Bitcoin is trading around the $55,700 level. Ethereum sharply increased in value and reached the level of $2425, and XRP strengthened to the price value of $1.37. The total capitalization of the cryptocurrency market was 2.07 trillion Dollars.
According to strategists at JPMorgan, the elimination of bitcoin futures for $10 billion promises a deeper adjustment if the price does not return to values above 60,000 in the near future. Experts are concerned that this time the rollback of the quotes of the first cryptocurrency will continue. They explain this by weakening the momentum signals, calculated as the difference between the current price and the price in previous periods. In the previous three similar cases, the inflow of investments allowed us to quickly break above the key resistances and give grounds to impulse traders to further build up long positions. According to the bank's analysts, the probability of a quick recovery now looks much lower. The weakening of the momentum was deeper and harder to recover from. In addition, the inflow of assets to funds based on the first cryptocurrency looks modest.
Analysts at Ernst & Young believe that XRP could put competitive pressure on India's traditional banking system by making faster, cheaper, and more transparent payments. In theory, once blockchain applications pass the pilot and proof-of-concept stage, they will compete with other systems and technologies that provide similar services. To some extent, this is already being observed in the financial services sector. An example is the cross-border payments market, where traditional banks may have to compete with solutions like XRP, which already offers services in 55 countries. This spring, the company also began testing a closed version of the blockchain, which will provide central banks with a secure, controlled, and flexible solution for issuing and managing government cryptocurrencies.
Trading Signals for cryptocurrencies Bitcoin, ETH, XRP
In the forecast, Bitcoin is expected to decline to the levels of 55500, 55200 and 55000 Dollars. Ethereum will reach the support levels of $2420, $2400, and $2375, while XRP will reach the price values of $1.35, $1.32, and $1.30.