Bitcoin bounces on important support level, XRP winner after week of panic

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Last Updated on 6 November 2023 by CryptoTips.eu

The charges filed by the US stock exchange watchdog SEC against both Coinbase (the largest crypto platform in the US) and Binance (the largest crypto platform in the world) caused a spur of panic on the crypto exchanges.

Calm now appears to have returned as Bitcoin found support right at the key $25,200 level. Big winner among the most well-known coins last week was clearly XRP, which remained virtually unchanged and is still trading at its highest level of the past year.

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Interest rates

The largest of the digital coins appears to be trading stable again and has clearly found support at the important $25,200 level. Although Bitcoin came under pressure from the worldwide attention to the SEC indictments, it was mainly altcoins that fell (such as ADA, MATIC and BNB). Ethereum also held up quite well.

Analysts think Bitcoin is now looking forward to the Fed’s interest rate decision, which will be announced Wednesday evening European time.

Much of Bitcoin’s big rally this year came on the back of investors counting on the fact that rate-rises (both by the Fed and the ECB) will soon end and eventually reverse.

Bitcoin continues to grind sideways-to-lower but remains above key support near $25,200, said Katie Stockton, managing partner at technical research firm Fairlead Strategies. A breakdown below $25,200 would turn our attention to nearby secondary support from the 200-day moving average, near $23,600.  Long-term momentum has yet to recover meaningfully to find new buyers.

XRP winner

It was also very striking to note that after the terrible week for most altcoins, there was one in the top 10 that was unchanged, and continues to be traded at the highest point of the year.

XRP, the coin of Ripple Labs that has been embroiled in a similar lawsuit against the SEC for three years, is now becoming very important, of course. If positive signs come out of court for XRP later this month, it could be very good news for everyone else as well.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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