The war on cryptocurrencies has continued and has been having a negative impact on prices since May last year. We’ve seen the latest clandestine end in late January, and buyers have gone in the past few weeks, but they’re still not sure because politics is trying to interfere with cryptos.
The Central Bank of Hungary has demanded that the European Union (EU) ban trade and exchange of currencies. The Bank of Russia has said it wants to reduce citizens’ participation in cryptocurrencies, and suggested limiting the number of cryptocurrencies traded in Russia. As a result, Cardano is moving to lower places, Ripple has recently been showing some signs of aggression.
Ripple Daily Chart Analysis – XRP is compiled between two MAs
Ripple parallel to MAs, because it will be bullied
The Ripple coin has been at an all-time low since May last year, while the rest of the crypto market has seen a sharp rise until November. The legal battle with the SEC was weighing on XRP sentiment below $ 0.60 in January, although a support zone of around $ 0.60 was captured, and we saw mass activity in the first week of January.
But the 100 daily SMA (green) turned to support at around $ 0.90, so the rally stood there. However, the 50 SMA (yellow) has now changed to support on the daily chart. Therefore, Ripple is taking advantage of and strengthening around these moving averages, which is a positive sign, and most cryptocurrencies are re-facing support levels. The lawsuit with the SEC is moving in support of Ripple, which is improving sentiment, so Ripple will make some big profits when the lawsuit is finally settled, but in the meantime XRP traders will be cautious.
Cardano Daily Chart Analysis – Will the $ 1 Support Repeat?
The 50 SMA ADA is pushing down
Cardano has been weak since September, and has remained so, as the peaks continue to decline and the 50 SMA (yellow) price continues to rise. Therefore, a triangle is being created against the ADA / USD, the 50 SMA will continue to push down at $ 1 support, and the trading range will be narrowing.
Cardano entered the DeFi scene after introducing modern contracts with the Alonzo Amendment in September, but failed to generate much interest. The first DEX SundaeSwap, which recently started live streaming, had a congestion problem, but the input output propelled cardano to expand by 11%, enabling Cardano to expand, allowing more transactions to be recorded in the block.
ADA / USD