XRP wakes up cryptocurrenciess- It was a long-awaited decision in the cryptocurrency sector, Ripple’s XRP is not considered a securitization. This is excellent news not only for the XRP price, which has risen by 70% in 24 hours, but also for other cryptocurrencies that might otherwise have been considered a safe haven. The Bitcoin price is taking advantage of this to start rising again, but remains stuck in its range, below resistance at $31,500.
Bitcoin price climbs over 3% in 24 hours
Yesterday, the market was euphoric following the U.S. court ruling. Bitcoin price rises by more than 3% in 24 hours :
In the space of a week, the climbs nearly 4%.. In one month, the share price increase of over 20%.. Meanwhile, BTC/ETH fell by 3.5% in 24 hours. Ethereum regains strength against Bitcoin and the price rises above 2 000 $.
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Bitcoin price underperforms these stocks
You’re probably familiar with the MicroStrategy company, because the boss decided to make all-in on Bitcoin. The firm has acquired no less than 152,000 bitcoins since August 2020with an average purchase price of 30 000 $ per bitcoin. As a result, MicroStrategy’s share price (MSTR) began to follow the BTC price. Other stocks are linked to Bitcoin through mining. They are experiencing a dazzling 2023:
While the Bitcoin’s price is performing well with an 84% increase since January 2023, while other stocks such as Hive Blockchain Technologies (HIVE) and Riot Platforms (RIOT) have performed much better.. These companies, which are linked to mining explodes upwards after a catastrophic 2022. Riot Platforms (RIOT), for example, fell by 85 % in 2022. This significantly outperforms BTC with a 415% increase in just over six months. For its part, Coinbase is up 150 since the beginning of the year. Has BTC lost its lustre? There’s no doubt that the Bitcoin price will surprise us in the weeks and months to come.
Bitcoin hits resistance at $31,500
Thanks to this upward movement rebounds at the support at $30,500and back to the resistance at $31,500 :
It’s not over yet for the BTC price, which remains stuck in a range. If the price is able to recover 31,500 in supportit could join the next major resistance at $35,000. On the other hand, if the price reject again here, it could come back once more, at the level of the support at $30,500. The RSI confirms the break of the bearish trendlineand shows ascending lows and highs. The buyers control momentum.
With this news on XRP, the cryptocurrency market awakens from a deep sleep. The Bitcoin price is back at the $31,500 resistance level, which will have to give way to eventually regain the $35,000 resistance. BTC is having an interesting 2023, but the king of cryptocurrencies is underperforming some BTC mining stocks.
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