The start of the new week ended in the green. The Dow Jones Industrial Average (DJIA) went up 157.62 points (+0.62%) to close at 25,763.16. The NASDAQ Composite went up 137.21 points (+1.43%) to close at 9,726.02, and the S&P 500 went up 25.58 points (+0.83%) to close at 3,066.59.
The U.S. Fed said that it would buy individual corporate bonds, taking a broader approach to buying corporate bonds. While the Fed had previously indicated that it would eventually buy bonds on the primary market, today’s announcement marked an expansion into the secondary market.
States in the reopening process (Alabama, California, Florida, North Carolina, and Texas) are reporting a rise in coronavirus cases. Governor Andrew Cuomo of New York has threatened to pull liquor licenses from bars and restaurants that violate the rules of the phased reopening.
As for news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for XRP, the Bitcoin (BTC) bulls maintaining their price lead, and Ethereum (ETH) miners from Bitfly deciding the fate of a $2.4M transaction fee.
XRP Expected to Reach $0.15 Soon
Last Sunday, XRP’s $0.190 price level hardly restrained sellers from attempting to squeezing it out of its sideways trend. Last night, the previous support level could not withstand another onslaught, forcing the price to set a new local of $0.185.
This morning, the decline stopped, and buyers were trying to have the price of XRP trend sideways. If XRP fails to break the $0.19 line, then the decline will continue towards the purple downward channel’s upper border.
Looking at the 4H chart, XRP has settled below the $0.1870 mark, confirming the start of a long-term bearish trend. However, a bullish divergence has been formed on the Relative Strength Index (RSI), suggesting a possible correction. In this particular case, traders can expect a $0.1870 retest before the start of another price decline.
Looking at the daily chart, the Moving Average Convergence/Divergence (MACD) is on the decline. This means that the bulls are unlikely to return to the crucial $0.20 level. With a decrease in the trading volume, XRP will continue to trade within the falling channel, and the nearest support level is the bottom of the channel at $0.17.
Bitcoin (BTC) Bulls Maintain Their Price Lead
Su Zhu, a prominent investor, analyst, and Co-Founder of Singapore-based Three Arrows Capital, recently commented on the recent Bitcoin (BTC) price drop. He believes that the stats of the Chicago Mercantile Exchange (CME) showed a line of defense that is crucial for the bulls.
According to Zhu’s forecasts, there is a significant level of bull aggression located between $9,170 and $9,270. Zhu also mentioned that this conclusion came from analysis of Bitcoin (BTC) futures trading statistics on the CME.
The signal that Zhu may be referring to is an exhaustion gap. The bears may be losing steam because they failed to prevent Bitcoin (BTC) from reentering the $9K club. As of now, the bulls are seizing on the initiative.
The prediction by Zhu resonated with other analysts, including Michael van de Poppe, who suggested that Bitcoin (BTC) may drop to $9,050 before its next upswing.
Bitfly’s Ethereum (ETH) Miners Decide Fate of $2.4M Transaction Fee
Bitfly, an Austrian-based Ethereum (ETH) development studio that operates the Ethermine ETH mining pool, explained their decision on the fate of a $2.4M transaction fee from their record books.
According to Bitfly’s official statement, the development studio waited four days for a response from the mysterious sender. Numerous Ethereans contacted Bitfly within the aforementioned time period. However, no one managed to prove that they were behind the transaction.
Bitfly also highlighted that “Given the amount involved”, the studio delayed disseminating the information until they received a response from the sender.
Despite Bitfly’s ‘fair play’ decision, some individuals within the Ethereum (ETH) community suggested that the studio could have waited a bit longer. Lefteris Karapetsas, Founder of the open source portfolio tracker Rotki, recommended that Bitfly wait an extra week or two since last weekend was a bank holiday in several Catholic European countries.
Considering the enormous media coverage by several news outlets and social networks, Bitfly treated the four day period as sufficient time. Bitfly is also trying to avoid entering into commitment that are related to the arbitrage of Ethereum (ETH) transactions.