Barring the US dollar-pegged stablecoins, all top crypto tokens were trading in the red on Friday. Ethereum slumped another 6 per cent, whereas Cardano, Dogecoin and Polygon tumbled more than 3 per cent each.
The global cryptocurrency market cap was trading quite lower at $907.27 billion, dropping more than 2 per cent in the last 24 hours. However, the total trading volume zoomed almost 33 per cent, close to $90.85 billion.
Expert take
Prashant Kumar Founder weTrade said that crypto markets were choppy as they reacted to the US Federal Reserve’s decision to hike interest rates by 75 basis points.
“The trend also showcases the connection between the global stock markets and crypto markets that are reacting similarly to the interest rate hikes.”
Global Updates
- Taki, a web 3.0 social media platform has been launched on the Google Play Store as its active user base has surpassed the half-a-million mark. Over 468,541 unique user coins have been generated so far with an active user base of 559,705.
- Jesse Powell, co-founder of crypto exchange Kraken, is planning to step down as CEO, Kraken confirmed with CoinDesk. The Wall Street Journal first reported on the news.
- Throughout the summer, CoinDesk traveled to two US states to visit bitcoin mines to see how, even in the midst of a crypto winter, miners are still building data centers to power the Bitcoin network.
- Crypto-exposed equities jumped from their daily lows Wednesday as the tech-heavy Nasdaq index regained ground following the US Federal Reserve’s announcement that it was hiking the interest rate by 75 basis points.
- The heads of several of the top US banks said Wednesday they don’t have any plans to finance cryptocurrency miners. Industry participants also expect some mergers and acquisitions as miners grapple with lower crypto prices.
Tech View by Giottus Crypto Platform
XRP is the native crypto of the Ripple network, a real-time gross settlement network that serves more than 300 banks and financial institutions across the globe. XRP has been involved in a legal battle with the US SEC for a long time now, and recent developments reveal that the case might soon see its D-day.
Ripple and SEC have requested the court for a settlement regarding their ongoing lawsuit. Overall, the community has a positive outlook for the case, which is reflected in XRP’s ongoing move against the adverse market movements. XRP registered an 18 per cent increase in the last seven days when the total crypto market cap slipped below $900 billion. XRP is currently trading at $0.40.
XRP has been moving in an ascending parallel channel ever since its breakout from the crucial descending trendline resistance at $0.33. XRP reached a high of $0.42 in September, a 35 per cent jump in its price from its current lows, the highest in the past 90 days.
The increase in prices comes with an increase in trading volumes which shows investors are bullish about the token and will continue pushing up the prices. XRP’s RSI stands at a robust 66, and there are chances that the token might enter the overbought zone soon. If XRP continues its upward trajectory, the next resistance it would need to test would be $0.415, followed by $0.44 (the resistance line in the parallel channel). If XRP fails to continue the current momentum, $0.36 and $0.34 will be acting as immediate support.
Major levels
Resistance: $0.41, $0.42, $0.44
Support: $0.36, $0.34, $0.32
(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.)
