The global crypto market cap was up by 2 per cent to $2.16 trillion compared to the last day. However, the total crypto market volume jumped about 24 per cent to $106.94 billion.
Ethereum has started to witness good inflows upon recovery, which is a strong fundamental sign of the asset, showcasing that investors are still keen on accumulating the asset, said ZebPay Trade Desk.
“The impact of the London hard fork seems to have set in, which has further led to some investors holding a bullish outlook for Ether, owing to the classic law of supply and demand,” it said.
As three major social media and communications platforms – Facebook, Instagram, and WhatsApp – went down on a major power outage last night, the prices of Bitcoin and other cryptocurrencies saw another round of hike, said CoinDCX Research Team.
“Despite crypto community engagements on such platforms facing a down time, the community continues to seek trading news from alternative platforms like Twitter. We continue to witness the crypto market flourishing,” it added.
Tech View by ZebPay Trade Desk
Ripple is a popular payments processing network, with XRP – one of the earliest cryptocurrencies – as its token. The brand has been on a slippery slope ever since an SEC lawsuit in 2020, with price actions affected by news from the courtrooms.
However, it performed admirably well in the market run that began in July 2021, going from a low of $0.5 to $1.4 in a month – a 180% rise in price. More recently, XRP has demonstrated strong technical movements, bouncing off crucial support lines at both $1.06 and $0.95 several times in the past few weeks.
It is now approaching 2 crucial resistance levels – the .382 level on the fibonacci retracement and its 50-day moving average currently sitting at just above $1.10.
XRP should manage to break through these levels and hold them as support. $1.23 should likely be its next target. XRP will encounter resistance at this level given the symmetrical triangle it has been forming. On break out though, $1.40 is the subsequent target. On the lower end, XRP may find support at its 100-day moving average.
All such projections remain contingent on two external factors – Bitcoin’s movements and any news on its ongoing SEC lawsuit.
Major Levels:
Support: $0.9, $0.846
Resistance: $1.05, $1.10, $1.23
(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.)
