Buy Tugou (TUGOU)

The post XRP Price Prediction For February 2 appeared first on Coinpedia Fintech News

XRP is currently down by more than six percent and has dipped below the crucial $3 mark. Since the December swing low, XRP had been steadily moving upwards. However, the price has now hit a reverse and is testing support levels below $3. While the next move is still pending, analysts are optimistic that XRP is gearing up for another bullish phase.

XRP’s Current Market Structure:

According to Elliot Wave analysis, XRP’s price movement has shown an impulsive upward pattern, with pullbacks appearing corrective in nature. This suggests that a potential third wave of upward movement could soon unfold. The current price structure indicates that XRP might be positioned for a breakout. A critical support level to watch is $2.76, which is key for maintaining the bullish trend on smaller time frames.

Key Resistance and Support Levels:

The larger market pattern, which completed a correction in mid-January, sets the stage for a possible five-wave upward move. However, a breakout above the previous high at $3.40 is essential to confirm the continuation of the bullish trend. 

If XRP fails to break above this level, the market could experience a test of lower support levels between $2.51 and $2.68. In this case, the overall market structure may need to be adjusted.

Despite the uncertainty, the market sentiment remains largely optimistic, especially if XRP manages to break past the resistance at $3.40. The next major targets for XRP, if the bullish momentum continues, are $4.20 and potentially $5. Overall, XRP is showing promise, with many traders preparing for a potential breakout in the coming weeks.

Eugene Fama, the renowned “Father of modern finance,” predicts Bitcoin will be worthless in a decade.

Why? Cryptocurrencies “violate all the rules of a medium of exchange,” Fama said on the Jan. 30 episode of Capitalisn’t. “They don’t have a stable real value. You know, they have highly variable real value. That kind of medium of exchange is not supposed to survive.”

Fama, who authored the efficient markets hypothesis in the 1960s, didn’t actually guarantee that Bitcoin will be worthless. Rather, he agreed when podcast host, finance professor Luigi Zingales, asked what the probability was that, “within 10 years, the value of Bitcoin would go to zero?”

“I would say it’s close to one,” Fama replied.

‘Is it a bubble?’

The interview started with Fama expressing disapproval of the term “economic bubble” as bubbles need to have a predictable ending. But nothing in the market is predictable, he argues.

Journalist Bethany McLean, who cohosts the show with Zingales, asked Fama whether Bitcoin was a bubble, Fama indicated that he hopes it bursts.

“I’m hoping it would bust because, if it doesn’t, we have to start all over with monetary theory — it’s gone,” Fama said. “It might be gone already.”

“All we thought we know about monetary theory says [cryptocurrency] shouldn’t survive,” Fama adds.

Crypto violates all the rules of a medium of exchange as they don’t have stable value and people won’t use it as a currency, he explained. This sentiment, predictably so, angered some in the crypto community.

https://twitter.com/pete_rizzo_/status/1885033098187804677

You might also like: What Is a 51% Attack? A Guide to Blockchain Hacks

“What about stablecoins?”

McLean posed that question to Fama, who said using U.S. dollars on the blockchain “could work,” because dollars have “stable, real value.”

Another big threat to Bitcoin voiced by Fama is 51% attack. Although such an attack would have been costly, Fama says that every transaction system faces “a problem of verification and a problem of who is enforcing the rules.”

Fama, who was awarded with a Nobel Prize in economics in 2013, also insists that — unlike Bitcoin — gold is more favorable because it has many use cases. And the government’s role in the crypto market may speed up the loss of value of Bitcoin.

It’s worth noting that Fama essentially checked the boxes of the main surface-level threats to decentralized digital money, but that none of his predictions were expressed with utmost confidence. 

“His open-mindedness for admitting that he might be wrong… he’s willing to adapt his universe at age 86,” Zingales said. “I think that’s really remarkable.”

Read more: UBS’ Paul Donovan Claims Bitcoin Is in its Death Throes and Wants it “Buried”

.

The crypto market continues to experience turbulence following January’s crash. While some altcoins show resilience, others are struggling to maintain momentum. According to crypto analyst Pooja Khardia, investors should consider selling PNUT Coin and four other underperforming altcoins before further losses occur.

5 Altcoins to Sell Right Now

Market data from analytics platform Santiment reveals that while buying pressure is increasing, several cryptocurrencies are showing significant weakness. Here are the five tokens analysts suggest selling:

Peanut the Squirrel (PNUT Coin)

PNUT Coin gained viral traction in 2024 due to a controversial story about a euthanized squirrel named Peanut. The token quickly became popular, but with no substantial growth factors, it has been on a steep decline, losing 90% of its value from its peak. With no catalysts in sight, experts believe holding PNUT Coin could result in further losses.

Official Trump (TRUMP)

The TRUMP meme coin saw a major surge after being associated with former U.S. President Donald Trump. However, the hype has faded, causing a 70% drop in two weeks. Critics argue that Trump’s unpredictable connection to volatile assets could lead to further price instability, making TRUMP a risky investment.

 

Jelly My Jelly (JellyJelly)

Venmo’s founder launched JellyJelly, which initially gained attention. However, a Santiment report suggests that the token lacks strong fundamentals and may have been a pump-and-dump scheme. As its price continues to decline, JellyJelly is increasingly being viewed as a failing asset.

Charles (CHARLES)

The CHARLES token attempted to capitalize on Cardano (ADA) founder Charles Hoskinson’s name by sending 90% of its supply to him. However, Hoskinson rejected the token and burned all the ADA meme coins, leading to a significant price crash. Analysts expect CHARLES to continue its downward trajectory.

X Empire (X)

X Empire, a Telegram-based mini-game token, has been struggling since launch. With no new updates or ecosystem growth, the token has lost over 85% of its value. Without further developments, its price is likely to keep declining.

Should Investors Be Concerned?

While the crypto market remains highly volatile, understanding which assets are worth holding is crucial. Experts suggest that investors stay cautious and conduct their own research before making any decisions.

Disclaimer: This article presents expert opinions and does not constitute financial advice. The Bit Journal recommends performing thorough research before investing in cryptocurrencies.

https://twitter.com/Thebitjournal_

https://www.linkedin.com/company/the-bit-journal/

https://t.me/thebitjournal

Follow us on Twitter and LinkedIn and join our Telegram channel to get instant updates on breaking news!