Bitcoin and Ripple upbeat, Cryptocurrency market re-surging
- Bitcoin surging, as hard news coming forward and Bitcoin cash rose around 50% over the week
- Crypto market regaining strength, showing signs of life as market expanded around 8% in this week
- Ripple positive news boosting its price higher
The crypto market has started to show signs of life, as market has expanded by 8% over the week. The recent rally was chiefly because of positive news regarding Bitcoin cash as well as Ripple. Both of these crypto currencies have received positive news in this week and the crypto market started to regain its strength.
Over the week, the Bitcoin has raised around 50% and Ripple as well as Bitcoin have announced that they are expecting to adopt the BCH hardfork and the news is due to be released in November 15th. In accession, Binance and Coinbase, both have mentioned that they would support the fork and it is also playing pivotal role in boosting the Bitcoin price sharply upward.
Ripple has started to gain momentum, as market had received the news that the Company is planning to expand their business in UAE and a Canadian Exchange CoinField will soon launch the XRP pair trading. Also, the cross-border payment system, SWIFT has grabbed the attention of IRE on US regarding their dealings with Iranian. As a matter of fact, it is providing an immense boost to ripple.
Bitcoin cash daily chart
When this report is being prepared, all of the crypto prices are piling up higher, as positive news is bossing up the market sentiment. Bitcoin is being traded closer to 6,500 and Ethereum is residing at 217. Ripple is being traded at 0.51 and Litecoin is at 54.1. However, if the recent momentum persists along with the positive market biasness for Cryptos, Bitcoin could test its key resistance at 6,750 in the upcoming week. Also, Ethereum could break its key support at 241. Ripple along with a Litecoin surge is more likely to happen.
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[Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.]