Six of the top 10 cryptocurrencies were trading at 9:30 am IST, led by Dogecoin, Bitcoin and Cardano. However, Solana was back on the winning track, zooming up to 18%.
The global crypto market capitalization remained stable at $2.23 trillion from the last day. Likewise, the total crypto market volume increased slightly to $127.68 billion.
The past 24 hours has been another exciting day for crypto investors as Bitcoin broke above the $50,000 psychological resistance level. This happened for the second time in the last 30 days, indicating a growing bullish presence, said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin once again breached the key $50,000 level as the broader cryptocurrency market continued to rally before profit taking wiped out the gains of the digital token numero uno.
“The largest altcoin, Ether, also reached the $3,800 level. However, later most of the cryptos consolidated, followed by minor profit booking,” he added.
Meanwhile, the Indian government plans to define cryptocurrencies in the new bill which also proposes to compartmentalize virtual currencies based on their use cases, three people familiar with the development told ET.
Technical view by ZebPay Trade Desk
In the ongoing legal battle between the SEC and Ripple Labs, the judge sided with the latter, approving its request for “fair use” access to the US regulator’s internal documents. This led to a significant rise in the asset, as it broke through $1.29 yesterday.
XRP also saw a spike in volume and has been in the green for several trading sessions now. The rally may continue as the major altcoins follow the upward trend and thus the $1.60 level seems achievable.
XRP had a massive rally and jumped nearly 161% from $0.516 to the recent high of $1.349. After this move, the asset resisted around the crucial $1.4 level (61.8% Fibonacci retracement level) and corrected almost 22%.
XRP has strong support around $1.04 and every time the price drops to this level, it bounces back as the bulls attempt to resume their bullish move. If the price breaks and holds above the $1.4 resistance, we can expect another rally and XRP can climb up to $1.65.
Support: $1.04, $0.85
Resistance: $1.4, $1.65
Time is in UTC and daily time is 12:00 – 12:00 UTC
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)