Crypto Market Review, September 22 cryptomarketbag

XRP is one of the few assets that has shown positive price performance over the past 30 days

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Armaan Shirinyan

XRP is one of the few assets that has shown positive price performance over the past 30 days

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Ripple’s most recent success in court against the SEC fueled a 30% rally on XRP, which is why the spotlight on the most profitable cryptocurrency on the market has been taken from assets like LDO.

Over the past few days, trading volume on XRP increased to almost 1 billion, a value that the market has not seen in the past four months, especially in a positive way. Back in May, there were unfortunately more than 1 billion coins floating around on centralized exchanges due to the huge selling pressure that appeared on the market.

For now, trading volume and profile suggest that the rally is not fading, which means we may indeed see an acceleration of the current rally, especially if the company has a winning streak in court.

In one of our recent articles, we mentioned how XRP could be aiming at new highs, but it would not be able to cover the losses that investors may suffer after buying assets around local highs.

Ripple has introduced I Remit expanded its partnership with cryptomarketbag CryptomarketBag

Ethereum’s Bearish Moment Still Remains

According to data recently shared by Bloomberg and covered by U.Today, Ethereum is facing serious issues from a technical analysis point of view and could go even lower in the short term perspective.

ethereum chart
Source: trading view

The basis of the entire analysis is the Relative Strength Index, which has reached “oversold” territory on Ethereum. Historically, after the indicator hit such lows, ETH entered another correction cycle and lost an additional 10%.

But at the same time, Bloomberg’s analysis is based on the cryptocurrency’s short-term performance, as we mentioned in the original article, Ethereum’s consolidation period can reach up to 30 days, and a reversal from the oversold zone usually takes two weeks to two weeks. Takes up to a week. one month.

bitcoin on 3% recovery

Digital gold has gained almost 4% of its value in the past few hours thanks to a short-term relief in the crypto markets. Despite the lack of inflows, the market is feeling better after the 75 bps rise expected in the recent FOMC meeting.

At the same time, the regulator made it clear that the US economy is nowhere near the recovery that everyone in government wants, which is why the rate hike cycle will continue and high-risk assets like cryptocurrencies will remain under pressure.

The next big event for the market will be the CPI data release in October and the FOMC meeting that follows. Until then, most experts see bitcoin in a consolidation range from $18,000 to $22,000.

In the past 30 days, bitcoin has lost around 5% of its value, which is going to make September another negative month for the first cryptocurrency unless it finds a way to recover in the remaining eight days of the month. go.



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