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Breakout can occur within 2 days: Key patterns to look out for
The XRP price chart shows an interesting setup as the asset is trading within a descending price channel, hinting at a possible breakout on the horizon. Following a parabolic rally, the asset is in a consolidation phase, with the price sustaining higher lows and showing resilience close to the $2.30 support level indicating bullish momentum. Consistent trading volume and a relative strength index hovering around overbought levels further support XRP's fundamental strength despite the recent decline. The top of the descending channel, currently at $2.50, is an important level to monitor, as a decisive breakout could send XRP back to its previous highs. If XRP fails to breakout, another accumulation opportunity could arise if a retest of the lower support levels around $2 or around the 26 EMA occurs. If a breakout occurs, the next target could be $2.80 and a psychological barrier of $3. The next 48 hours will be critical as XRP approaches the peak of its descending channel. If the current pattern resolves, it will likely lead to a continuation of the trend, especially if volumes remain strong.
MicroStrategy has a 90% chance of being added to the Nasdaq 100
According to Polymarket bettor estimates, there is currently a 90% chance that MicroStrategy will be added. In addition to MicroStrategy, safety technology company Axon Enterprise (NASDAQ:) and data analytics platform Palantir Technologies (NASDAQ:) are also expected to be added to the Nasdaq 100 index. Conversely, information technology company Super Micro Computer (NASDAQ:) and Massachusetts-based biotechnology company Moderna (NASDAQ:) are expected to be removed from the index. MicroStrategy's stock price has increased 500% since the beginning of the year, pushing its market cap to over $100 billion. The company recently made another major acquisition for $2.1 billion. Currently, MicroStrategy's BTC holdings are $42 billion. A decision regarding MicroStrategy's inclusion in the Nasdaq 100 Index is expected to be made today, December 13th.
Bitcoin miners reach epic milestone of $71 billion in revenue
As reported by Glassnode, on December 5th, Bitcoin miners achieved a major milestone by earning a total of $71.49 billion. On the same day, the price of Bitcoin exceeded the $100,000 mark for the first time, and its market capitalization briefly exceeded $2 trillion. Miners' total revenue from processing transactions and securing the network includes $67.31 billion from block grants and $4.18 billion from transaction fees. A total of 19,791,952 BTC has been mined to date, representing 94.2% of the total supply limit of 21 million. Since the Genesis block, 873,304 blocks have been mined, with an average block time of 11.8 minutes. Additionally, Bitcoin has experienced impressive transaction growth, processing over 1.12 billion transactions (unfiltered) and facilitating $131 trillion in total transfers since its inception.
This article was originally published on U.Today
