Price analysis: Ripple’s XRP surges ahead of SEC hearing
Bitcoin at new all-time high, Ripple rallies sharply ahead of SEC hearing
Bitcoin may form another new all-time high this week, which may also have a positive impact on the performance of many altcoins. Meanwhile, XRP prints a buy signal – but this should be taken with a grain of salt due to the upcoming SEC hearing.
The reserve currency Bitcoin (BTC) is also rising this week to a new all-time high at USD 58,330. This clearly exceeds the important price level of USD 50,000. In the last hours of trading, many altcoins are weakening somewhat, but the vast Bitcoin Rush majority of them have risen in price compared to the previous week. At the top of the top 100 altcoins, the picture is rather heterogeneous. The weekly winner ZKSwap (ZKS) is to be found in the DeFi area. On the other hand, this week’s underperformers also include various DeFi projects such as UMA (UMA) and Aave (AAVE).
Best price performance among the top 10 altcoins:
Price analysis based on the DOT/USD value pair on Binance
This week, the crypto exchange Binance’s in-house Binance Coin (BNB) is again leading the list of weekly gainers. However, since BNB was already analysed in the analysis on Friday 19 February, this analysis turns to the Polkadot (DOT) cross-chain project. However, the DOT price has been bullish again over the last seven trading days. With the breakout above the high of USD 19.38 and, in particular, the overcoming of USD 21.78, a price rally to USD 42.30 followed. The price of Polkadot thus doubled in 14 trading days.
Bullish variant (Polkadot)
Starting from the fresh all-time high at USD 42.30, the price of Polkadot consolidated by around 13 percentage points in the last few days. An extension of the correction towards USD 30.21 is conceivable. As long as the bulls do not dynamically break through Polkadot’s daily low at 34.81 and hold it above the important horizontal support at 30.21 USD, a renewed rise towards the all-time high is to be expected. Even a fall back to the EMA20 (red) at USD 28.82 would not be problematic for the time being.
If the DOT price subsequently rises back above the resistance at USD 39.06 (261 Fibonacci extension) and also overcomes USD 42.30 dynamically, the 361 Fibonacci extension at USD 51.22 comes into view. If this resistance is also sustainably broken to the upside, a subsequent rise to USD 63.38 can be planned. This is the 461 Fibonacci extension, which represents the maximum medium-term price target. If investor interest does not wane, a march through to the 561 Fibonacci extension at USD 75.55 is conceivable for the second half of the year. This would correspond to a further doubling of Polkadot’s price.