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It was a sea of red in the crypto industry as a sense of calm returned to the market after the encouraging US initial jobless claims data. The numbers showed that the claims dropped by 17,000 to 233,000 last week, better than what most analysts were expecting.
These numbers calmed the market, which has been on edge amid elevated recession risks. In the US, the Dow Jones rose by 550 points while the S&P 500 and Nasdaq 100 indices jumped by over 100 and 35 points, respectively. Th
Bitcoin rose to $60,000 while Ripple XRP had one of its best day this year after a major victory against the Securities and Exchange Commission (SEC). The crypto fear and greed index has also moved to the neutral point of 43.
This article looks at some of the top cryptocurrencies and what to expect: Helium (HNT), Ripple (XRP), and Stellar Lumens (XLM).
Helium price forecast
Helium, one of the biggest players in the Decentralized Public Infrastricture Network (DePIN) industry, has done well in the past few months as the number of users has grown. Its IoT network has over 361,000 active hotspots while the MOBILE division has 18,810 hotspots.
The Helium (HNT) token recently bottomed at $2.87 in July and has rebounded to over $5 today. This recovery happened as Solana and most of its tokens soared.
Helium has soared above the 50-day moving average and the 61.8% Fibonacci Retracement point. It has also formed a cup and handle chart pattern, which is a popular bullish sign. Its recent pullback was part of the handle section.
The Relative Strength Index (RSI) has pointed upwards, meaning that the coin is gaining momentum. Therefore, the outlook for the token is bullish, with the next important point to watch being the 61.8% Fibonacci Retracement point at $6.5, which is about 25% above the current level.
Ripple price prediction
Ripple was in the spotlight on Thursday after a major court victory by Ripple against the Securities and Exchange Commission (SEC). In a court ruling, the judge overseeing the case ruled that Ripple Labs should pay a $125 million fine. While this was a blow to Ripple, it was just a tiny amount compared to the $5 billion that the SEC wanted.
The ruling now means that we could now see Exchange Traded Funds (ETF) applications for the Ripple token. Besides, Ripple is one of the biggest crypto with a market cap of over $5 billion.
Also, the ruling now implies that Ripple will have it easy to reach deals with companies in the remittance industry that could embrace its technology.
The news helped to push the XRP price uo by over 20%, making it one of the best-performing tokens in the industry. Its jump happened in a high-volume environment as its intraday value soared to over $2 billion. XRP’s whale activity has also risen.
On the positive side, the token has formed a golden cross chart pattern, which is a positive sign in the market. In most cases, this pattern usually leads to more upside in the long term. As World of Charts noted, the token has formed a symmetrical triangle on the weekly chart.
$Xrp#Xrp Has Recently Been Declared Not A Security By The SEC, Bringing An End To The Case With A Fine. This Is Extremely Beneficial For Both The Entire #Crypto Market And XRP Itself. Furthermore, XRP Has Formed A Textbook Multiple-Year Symmetrical Triangle, And A Successful… pic.twitter.com/q0jMm0eydf
— World Of Charts (@WorldOfCharts1) August 8, 2024
However, there are signs that the XRP price has found substantial resistance point at $0.6600, its highest point on July 31st. Therefore, the token needs to move above that level to confirm more upside. If this happens, the next point to watch will be at $0.70.
The biggest risk for the XRP price is that it could suffer a buy the rumour, sell the news. This is a situation where an asset rises ahead of a major event and then resumes the downtrend after the event happens.
Stellar Lumens XLM price analysis
Stellar Lumens token was also one of the best-performing cryptocurrencies in the market because of its association with Ripple. The two companies are in the business of helping people move money around the world.
Ripple’s On-Demand Liquidity (ODL) feature relies on the XRP token while Stellar relies on the XLM token. Stellar’s founder was also a member of Ripple’s founding team, which explains why the two have a close relationship.
On the daily chart, we see that the XRP token bottomed at $0.076 in July and August. It formed a double-bottom pattern, which is a popular bullish sign. It has now risen above the key resistance at $0.1017, its lowest swing in October 2023.
Stellar is also between the 50-day and 200-day Exponential Moving Averages. It also formed a dragonfly doji candlestick pattern.
Therefore, the XLM token will likely continue rising as buyers target the key resistance point at $0.1120, its highest point on July 17th. A break above that level will point to more gains, with the next level to watch being at $0.1200.
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