Crypto boom still ongoing with XRP roaring, metals well supported

Frank Walbaum

Important News the week

Tue, 03rd, 16:00 CET US JOLTS job openings.
Wed, 04th, 14:15 CET US ADP employment change.
Fri, 06th, 14:30 CET US Nonfarm payrolls.
Fri, 06th, 14:30 CET CA Unemployment claims.

Crypto markets

Crypto markets remain positive. The strong upside might be due to continue, whereas the start of the week is still positive. After potential retracements in some tokens a breakout to high levels might be seen. Should the Dollar remain week, upside momentum might still follow. Also the strength of XRP is still remarkable. The altcoin was rising again as important resistance zones have been broken. Ripple is now the 3rd largest token and had replaced the Dollar- pegged USDT. Bitcoin also looks positive but might face strong headwinds, should the USD 100k psychological resistance zone be tested.

Market talk

After a positive start for the week the Greenback seems to lose some steam. General markets seem to favour positive risk sentiment for now, also causing equities to remain positive. Also, the German DAX is rising, similarly to the Dow Jones Industrial average in the US. Precious metals start slightly positive, yet the trend might still change direction in the coming weeks towards year- end. Oil remains under pressure. A push below the current support zone might cause prices to slide further as the monthly chart suggests. The JPY might gear up steam against most other currencies.

Tendencies in the markets

Equities positive, USD weaker, cryptos strong, oil weak, metals positive, JPY stronger.

Author

Frank Walbaum

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