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Market Overview
UK lawmakers have called on the government to take the cryptocurrency regulation seriously. Lawmakers say the market is a "wild West" and needs regulations to fully achieve its potential. This comes after a report published by Parliament's Treasury Committee on Wednesday. He said that investors in the industry have very limited protection against the risks associated with the market.
The crypto market turned red again just a few hours after the brief rally triggered by Ripple (XRP), which exceeded 20% on Tuesday. Bitcoin (BTC) is currently trading below $ 6,300 following a decrease of 0.63% on the day. Ethereum (ETH), on the other hand, has declined from yesterday's highs to $ 215 to trade at $ 206 at the time of writing. Most activities are in red after recording intraday decreases between 0.5% and 4%.
Ripple (XRP)
The unexpected bulls surprised many on the market yesterday. Ripple embarked on a breakthrough trip on Tuesday, making a tremendous swing from the low swing to $ 0.265. $ 0.27 was established as stable ground when Ripple arose in a candle that overwhelmed critical resistance at $ 0.30.
The encrypted fireworks on the market add more than 20% of the value in a few hours. However, the magnificent recovery, unfortunately, ended at less than $ 0.34. The XRP / USD is consolidating gains above $ 0.31. Although the trend is towards the bear side, buyers have managed to prevent huge bear oscillations.
Currently, Ripple is facing resistance at $ 0.32 but the supply zone above $ 0.3364 (swing) is the critical level that triggers further upward movements above $ 0.34 and $ 0.35. On the other hand, the bullish trendline is providing immediate support, but the Fib retracement level at 61.8% to $ 0.31 will stop the declines at $ 0.30. Ripple is traded above 50SMA while the stochastic goes slightly above the oversold region to show that buyers still have strength, at least to defend the support.
Cardano (ADA) [19659002] Cardano is in the final phase of the spike that took off yesterday. The crypt began to correct higher from the lows to $ 0.062, although the wave took over before noon on Tuesday. ADA / USD met a fight at the Fib level of 61.8% with the last decline from $ 0.0739 to a minimum of $ 0.0619. The wave spilled into today's session as the crypt rose again into a wraparound candle. Unfortunately, the bulls loosened their grip by letting the sellers pick up just under $ 0.074.
There is no apparent reason behind the sudden increase in the price of Cardan. Moreover, the network has not released news in the last days. In fact, some experts are saying that Cardano is currently hungry for news. The above oscillation in Ripple can be explained by the clamor surrounding the release of a product before the end of the year. However, for Cardano, this is mainly driven by demand and supplies as well as triggers after breaking technical levels.
Meanwhile, Cardano is trading at $ 0.071 after recovering slightly from short-term support at $ 0.068. The bulls do not see the $ 0.072 hour while the key resistance is highlighted at $ 0.074.
Waves (WAVES)
Waves are among the few coins that continue to trade in the green ignoring the bear market pressure Wednesday The digital token has consolidated into a bullish flag before yesterday's peak. Buyers have increased their price influence even if most of the altcoins are cutting earnings. Waves exchanged with hands above $ 2.3, but $ 2.40 is a significant obstacle.
The finer minor corrections observed today have found stable ground above $ 2.1. Furthermore, Waves is currently correcting higher towards $ 2.30 (immediate resistance). If buyers get rid of this short-term resistance, they will have the momentum to attack the bears that are currently concentrated at $ 2.40. In the medium term $ 3.0 is the ultimate goal, but first, support above $ 2.5 will be very instrumental. There are a couple of support areas highlighted on the 4 hour time chart, respectively, at $ 2.10 and $ 1.80.
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