Daily Crypto Review, Oct 6 – XRP Gains Over 10% As It Announces The Launch Of A New Crypto Exchange

The cryptocurrency sector has had a slow and steady day of mostly slight price increases. Bitcoin is currently trading for $10,707, representing an increase of 1.03% on the day. Meanwhile, Ethereum gained 0.7% on the day, while XRP gained 3.18%.

 Daily Crypto Sector Heat Map

If we look at the top 100 cryptocurrencies, we can see that the privacy coin sector did really well today. Zcash gained 6.86% on the day, making it the most prominent daily gainer. Monero (5.7%) and Quant (3.5%) also did great. On the other hand, PumaPay lost an astonishing 85.58%, making it the most prominent daily loser. It is followed by Uniswap’s loss of 14.37% and Synthetix Network Token’s loss of 11.59%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s level of market dominance has increased slightly since our last report, with its value currently being at 60.46%. This value represents a 0.16% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gained value over the course of the past 24 hours. Its current value is $342.40 billion, which represents an increase of $1.16 billion when compared to our previous report.

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What happened in the past 24 hours?

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• John McAfee sued by SEC for ICO promotions, arrested on U.S. tax evasion charges (The Block)
• BitMEX Bitcoin futures have “completely unwound” as the platform exodus continues (Cryptoslate)
• U.K. politician doubles down on Bitcoin despite anti-crypto stance of BOE governor (Cryptoslate)
• $1.5 billion worth of BTC from Mt. Gox hack might spook crypto markets (Cryptoslate)
• Yearn .finance’s (YFI) loudest bull, Blue Kirby, distances himself from the Ethereum protocol (Cryptoslate)
• KuCoin Crypto Exchange Alleges to Have Found Ethereum Hackers (Cryptobriefing)
• XRP on the Move After Job Listing Reveals New Exchange Platform (Cryptobriefing)
• Zilliqa Launches First DEX Built by Switcheo (Cryptobriefing)
• Fidelity, Vanguard, Schwab Funds Have All Been Loading Up on Crypto Mining Stocks (Coindesk)
• ECB to consider further digital euro study in 2021 (Cointelegraph)

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has spent another day by slowly gaining in value. The bulls were patient as Bitcoin approached the ascending trend line, ultimately passing it. Bitcoin’s short-term future will be decided by how he manages the $10,850 level. If the level gets tackled and Bitcoin stays above it confidently, we can expect a push towards $11,000-$11,300, or even higher. However, if that level doesn’t hold up, Bitcoin will return to the $10,360 level. Traders should pay attention to any spikes in volume.

BTC/USD 4-hour Chart

Bitcoin’s short-term technicals are a bit less bullish today, as the majority of the oscillators are neutral/bearish. However, its longer-term technicals have remained completely bullish.

BTC/USD 4-hour Technicals

Technical factors (4-hour Chart):

• Price is above its 50-period EMA and its 21-period EMA
• Price is slightly below its top Bollinger band
• RSI is ascending (60.09)
• Volume is below average

Key levels to the upside          Key levels to the downside

1: $10,630                                 1: $10,500

2: $10,850                                 2: $10,360

3: $11,000                                  3: $10,015

Ethereum

Ethereum’s price is slowly rising ever since the drop on Oct 2. However, the volume is slowly descending, turning Ethereum’s moves more and more dull. We may expect more slow and sideways movement until the volume picks up the pace.

Traders should pay attention to any increase in volume, as well as to Ethereum’s movement between $334 and $360.

ETH/USD 4-hour Chart

Ethereum’s 4-hour outlook has changed to full-out bullish, while its 1-day overview remains tilted towards the sell-side. On the other hand, its long-term overview seems extremely bullish, as its weekly or monthly technicals are both tilted towards the buy-side.

ETH/USD 4-hour Technicals

Technical Factors (4-hour Chart):

• The price is above both its 50-period and 21-period EMA
• The price is slightly above its middle Bollinger band
• RSI is neutral (52.71)
• Volume is below average

Key levels to the upside          Key levels to the downside

1: $360                                     1: $334

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP has had another amazing day, where its price moved further towards the upside and reached as high as $0.26. If the price manages to stay at this level, its next resistance will be found at the $0.266 level. However, a pullback is expected, where the area between $0.2454 and $0.251 has strong support.

It seems that the bulls have gathered around XRP on news of the company launching a cryptocurrency exchange on top of the XRP ledger, as well as because of the fact that XRP is very close to reaching a golden cross (50-period moving average crossing the 200-period moving average to the upside).

XRP/USD 4-hour Chart

XRP technicals are now tilted towards the buy-side, with the exception of its monthly outlook, which remains bearish.

XRP/USD 4-hour Technicals

Technical factors (4-hour Chart):

• The price is well-above both its 50-period EMA and its 21-period EMA
• Price is at its top Bollinger band
• RSI is overbought (70.16)
• Volume is above average

Key levels to the upside          Key levels to the downside

1: $0.266                                   1: $0.2454 

2: $0.27                                     2: $0.235

3: $0.273                                  3: $0.227