The total cryptocurrency market capitalization continues its slow recovery, adding $70 billion in the past 24 hours.
The price of bitcoin is inching closer to breaking out of the $58,200 resistance level, which could catalyze a move towards $60,000.
XRP price has had an outstanding performance in the past 24 hours, gaining 20% on the back of a bearish trend.
The total cryptocurrency market capitalization (TOTAL) and Bitcoin (BTC) are gradually rising as investors look forward to a recovery. On the other hand, the price of Ripple (XRP) is outperforming the top cryptocurrencies, with a massive 20% increase in its price following the end of its long legal battle with the United States Securities and Exchange Commission.
Cryptocurrency market cap approaches $2 trillion
The total cryptocurrency market cap is $1.97 trillion, having gained $70 billion in the past 24 hours. The next hurdle in the total market cap is $2 trillion, breaking through and turning it into support will be crucial for further recovery.
To recover from its recent losses, Total would need to receive inflows of around $300 billion. That would help it regain support at $2.30 trillion and push it toward $2.50 trillion.
However, the total cryptocurrency market capitalization may have trouble breaking through the $2.11 trillion and $2.20 trillion resistance levels. These barriers have also posed challenges for Total in the past.
Bitcoin price encounters resistance
At $57,000, Bitcoin is up nearly 3.5% in the past day after rebounding from the lower trendline of a broadening falling wedge. The next resistance levels for BTC are $58,200 and $60,000.
Both barriers have been tested multiple times in the past, with the latter being attempted as support. Once flipped, $60,000 would serve as a springboard for BTC to return to $68,000.
On the other hand, a failure to breakout could extend the consolidation below this level. Stalling of Bitcoin price gains could also affect the recovery of altcoins.
XRP price rise triggers market volatility
XRP price saw the biggest gain of the day as Ripple’s native token became the best performing asset. This was due to the aforementioned $125 million fine.
Although the developments were not optimistic, investors were ecstatic because the fine meant the SEC’s case was over. The fine was also far less than the $2 billion the SEC had requested.
As a result, XRP price surged 20% in a day, pushing the altcoin to $0.62. This level marks the 50% Fibonacci retracement level, and flipping it into support would mean that XRP has recovered from its recent 22% plunge.
