Which cryptocurrency XRP or Cardano ADA will reach 1 first as their prices are expected to increase by 200
Key Points
– The recent decline in the cryptocurrency market presented a buying opportunity for long traders.
– The Mt.Gox crypto repayments may be overestimated as more investors continue to accumulate.
– The listing of spot Ether ETFs in the United States next week is expected to trigger a rally in altcoins.
– The crypto market cap increased by nearly 3 percent in the past 24 hours, reaching around $2.52 trillion.
– Bitcoin’s fear and greed index rose to 69 percent, indicating greed.
– The ongoing Mt.Gox crypto repayments have become a buy-the-news event, with 65 percent of creditors already repaid.
– The US SEC has issued preliminary approval for three spot Ether ETFs to begin trading next week.
– Ripple’s XRP has rallied more than 50 percent and is on the verge of a parabolic rally to its all-time high.
– Cardano’s ADA price is positioned for a second phase of bull run towards its all-time high.
Article:
The recent decline in the cryptocurrency market provided an opportunity for long traders to increase their positions. However, there are concerns that the estimates for the Mt.Gox crypto repayments may be too optimistic, as more investors are accumulating assets. However, the upcoming listing of spot Ether exchange-traded funds (ETFs) in the United States is expected to trigger a resurgence in altcoins. This has contributed to a surge in the crypto market cap, which reached approximately $2.52 trillion during the early London session on Wednesday. While Bitcoin’s price surpassed $65,000, other altcoins like Ethereum, Ripple’s XRP, and Cardano are also signaling an imminent rally towards their respective all-time highs.
Furthermore, Bitcoin’s fear and greed index has increased to 69 percent, indicating a shift towards greed from the extreme fear observed last week.
The ongoing Mt.Gox crypto repayments have become a significant event in the market, leading to a buy-the-news mentality. Around 65 percent of Mt.Gox creditors have already been repaid through the Kraken exchange, further boosting market sentiment.
In addition, the US Securities and Exchange Commission (SEC) has granted preliminary approval for three spot Ether ETFs to begin trading next week. With the rising demand for spot Bitcoin ETFs and significant cash inflows of nearly $2 billion over the past two weeks, speculation about the adoption of altcoins has increased significantly.
The price of Ripple’s XRP, backed by Ripple Labs, has surged by more than 50 percent between July 5 and July 17, reaching approximately $0.605 at the time of writing. With a fully diluted valuation of around $60 billion and a daily average traded volume of about $3.3 billion, XRP is poised for a parabolic rally towards its all-time high.
From a technical standpoint, the XRP price is approaching the falling logarithmic weekly resistance after the recent surge. According to renowned crypto analyst Captain Faibik, if the bullish momentum continues, the XRP price could rally by at least 330 percent in the coming weeks. The buyers of XRP are banking on the highly anticipated settlement between Ripple and the US SEC in their ongoing lawsuit.
Cardano’s ADA price has also rebounded from the lower boundary of a weekly megaphone pattern and is well-positioned for a second phase of a bull run towards its all-time high. Captain Faibik predicts a 200 percent rally in the midterm for ADA.
In conclusion, the recent market conditions have created opportunities for traders to increase their positions, and the ongoing developments such as the Mt.Gox repayments, the listing of spot Ether ETFs, and the price movements of XRP and ADA indicate a potential rally in the altcoin market.