In a long list of the fluctuating fortunes of cryptocurrencies, XRP saw a major spike this month, trading from $0.322 to $0.456. The coin had maintained a sideways trajectory across the year. On the opposite end of spectrum, Stellar Lumens [XLM] recently marked its high at $0.142, making it one of the few altcoins to witness a successful recovery after the crypto-winter.
The one-day reading for XRP/USD showed a negligible change of 0.02%, placing the coin’s value at $0.397. Although the altcoin’s recent bull run was short-lived, the third-ranking cryptocurrency delivered commendable returns for early buyers, recently. Additionally, the crypto held a market cap of $16.7 billion and a 24-hour trading volume of $2.6 billion, at press time.
Support 1: $0.305
MACD: Since the MACD line was positioned way over the signal line, a strong bull market for XRP was projected.
Awesome Oscillator: A green histogram indicated bullish momentum for the coin.
Chaikin Money Flow: The CMF indicator’s comfortable position above the zero line suggested growing inflow of capital into XRP market.
Stellar Lumens [XLM/USD] 1-Day
Stellar Lumens’ one-day chart showcased a fairly bullish trend through the year. The crypto was down by 1.28%, placing its trading value at $0.135208, at press time. Like XRP, XLM had also broken its previous resistances. Further, the coin was threatening to take Tether’s position, with a market cap of $2.59 billion and a 24-hour trading volume of $484 million, at press time.
Support 1: $0.098
Relative Strength Index: RSI indicated extremely high buying pressure for the XRP market
Bollinger Bands: Similarly, the divergence of the bands indicated extremely high market volatility.
Parabolic SAR: The dotted markers were below the candlesticks, which also indicated an immediate bullish trend for the XLM market.
XRP continued to recover after a dry run, while XLM maintained its growth trajectory.
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Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
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