The global cryptocurrency market capitalization increased by 2 percent to $2.16 trillion compared to the previous day. However, the total volume of the cryptocurrency market jumped by about 24 percent to $106.94 billion.
The ZebPay Trade Desk said that Ethereum is starting to see good flows on the recovery, which is a strong fundamental sign of the asset, indicating that investors are still keen to accumulate the asset.
“It appears that the impact of the London hard fork has begun, which has led to more investors with bullish expectations for Ether, due to the classic law of supply and demand,” she said.
The CoinDCX research team said that as three major social media and communications platforms – Facebook, Instagram and WhatsApp – fell due to last night’s power outage, the price of Bitcoin and other cryptocurrencies saw another round of rally.
“While the crypto community’s posts on such platforms are experiencing a downtime, the community continues to search for trading news from alternative platforms such as Twitter. We continue to see the crypto market boom,” she added.
Tech Show by Giotuss Cryptocurrency Exchange
Ripple is a popular payment processing network, with XRP – one of the oldest cryptocurrencies – as its token. The brand has been on a slippery slope since filing a lawsuit with the SEC in 2020, with price movements affected by news from the courtrooms.
However, it did impressively well in the market movement that began in July 2021, going from $0.5 to $1.4 a month – an 180% increase in price. Recently, XRP has shown strong technical movements, rebounding from the crucial support lines at $1.06 and $0.95 several times in the past few weeks.
It is now approaching two crucial resistance levels – the .382 Fibonacci retracement level and the 50 day EMA currently above $1.10.
XRP should be able to break through these levels and hold them as support. $1.23 is likely to be his next target. XRP will face resistance at this level given the symmetrical triangle it was forming. Despite this, $1.40 is the next target. On the lower end, XRP may find support at the 100-day moving average.
All of these expectations remain contingent on two external factors – Bitcoin’s moves and any news of the SEC’s ongoing lawsuit.
supports: $0.9, $0.846
resistance: $1.05, $1.10, $1.23
(The time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)