Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
- Bitcoin steadies above $60,000 on Friday, gains over 1% on the day.
- Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday.
- XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
- Meme coin NEIRO corrects nearly 9% on the day after posting over 50% gains in October.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades just above $61,100 at the time of writing on Friday. The largest crypto-asset by market capitalization gains over 1.20% on the day.
- Ethereum exchanges hands above $2,400 and gains over 1% on Friday. BlackRock’s Spot Ethereum Exchange Traded Fund (ETF) ended its neutral flows streak with $17.8 million inflows on Thursday.
- XRP hovers above $0.5300 as Ripple announces its counter-appeal filing against the US Securities and Exchange Commission (SEC) lawsuit.
Chart of the day: NEIRO
NEIRO gained over 70% at some point in October. The meme coin trades at $0.00155934 at the time of writing and could erase its newfound gains, sweeping liquidity at the upper boundary of a Fair Value Gap (FVG) at $0.00128254, as seen in the NEIRO/USDT daily chart below.
The support level coincides with the 10-day Exponential Moving Average (EMA) for the meme coin.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line, signaling negative underlying momentum in NEIRO price trend. The Relative Strength Index (RSI) reads 57.01, close to neutral.
NEIRO/USDT daily chart
A daily candlestick close above resistance at $0.00170158 could invalidate the bearish thesis, and NEIRO could rally toward its October 9 peak of $0.00194929.
Market updates
- Binance executive Tigran Gambaryan was denied bail by a Nigerian judge on Friday. Gambaryan is the head of financial crime compliance at Binance, and US lawmakers have said previously that the executive has been unjustly detained.
- Standard Chartered has forecasted a spike in Solana price if former US President Donald Trump wins the November elections. Geoffrey Kendrick, the digital assets chief, predicted a 400% rally in Solana.
- Derivatives exchange Bitnomial has challenged the SEC’s stance on XRP and its legal clarity as a non-security on cryptocurrency exchanges. The exchange slams the regulator for its “regulation by enforcement” approach.
Industry updates
- Binance announces the launch of a pre-market trading platform. This could allow users to trade tokens before they are listed on spot markets, according to the official announcement.
- Binance’s former CEO Changpeng Zhao announced that he will attend the Binance Blockchain Week in Dubai on Oct 30-31 in his personal capacity.
I will be attending the Binance Blockchain Week in Dubai on Oct 30-31, in my personal capacity. It’s one of the biggest web3 events of the year. See you there. ✊
— CZ BNB (@cz_binance) October 10, 2024
- Bitcoin returns to a three-week low; analysts at crypto intelligence tracker Santiment identify it as a “buy-the-dip” opportunity.
Bitcoin has dropped as low as $58.9K today, returning to a 3-week low. However, traders are identifying this as a dip buy opportunity. The narrative flipped to bullish particularly after the US CPI report announced still likely expected rate cuts. pic.twitter.com/Yet0YTjeiL
— Santiment (@santimentfeed) October 10, 2024
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
