XRP had a slight increase on Wednesday after it had notable corrections. The altcoin grappled with significant price declines at the start of the day but is green at the time of writing.
XRP most recent bullish trend comes following the positive result of the FOMC meeting. Analysts believe the meeting would not significantly impact the market but contend that the chairperson’s statement may trigger a reaction.
The crypto market sees a notable recovery after its three-day decline. It surged from a low of $3.437 trillion and is valued at $3.53 trillion, a 3% increase.
The news of the Federal Reserve leaving the interest rate untouched left investors in shock. Its latest decision comes amid calls from Donald Trump to reduce it. Nonetheless, traders are content with leaving the interest rates as they are. The sentiment is reflected in prices.
Global cryptocurrency trading volume increased by over 7% as several new tokens see massive surges. Fartcoin surged by over 26% in the last 24 hours. Onyxcoin and Dogwifhat closes behind with similar gains in the last 24 hours.
Assets in the top 10s were not left out of the bullish trend. Let’s see how they performed.
BTC/USD
Bitcoin opened the day at $101,291 but surged as the news of the positive FOMC spread. It broke above $103k and peaked at $104,769. Although facing a small retracement at the time of writing, the coin is up by over 2% and maintains trading close to $104k.
The latest price movement brings its four-day downtrend to an end. BTC’s attempt at ending it on Tuesday ended abruptly due to notable rejections at $103,000. Nonetheless, the apex coin steered clear off Monday’s low as recovery attempts continued.
The relative strength index is rising in response to ongoing price increases. It points to the notable increase in buying volume. This is also the same reading in the accumulation/distribution chart. It shows a slight improvement in buying pressure.
The moving average convergence divergence prints positive signals amidst the improvements. The 12-day EMA is back on the uptrend and is in contact with the 26-day EMA, completing the bullish convergence. Its latest readings comes barely two days after the previous negative interception.
ETH/USD
Ethereum trades above the $3,100 mark. Price trends show it held on to the $3,000 support and several bearish attempts. One such retest happened on Monday when the asset dipped to $3,001. It rebounded but faced setbacks on Tuesday.
The current intraday session marks the second consecutive day of increases. It reclaimed $3,200 and trades at $3,220 at the time of writing. Data from CryptoQuant reveals a significant improvement in trading sentiment. The exchange reserves are gradually increasing as buying pressure increases.
Indicators on the one-day chart are flipping bullish. The moving average convergence divergence reveals significant buy signals. The 12-day EMA halted it decline and is currently on the uptrend. It is having a bullish convergence, and divergence may follow if the bulls sustain the ongoing trend.
The relative strength index prints a similar positive, indicating a significant rise in buying pressure. Currently trading close to the 50% Fib level. Previous price movements suggest that the may act as a critical barrier once fully reclaimed.
XRP/USD
XRP still grapples with low volatility following its massive dip on Monday. The massive decline saw it retrace from $3 to a low of $2.65. It recovered after the dip and closed at its opening price. It faced massive rejections to it upside movement the next day and another significant decline on Wednesday.
XRP prints another doji at the time of writing. It saw small upside move that failed to yield results as the bulls failed to sustain it. It prints a doji on the one-week scale.
Nonetheless, indicators maintain the same readings. MACD displayed a bearish divergence on Sunday and has since continued downward as price failed to show any signs of improving.
SOL/USD
Solana prints another long green on Thursday following it failed attempt at upside on Wednesday. The altcoin surged to $238 during the previous intraday session but retraced as it lost momentum. It closed at its opening price.
The current intraday session saw the asset surge higher. It peaked at $244, maintaining trading close to it at the time of writing. Up by 6%, RSI is rising in response to the notable increase in buying pressure.
SOL trades above the 50% Fibonacci retracement level. Previous price movement hints at a possible uptrend extension as the mark is one of the weakest. The metric points to a possible decline to the 61% fib level.
BNB/USD
Binance coin sees notable upside movement following days of grappling with low volatility. It recovered from the downtrend it experienced on Monday. It dipped from $666 and lost the $640 support but rebounded at $637.
The altcoin attempted its seven-day high on Wednesday but lost momentum as it edged closer to the mark. Nonetheless, it trades at $680 at the time of writing and is up by 2%. The asset reclaimed the 38% fib level a few hours ago and maintains trading above it.
Previous price movement suggests that the coin may see further upside as it trend above a critical mark. Indicators are positive at the time of writing. MACD’s 12-day EMA is rising in response to the latest improvement. The ongoing bullish convergence may end if the bulls sustain the ongoing sentiment.
DOGE/USD
DOGE may mark its second day of consecutive increases. Currently up by almost 3%, it continues the previous day’s increase that saw it halt its three-day downtrend. Indicators are positive in response to the ongoing two-day surge.
Like XRP, the altcoin had a bearish divergence a few days ago. The moving average convergence flipped bullish as the 12-day EMA resumes uptrend. The ongoing bullish convergence may end if the bulls sustain the ongoing sentiment.
DOGE trades above the 50% fib level but will look to continue upwards, breaking the 38% fib level.
