The cryptocurrency market is down again today after a modest rebound yesterday. Its total cap stands at $959 billion, down by 1.6% in the past 24 hours and by 6.5% in the last seven days. Its subdued state is largely the result of ongoing negative investor sentiment with regards to rising interest rates, with the Federal Reserve likely to hike its base rate yet again today.
However, given just how far down prices have been pushed by external macroeconomic events, a strong recovery is due sooner or later. This article looks at the top cryptocurrencies trending today, all of which are likely to move strongly upwards once market conditions become more favorable.
Ethereum is down by 2.5% in the past 24 hours, at $1,328. This represents a 15% drop in a week and an 18% fall in a month.
ETH's indicators show that it's at a low ebb, and should rise again soon enough. Its RSI (purple) has fallen below 40, and its 30-day moving average (red) is sinking below its 200-day (blue). Therefore, from a purely technical perspective it's due a rebound.
ETH is also due a rebound for fundamental reasons, with the successful Merge meaning it's now deflationary. However, this will clearly take time, with the absence of a massive bull rally immediately following the Merge meaning that some newcomers quickly sold their positions.
At $0.400467, XRP is one of the few major coins to post significant gains today. It's up by 1% in an hour, 5% in a day, and by 20% in a week.
XRP's chart shows great momentum. And judging by its RSI not having reached 70 yet, this momentum still has room to increase further.
XRP is currently rallying because recent developments in the Ripple and SEC case suggest that this case may be drawing to a close. In particular, bothRead more on cryptonews.com