Cryptocurrency market update: Ripple spikes up the market as deadly Bitcoin Core bug is fixed; Ethereum back in the red

The cryptocurrency market is sending mixed red and green signals on Wednesday. This comes after the Ripple (XRP) driven brief rally but we will come to that a bit later. The United Kingdom legislators are calling for the regulation of what they are terming the crypto market “wild west.” The lawmakers reckon that regulating cryptocurrencies is likely to elevate the nation to be a “global center for crypto-assets.” They said in a report published by the British Parliament’s Treasury Committee on Wednesday 18 that time has passed for the government to continue issuing “feeble warnings”. The report also says that investors in the industry are “afforded very little protection.” Treasury Committee chair Nicky Morgan said:

“It’s unsustainable for the Government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting…At a minimum, regulation should address consumer protection and anti-money laundering.”

Ripple price sudden spike

Ripple led the market in an unexpected brief bull run on Tuesday as the investors took the bait that the payment solution provider network was going to launch its much-awaited xRapid solution in one month. Ripple price surged from the short-term support $0.27 and blasted through the stubborn resistance at $0.30. XRP/USD added over 20% in a day to trade highs of $0.3350. At the time of writing slight lower corrections are underway with Ripple seeking balance above $0.31.

Bitcoin Core bug fixed

The latest news in the market is that a deadly bug that could have resulted in the entire Bitcoin Core network crash has been fixed. Moreover, other Bitcoin forks like Litecoin (LTC) and Bitcoin Cash (ABC) would have been affected as well. Therefore, all the people who operate nodes have been called upon to make the upgrade as promptly as possible. There is a new Bitcoin Core release as well as Bitcoin ABC for BCH. Interestingly, Bitcoin Unlimited remained unaffected but Litecoin has produced a merged fix.

Read more on Bitcoin price analysis here.

Ethereum price technical picture

Ethereum recovered during the widespread bullish momentum yesterday. It used the support at $190 and corrected above $200. However, it came to a halt on brushing shoulders with $215. At the moment, ETH is trading between the support and resistance of the simple moving average as discussed in an earlier published analysis. The support at $200 must be kept to ensure that movements towards $190.

Read more on Ethereum price analysis here.