Cryptocurrencies have started to reverse higher once again this week, after turning bearish last week. This has been happening since January, as the sentiment turns on and off in the crypto market. After the crash from November to January, cryptocurrencies have not made new lows, and most of them have formed support zones, but the sentiment in financial markets remains fragile, and the buyers haven’t been able to resume the larger bullish trend. However, Ripple and Fantom remain supported, and they are trying to turn higher, but let’s see if they can resume the bullish trend.
Fantom Daily Chart – The Support Zone at $1.30 Holds
Can FTM resume the bullish trend now?
Fantom is doing well in the DeFi space, with a 2/1 ratio of TVL to market cap, and with Stader Labs, which is a cryptocurrency staking platform, bringing leveraged DeFi to Fantom as well. That has been keeping the FTM coin in demand, and it has been showing resilience during these bearish times. By the middle of January, FTM/USD was retesting all-time highs, after bouncing off the support at $1.30.
But, the bearish sentiment in the crypto market caught up with Fantom, which retested the support zone in the last week of February. That support zone held, and it seems that it is holding again now, so hopefully, it will reverse higher and test the ATH again. The decline last week came as a result of Andre Cronje and Anton Nell, who is a senior solutions architect at Fantom, leaving the project and crypto as a whole. Although, FTM will surely recover, as the DEX Solidly went live on Fantom a few days ago, and it has already attracted over $2 billion in total value locked (TVL).
Ripple XRP Daily Chart – XRP Still Trading Between 2 MAs
The 100 SMA is acting as resistance, while the 50 SMA acts as support
Ripple was also showing bearish pressure and making lower highs from April last year, but in February we saw a decent increase of more than 50%, which stopped at the 100 SMA (green), which has been acting as resistance. The SEC lawsuit, which kept the sentiment bearish for XRP during this time, might be taking a positive turn. It is expected to end with a settlement, as emails and notes from Hinman’s 2018 speech are to be handed over to Ripple, which should be enough to force the SEC to accept.
That’s the main reason why XRP/USD hasn’t slipped lower, while the 50 SMA (yellow) has been helping as well, acting as support. So, XRP is stuck between these two moving averages now, as the crypto market fluctuates up and down within a range. Ripple has bought back $15 billion of its Series C funding, which shows confidence from their side, and the price in recent weeks supports this as well, since other cryptos have been testing the lows during this time.
XRP/USD