The UK legislators have asked the government to take cryptocurrency regulation seriously. The lawmakers say that the market is a “Wild West” and needs regulations in order to fully reach its potential. This comes after a report published by the Parliament’s Treasury Committee on Wednesday. It claimed that investors in the industry are given very little protection against the risks associated with the market.
The crypto market has turned red again just hours from the brief bull rally ignited by Ripple (XRP) which spiked over 20% on Tuesday. Bitcoin (BTC) is currently trading below $6,300 following a 0.63% drop on the day. Ethereum (ETH), on the other hand, has declined from yesterday’s highs at $215 to trade at $206 at the time of writing. The majority of the assets are in the red after recording intraday declines between 0.5% and 4%.
The unexpected bull run surprised many in the market yesterday. Ripple embarked on a journey of breaking barriers on Tuesday making a tremendous recovery from the swing low at $0.265. $0.27 was established as a stable ground as Ripple sprung up in an engulfing candle that broke past the critical resistance at $0.30.
The crypto lit fireworks in the market adding over 20% on its value in just a few hours. However, the magnificent recovery, unfortunately, came to halt short of $0.34. XRP/USD has been consolidating the gains above $0.31. Although the trend is leaning towards the bears’ side, the buyers have managed to prevent huge bear swings.
At present, Ripple is facing resistance at $0.32 but the upper supply zone at $0.3364 (swing high) is the critical level that will trigger further upside movement above $0.34 and $0.35. On the other hand, the bullish trendline is providing immediate support but the 61.8% Fib retracement level at $0.31 will stop declines heading to $0.30. Ripple is trading above the 50SMA while the stochastic is ranging slightly above the oversold region to show that the buyers still have strength left, at least to defend the support.
Cardano is in the final phase of the spike that took off yesterday. The crypto began correcting higher from the lows at $0.062, although, the surge took over before mid-day on Tuesday. ADA/USD encountered a struggle at the 61.8% Fib level with the last drop from $0.0739 to a low of $0.0619. The surge spilled over into today’s morning session as the crypto swung up again in an engulfing candle. Regrettably, the bulls loosened their grip letting the sellers take over slightly short of $0.074.
There is no apparent reason behind the sudden surge in the price of Cardano. Besides, the network has not released any news in the recent days. In fact, some experts are saying that Cardano is currently starved of news. The above swing in Ripple can be explained by the hype surrounding the release of a product before the end of the year. However, for Cardano, this is mainly driven by demand and supplies in addition to the triggers after technical levels were broken.
In the meantime, Cardano is trading at $0.071 after recovering slightly from the short-term support at $0.068. The bulls are looking forward to $0.072 while the key resistance is highlighted at $0.074.
Waves is among the few coins that continue to trade in the green ignoring the bear market pressure on Wednesday. The digital token was consolidating in a bullish flag pattern before the spike yesterday. The buyers increased their influence on price even though the majority of the altcoins are trimming gains. Waves exchanged hands above $2.3 but $2.40 is a significant hurdle.
The subtle lower corrections witnessed today have found a stable ground above $2.1. Moreover, Waves is currently correcting higher towards $2.30 (immediate resistance). If the buyers break free from this short-term resistance, they will have the momentum to attack the bears who are currently concentrated at $2.40. In the medium-term $3.0 is the ultimate target but first, a support above $2.5 will be very instrumental. There are a couple of support areas highlighted on the 4-hour timeframe chart at $2.10 and $1.80 respectively.