- Citigroup considers offering crypto trading, custody services, and customer financing.
- Bitcoin trades within crucial support and resistance while bulls rebuild momentum toward $60,000.
- Ethereum bulls must hold support at $3,400 to avert losses back to $3,400 and $3,200.
According to the last financial report, Ripple has continued to grow in all perspectives despite the lawsuit with the US Securities and Exchange Commission (SEC). The sales of XRP grew by nearly 100% from $76 million in Q4 of 2020 to $150 million in Q1 2021.
Ripple attributes the growth to its flagship product, On-Demand Liquidity (ODL). The product allows clients to send and receive payments across borders via XRP without pre-funding the markets.
Citigroup weighs introducing cryptocurrency services
The bull run in the cryptocurrency market attracts some of the most prominent players in the traditional financial industry. Citigroup is another financial behemoth weighing the option of launching cryptocurrency services mainly due to increasing customer demand.
According to Citi’s Global Head of Foreign Exchange Itay Tuchman, the institution has not made up its mind yet. However, it considers services such as crypto trading, custody, and financing services. Tuchman said that:
“There are different options from our perspective, and we are considering where we can best serve clients.”
Bitcoin stuck between key resistance and support levels
The bellwether cryptocurrency currently trades slightly above $56,000. The upswing toward $60,000 on Thursday stalled at $58,000, giving way for correction. On the downside, BTC held onto support at $55,500.
Meanwhile, the least resistance path is sideways according to the Moving Average Convergence Divergence (MACD). Bulls have a slightly upper hand due to the indicator settling above the mean line (0.00). The uptrend will likely resume if the MACD line (blue) strikes above the signal line.
The 200 Simple Moving Average (SMA) immediately caps upward movement, delaying the uptrend. A confirmed break above $58,000 could trigger massive buy orders as speculation rises for gains past $60,000.
BTC/USD four-hour chart
Bitcoin is not out of the woods yet, because failure to break above $58,000 may result in a surge in overhead pressure. Support at $55,000 and the 100 SMA may not be strong enough to keep the bears at bay. Other crucial support areas include $53,000, $51,500 and $47,000.
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Why Ethereum bulls won’t let go of this crucial support
Ethereum stepped above $3,500, as reported on Thursday. The bullish leg stretched to $3,600, but the momentum fizzled out, curtailing the upswing to $4,000. The resistance in this region allowed bears to flex as Ether corrected under $3,500.
At the time of writing, Ether is exchanging hands at $3,435 after holding firmly to the support at $3,400. Staying above this level is crucial to sustaining the uptrend to $4,000.
ETH/USD four-hour chart
Traders should keep in mind the bearish impulse from the MACD. Following the rejection at $3,600, the MACD line crossed under the signal, adding weight to the overhead pressure. Therefore, the immediate support at $3,400 is critical and must be defended. Otherwise, Ethereum could fall into the bears’ trap, paving the way for losses back to $3,200 and $3,000, respectively.
Check Out: Is Ethereum a Good Investment Right Now?
Ripple bounces off key support as bulls gaze at $2
The cross-border token has resumed the uptrend above $1.6. The bullish picture comes after support at the 100 SMA on the four-hour chart.
As discussed earlier, closing the day above $0.6 would be a significant bullish signal, implying that market stability is intact, encouraging investors to continue speculating on the price lifting to $2.
Consequently, a break above the descending trendline would catapult the price upward, adding credence to the bullish narrative. The MACD on the four-hour chart already confirms that bulls are back in control.
XRP/USD four-hour chart
If push comes to shove Ripple corrects under $1.6, overhead pressure will most likely intensify, leaving the 100 SMA support vulnerable. Traders must also not lose sight of the anchors at the 100 SMA and $1.2.
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