Crypto Market Review, September 30

Despite negative performance over the past week, the cryptocurrency market managed to end it on a high note as most assets today are moving in the green zone, with some exceptional performances from assets like XRP and Maker.

XRP starts another rally

Ripple’s latest big win in court led to another price increase for XRP, making it the most profitable asset on the market in the last 24 hours. As already covered by U.Today, US District Court Judge Analise Torres ordered the SEC to turn over documents related to William Hinman, which is a significant victory for Ripple.

Despite all the commission’s attempts, Ripple will most likely win in the process and ultimately prove that it is not a security, and therefore it will avoid regulatory intrusion by the SEC. The current scenario plays out in favor of the coin as many market participants still identify XRP with Ripple.

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From a technical perspective, XRP is breaking through the important resistance level reflected in the 200-day moving average. The successful breakout and anchoring above the EMA will give XRP the opportunity to surge higher and finally break a nearly two-year downtrend.

The biggest risk that XRP holders face now is an unexpected turn in court and turmoil in the cryptocurrency market in general. However, the coin’s price performance will most likely remain stable if Ripple continues its winning streak.

Ethereum is dangerously passive

While some assets are increasing, others are showing extremely passive price performance that could be considered dangerous under current market conditions. During market rebounds, as we are seeing now, assets can recoup some of the losses they took during corrections. Lack of movement and momentum on Ethereum could be playing a cruel joke on holders as we will most likely see another increase in selling pressure in the foreseeable future.

In the last eight days, Ether’s price remained at the same level despite the average intraday volatility. The regulatory uncertainty and questionable price performance after the Merge update are two main reasons why investors avoid injecting funds into the second largest cryptocurrency in the market. The lack of trading volume is further confirmation of the thesis.

However, the leader of the crypto industry, Bitcoin, is also not showing any exceptional price performance as it barely managed to gain at least 5% to its value, but it still has not reached the local resistance level of the 50-day moving average.

Typically, Bitcoin moves in the local downtrend and will most likely continue this trend while the US dollar rises against a bracket of foreign currencies.