Assets like Quant, XRP, and MINA have been among the top gainers of the past 24 hours as the cryptocurrency market tries to recover to make up for losses.
Why Is XRP Rising?
XRP, which ranks 7th among the top 100 coins by market value, started an upward movement with the increase in value reaching 20% from yesterday’s bottom level and continues to be priced at 38 cents. XRP, which experienced a new wave of demand after falling to the level of 32 cents yesterday, is in the 2nd place among the cryptocurrencies that have gained the most value in the last 24 hours. Among the developments that enabled XRP to catch this upward momentum was the judge’s approval of institutions that wanted to express an opinion in the case at yesterday’s hearing. At the same time, Natalie Brunell, host of Hard Money on FOX Business, claimed that the SEC is planning to settle with Ripple. Although the Ripple spokesperson stated that this claim does not reflect the truth, the XRP price continued to rise, priced in this possibility.
Supporters of both sides will be able to present their views to the court, after US District Court Judge Analisa Torres approved their request for comment yesterday. Coinbase, which is seen as the biggest supporter of Ripple, has previously submitted its official summary to the court. In the summary Coinbase submitted to the court, it was stated that the SEC did not handle the cryptocurrency market carefully.
Will XRP Rise Continue?
XRP, which is currently at 38 cents, could make a new rally if it holds above this resistance. According to experts, if the resistance zone at 38 cents is exceeded, we can see an upward momentum up to 44 cents. If XRP fails to break past the 38 cent resistance zone, it could initiate a downside correction. Initial support on the downside is at 36 cents. The next big support is in the 34 cent region. The loss of these zones could bring the XRP price back to 32 cents.
Why is Quant Rising?
Due to the FTX collapse, the market experienced a general downturn. In this process, where the market has regressed, Quant has been one of the crypto currencies that gained the most value by gaining 21% in the last 24 hours. Quant price has been in a pullback since the $228 level it reached on October 17. Along with the FTX crisis, this decline accelerated last week, resulting in a breakout from the long-term $150 level. However, with Bitcoin and Ethereum showing signs of recovery, the price of Quant started to increase again. Successful crypto analyst Greg Lunt stated that 77,000 wallets have held Quant in the last 236 weeks, but this number has increased significantly. According to Lunt, Quant added 13,000 new wallets in the last week alone. This indicates that the interest in Quant has increased and this increase in interest will bring the rise.
MINA
MINA, which was priced at 58 cents with an increase of more than 7% in the last 24 hours, took its place among the crypto currencies that gained the most value. With this increase, MINA rose to 73rd place in the market ranking. Experts expect MINA to rise up to 80 cents with Bitcoin giving the green light in the coming days.
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