A new month has begun today and Bitcoin alongside other crypto assets are taking turning away from the correction zone. After reaching a bottom value of $7,670 in September, Bitcoin is gradually surmounting the bearish force. The BTC/USD trade pair escaped the $8,000 resistance level reaching out for $8,300 and $8,400 on the upside trend with a significant added value in the last 24 hours.
XRP in the same manner has also managed to take an upturn. After a slightly long period, XRP returned on the upside trend, testing $0.26 value at mid Asian trading session today, a value it last reached 6 days ago. After a slight decline, XRP continues to maintain the high momentum with signal for breakthrough above its key resistance $0.3.
Yesterday was quite important for most cryptocurrencies in the market as some of them presented a break above the bearish line. Bitcoin exceeded $8,080 while XRP was well ousted away from $0.25 resistance level on the hourly chart against USD.
Bitcoin and XRP remained on the upside trend till today, forming a new weekly high of $8,525 and $0.261326 respectively.
BTC continues to drift upward at press time, with a possible push up near $8,500 resistance level. Although XRP has changed its look at press time with red color which indicates depreciation on 24 hour chart, but it continues to maintain a stay above $0.25 support at press time with a rate of $0.253 against the USD.
The significant uptrend seen by XRP yesterday was preceded by the acquisition of an Iceland base crypto trading platform. As Ripple continues to invest in various projects with the aim of increasing the On-Demand liquidity of XRP, better days possibly await the altcoins.
Also, the upcoming SWELL program, a yearly event organized by the San Fransisco based company, is yet another development that may push the price of XRP up the table.
However, the two crypto assets may witness slight retracement down the table if things don’t go positive for the entire crypto ecosystem. Bitcoin would likely hang over $7,900 support level while XRP stay above $0.22 in the worst case scenario.