The debate relating to whether American regulators should classify Ether and other digital currencies as securities or not has taken center stage in recent days because of the severe ramifications it can have on the crypto ecosystem. Although the decision regarding this debate won’t be made any time soon, the news will be watched in anticipation due to its widespread impact. Notwithstanding, the increased number of financial regulations in Hong Kong and Japan relating to cryptocurrencies is forcing digital currency exchanges to move on to more regulatory friendly countries. What does the market look like today for Ripple, Bitcoin, and Ether?
Bitcoin Price Analysis
Bitcoin was looking to break out of 10,000 USD as at May 05 and 06. However, prices turned around below the ascending channel’s support line. The 20-day EMA has offer firm support, and this level holds, the digital coin attempt to break beyond the 10,000 USD barrier and rally to the 12,000 USD level with minor resistance at 11,000 USD. If the support breaks, the Bitcoin/USD pair can shift to the 50-day SMA at 8,500 USD.
Ethereum Price Analysis
Ethereum, on May 06 declined near the breakout levels. But, today, prices have gone below the breakout levels at 745 USD. The positive here is that prices have increased via the 20-day EMA. Should the digital currency push above 745 USD once again, a move near the objective of 1,130 USD is highly likely although there is likely going to be some resistance between 900 USD and 1,000 USD. Should the 20-day EMA break, a fall to 600 USD and below is likely.
Ripple Price Analysis
Ripple failed to break the upper-right end of the range. The digital currency has turned down with a decline likely to the low-end range at 0.76 USD because it is only managing to maintain the 20-day EMA. Should the Ripple/USD pair break below the spectrum, the virtual currency should shift into the 50-day SMA to the 0.56270 USD level. If the support is held, it may stay in consolidation for several days.