A lot has happened in the crypto space recently. It started with the US employment data releases as well as the effect it has on the bond, equity and forex market. Sadly, these numbers didn’t have a positive effect on XRP price or Bitcoin price as expected. Bitcoin started the weekend with a surge to $3,910 and eventually fell back to $3,880.
Bitcoin (BTC) Price Today – BTC / USD
ETH, on the other hand, traded between $135 and $138. The digital currency had a brief dip to $129 and quickly recovered to $134. Bitcoin was also affected and dropped to $3,760, but it bounced back to $3,900. The dip can be attributed to poor weekend liquidity.
Fidelity launches new digital asset company
As of today, it has been confirmed that Fidelity, the U.S brokerage giant, launched a new digital asset company. It is aiming to serve hedge funds as well as family offices with multiple exchanges being used to execute trades. This new development will most likely have a positive effect on XRP price and Bitcoin price as well as the entire crypto market.
XRP price analysis
The moves during the weekend didn’t clarify the present crypto picture. The coin is consolidating at familiar levels, and the market is poised for a breakout soon. Two weeks ago, there was a sharp rejection of the push, and the market has found some comfort in the current levels.
XRP is at the forefront of this and could be getting ready for a move. For some time now, XRP price has failed to react to positive news. Going by the hourly chart of the cryptocurrency, there is a wedge pattern which is dated back to the early days of the year. A convergence of two lines on the chart could mean a significant break on either side. This will be an interesting development because of the lack of volatility of major coins. We wait to see what direction it breaks to.
XRP price forecast points to a bright future for the digital currency
XRP Price has been trading in the bearish zone for a short while now. When it reaches the support level of $0.3000, it will act as a buy zone, and this may have a positive effect on its price.
The digital currency has not had a bad year so far. When it was listed on Uphold, it accounted for under 10% off the purchases on the platform. This figure changed after a short time and rose to 43%.
When it comes to net inflow, the Uphold XRP connection was a big story. The market cap of XRP is merely 20% of that of bitcoin. However, the digital currency became the second most purchased asset on Uphold. This happened over a month period and came with 98% of the USD value of all BTC purchased.
The crypto market is highly volatile at the moment. Still, XRP stands a greater chance of surging. Ripple has been working on several partnerships, and if the banks implement Ripple’s protocol, the XRP price forecast of $5 will become a reality. However, this depends on collaborations with different companies around the globe.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.