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Bitcoin (BTC) Consolidating Below $60K, Ripple (XRP) Surges to Multi-Year Highs

Bitcoin (BTC) Consolidating Below $60K, Ripple (XRP) Surges to Multi-Year Highs

Daniel Moss, Analyst
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Bitcoin, Ripple, BTC/USD, XRP/USD, SEC – Talking Points:

  • The gradual adoption of cryptocurrencies by several multinational institutions has painted a rather bullish outlook for the digital asset space.
  • Bitcoin prices appear to be eyeing a push to fresh yearly highs, as the popular cryptocurrency continues to digest gains just below key psychological resistance.
  • Ripples native coin, XRP, seems poised to extend gains as prices validate the topside break of an Ascending Triangle pattern.
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As mentioned in previous reports, the gradual adoption of Bitcoin, and cryptocurrencies in general, by several well-known financial institutions and companies has painted a rather bullish longer-term outlook for the digital asset space. Tesla invested $1.5 billion in Bitcoin and has begun accepting the popular cryptocurrency as a form of payment, while Bank of New York Mellon stated that it would treat the anti-fiat asset the same as any other financial asset.

Visa is the latest multinational to embrace blockchain technology, with the company announcing its payments network will utilize a stable coin backed by US dollars to settle transactions over Ethereum. These developments may serve as a springboard for broad cryptocurrencies to climb higher in the coming months. Indeed, Ripple’s native coin , XRP, has surged over 94% in the last three days and pushed back above the $1 handle for the first time since early 2018.

This move appears to be linked to progress in Ripple’s ongoing legal battle with the SEC, with the market cheering the company’s ability to ensure its private emails are redacted from the public record. XRP has recovered all lost ground since news of the SEC lawsuit broke in December of 2020, which resulted in the digital asset tumbling over 75% in just one day. A series of bullish technical indicators suggests that this recent period of strength may endure in the weeks ahead.

Ripple (XRP/USD) Daily Chart – Ascending Triangle Break Points to Further Gains

Chart prepared by Daniel Moss, created with Tradingview

The technical outlook for XRP appears overtly bullish, as prices validate the topside break of an Ascending Triangle pattern and slice through key psychological resistance at 1.000.

With the RSI storming to its highest levels since November, and the slopes of all six moving averages notably steepening, the path of least resistance seems heavily skewed to the upside.

That being said, failure to gain a firm foothold above the 127.2% Fibonacci (1.1099) could open the door for a short-term pullback to former resistance-turned-support at the 2020 high (0.7800). However, a deep correction seems relatively unlikely given the flurry of bullish technical signals on display.

Ultimately, a daily close above 1.1100 is needed to intensify buying pressure and bring the Ascending Triangle’s implied measured move (1.1974) into the crosshairs.

Bitcoin (BTC/USD) Daily Chart – Consolidating Just Shy of Record High

Chart prepared by Daniel Moss, created with Tradingview

Bitcoin prices are continuing to consolidate in a tight range between the 61.8% Fibonacci (61298) and the 34-EMA (55455), after failing to clear the record high set in mid-March (61699).

Bullish moving average stacking, in combination with the RSI and MACD indicators tracking firmly above their respective neutral midpoints, suggests that further gains may be in the offing.

A daily close above 61,300 would probably signal the resumption of the primary uptrend and bring the 100% Fibonacci (72503) into play.

However, if this resistance level remains intact, a pullback to the trend-defining 55-EMA (52505) may play out.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.