Bitcoin and other crypto tokens were going gaga during the trading session on Friday after Ripple’s victory with the US SEC in court. Additionally, the upbeat US inflation data stirred the optimism for the global digital assets, which pushed the token to the massive gains.
Bitcoin was back in green, posting some big gains. The largest crypto token jumped as much as 4 per cent to hover around $31,500-mark. Its largest peer, Ethereum, outperformed and rose about 8 per cent to top $2,000-levels. However, other altcoins posted robust gains in the last 24 hours.
Bitcoin surged to a one-year high above the $31,700 level following a favorable federal court decision for Ripple. BTC has since consolidated and is now trading at the $30,400 level. The month-to-date performance shows a 3 per cent gain, while the year-to-date increase stands at an impressive 89 per cent, said Edul Patel, co-founder and CEO at Mudrex.
“Soon after this news, XRP reached its highest point in a year within the last 24 hours outperforming the BTC by surging by over 61 per cent. Ethereum, the second-largest cryptocurrency, has also reached a new high by surpassing the $2,000 mark. The current market sentiment appears to be bullish,” he added.
Majority of the top crypto tokens were trading with masculine gains on Friday with a number of tokens posting double digit gains. XRP rallied 64 per cent, while Solana surged 31 per cent. Cardano gained more than 25 per cent and Polygon advanced 18 per cent. Avalanche and Polkadot added 13 per cent and 10 per cent, respectively.
The global cryptocurrency market cap was trading sharply higher, surging to $1.26 trillion-mark, as it jumped almost 7 per cent in the last 24 hours. However, the total trading volumes zoomed about 121 per cent to $67.66 billion.
The crypto market has registered massive gains in the last 24 hours. The crypto fear and greed index has jumped 3 points to remain in the greed zone with a score of 60/100. These market gains have been triggered by a US court ruling which is partially in favour of Ripple, said said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures
“The court has stated that the trading of XRP amongst retail investors can’t be dubbed as a ‘securities’ sale. The SEC continues to hold its stance against the ruling and will likely re-appeal, but overall this has set a strong precedent for the sector and has resulted in a massive rally in prices,” he added.
Tech View by Giottus Crypto Platform
Ripple is currently experiencing a major rally following the victory from SEC v Ripple case, as the Judge ruled Ripple as not a security for retail investors. The asset almost doubled following the news, soaring to as much as $0.94 and is currently trading in the $0.75 range.
Following this bullish breakout, after registering short candles for six consecutive days, a pullback can be expected in coming days. The upward shift has propelled the RSI index to the overbought territory and is currently sitting at 78.3.The notable divergence between the 20-day moving average and 100-day moving average suggests bullish momentum over the near term. If the price manages to successfully surpass the $0.85 mark, this could lead to further increase towards the resistance levels of$1.0.
Support: $0.50, $0.68
Resistance: $0.85, $1.0
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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