As Ripple was alleged for conducting unregistered securities offerings worth $1.3-bn, the price of XRP against USD and other currencies offered dropped sharply. XRP/USD hit the lowest $0.18163 yesterday as XRP holders transfer their tokens to exchanges to sell. Among the exchanges that delisted Ripple are Coinbase, OkCoin, Bitstamp, Crypto.com. That for the rest of the crypto-market should trigger a positive mindset as there will be more free money on the market and that could boost the rise of other cryptocurrencies, mainly Bitcoin.
BTC/USD hit another ATH today $28,571.61 and reversed to test the previous highest close. The good news is that Bitcoin tested the level aforesaid as support at $27,618 and remained above it. There is also a candle formation which many times during the skyrocket of BTC this year confirmed the uptrend. Take a close look at the red candle and its wick, whenever there is a long lower wick and the price is above any static support, it mostly signals for another hike.
Based on the chart analysis, I believe the uptrend will continue until the upper band of the ascending channel is hit. After the test of the upper band, BTC may either drop to $28,500 or break it with a heavy impulse and continue upwards.
If the pair closes below the $27,700 – $27,618 support level, it will drop towards support at $26,250 and below that towards $25,900.
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Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.
