This morning, I came across some interesting news about Google’s updated site reputation abuse policies. Apparently, they’ve revised their main guidelines with some fresh updates.
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Why Is the Crypto Market Up Today?
The total crypto market cap (TOTAL) has recovered slightly as Bitcoin (BTC) helped the altcoins pull up as well. Ondo (ONDO) emerged as the leader of the crypto tokens, rising by 23% in the last 24 hours.
In the news today:-
- CFTC acting chair Caroline Pham revealed that the CFTC and SEC are in talks for further collaboration on digital asset regulation. Both agencies aim to enhance their joint efforts for the benefit of the public and the market.
- Bitwise has filed to create an Aptos ETF, leveraging the recent Delaware Trust application. Despite the SEC’s high volume of ETF applications, the filings have sparked bullish momentum for Aptos.
The Crypto Market Moves Up
The total crypto market cap surged by $127 billion over the last 24 hours, reaching $2.95 trillion. This brings it closer to the key resistance level of $3.00 trillion. The rise in market cap signals positive sentiment, depending on broader market cues.
The recent decline in volatility has helped cool the market, allowing for a period of consolidation. This reduced volatility provides the crypto market with room to grow. If TOTAL manages to break through the $3.00 trillion resistance and convert it into support, further upward movement toward $3.09 trillion is possible.
However, should the crypto market cap fail to breach the $3.00 trillion mark, it may struggle to gain traction. Falling through the support at $2.93 trillion could lead to a correction, erasing some of the recent gains.
Bitcoin Is Close To Claiming Key Support
Bitcoin is currently trading at $91,717, just under the key resistance level of $92,005. The altcoin is attempting to continue its uptrend, with the next major hurdle at $93,625. If it successfully breaches this level, Bitcoin could experience significant gains, attracting further investor interest in the short term.
The price of Bitcoin is poised for a potential rise, depending on investor behavior. If the selling pressure remains low after $92,005 is surpassed, Bitcoin could breach $93,625 and flip it into support. This would provide strong momentum, pushing the price further towards $95,761 and boosting market sentiment.
However, the bullish outlook could be invalidated if Bitcoin fails to maintain its momentum. A lack of buying pressure could lead to a decline below the support at $89,800, which could trigger a further drop to $87,041.
Ondo Jumps Massively
ONDO price has surged by 24% in the last 24 hours, trading at $1.19 after breaching the key resistance of $1.10. With strong buying pressure, the altcoin is now targeting the next major resistance level at $1.27, signaling a potential continuation of the upward momentum in the short term.
To continue its uptrend, ONDO will need strong inflows. If the altcoin successfully flips $1.27 into support, it could see further growth, reaching the $1.48 target. This upward momentum is contingent on sustained investor interest and the ability to maintain support levels for continued price action.
However, sharp selling could reverse the positive trend. If ONDO loses the support of $1.10, it could face a decline, testing lower support levels like $0.96. This potential drop would invalidate the bullish thesis, erasing recent gains and jeopardizing the altcoin’s recovery.
The post Why Is the Crypto Market Up Today? appeared first on BeInCrypto.
XRP Surges 7% as Golden Cross Signals More Gains
XRP is up more than 7% in the last 24 hours, bringing its market cap near $150 billion. The crypto community is now debating how its inclusion in the US crypto strategic reserve will impact its long-term price action.
Attention is also on the upcoming White House Crypto Summit on March 7, which could play a key role in shaping market sentiment. Whether XRP continues its rally or faces new resistance will depend on these developments and whether technical indicators confirm a sustained uptrend.
XRP DMI Shows Buyers Are Still In Control
XRP’s DMI shows that its ADX is currently at 18.49, down from 36.2 four days ago, indicating that the strength of its trend has weakened significantly.
The +DI (positive directional index) is at 25.1, down from 50, while the -DI (negative directional index) has risen to 14.4 from 9.3.
This shift suggests that bullish momentum has faded while selling pressure has slightly increased, making it harder for XRP to establish a strong uptrend.
The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with readings above 25 signaling a strong trend and values below 20 indicating weak or nonexistent momentum.
XRP’s ADX at 18.49 suggests that its current attempt to form an uptrend lacks strength. The declining +DI shows buyers could be losing control, while the rising -DI indicates sellers are gaining ground.
If this trend continues, XRP may struggle to sustain an upward move, but if ADX picks up again and +DI rebounds, bullish momentum could return.
XRP Active Addresses Just Hit A New All-Time High
XRP’s 7-day active addresses have surged to 1.16 million, marking their highest level ever.
This sharp increase comes after the metric stood at just 236,000 on February 27, indicating a significant rise in network activity over the past few days.
Tracking active addresses is important because it reflects user engagement, transaction activity, and overall demand for a cryptocurrency.
A rising number of active addresses often signals increased adoption and interest, which can support price growth. Despite the crypto community questioning whether XRP should be included in the US crypto strategic reserve, this spike in activity suggests strong network participation.
If this trend continues, it could help sustain bullish momentum for XRP, potentially driving prices higher.
Will A Golden Cross Make XRP Surge Soon?
XRP’s EMA lines indicate that a golden cross could form soon, as short-term moving averages continue to rise. If this bullish signal materializes, XRP price could test resistance at $2.74, with a breakout potentially sending the price to $2.99 and even $3.15.
However, this will depend on key developments, including the next steps regarding the US crypto strategic reserve and potential announcements at the White House Crypto Summit on March 7.
Tracy Jin, COO of MEXC, told BeInCrypto:
“The approach to establishing strategic reserves is contentious and may require either an executive order or Congressional authorization, potentially undermining long-term policy stability. While Trump’s initiatives are expected to boost market confidence and attract institutional investments in the short term, uncertainties remain over policy effectiveness, Congressional support, and international market reactions in the medium to long term. Investors should monitor these developments closely and adjust their strategies accordingly.”
On the other hand, if it fails to build an uptrend and selling pressure increases, it could test support at $2.50, with a further drop potentially pushing it to $2.33.
A stronger downtrend could drive prices to $2.06 or even below $2, testing $1.95.
The post XRP Surges 7% as Golden Cross Signals More Gains appeared first on BeInCrypto.