The total crypto market cap (TOTAL) and Bitcoin (BTC) are noting a gradual uptick as investors look toward recovery. Ripple’s (XRP) price, on the other hand, outperformed the top crypto tokens as it registered a massive 20% rise following the conclusion of its long-standing legal battle against the SEC.
In the news today:-
The Securities and Exchange Commission’s (SEC) lawsuit against Ripple has reached a conclusion. US federal judge Analisa Torres ordered Ripple to pay a penalty of $125 million, reducing it significantly from the SEC’s filing of $2 billion.
The world’s first spot Solana ETF received regulatory approval in Brazil. The Brazilian Securities and Exchange Commission (CVM) approved the launch within the next 90 days.
The Crypto Is Nearing $2 Trillion
The total crypto market cap is $1.97 trillion, having risen by $70 billion in the last 24 hours. TOTAL’s next barrier is $2 trillion, and breaching and flipping it into support is crucial for further recovery.
In order to recover from the recent losses, TOTAL would need to witness inflows of about $300 billion. This would help it reclaim the support of $2.30 trillion and push it upwards towards $2.50 trillion.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
However, there is a chance the total crypto market cap might struggle to breach the $2.11 trillion and $2.20 trillion resistances. These barriers have also challenged TOTAL in the past.
Bitcoin’s Price Sees Resistance
Bitcoin’s price, at $57,000, has risen almost 3.5% over the past day after bouncing off the lower trend line of the broadening descending wedge. The next resistance for BTC is $58,200 and $60,000.
Both these barriers have been tested multiple times in the past, with the latter being tried at a support level. Once flipped, $60,000 would act as a launchpad for BTC to make its way back to $68,000.
Read More: Bitcoin Halving History: Everything You Need To Know
On the other hand, failure to breach could extend the consolidation under this level. Bitcoin’s price rise halt could also impact the altcoins’ recovery.
XRP Price Rise Sends Ripples in the Market
XRP price noted the largest rise of the day as the Ripple native token emerged as the best-performing asset. This was due to the aforementioned development of being fined $125 million.
While the development is bearish, the investors are insanely elated. This is because the penalty means that the SEC’s lawsuit has come to a conclusion. The fine is also considerably lower than the $2 billion that the SEC sought.
Read More: XRP ETF Explained: What It Is and How It Works
As a result, the XRP price rose 20% in a day, pushing the altcoin towards $0.62. This level marks the 50% Fibonacci Retracement line, and flipping it into support would mean XRP has recovered from its recent 22% crash.
Disclaimer
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