. Daily Crypto Analysis - Bitcoin $48K, XRP $0.60, Ethereum $2,500, Solana $100.

Daily Crypto Analysis – Bitcoin $48K, XRP $0.60, Ethereum $2,500, Solana $100.

Daily Crypto Analysis – Bitcoin $48K, XRP $0.60, Ethereum $2,500, Solana $100.

22 Dec 2023

Introduction:

In the crypto landscape, Bitcoin is poised to ascend to a $48,000 target pending potential approval of the BTC Spot ETF by the US SEC. Reports suggest approval could come by January 10, sparking expectations of institutional capital influx and increased demand. Ripple’s XRP finds support, with a Ripple executive exploring the potential of AI and blockchain in cybersecurity and finance. Meanwhile, Ethereum targets $2,500 amid reduced ETH supply on exchanges. Solana’s SOL nears $100, riding a wave of enthusiasm for its fast transactions and meme coin issuances in its third week.

Bitcoin:

The price of Bitcoin might ascend towards the $48,000 target pending the forthcoming approval from the US SEC on the BTC Spot ETF.

On Friday, Bitcoin surpassed the $44,000 threshold following reports from Fox Business suggesting that the SEC is anticipated to approve the Spot BTC ETF by January 10.

The anticipated approval of the Spot Bitcoin ETF is poised to attract institutional capital, fostering increased demand for BTC and driving gains in the cryptocurrency. With sustained demand among market participants, the Bitcoin price is targeting the $48,000 mark.

On Friday, Bitcoin maintained a value above $44,200, with the leading cryptocurrency sustaining its gains for the week. This stability coincided with market expectations of the SEC potentially approving the Spot Bitcoin ETF.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 43840.67 | Negative Crossover | Bearish
  • MA 20: 43108.08| Positive Crossover | Bullish
  • MA 50: 42310.07| Positive Crossover | Bullish

Simple:

  • MA 5: 43942.58 | Negative Crossover | Bearish
  • MA 20: 42790.67| Positive Crossover | Bullish
  • MA 50: 42885.76| Positive Crossover | Bullish

RSI (Relative Strength Index): 59.04| Buying Zone |Bullish

Stochastic Oscillator: 90.02| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 44239.51| R2: 48123.26
  • S1: 42610.84| S2: 40481.05

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 45116.49 | Take Profit: 48123.10 | Stop Loss: 43362.54.

Ripple:

XRP price finds support as Ripple explores the power of AI and blockchain in cybersecurity financial services.

For nine consecutive days, Ripple’s price has shown no clear direction, but it is being supported by the $0.6000 level. There’s a possibility of a 5% decline to test the $0.5773 support before a potential upward movement.

Ripple (XRP) price appears to be supported above the psychological level of $0.6000, but the likelihood still leans towards a downside movement. Simultaneously, a Ripple executive has provided insight into Ripple’s future, delving into the intersection of AI and blockchain and its potential to revolutionize cybersecurity and financial services.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.608 | Positive Crossover | Bullish
  • MA 20: 0.605| Positive Crossover | Bullish
  • MA 50: 0.609| Negative Crossover | Bearish

Simple:

  • MA 5: 0.607 | Positive Crossover | Bullish
  • MA 20: 0.603| Positive Crossover | Bullish
  • MA 50: 0.616| Negative Crossover | Bearish

RSI (Relative Strength Index): 51.88| Buying Zone |Bullish

Stochastic Oscillator: 94.4| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 0.61| R2: 0.67
  • S1: 0.57| S2: 0.52

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 0.63 | Take Profit: 0.67 | Stop Loss: 0.60.

Elsewhere In the Crypto Market

Ethereum price targets $2,500 amid a reduction in ETH supply on exchanges. Solana’s SOL approached $100 on Friday, fueled by the sustained enthusiasm for the blockchain’s rapid transactions, cost-effective fees, and a surge in meme coin issuances, now entering its third week.

Bitcoin is down (0.3%) at 43,747, Ethereum is up (3.41%) at 2,316.4, Litecoin is up (0.24%) at 71.17, Solana is down (1.48%) at 92.48, Dogecoin is up at (1.39%) at 0.92 as of writing time.

Key Economic Events & Data Release Today:

(JPY) Monetary Policy Meeting Minutes at 5:20.

(GBP) GDP (QoQ) (Q3) Actual –0.1%, Forecast 0.0%, Previous 0.2% at 12:30.

(GBP) Retail Sales (MoM) (Nov) Actual 1.3%, Forecast –0.4%, Previous –0.3% at 12:30.

(CAD) GDP (MoM) (Oct) Forecast 0.2%, Previous 0.1% at 19:00.

(USD) Core PCE Price Index (MoM) (Nov) Forecast 0.2%, Previous 0.2% at 19:00.

(USD) New Home Sales (Nov) Forecast 695K, Previous 679K at 20:30.