Home Market BTC reclaims $28k as XRP explodes to $0.58

BTC reclaims $28k as XRP explodes to $0.58

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  • Bitcoin has bounced back from a low of $26,690 after Binance-related regulatory news.
  • XRP outperformed after breaking $0.50 while Ethereum regained $1,800.
  • Bitcoin faces stiff resistance between $28,000 and $30,000.

Bitcoin price crossed $28,000 and traded to $28,600 on Wednesday morning. This is as cryptocurrencies appeared to shake the downward pressure injected by this week’s regulatory news.

After BTC’s price plunged to $26,690 following a CFTC charge against Binance CEO Changpeng Zhao and his cryptocurrency exchange, bulls surged 6% in the past 24 hours, pushing Bitcoin to a critical $28,000 level. raised to the level of

Traders dispel regulatory fears amid news that Hong Kong regulators are looking to make Hong Kong a hub for digital assets by encouraging banks to expand their financial services to bitcoin and cryptocurrency firms. , Bitcoin’s rise came amid the broader cryptocurrency market’s rise.

Bitcoin bulls now face the challenge of breaking the wall of resistance between the $28,000 and $30,000 zones, potentially paving the way for the highest since June 2022.

Another drop could put the $25,000 support area back into action, but crypto analyst Rekt Capital suggest If the monthly close is above the zone, it would be a healthy retest.

XRP Outperforms as Ethereum Targets $2,000

As BTC was about to retest YTD highs, XRP exploded above $0.50, outperforming most altcoins in the top 50 market cap categories.

At the time of writing, XRP is poised above $0.56 and has tested bears around $0.58. XRP/USD is up 16% over the past 24 hours and has gained 45% over the past week. This is because buyers have been eyeing his 0.60 level in key a few days ago given the highly anticipated close of Ripple Labs vs. US Securities. Securities and Exchange Commission (SEC) case.

Ethereum is also on an upward trend, gaining more than 5% over the past 24 hours, above $1,800. The rise comes after bullish sentiment flooded the market following CFTC indications that Ethereum is a commodity.

It also follows recent confirmation that the Shapella upgrade will take place on April 12, 2023. Community expectations for ETH withdrawals could help Ethereum price jump to his psychological $2,000 levels.

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