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The uncertainty in the cryptocurrency market continues, as officials around the globe try to regulate this new market, to bring it under control. China banned Bitcoin mining last month, while the legal battle between Ripple coin and SEC continues.
These actions sent cryptocurrencies diving about a month ago, and though the decline has stopped, buyers haven’t been able to gain control of the situation. They have made some attempts at resuming the bullish trend, but the attempts have been weak and haven’t lasted long.
XRP/USD
The highs in Ripple continue to slide lower as the MAs keep pushing the price down, as we highlighted on our 2021 Ripple forecast. Earlier this week, the 100 SMA (green) provided resistance once again, and today we are seeing that the 50 SMA (yellow) is acting as resistance on the H4 chart.
Cryptos have made a bullish attempt today after the Polkadot listing on Coinbase, but the attempt seems really weak. Buyers don’t appear to have enough stamina to push the price above the 50 SMA, so the XRP/USD remains weak, below the MAs, for now.
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