Cryptocurrencies posted inflows last week after seeing record outflows in the previous two weeks as investors took advantage of price declines in the market, data from digital currency manager CoinShares showed. Inflows into crypto investment products and funds totaled $74 million last week.
The meme-based cryptocurrency, Dogecoin, surged on reports that digital asset exchange Coinbase will make the crypto unit available to its users on its trading platform. Retail investors’ favourite has gained over 30 per cent in the last three sessions.
Also, another tweet from mercurial technocrat Elon Musk puzzled the crypto investors. In his tweet, Musk posted an image of his good old days, but it also featured the picture of Shiba Inu, the dog breed that is the face of cryptocurrency.
Back home, India’s nascent cryptocurrency industry will overhaul and standardise disclosures and compliance mechanisms in a bid to establish itself as a legitimate business in the eyes of legacy financial players.
The effort gathered pace after the Reserve Bank of India (RBI) made it clear that banks should not apply the April 2018 circular—struck down by the Supreme Court in 2020—to penalise customers for dealing in cryptocurrencies.
Domestic leaders in crypto space have partnered with the Internet and Mobile Association of India (IAMAI) to set up an advisory board to implement a code of conduct for the industry.
“After a couple of days of consolidation, the crypto sphere has suddenly gained some steam. The rally was led fiercely by Dogecoin. Doge was fuelled by the influx of traders. Bitcoin and Ether also joined the bandwagon, pushing up the overall market capitalization,” said Edul Patel, CEO and co-founder, Mudrex.
Crypto prices as of 09:30 hours IST (Source:
coinmarketcap.com
)
ZebPay Trade Desk’s Tech View
XRP is one of the leading altcoins today. With a marketcap of $46 billion, it is the seventh largest cryptocurrency. The native currency of the digital payment platform RippleNet is XRP. This platform is built on top of a distributed ledger database called the XRP Ledger.
RippleNet is run by the firm Ripple, and the XRP ledger is an open-source distributed ledger database. XRP was made by Ripple as it aimed to provide a speedy, less costly and scalable alternative to existing monetary payment platforms such as SWIFT. As of now, the XRP ledger is capable of processing transactions roughly every 3-5 seconds.
Major levels
Support: $0.88 and $0.75
Resistance: $1.10 and $1.26
On the technical front, post correction, XRP has taken multiple support around the important level of $0.75 levels (78.6% Fibonacci Retracement level) and has surged almost 68% from its low. Currently, the asset is hovering around $1 and trying to make a ‘Flag’ pattern (continuous bullish pattern). Hence, we anticipate XRP to further rally once it trades and sustains above the $1.10 level.
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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