The cryptocurrency market digest (BTC, XRP). Overview for 18.04.2022

April 18, 2022

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Not much has changed about the situation in the BTC lately. Over a week, the price of the leading cryptocurrency dropped by 4.7%; on Monday, the BTC is falling down to $39,000.

On the one hand the quotes remain tightly bound to the US stock indices, Nasdaq in particular, and things are getting rather tough. The market is expecting an increase in the interest rate by 50 basis points at the Fed’s meeting in May and is not happy about it at all. On the other hand, international news is also stunning: the Chinese Shanghai has found itself in a severe quarantine due to yet another outbreak of Covid; the WHO warned people of a new strain of the virus that had already been noticed in several European countries. This is a risk for all the key exchanges. Few traders will be eager to buy when the circumstances are so strained.

This week, attention is focused on Chinese statistics (they have already been published, showing nothing remarkable) and the speeches of US and EU monetary politicians.

The tech picture of the BTC does not look favourable for buyers. For the bulls to get back into power, the price must rise above $42,300, and this now looks like a very unrealistic result. If the price manages to hit $41,200-$41,500, chances for growth will increase. For this scenario to work, stock market support is vital. Simultaneously, buyers are focused on reaching $37,000, so volatility and attacks on the price might increase.

Bitcoin chart online

Santiment: someone’s withdrawing BTC

According to the announcement of Santiment, on Saturday, 25,878 BTC was withdrawn from exchanges, which is the largest next to withdrawal since five weeks ago. The history of BTC movements shows that such large volume fluctuations have always led to major changes in the crypto price, either growth or falling.

UST: third biggest capitalisation

The Terra UST stable coin, based on the Terra blockchain, has become the third-largest stable coin in the crypto market, leaving the BUSD behind. According to Coingecko, over the last month, the overall capitalisation of the UST grew by 15% to $17.5 billion.

Ripple: light at the end of tunnel

The director-general of Ripple Brad Garlinghouse has shared some good news about the trial with the SEC, i.e. the lawsuit against Ripple filed in 2020. Ripple was accused of selling unregistered securities as tokens. Garlinghouse said that the process had been much better than expected.

The XRP price has been falling to $0.7349 for three days in a row due to the general depression in the crypto market. The corporate news is good for the coin, yet it needs to shake off global pessimism to reach $0.8000.

Ripple chart online

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.