Decentral Block Post

Former Ripple Labs founder Jed McCaleb is nearing the end of his eight-year XRP dump marathon, with only 81.53 million XRP (worth $26.55 million), remaining in his wallet’s balance.

According to Jed Balance, a website tracking his XRP holdings, McCaleb’s wallet name “tacostand” has been shedding an average of 4.06 million XRP over the last month but has ramped up daily transfers to 7.34 million XRP (worth $2.39 million), since Sunday, June 26.

At the current rate of selling his wallet may be depleted within the next two to three weeks to the delight of the crypto community.

On Wednesday, Mason Versluis, a tik tok influencer and youtuber known as Crypto Mason shared the news to his 115,000 followers on Twitter, highlighting that 22 million of XRP has been released in the past three days.

On Wednesday, a parody account of McCaleb with 4,500 followers who describes themselves as “Definitely not the real Jed” posted a photo in front of an eatery called “The Taco Stand”, saying “Almost there.”

Bullish cryptocurrency traders hoping that the market was on a path higher received a dose of reality on June 29 as the price of Bitcoin (BTC) dipped below $20,000 again during intraday trading. 

Data from Cointelegraph Markets Pro and TradingView shows that the top cryptocurrency fell under pressure in the early trading hours on June 29, with bears managing to drop BTC to a daily low of $19,857 before the price was bid back above the $20,000 mark.

Here’s a look at what several analysts are saying comes next for Bitcoin as it struggles to gain momentum and break free of the current price range.

Prepare for a choppy summer

A word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who posted the following chart showing one possible path that BTC could take in the months ahead.

IncomeSharks said:

Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle.

One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume.

Here are three reasons why the price of STRAX is rallying this week as the wider crypto market continues to struggle.

Metaverse launch entices volume

The Metaverse was one of the hottest topics during the bull market of 2021 and the concept continues to be a driving force behind mass adoption in the crypto space.

Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle.

One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume.

Here are three reasons why the price of STRAX is rallying this week as the wider crypto market continues to struggle.

Metaverse launch entices volume

The Metaverse was one of the hottest topics during the bull market of 2021 and the concept continues to be a driving force behind mass adoption in the crypto space.

The United States equities markets have given back some of the gains made last week and that has pulled Bitcoin to the psychological support at $20,000. This suggests that investors are nervous to buy risky assets at higher levels.

Meanwhile, while speaking to the hosts of the Bankless podcast on June 23, Mark Cuban said that the crypto bear market could end after the price gets so cheap that investors go and start buying or an application with utility is launched that attracts users.

Several analysts expect Bitcoin to continue falling and eventually bottom out between $10,000 and $12,000. However, John Bollinger, the creator of the popular Bollinger Bands trading indicator, said that the monthly charts suggest that Bitcoin’s price has reached “a logical place to put in a bottom.”

Could bears maintain the selling pressure and pull cryptocurrency prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned down from $22,000 on June 26 and has gradually slipped to the immediate support at $19,637. This suggests that the bears remain in command and every rally is being sold into.

Uniswap (UNI) market valuation could grow by 100% in the second half of 2022 as it paints a classic bearish reversal pattern.

UNI price bullish setup

Dubbed "inverse head and shoulders (IH&S)," the technical setup takes shape when the price forms three troughs in a row below a common support level (neckline), with the middle one (head) deeper than the other two (shoulders).

Additionally, it resolves after the price breaks above the support level.

The UNI price trend since May 23 check all the boxes for forming an IH&S pattern, except the right shoulder. A retest of its neckline near $5.71 would form the right shoulder, increasing the possibility of an iH&S breakout scenario, as shown below.

As a rule of technical analysis, the price breaking out of an IH&S structure can rally by as much as the maximum distance between its head's lowest point and the neckline. So, UNI's IH&S's upside target comes to be around $9.78, up over 100% from today's price.