The majority of cryptocurrencies has raised during Friday’s trading, continuing gains to boost the total market value of over $ 300 billion.
The total value of the cryptocurrency market is estimated to be $ 326 billion, while the value of “Bitcoin” increased to $ 137.3 billion.
Bitcoin jumped 6.2% to $ 8092 at 4:04 pm GMT time on the coin market cap platform.
Ethereum rose 11.1 percent to $ 514.1, while Ripple jumped 21 percent to $ 0.67.
The Ripple has rebounded after the difficult time cryptocurrencies have witnessed over the past period. The Ripple has risen almost 20 cents since yesterday. This rise comes after all the cryptocurrencies have absorbed strikes From Facebook, Google and Twitter, who announced the ban on cryptocurrencies, and even the Bittrex platform, which recently canceled 82 cryptocurrencies, and now we can see the rise, but the question is will it continue?
The cryptocurrency “ripple” achieved great gains and it is reaching a stable level
The third largest cryptocurrency also posted strong gains this week compared to other currencies after the massive buying in the Korean market, which of course led to increasing of liquidity in the market and rising prices from $ 0.45 to $ 0.69. Looking at the chart below, we notice that the Ripple is approaching the monthly resistance at $ 0.73. In addition, the RSI is currently in overbought territory (above 70). Watch out, you should carefully watch prices before preparing any new deal and expect the Ripple to fall at any time as we learned that the market is still unstable despite the rise we have seen lately in most of the cryptocurrencies.
Technically, the chart above shows that the Ripple is currently at the beginning of a bullish wave with its first target at $ 0.7000. This price has been successfully targeted during the day before writing this analysis, so we think if the price is able to breach above 0.7000, Trading above this price for more than 4 hours then we will see a further rise towards 0.7730 during the short period in the coming days.
Ripple receives a great support
Apple has announced that it will accept payment from its customers via the ripple coin. Of course, such news would support the currency to further rise as this means confidence for a new audience in these currencies. The Ripple currency is characterized by something very important which is that the issuer of this currency is a US company well-known, licensed and controls a number of units that can be put on the market and cannot be mined as other currencies.
The expert market strategies in Ripple states: XRP “Absolutely not” money papers
The expert market strategist, Johnson, said in the interview that the XRPs are not money papers “security” as CNBC reported on April 12. This statement was made to cool down the situation and to assure that Ripple wasn’t added in any form on Coinbase platform yet. Johnson said Ripple was in talks with Coinbase to include its currency and did not raise the issue of the laws related to the cryptocurrencies that are considered money papers during the talks, stressing that the ripple is not considered securities.
An official spokesman for Coinbase confirmed that the platform has not discuss the issue of laws with Ripple and discussed the extensive asset listing criteria that the platform updated in March only.