Will Cardano’s coming of age hit Bitcoin and Ethereum?
Cardano’s recent full decentralisation will fuel its appeal and price, better positioning it to take on rivals Bitcoin and Ethereum in the booming cryptocurrency market, predicts deVere Group CEO and founder Nigel Green.
His prediction comes as Cardano (ADA) last week became a fully-fledged community-run network.
.Green said: “The price of Cardano has exploded over the last few months - up around 600% since the beginning of the year, recently making it the third largest cryptocurrency by market capitalisation after Bitcoin and Ethereum.
This milestone will help Cardano better position itself to challenge major rivals in the cryptoverse.”
“But now Cardano has come of age by becoming fully decentralized - meaning its parent company has handed control of the blockchain over to the community - we can expect it to attract more investors which will, of course, drive its price on an upward trajectory.”
He added: “This milestone will help Cardano better position itself to challenge major rivals in the cryptoverse.
“Cardano is likely to be a challenger to Ethereum as not only can it be used as currency, but its blockchain - the tech on which it runs - can also be used to build smart contracts, protocols and decentralised applications. Plus, it is said to be significantly more scalable than Ethereum.”
“It will also pose a challenge to the all-mighty Bitcoin. This is because those who invest in digital assets already or are planning to do so, know that one of the secrets of successful investing is diversification.
“Therefore, these investors will want their cryptocurrencies diversified too and this is ultimately likely to eat into Bitcoin’s market share.”
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – April 7th, 2021
Ethereum
Ethereum rose by 0.26% on Tuesday. Following a 1.48% gain on Monday, Ethereum ended the day at $2,113.00.
A bullish start to the day saw Ethereum rise to an early morning intraday high and a new swing hi $2,151.00 before hitting reverse.
Coming within range of the first major resistance level at $2,158, Ethereum fell to an early afternoon intraday low $2,046.08.
Steering clear of the first major support level at $2,030, Ethereum revisited $2,130 levels before easing back.
At the time of writing, Ethereum was up by 0.61% to $2,125.85. A mixed start to the day saw Ethereum fall to an early morning low $2,109.39 before rising to a high $2,125.85.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $2,103 to support a run at the first major resistance level at $2,161.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s new swing hi $2,151.00.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,200 before any pullback. The second major resistance level sits at $2,208.
Failure to avoid a fall through the $2,103 pivot would bring the first major support level at $2,056 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $1,998.
Looking at the Technical Indicators
First Major Support Level: $2,056
Pivot Level: $2,103
First Major Resistance Level: $2,161
23.6% FIB Retracement Level: $1,662
38.2% FIB Retracement Level: $1,360
62% FIB Retracement Level: $872
Litecoin
Litecoin rose by 7.08% on Tuesday. Following on from a 9.48% rally on Monday, Litecoin ended the day at $237.09.
A mixed start to the day saw Litecoin rise to an early morning high $227.58 before hitting reverse.
Falling short of the first major resistance level at $232, Litecoin slid to an early afternoon intraday low $213.00.
Story continues
Steering clear of the first major support level at $205, Litecoin bounced back to strike a late afternoon intraday high $244.54.
Litecoin broke through the first major resistance level at $232 and the second major resistance level at $242.
Coming within range of February’s swing hi $247.00, Litecoin eased back to end the day at sub-$240.
At the time of writing, Litecoin was up by 2.06% to $241.98. A bullish start to the day saw Litecoin rise from an early morning low $237.05 to a high $242.00.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $232 pivot level to support a run at the first major resistance level at $250.
Support from the broader market would be needed, however, for Litecoin to break out from February’s swing hi $247.00.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $270 before any pullback. The second major resistance level sits at $263.
Failure to avoid a fall through the $232 pivot level would bring the first major support level at $219 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$200 levels. The second major support level at $200 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $219
Pivot Level: $232
First Major Resistance Level: $250
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP rallied by 19.75% on Tuesday. Following Monday’s 44.06% surge, Ripple’s XRP ended the day at $1.0970.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.80542 before making a move.
Steering clear of the 23.6% FIB of $0.7584 and the first major support level at $0.7098, Ripple’s XRP surged to a late morning high and a new swing hi $1.09888.
Ripple’s XRP broke through the first major resistance level at $1.0292 before sliding back to sub-$0.90 levels.
Finding late support, however, Ripple’s XRP broke back through the first major resistance level to strike a new swing hi $1.1196.
Falling short of the second major resistance level at $1.1440, Ripple’s XRP eased back to end the day at sub-$1.10 levels.
At the time of writing, Ripple’s XRP was down by 2.24% to $1.0725. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.1114 before falling to a low $1.0496.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $1.0073 pivot level to bring the first major resistance level at $1.2093 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s new swing hi $1.1196.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.30 levels before any pullback. The second major resistance level sits at $1.3215.
Failure to avoid a fall through the $1.0073 pivot would bring the 23.6% FIB of $0.8960 and the first major resistance level at $0.8951 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer well clear of the 38.2% FIB of $0.7577. The second major support level sits at $0.6932.
Looking at the Technical Indicators
First Major Support Level: $0.8951
Pivot Level: $1.0073
First Major resistance Level: $1.2093
23.6% FIB Retracement Level: $0.8960
38.2% FIB Retracement Level: $0.7577
62% FIB Retracement Level: $0.5340
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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Ripple Wins Ruling to Expose SEC Docs on Bitcoin, Ethereum
In brief Ripple won a discovery motion.
The SEC must hand over documents related to its internal thinking on crypto assets.
Since December, Ripple Labs has been fighting a $1.3 billion case brought against it by the US Securities and Exchange Commission (SEC), which accuses the digital payments company of offering an unregistered security in the form of its native XRP token.
The company today won a discovery ruling that will require the SEC to hand over internal documents about Bitcoin and Ethereum. As a result, the general public may soon get a peek behind the curtain of the SEC, which has been historically tight-lipped about crypto’s regulatory status.
On March 15, Ripple Labs along with its co-defendants, CEO Brad Garlinghouse and Executive Chairman Chris Larsen, filed a motion to compel the SEC to produce documents regarding the SEC’s communications about Bitcoin and Ethereum or its internal communications about XRP.
“For almost a decade, the SEC watched as XRP grew and developed, all the while issuing no formal guidance that its sales may be illegal,” it wrote in the March 15 filing to US District Court Judge Sarah Netburn. “The SEC did, however, announce that sales of two similar digital assets — bitcoin and ether — were not securities offerings.”
The SEC, through public comments from both former Chairman Jay Clayton and former Director of Enforcement William Hinman, has made it known that it doesn’t consider Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, to be securities. However, the Commission has not issued any formal guidance that explains, in detail, how it arrived at this conclusion. A security is a type of investment contract that implies the expectation of future profits.
Ripple is likely looking for SEC mentions of XRP as a “virtual currency” like Bitcoin and Ethereum, which would bolster its case that it should be treated similarly. It might also get some insight into the agency’s criteria for determining when digital assets are and aren’t securities, which it could then presumably use to make the case that XRP meets those requirements.
“I’m going to grant, in large part, the defendants’ motion,” Judge Netburn said during the hearing, as reported by Law360. She included documents such as meeting minutes and internal memos as part of the order, but not internal staff emails.
The SEC argued against the discovery motion, claiming that “the actions of the promoter are what need to be the focus here.”
XRP is up 22% in the last 24 hours, reaching $1.06—its highest price in over three years.
Ripple was not immediately available for comment.