Bitcoin Retreats From $30K as XRP Slumps Toward $0.6: Market Watch – CryptoPotato
XRP is the only major cryptocurrency (top 10) that’s charting losses throughout the past 7 days.
Yesterday’s advance quickly came to a halt as the cryptocurrency market, at large, was unable to sustain the gains. Still, prices are looking better than they did one week ago, with certain exceptions.
All in all, the past 24 hours were rather exciting, so let’s have a look.
Bitcoin has awakened from its recent slumber when the price failed to chart any notable moves for over a week. Yesterday, BTC soared to around $30,200 (on Binance), as seen in the chart below.
The price was unable to remain above $30K, though, and quickly retraced. The bulls then made another attempt, but ultimately, the sellers were successful in keeping the cryptocurrency before this otherwise important resistance – both technical and psychological.
It’s interesting to see if there will be another attempt on behalf of the buyers or if the price will now enter another prolonged period of consolidation marked by low volumes and non-existent volatility.
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The altcoin market is also largely indecisive throughout the past 24 hours, with most of the cryptocurrencies charting small losses.
Ripple’s XRP is down the most (from the top 10), as it lost around 2%. This might have been caused by the fact that the US SEC has now formalized its intent to appeal the recent court ruling, which determined that secondary XRP sales didn’t constitute an investment contract.
It’s worth noting that the overall market sentiment is currently neutral. This is according to the Crypto Fear and Greed Index. It analyzes emotions and sentiments from a number of sources and produces a number that gauges them.
This number is currently 53 – up from yesterday’s 50. Over the past seven days, the index has remained relatively flat, which is to be expected based on the general market inactivity.
Georgi Georgiev is CryptoPotato’s editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi’s passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn’t looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
