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
More From FXEMPIRE:
Ripple’s win forces SEC to reveal internal documents on Bitcoin and Ethereum
Ripple Labs has been granted access to the Securities & Exchange Commission ’s internal communication.
The regulator previously stated that Bitcoin and Ethereum were not deemed securities.
The judge in the case said that this discovery hearing was a “high-stakes” win for Ripple.
Ripple Labs won in a discovery hearing that would force the Securities & Exchange Commission (SEC) to hand over its internal documents on Bitcoin and Ethereum. The XRP price has since risen 23.4% in the past 24 hours, trading above $1 at the time of writing.
SEC to hand over documents on Bitcoin and Ethereum
The SEC accused Ripple Labs and its executives of offering an unregistered security — XRP — in December 2020. The securities regulator alleged in the $1.3 billion lawsuit that Ripple illegally earned over $600 million by selling the digital currency.
In a previous discovery hearing, US District Court Judge Sarah Netburn dropped a bombshell statement, saying that her understanding of XRP is not only that it has value but also utility.
Former SEC Chairman Jay Clayton and former Director of Enforcement Willian Hinman both claimed that the regulator does not consider the two largest cryptocurrencies to be securities. The SEC has not detailed how it has come to this conclusion.
Ripple Labs and its co-defendants, CEO Brad Garlinghouse and Executive Chairman Chris Larsen, filed a motion on March 15 to request the SEC to bring forward documents regarding the regulator’s internal communication on Bitcoin and Ethereum.
The securities regulator stated that Bitcoin and Ethereum were not securities offerings, US District Court Judge Sarah Netburn reiterated. She added:
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.
Ripple is seeking to find documents where XRP is mentioned by the SEC as a “virtual currency,” similar to Bitcoin and Ethereum. The internal communication documents may also show the SEC’s criteria for determining which digital assets are and are not deemed securities, which could help the blockchain firm make its case.
Judge Netburn said it was a “high-stakes” discovery win for Ripple, as she ruled in favor of the defendant. She added that documents such as meeting minutes and internal memos “expressing the agency’s interpretation or views” on cryptos would be included in the order, however, leaving out internal staff emails.
Why are Bitcoin and Ether relevant?
Attorney John Deaton, who led the motion to intervene in the SEC v. Ripple case, highlighted the importance of the decision a prosecutor makes at the beginning of who to charge and what to charge. Clayton favored going after the individual executives of Ripple, not just the company.
Deaton, who is familiar with the case, figured that if the SEC only sued Ripple, it would only be a strict liability case — where the securities regulator would only need to prove that XRP was a security when Ripple sold it.
However, since the SEC went after the two executives, the regulator needs to prove that Garlinghouse and Larsen “knew or recklessly disregarded that Ripple’s sales of XRP required registration.”
Bitcoin and Ethereum are further relevant to the case as the former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo authored an article stating that XRP is not a security and that it is a commodity. Current CFTC chairman Heath Tarbert said in January 2020 that:
We’ve been very clear on Bitcoin: Bitcoin is a commodity. We haven’t said anything about Ether — until now. It is my view as chairman of the CFTC that Ether is a commodity.
Deaton said, “If the former CFTC Chairman stated affirmatively that XRP is a commodity and the then-current CFTC Chairman said officially ETH is a commodity, it’s certainly reasonable to assume that XRP is not a security.”
He further claimed that Clayton — who filed the lawsuit against Ripple Labs on his last day — and his crew were “arrogant bureaucratic bullies” who wanted to either “send a message” or did so for other personal reasons.
Ripple issued a subpoena to Clayton at his new place of employment for any communications related to cryptocurrencies, not limited to Bitcoin, Ethereum and Ripple.