Six of the top 10 cryptocurrencies were trading higher at 9:30 am IST, led by Dogecoin, Bitcoin and Cardano. However, Solana was back on track, zooming up to 18%.
The global crypto market cap remained stable at $ 2.23 trillion from the last day. Likewise, the total crypto market volume reached $ 127.68 billion.
The past 24 hours have been another exciting day for crypto investors as Bitcoin broke through the psychological resistance level of $ 50,000. This happened for the second time in the past 30 days, indicating a growing bullish presence, said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin broke through the key $ 50,000 level again as the broader cryptocurrency market continued to recover before profit taking offset gains from the numero uno digital token.
“The biggest altcoin, Ether, also surged towards the $ 3,800 level. However, later most of the cryptos consolidated, followed by a reserve of minor profit,” he added.
In the meantime, the Indian government is considering defining 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 his request for “fair use” access to the US regulator’s internal documents. This resulted in a significant rally in the asset, as it broke through $ 1.29 yesterday.
XRP also saw a spike in volume and has now been in the green for several trading sessions. The rally could continue as the major altcoins follow the uptrend and therefore the $ 1.60 level seems achievable.
XRP saw a massive rally and jumped almost 161%, rising from $ 0.516 to the recent high of $ 1.349. After this move, the asset held up around the crucial $ 1.4 level (61.8% of the Fibonacci retracement level) and corrected almost 22%.
XRP has strong support around $ 1.04 and anytime prices drop to that level it bounces as the bulls try to resume higher. If the price breaks and holds above the resistance of $ 1.4 then we can expect another rally and XRP can move up to $ 1.65.
Support: $ 1.04, $ 0.85
Resistance: $ 1.4, $ 1.65
The time is in UTC and the daily time is 12:00 to 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 the asset (s) mentioned.)