- BTC/USD brings strength to the overall market.
- ETH/USD retains yesterday's earnings and waits for its moment.
- XRP/USD takes over and accelerates the overall activity level.
Yesterday it was the turn of Ripple and its new tool XRapid. The new product promises to make financial transactions faster and cheaper by using the XRP token as a vehicle between fiat currencies nodes.
The announcement was made by the parent company, Ripple, and was capitalized by the XRP Token. Just as an NYSE share would do in the face of a positive announcement. After all, it is the only project starring a Cryptocurrency with a company of the classic economic model behind it. We can discuss whether that disqualifies XRP as a digital currency, but also whether that gives it an incalculable value as an equity. Ripple and the regulators should clarify this sooner or later.
For his part, the Attorney General of New York published a report in which, among other things, he denounces some exchanges for bad practices such as lack of transparency, the absence of regulation or accuses them of trading against their users. I assume that they will have extensive experience of the latter since it is a common practice in many markets.
Speaking of the market in general, it is the Altcoins who are capitalizing on all the bullish movement while the Bitcoin exerts from the anchor of the market providing security. It is a global pattern of behavior that has already occurred in the Crypto market.
BTC/USD 240-Min.
The BTC/USD is currently traded at the price level of $6,350. It continues to range between $6,200 and $6,560. These are the two levels to watch out for as the exit, in whatever direction, is likely to be violent.
Above the current price, the BTC/USD has a clear objective already stated in the previous paragraph. That $6,560 is the level that traders should keep an eye on. Up to that price level, the BTC/USD has the following levels as obstacles: EMA50 at $6,413 and the SMA100 at $6,539.
Below the current price, the BTC/USD has no obstacle up to support at $6,200. If it loses this level, the next critical level is at the psychological level of $6,000 and the key level is at the relative lows at $5,900.
The MACD at 240-Min is on the verge of a bullish cross, a classic moment of doubt and counter movement. Statistically, the most likely scenario is a slight drop that would open the lines again to an immediate turn-up and give an upward signal.
The DMI at 240-Min shows us how the indicator follows the pattern strictly. The D-, the line that indicates the strength of the bears, crossed down the ADX and now seeks to confirm it from below. If the ADX holds the D- below it, the upward movement would begin. The bulls have increased in intensity and remain just below level 20. This is consistent with the D- situation.
ETH/USD 240-Min
The ETH/USD performed well yesterday, maintaining the pace of improvement over Bitcoin throughout the day. It still has work to do to reverse the trend but possibly at the end of the week or early next, we will have more clarity on this. Remember that the Crypto market has not experienced any consistent upward movement that has not been parallel to a better behavior of Ether against Bitcoin.
The ETH/USD is currently trading at the $210.9 price level.
Above the current price, the ETH/USD has a first hurdle in the SMA100 at $220, and then meets the next resistance at $224 (price congestion resistance). From this price level, the ETH/USD would potentially enjoy a 20% price increase without any obstacle. The next resistance at $253 (SMA200)
Below the current price, support is seen at $194.5 (support for price congestion and a relative minimum). If Ether loses this support, the new reference to the drop is in the annual lows it left last week at $167.5. Below this level, the scenario would get much worse and we could see Ethereum below $100.
The MACD at 240-Min shows a similar profile to the BTC/USD. This is a bullish cut profile, with very clear bullish divergence. A downward movement that opens lines is highly likely.
The DMI at 240-Min is in this case different from the BTC/USD. Here the bulls have taken the initiative and exceed the level of activity of the bears. The ADX also remains below 20, so we can have it under control to confirm when the trend resumes.
XRP/USD 240-Min
The XRP/USD is currently trading at $0.327 after rising yesterday from $0.274. It overtook two price congestion resistance levels, exceeding the EMA50, SMA100, and SMA200. If it wanted to send a signal of strength, it did.
Above the current price, the move is limited given the deviation reached yesterday. It is thus easier to consolidate and regulate indicators before a new uptrend. In any case, the next level to watch is at $0.345 (price congestion resistance). Above this price level, key resistance is at $0.37 (price co-management resistance and relative highs). Exceeding this price would open the way to the maximum resistance level of $0.46 (the trend line that was lost last August and the basis of the long-term bearish channel).
Below the current price, the first support is at the $0.319 price level (price congestion support) followed by next support at $0.31 (SMA200) and the key level at $0.29 (SMA100 and EMA50).
The MACD at 240-Min shows an extraordinary opening that advises regularity to avoid faster falls than yesterday's rises. This is a very bullish profile.
The DMI at 240-Min also shows buyers with absolute control even though quick sales appeared at daily highs. Bears retreat to lows unseen in quite a few weeks. The ADX follows the bears and shoots itself in support of bullish continuity.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.