. Daily Crypto Analysis - XRP legal issues, ADA rallies 35%, Bitcoin peaks, Ethereum comeback.

Daily Crypto Analysis – XRP legal issues, ADA rallies 35%, Bitcoin peaks, Ethereum comeback.

Daily Crypto Analysis – XRP legal issues, ADA rallies 35%, Bitcoin peaks, Ethereum comeback.

03 Jan 2024

Introduction:

In the realm of cryptocurrencies, Ripple’s XRP is poised for a 10% surge amidst legal warnings, while technical indicators suggest further gains. Cardano (ADA) presents a potential buying opportunity, consolidating within a specific range. Ethereum (ETH) gears up for recovery with a rise in active addresses. Additionally, the broader crypto market sees significant movement, including a notable upswing in Bitcoin’s price, triggering liquidations. Explore the latest developments in the dynamic world of digital assets.

Ripple:

Ripple price anticipates a 10% increase following a warning from a legal expert about the fate of XRP assets.

The Ripple price has completed the pattern of a symmetrical triangle on the weekly timeframe, indicating the potential for further gains as the Relative Strength Index (RSI) increases. There is a possibility that XRP’s price might increase by 10%, reaching the psychological level of $0.7000, especially as altcoins position themselves for a potential rally related to a BTC ETF.

The price of Ripple (XRP) is tracking the upward movement observed in other altcoins, showing gains as the market speculates on a potentially favorable outcome for spot Bitcoin exchange-traded funds (ETFs). Simultaneously, a legal expert has guided the handling of XRP tokens.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.620 | Positive Crossover | Bullish
  • MA 20: 0.616| Positive Crossover | Bullish
  • MA 50: 0.610| Positive Crossover | Bullish

Simple:

  • MA 5: 0.620 | Positive Crossover | Bullish
  • MA 20: 0.616| Positive Crossover | Bullish
  • MA 50: 0.610| Positive Crossover | Bullish

RSI (Relative Strength Index): 55.54| Buy Zone |Bullish

Stochastic Oscillator: 89.09| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 0.627| R2: 0.687
  • S1: 0.597| S2: 0.559

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 0.640 | Take Profit: 0.687 | Stop Loss: 0.616.

Cardano.

Cardano prices set up a buying opportunity for ADA to rally 35%:

The price movement of Cardano remains in a consolidation phase within the range of $0.600 to $0.650.

The current Cardano (ADA) price movement finds support from an upward-trending line. A potential breakdown could provide an opportunity for sidelined buyers to accumulate while surpassing a crucial barrier could propel ADA to higher levels.

Cardano’s price entered a consolidation phase after reaching a peak at $0.647. Subsequently, ADA has made efforts to resume its upward movement, establishing a higher high at $0.680.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.594 | Positive Crossover | Bullish
  • MA 20: 0.596| Positive Crossover | Bullish
  • MA 50: 0.580| Positive Crossover | Bullish

Simple:

  • MA 5: 0.596 | Positive Crossover | Bullish
  • MA 20: 0.596| Positive Crossover | Bullish
  • MA 50: 0.580| Positive Crossover | Bullish

RSI (Relative Strength Index): 52.88| Buy Zone |Bullish

Stochastic Oscillator: 29.64| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.616| R2: 0.750
  • S1: 0.559| S2: 0.493

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy: 0.641 | Take Profit: 0.750 | Stop Loss: 0.578.

Elsewhere In the Crypto Market

The cryptocurrency market experienced a significant upswing in the price of Bitcoin (BTC), reaching a peak of $45,000 and triggering a substantial volume of liquidations. ETH price is poised for a comeback, aligning with an increase in active addresses on the Ethereum blockchain.

Bitcoin is up (0.32%) at 45,114, Ethereum is up (0.41%) at 2,366.2, Litecoin is up (0.18%) at 73.11, Solana is down (5.85%) at 107.82, Dogecoin is down at (1.97%) at 0.91 as of writing time.

Key Economic Events & Data Release Today:

(EUR) German Unemployment Change (Dec) Forecast 20K, Previous 22K at 14:25.

(USD) ISM Manufacturing PMI (Dec) Forecast 47.1, Previous 46.7 at 20:30.

(USD) JOLTs Job Openings (Nov) Forecast 8.850M, Previous 8.733M at 20:30.