- Bitcoin recovery stalls slightly above $32,000 despite Elon Musk’s comments at the B Conference.
- Ethereum rises to $2,000, but increasing overhead pressure endangers the growing appetite for gains to $2,400.
- Ripple could gains momentum to $1 after Visa announced a plan to acquire RippleNet’s Currencycloud.
Investors were treated to remarkable recoveries on Wednesday, but bulls seem to have lost the grip. Some selected altcoins like MATIC soared by over 30% but still struggle below critical resistance levels. Ethereum led its peers in gaining ground after the selloff earlier in the week but hit a barrier at $2,000.
The flagship cryptocurrency rallied from $29,000 but could not make it past $33,000. The breakout was mainly supported by Elon Musk’s remarks at the B Conference on Wednesday. While discussing matters crypto with other industry figures, Musk revealed that SpaceX, his founded space company, owns Bitcoin.
Musk, a self-proclaimed “Dogefather,” added that he owns Ethereum and, of course, Bitcoin. The revelation came barely a day after assuring Dogecoin fans that his son has not sold his DOGE and has never intended to sell it.
Bitcoin Price Uptrend Slows But Bulls Refuse To Give Up
Bitcoin price is back to trading above $31,000 a couple of days after dropping to $29,000. As the recovery took shape on Wednesday, bulls targeted $34,000. However, a break above $33,000 became a daunting task. Hence, a correction followed to levels marginally under $40,000.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator shows that buyers have the upper despite the resistance faced above $32,000. Perhaps a confirmed break above $33,000 will reinforce the bulls’ presence in the market, clearing the path for gains toward $40,000.
BTC/USD daily chart
On the downside, another daily close below $32,000 may result in an extended correction toward $30,000. Realize that Bitcoin could still explore $29,000 and other lower price levels toward $25,000.
Ethereum Price Bows To Selling Pressure At $2,000
Ethereum closed the previous day in the green in the wake of support at $1,730. The V-shaped recovery discussed on Wednesday boosted Ether to $2,000 while accentuated by the news that Tesla’s founder Elon Musk owns the cryptocurrency.
However, the uptrend appears to have hit a barrier at $2,000, highlighted by the 100 SMA. If bulls don’t crack this resistance in the near term, overhead pressure may rise, pulling Ether toward $1,900, support highlighted by the 50 SMA.
Despite the growing resistance at $2,000, the Moving Average Convergence Divergence (MACD) has sustained a bullish impulse since July 21, insinuating that Ether is in the bulls’ hands. A confirmed break above $2,000 could trigger massive buy orders, bolstering Ether toward $2,400.
ETH/USD four-hour chart
Check Out: Why Ethereum Will Skyrocket
Visa Set To Acquire Customer Currencycloud
Visa, a global payments giant, has announced plans to buy Ripple’s RippleNet customer Currencycloud in a bid to improve its cross-border payments services. The Currencycloud top-notch solutions are geared toward streamlining banks and fintech firm’s international money transfers. RippleNet currently boasts over 500 clients based in the banking and fintech industries.
Visa and Ripple have already been working in a partnership, according to Visa. The deal at hand is valued at roughly $963 million. This acquisition will allow Visa to expand and improve its services to its numerous partners while streamlining payments flows. In a statement, Visa’s Global Treasurer Colleen Ostrowski said:
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement.”
Meanwhile, Ripple price recovery has stalled under $0.58, a barrier strengthened by the 50 SMA. Bulls look forward to jumping above this level while closing the gap at $0.6. A slight push on XRP will likely blast the token value to $0.7 ahead of another upswing to $1.
XRP/USD four-hour chart
It is worth mentioning that the above news from Visa could be a big boost to Ripple, especially as the blockchain company battles the US Securities and Exchange Commission (SEC) in court.
On the other hand, the MACD supports a bullish outlook after presenting a buy signal in the wake of declines to $0.52 earlier in the week. As long as the technical picture improves, we expect Ripple to keep rallying toward $1.
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