Bitcoin (BTC), the largest cryptocurrency, and major altcoins are preparing for the new week. In this article, we will share the expected levels in BTC and top 10 Cardano (ADA) and Ripple (XRP) next week. Here are the details…
Ripple gains support: how about XRP?
Blockchain Association, a Washington, DC-based crypto lobbying organization, has applied for permission to support Ripple in its legal battle with the SEC and Ripple. The US SEC has sued payments giant Ripple for allegedly selling XRP as an unregistered security. Since December 2020, the case has witnessed several motions and both parties have submitted their motions. Blockchain association believes the SEC’s extremely broad interpretation of securities laws could have devastating effects on the industry and the outside.
https://twitter.com/BlockchainAssn/status/15860997446652378112
The Blockchain Association is not alone in its support for Ripple. Another key group, Investor Choice Advocates Network and SpendTheBits Inc., as we reported on Kriptokoin.com, presented their own briefing on Oct. 28, courtesy of the court. In their summaries, these organizations say the SEC’s definition of “investment contract” is vague. He also argues that the SEC points to efforts to determine jurisdiction over crypto.
Meanwhile, crypto analyst and certified trader Duncan Baldwin evaluated the XRP/USD price chart and noted that the altcoin has been on a slide recently. XRP started to recover and gained 2.5 percent overnight. Baldwin notes that the XRP/USD pair appears to be locally oversold. A rally in XRP price is expected as the pair approaches the horizontal support level of $0.42 to $0.43.
What’s next for Cardano?
Hydra, the scalability solution of Cardano Blockchain, has received a new update. The Ethereum killer retraces last week’s losses and analysts have revealed a bullish outlook on Cardano. The developers designed a mechanism to calculate transaction costs as “minimum fees” and report them in transaction cost comparison.
https://twitter.com/ch1bo_/status/1585645429546397696
Bob Mason, a prominent crypto analyst, has identified $0.41 as the next key resistance level for Cardano price in an uptrend. The analyst believes that a break above $0.41 will signal a continuation of the uptrend. Cardano will need the support of the broader market to continue its climb towards the $0.431 target. Mason argues that if there is a long rally, Cardano price will likely hit the second major resistance at $0.431 and the third major resistance at $0.464.
Mason defines the 50-day EMA crossing over the 100-day EMA as bullish. He says that the price is signaling a move from the $0.418 resistance to the next major resistance at $0.431. However, a drop over the 200-days EMA to $0.398 could trigger a trend reversal. This may lead us to see $ 0.385.
Race for dominance between Bitcoin and Ethereum
The narrative that Ethereum surpasses BTC by market cap is known as “flippening”. This narrative gained momentum as Ethereum’s dominance over the crypto market escalated. As we know as Kriptokoin.com, it gained momentum when it moved from the PoW consensus mechanism to PoS. Ethereum, the second-largest cryptocurrency by market capitalization, witnessed a big breakout earlier this month.
Based on data from crypto analytics Santiment, Ethereum’s price dominance over Bitcoin and most cryptocurrencies continued throughout October. On the Bitcoin front, however, analysts argue that $20,750 is a key price level for Bitcoin. A dip below this level indicates a bearish reversal in the asset. After a long period of low volatility, Bitcoin is ready to exit the downtrend with a major breakout, according to analyst Ekta Mourya.
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