Cryptocurrency market update: ECB member blasts cryptos – Bitcoin, Ethereum and XRP in the red

It is apparent that most of the financial regulators have not come to terms with cryptocurrencies. Some governments decided to shut the operations of the market like China and India while other governments like Japan made the decision to embrace the digital assets while setting up guidelines to ensure smooth operation of the crypto markets.

A council member of the European Central Bank (ECB) has hit the headlines with his latest comments on cryptocurrencies. Ardo Hansson said that it is likely that in a few years we will look back and wonder why “we believed this kind of fairy-tale story.”

Read the full story: Bitcoin price analysis: ECB council member calls cryptocurrencies “a fairy-tale story.”

Bitcoin

Bitcoin is seen trading at $3,979 after being rejected slightly above $4,050. The asset began this week’s trading with tremendous gains and momentum that was likely to break above $4,100 and the December hurdle at $4,200. However, the former resistance, now support at $3,900 will hold ground is declines progress.

Ethereum

The second largest crypto in the market is trading at $152, although it started the trading this week at approximately at $160. Ethereum is trading below both the 50-day and the 100-day SMA on the 1-hour chart. This means that the bears continue to gain ground against the buyers as the community awaits the hard fork upgrade in less than one week.

Ethereum price lull begins ahead of hard fork upgrade

Ripple’s XRP

XRP, on the other hand, is changing hands at $0.3699, although it has formed highs close to $0.39 this week. Like the above assets, XRP is also in the red with a subtle loss of 0.78% on Tuesday. The likely direction for XRP is downwards towards the next support target at $0.36. Moreover, stronger support is highlighted at $0.34.