Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis
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Bitcoin (BTC) Soars, Ripple (XRP) Flatlines: Prices, Charts and Analysis

DailyFX.com -

Bitcoin (BTC) and Ripple (XRP): Prices, Charts and Analysis

  • Bitcoin rallies as ETF chatter grows louder.
  • Ripple unable to break higher as classification worries persist.

IG Client Sentiment Report :

Bitcoin (BTC) - Clients 78.3% net-long/positional changes show bullish bias.

Ripple (XRP) - Clients 97.1% net-long/positional changes show bullish bias.

Bitcoin (BTC) Rallies on ETF Expectations

Bitcoin (BTC) has burst back above $8,000 for the first time since late-May as rumors that an ETF will be granted soon drives the price higher. According to market news, the US SEC is seriously considering whether to approve an application for a Bitcoin ETF with news on the ruling expected within a month. An openly traded ETF will allow investors to trade Bitcoin, from either a long or short position, adding liquidity and allure to the cryptocurrency. Van Eck Associates and SolidX Partners have filed a request with the SEC to list a physically-backed Bitcoin ETF. Earlier this year the SEC rejected a filing for the Winklevoss Bitcoin Trust ETF.

The latest rally - BTC is up around 30% since July 13 - has taken out a raft of resistance levels on the chart and leaves the way open for higher prices in the short-term. A small double top in late May at $8,600 is the first target before 61.8% Fibonacci retracement at $9,385 and the 200-day moving average at $9,640 come into play. Support at $7,052 should be robust. Bitcoin now accounts for 46.7% of the market, up from mid-30% in May.

Bitcoin (BTC) Daily Price Chart (September 2017 - July 16, 2018)

Ripple (XRP) - The Struggle Continues

The third-largest cryptocurrency by market capitalisation is unable to cash in on the latest cryptocurrency rally and continues to trade around $0.45 as buyers take a step back. The fear for Ripple holders is that the token may soon be classified as a security by the SEC which would then make it unattractive for unregulated exchanges to list XRP.

Ripple is currently trading either side of $0.46 - support seen back in April - and will likely break to the downside further if the recent double-low at $0.425 is taken out. XRP continues to trade below its 200-day moving average and is now being press further lower by the 20- and 50-day ma.

Ripple Four Hour Price Chart (June 7 - July 24, 2018)

We cover Bitcoin, Ripple and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesday.

What are your views on Bitcoin and Ripple - you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley , Analyst .

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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