Another triumphant day for the crypto market!
In the last 24 hours, BTC and ETH increased by 4.7% finishing the several days of inactivity, and XRP is also up by 1% putting an end to the recent swift price crash.
Here is the summary of the major coins. Bitcoin improved by 4.72% in the last 24 hours to $19,304, Ethereum by 4.73% to $583, Litecoin by 7.25% to $80.55, and Bitcoin cash by 3.89% to $275.
XRP deserves special attention. Last Friday, the Flare network took a snapshot of the XRP blockchain to determine whom it shall credit free spark tokens in a forthcoming airdrop.
Ripple trades at $0.57 as of now, having gained over 10% daily. But despite the recovery, it remains at 9% every week. The coin hit the multi-year high of $0.7824 on November 24 before accounts started cashing out their profits and pushing the third-largest digital asset price to lower than $0.6.
XRP market value has been established at $25 billion, while its average daily trading volume surpasses $11 billion.
It seems that traders dumped massive holdings of XRP after the airdrop. The price of the token dropped to about 8%. But it looks like the market has dealt with the crash. After many shenanigans, traders ultimately accepted the blow and pumped the price back up. XRP upside momentum is capped by $0.6
For four hours, XRP’s recovery is capped by $0.6 created by a diagonal trend line of the regular triangle pattern. This blockade is also strengthened by a blend of the 50 and the 100 EMA in the same timeframe. A manageable move above this significant technical obstacle will develop the technical picture and allow for an extended retrieval with the initial target at the psychological $0.7 followed by $0.82, representing a 38% increase from the breakout level.
Who knows why the crypto market bounced back into action after inactivity? No one.
But it could have something to do with the inflow of institutional investors. MicroStrategy announced this week that it raised $650M to fund the Bitcoin Investments. MicroStrategy already bought $500M worth of Bitcoin It began its purchase last summer.
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