The cryptocurrency market is advancing this Friday, and this situation also supports the price of Ripple, Bitcoin Cash, and Stellar. Bitcoin is trading above the $57,000 level, and for now, everything indicates that the price could advance again above $60,000 resistance.
The cryptocurrency market continues to attract institutional investors, and according to the latest news, Andreessen Horowitz, one of the largest venture capital firms, will raise $1 billion for a crypto VC find that would invest in different cryptocurrencies.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Andreessen Horowitz also invested in Coinbase and Ripple, while the current investment in the fund would make this company the biggest crypto fund investor among VC firms. Bill Stromberg, CEO of money manager T. Rowe Price Group, said that he expects cryptocurrencies to move “at a good pace.”
“Cryptocurrencies were still far from coming of age, so I would expect this to move at a good pace but take years to really unfold,” said Bill Stromberg.
T. Rowe Price Group has more than $1.40 trillion worth of assets, and when information like this comes from the CEO of the company, it should undoubtedly be positive news. Many institutions started to look at cryptocurrencies for being an excellent store of value, while the world’s leading payment processor, Visa, said it considers Bitcoin to be digital gold.
The cryptocurrency market continues to trade in a buy zone, and for now, there is no risk of the bear market.
Ripple (XRP) has found strong support above $1
Ripple (XRP) is advancing in the last week of April, and for now, there is no sign of the trend reversal.
The critical support levels are $1.40 and $1; $1.8 and $2 represent the resistance levels. If the price jumps above $1.8, it would be a signal to buy Ripple (XRP), and the next target could be around $1.9 or even $2.
On the other side, if the price falls below $1.4, it would be a firm “sell” signal, and we have the open way to a $1 support level.
Bitcoin Cash is trading close to $1000 resistance level
Bitcoin Cash has advanced from $541 above $1200 since the beginning of April, and the current price stands around $988.
If the price jumps above $1000, it would be a confirmation of a bullish trend, but if the price falls below $700, it would be a firm “sell” signal and a trend reversal sign.
Stellar (XML) is still not able to advance above $0.60 resistance
Stellar (XML) has been moving in an uptrend last several days, but the price can still not advance above $0.60 resistance.
If the price jumps above $0.60, the next target could be around $0.70, but if the price falls below $0.40, it would be a strong “sell” signal.
Summary
The cryptocurrency market is advancing this Friday, Bitcoin continues its surge and advances again above $57,000, and this situation also supports the price of Ripple, Bitcoin Cash, and Stellar. These cryptocurrencies are in correlation with Bitcoin, and if Bitcoin enters the correction phase again, that will have a negative influence on the price of Ripple, Bitcoin Cash, and Stellar