Six out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST, led by Dogecoin, Bitcoin and Cardano. However, Solana was back on the gaining track, zooming over as much as 18 per cent.
The global crypto market cap remained flat at $2.23 trillion mark compared to the last day. Similarly, the total crypto market volume edged up to $127.68 billion.
The past 24 hours were another exciting day for crypto investors as Bitcoin went past the psychological resistance level of $50,000. It happened for the second time in the past 30 days, indicating an increasing bullish presence, said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin breached the key $50,000 level once again as the wider cryptocurrency market continued to rally before profit taking wiped out gains off the numero uno digital token.
“The largest altcoin, Ether, also blazed towards the $3,800 level. However, later on most of the cryptos consolidated followed by a minor profit booking,” he added.
In the meantime, the Indian government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases, three people aware of the development told ET.
Tech View by ZebPay Trade Desk
In the ongoing legal battle between SEC and Ripple Labs, the judge has sided with the latter, approving its request for “fair use” access to internal documents from the US regulator. This has resulted in a significant rally in the asset, as it crossed $1.29 yesterday.
XRP also witnessed a spike in volume and has been in the green for multiple trading sessions now. The rally might continue as major altcoins are riding the upward trend and so the $1.60 level does seem achievable.
XRP witnessed a massive rally and surged almost by 161% from $0.516 up to the recent top of $1.349. Post this move, the asset resisted around the crucial level of $1.4 (61.8% Fibonacci Retracement Level) and corrected almost by 22%.
XRP has strong support around $1.04 and whenever the prices drop at this level, it rebounds as the bulls are trying to resume the up move. If the price breaks and sustains above the resistance of $1.4, then we can expect another rally and XRP can surge up to $1.65.
Major levels
Support: $1.04, $0.85
Resistance: $1.4, $1.65
Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
