Markets are finally seeing some positivity after being in a depressed state for the past two weeks
- XRP starts another rally
- Ethereum is dangerously passive
Despite negative performance over the past week, the cryptocurrency market was able to end it on a high note as most assets are trading in the green zone today, with outstanding performances from assets like XRP and Maker .
XRP starts another rally
Ripple’s most recent big win in court has fueled another price surge on XRP, making it the most profitable asset in the market over the past 24 hours. As already covered by U.Today, US District Court Judge Analise Torres ordered the SEC to release documents related to William Hinman, which is a significant victory for Ripple.
Despite all the commission’s attempts, Ripple will most likely win in the process and ultimately prove that it is not a security, which will avoid the regulatory crackdown of the SEC. The current scenario works in favor of the coin since many market participants still identify XRP with Ripple.
From a technical perspective, XRP breaks through the important resistance level reflected in the 200-day moving average. The successful breakout and peg above the EMA will give XRP the opportunity to rally higher and finally break a nearly two-year-old downtrend.
The main risk that XRP holders currently face is an unexpected turn of events in court and unrest in the cryptocurrency market in general. However, the price performance of the coin will most likely remain stable if Ripple continues its winning streak.
Ethereum is dangerously passive
While some assets are rallying, others are showing extremely passive price performance that could be considered dangerous in the current market conditions. During market rallies, as we see now, assets can recoup some of the losses they suffered during corrections. The lack of movement and momentum on Ethereum may play a cruel joke with its holders, as we will most likely see yet another spike in selling pressure in the foreseeable future.
Over the past eight days, Ether’s price has remained level despite average intraday volatility. Regulatory uncertainty and questionable price performance after the Merge Update are two main reasons why investors are avoiding pouring funds into the second largest cryptocurrency in the market. The lack of trading volume is further confirmation of the thesis.
However, the crypto industry leader, Bitcoin, is also not showing outstanding price performance as it barely managed to gain at least 5% of its value, but it still failed to reach the level. local resistance of the 50-day moving average. .
Generally, Bitcoin moves in the local downtrend and will most likely continue that trend as the US Dollar rallies against a foreign currency range.