Consolidation at the top as Ripple's XRP leads the way

XRP, the native cryptocurrency of the Ripple network, climbed roughly 7% overnight after Ripple Labs CEO Brad Garlinghouse confirmed that their stablecoin had received “final approval” from New York regulators.

Bitcoin is moving sideways following yesterday’s volatility, while Ethereum (ETH) has dipped another 1.5%. Maker (MKR) and Synthetix (SNX) are among the hardest-hit during this week’s turbulence.

Despite the mixed performance, the Fear and Greed Index remains firmly in Greed territory, reflecting lingering optimism in the market.

The news stirring conversations the last few days is Google’s unveiling of its new quantum computing chip, Willow. Market watchers say that concerns over the chip’s potential to disrupt cryptocurrency consensus mechanisms may have spooked many crypto investors, although experts maintain that quantum computers capable of such feats are still years away.

Meanwhile, Michael Saylor’s MicroStrategy has made headlines again with a $2.1 billion Bitcoin purchase, reinforcing institutional interest in the space despite the turbulence.

‍

In the Markets

‍

Total crypto market cap

$3.46 trillion (+0.76%)

‍

What Bitcoin did yesterday

Daily high $98,327  |  Daily low $94,386

‍

Bitcoin market capitalisation

$1.93 trillion (+0.54%)

‍

Bitcoin 24-hour trading volume

$98.6 billion (-16%)

‍

SP500

-0.3%

‍

Fear and Greed Index

Greed

‍Source: Coinmarketcap

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

‍

Bitcoin Relative Strength Index (RSI) (14)

44

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

‍

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

‍