Tuesday, December 6, 2022

Ripple Soars 8% While Bitcoin Maintains Crucial $42,000: Analysis

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Ripple soars 8% while Bitcoin maintains a crucial level of $42,000 and the rest of the alternative coins are getting calmer so let’s read further in today’s latest Ripple news.

XRP charted the most impressive gains with an 8% increase. Bitcoin’s correction stopped at a crucial level around $42,000 which was the January high and most other altcoins also stalled or displayed some minor gains with Ripple aside which went on a tear with an impressive 8% surge. It was just a few days ago when the biggest cryptocurrency went through a highly volatile phase and it became evident that the US market had a new 40year record in terms of inhalation dates. BTC dumped by $2000 before going on an offensive and spiking by $3000 to a new high of $46,000.

btcusd
BTCUSD. Source TradingView

The bears intercepted the move and pushed BTC south but this time the $43,000 line didn’t hold and the asset was dumped below it. The situation worsened and BTC dropped to a new low below $42,000. as of now, BTC bounced above this level which is also where the 50-day MA lies, and as such, the market cap reclaimed the $800 billion mark.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Ripple soars 8% as the altcoins went through an similar roller coaster over the past few days but most are calmer now on a daily scale. ETH went above $3200 the other day and then dumped below $3000 and remains there as of now. Cardano is in the red since a day ago while Solana, DOT, Avalanche, Binance Coin, and DOGE market minor gains. Shiba Inu and Terra are up by 3% to 4% while Ripple took the main stage with an 8% surge. XRP now stands above $0.8. the crypto market cap also remained calm and now stands around $1.9 billion.

As recently reported, The crypto market remains correlated to the traditional stocks with both suffering considerable declines. The past 24 hours haven’t been so favorable to the crypto market and the total cap is down by $2 trillion again with Bitcoin dropping to a new low of $41,900. The rest of the market is in the red as Ethereum is now trading below $3,000. The past couple of days were a major roller coaster for the crypto market and especially when it comes to Bitcoin’s price. Two days ago, BTC was testing $46,000 when it got rejected again and was falling since then.

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