Major Resistance Above at $50,000 for Bitcoin BTC and $1 for Ripple XRP
Cryptocurrencies might have left behind the bearish period of the past several months and have been increasing for more than two weeks now. Bitcoin and Ripple have made a break to the upside, but they are both facing major resistance zones above, BTC at $50,000 and XRP at $1, which will be the real test for them. If they move above these levels then the crypto market will have shifted to bullish, otherwise the uncertainty of the previous months will return again.
Bitcoin Daily Chart – BTC Pushes Above the Resistance at $45,000
Can buyers push the price above $50,000?
Bitcoin reversed from $69,000 back in November falling to $33,000 in January, but has been making higher lows since then, which means that buyers have been gaining confidence, despite the ban on digital assets from Thailand’s financial regulator, while the Central Bank of Honduras rejected rumours that Bitcoin was set to become legal tender in that country.
The area above $45,000 turned into resistance for BTC/USD during the last two months, but it finally pushed above it yesterday, which was a strong bullish signal. Although, now buyers will be facing the $50,000 level which has been the level that decided whether Bitcoin is bullish or bearish. If buyrs push above it, then that will be a confirmation that
Ripple Daily Chart – XRP Pushes Above the 200 SMA
Buyers will face a major test at $1
The lawsuit that SEC has raised against Ripple Labs was keeping XRP weak last year, preventing it from making new highs in the second half of 2021, while most other cryptocurrencies kept printing record highs. This year the decline continued in January, falling to $0.55 but at the beginning of February we saw a jump which took the price above $0.90 and since then CRP has displayed bullish pressure.
The reason for that jump was a comment from Ripple’s lawyer that the lawsuit might end with a settlement, with a possible date in Q2 of this year. A recent report by Goldman Sachs’ called “Overview of Digital Assets and Blockchain,” sees Ripple as an “opportunity in payments”. XRP also broke above the 200 daily SMA today, but the real test will be at $1.
Ripple Coin XRP Live Chart
[[XRP/USD-graph]]
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