The trading volume since early morning has exceeded 4 billion. The market was ignited by the news of Ripple's victory in the evening. Ripple was once sued by the US SEC for securities, which led to legal problems in its token trading. However, Ripple's victory in the case brought a signal of loose regulatory policy to the crypto market, which once again raised the enthusiasm of traders, which may have laid the groundwork for the successful application of ETF.
Last night, the surge in Ripple also led to the release of Ethereum sentiment. Ethereum rose to 1900 with a firm attitude, and then sprinted to 2000. Many altcoins also rose accordingly, and there were frequent activities of institutions and whales in the market.
The surge in Ethereum this time actually released the suppressed emotions since the market stabilized at 30,000. The US SEC's regulatory suppression of the crypto market has lasted for quite a long time. Although the market has smelled signs that the US SEC may relax its policies since BlackRock applied for ETFs in June this year, the crypto market is still under the sword of regulation. This sentiment has existed for more than 20 days when the market stabilized above 30,000, and the market has not been able to break through because people's concerns still exist. XRP's victory became the fuse, instantly igniting the market's emotions. However, we need to be vigilant whether this outbreak is an emotional outbreak or a real market recovery, and we need to be cautious.
The Bloomberg report also mentioned a potential crisis: although Ripple won the case in a certain district court, the US SEC still has the right to appeal. This needs to arouse our vigilance.
From the technical analysis point of view:
BTC has broken out of a key contracting triangle on the hourly chart and climbed above the $31400 resistance level. A high was formed near $31790 and it is currently consolidating gains. An immediate resistance on the upside is near $31600 and the first major resistance is near $31800, above which the price is likely to gain bullish momentum and BTC is likely to rise to the $32000 resistance level with the next major resistance near $32500.
On the other hand, if bitcoin fails to clear the $31,800 resistance, it could start a downside correction. An immediate support on the downside is near $31,200. The next major support is near $31,000, below which it could fall towards the $30,800 support area.
As for XRP, I personally think that if it stands firmly at 0.80, it will not be a problem to set the next target at 1 USD.
