is printing bullish divergences from the 15-min all the way up to the 4-hour chart,” the analyst said in a March 31 post on X.
CasiTrades notes that these signals are a positive indicator both for short-term bounces and potential macro recovery.
“That’s the kind of signal we want to see for both short-term bottom and macro! The bounce is holding so far!”
XRP/USD hourly chart. Source: CasiTrades
She added that $2.25 remains a key resistance level to watch, as breaching it with strong momentum would signal a convincing bullish breakout.
“If we break above $2.25 with strong momentum, that would invalidate the need for another support retest, a very bullish sign,” CasiTrades said, adding that the demand zone between “$2.00 and $2.01 remains a support if the $2.05 doesn’t hold.”
The analyst projects a bullish month for XRP in April, with targets of $2.70 and $3.80 in the short term.
“Once the price reaches its target, I expect a large impulse to the upside! Key resistance aligning to $2.70 and $3.80.”
Related: XRP funding rate flips negative — Will smart traders flip long or short?
Is the XRP local bottom in?
Despite XRP’s recent recovery from local lows, the risk of a deeper correction remains, according to veteran trader Peter Brandit.
Last week, Brandt said the presence of a “textbook” head-and-shoulders pattern (H&S) could see XRP price as low as $1.07.
This potential H&S pattern is still in play on the daily chart (see below) and will be completed on a break and close below the neckline at $1.90.
If the price stays below the neckline, the pair could plummet to $1.50 and then to the pattern’s target of $1.07.
Brandt said:
“Below $1.9, I would not want to own it. H&S projects to $1.07. Don’t shoot the messenger.”
XRP/USD daily chart with H&S pattern. Source: Cointelegraph/TradingView
Brandt said this bearish chart pattern would be invalidated if buyers push and maintain the price above $3.00.
Meanwhile, macroeconomic headwinds from US tariffs on April 2 may spook traders, pulling the XRP price toward $1.31.
Not everyone agrees. Analyst Dark Defender shared a positive outlook, saying that XRP price is likely to revisit the last Fibonacci level at $2.04 before bouncing back again.
According to the analyst, a key resistance level for XRP is $2.22, which “should be broken” to ensure a sustained recovery toward the Wave 5 target at $8.
“April-May will be hot, and our targets of Wave 5 stand at $5-8 levels, as expected.”
XRP/USD daily chart. Source: Dark Defender
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Learn MoreTrader uncovers signs XRP price may have bottomed — Rally to $3.80 next?
2
Apr, 2025
Vaneck Registers to Launch First BNB Exchange-Traded Fund in the US
Altcoin News, Bitcoin News, Crypto Industries & Currency Updates
Investment manager Vaneck has registered to list an exchange-traded fund (ETF) that will track BNB, the native cryptocurrency of the Binance-linked BNB Chain. The New York-based firm has proposed the establishment of a trust in Delaware as a preliminary step toward a formal application with the U.S. Securities and Exchange Commission (SEC). If approved, Vaneck’s […] …
Learn MoreVaneck Registers to Launch First BNB Exchange-Traded Fund in the US
2
Apr, 2025
GameStop finishes $1.5B raise to add Bitcoin to its balance sheet
Altcoin News, Bitcoin News, Crypto Analytics, Crypto Industries & Currency Updates
Video game retailer GameStop Corporation (GME) has finished a convertible debt offering that raised $1.5 billion, with some proceeds earmarked for buying Bitcoin.
The offering was initially set to raise at least $1.3 billion, but purchasers opted for an additional $200 million aggregate principal amount of notes, GameStop said in an April 1 filing with the Securities and Exchange Commission.
“The company expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with the Company’s Investment Policy,” GameStop added.
The convertible notes are debt that can later be converted into equity and are scheduled to mature on April 1, 2030, unless earlier converted, redeemed or repurchased.
The conversion rate for the notes will initially be 33 shares of Common Stock per $1,000 principal amount of notes, according to the filing.
GameStop shares didn’t see a significant move following the close of the convertible debt offering. GME closed the April 1 trading day up 1.34% at $22.61 and only saw an extra 0.5% bump after the bell, Google Finance data shows.
GameStop’s share price barely moved after sharing it closed the convertible debt offering. Source: Google Finance
Positive shareholder sentiment saw the stock jump nearly 12% to $28.36 on March 26, the day after GameStop announced its Bitcoin (BTC) plan, but its fortunes reversed the next day, with GME shares dropping nearly 24% to $21.68.
Analysts at the time suggested the chilly reception reflected shareholders’ fear of GameStop’s deeper problems with its business model.
GameStop joins growing Bitcoin move
On March 25, GameStop confirmed that it had received board approval to invest in Bitcoin and US-dollar-pegged stablecoins using the notes and its cash reserves. Those reserves stood at $4.77 billion as of Feb. 1, compared with $921.7 million a year earlier, according to its 2024 fourth-quarter financial statements.
GameStop is a relative latecomer among public companies creating Bitcoin treasuries. A slew of others have already added Bitcoin to their balance sheets in a playbook popularized by Micheal Saylor’s Strategy.
Related: Metaplanet adds $67M in Bitcoin following 10-to-1 stock split
The video game retailer previously made forays into the crypto space with a crypto wallet for its users, which it eventually shut down in November 2023 due to regulatory uncertainty.
GameStop is also considered the first example of meme stock success after a short squeeze in 2021 that sent the stock surging over 1,000% in a month as traders flipped the table on hedge funds that had been making money shorting on the company.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
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Learn MoreGameStop finishes $1.5B raise to add Bitcoin to its balance sheet