Market update: BTC reclaims $28k as XRP explodes to $0.58
- Bitcoin has recovered from lows of $26,690 reached after Binance-related regulatory news.
- XRP has outperformed after breaking above $0.50, while Ethereum reclaims $1,800.
- Bitcoin faces tough resistance at $28k-$30k.
Bitcoin price is back above $28,000, trading as high as $28,600 on Wednesday morning as crypto looked to shake the downward pressure injected by this week’s regulatory related news.
After the BTC price fell to lows of $26,690 following the CFTC charge against Binance CEO Changpeng Zhao and his crypto exchange, bulls have managed a 6% jump in the past 24 hours to push Bitcoin to the crucial $28,000 level.
The gains for BTC have also come amid a broader crypto market upside, as traders shed the regulatory anxiety amid news that Hong Kong regulators were looking to make the city state a digital asset hub by encouraging banks to extend finance services to Bitcoin and cryptocurrency companies.
Bitcoin bulls now face the task of breaching the thick resistance wall between the $28k and $30k zone, which could open the path to the highest price since June 2022.
Another flip lower could bring back the $25k support area into play, but crypto analyst Rekt Capital suggests dips with a monthly close above the zone would be a healthy retest.
It’s possible that #BTC could start the month of April with some downside
But as long as $BTC Monthly Closes above ~$25000, that downside would constitute a healthy retest attempt of the then-broken Macro Downtrend#Crypto #Bitcoin
— Rekt Capital (@rekscapitaI) March 29, 2023
XRP outperforms as Ethereum eyes $2,000
As BTC looks to retest YTD highs, XRP was outperforming most altcoins in top 50 market cap category as it exploded above $0.50.
At the time of writing, XRP was poised above $0.56, having tested bears around $0.58. XRP/USD is 16% up in the past 24 hours and 45% this past week as buyers target the key $0.60 level ahead of what could be a make or break few days – given the highly anticipated end to the Ripple Labs versus US Securities and Exchange Commission (SEC) case.
Ethereum is also trending higher, up more than 5% in the past 24 hours and above $1,800. The gains come after bullish sentiment seeped into the market following CFTC indications of ETH being a commodity.
It also follows recent confirmation that the Shapella upgrade will happen on 12 April 2023. Community anticipation for ETH withdrawals could aid the price of Ethereum to jump to the psychological $2,000 level.
