The new week marked the end of the local correction, which, due to a combination of negative factors, collapsed the market by 15%. By Tuesday, April 27, the indicators of the main cryptocurrencies are approaching historical levels. The capitalization of the crypto market also continues to grow and increased by 5.3% in 24 hours, primarily due to XRP.
It was the Ripple token that took over the baton from ether and bitcoin, pulling the cryptocurrency market to another capitalization record. As of 12:00 UTC, the asset's indicators reached $1.42, and the asset rose in price by 15% during the day. Daily trading volumes also continue to grow and already amount to $15.5 billion. At the weekend, XRP reached a local low at $1.1. The price correction could worsen to $0.800 if the asset failed to stay within $1. However, everything turned out in favor of the cryptocurrency due to the strong support of the market. After the pressure eased over the weekend, the coin began to show a slight increase, which was compounded after the publication of news about another local victory of Ripple over the SEC.
It became known that the US Securities and Exchange Commission failed to obtain information and reports on Ripple's financial transactions. Thanks to this positive news, XRP/USD quotes soared by 20%, strengthened by the firm position of investors who received information confirming the confident position of the token. In addition, the local correction, which reduced the price of the asset, allowed new participants to enter the market in favorable conditions and hope for an early profit. Such a strong growth of the coin allowed it to reach the price of $1,422 and is not going to stop. Soon, the cryptocurrency will be able to overcome the $1,550 mark and try its luck at the $1.60 mark. However, the XRP token remains an unreliable coin due to the lack of confidence in the crypto asset in the longer term.
Ether, unlike XRP, has not received such a significant momentum but continues to grow in price. Over the past day, the asset has risen by 2.5% with questionable daily trading volumes, which amount to only $36.5 billion. The cryptocurrency has reached a previously set local high of $2,560 and can count on conquering a new historical record. This is evidenced by the influx of institutional audience, which entered the market after a lightning drop in fees in the ETH network by 80%. In addition, the startup Bender Labs has introduced a new Wrap protocol that allows you to establish a bridge between the Ethereum and Tezos blockchains. This solution also allows you to increase the speed of transactions without losing the main elements of the token, as well as reduce commissions. Given all the positivity around the cryptocurrency, we can expect that in the near future, the ether will continue to grow and will be able to swing to the mark of $2,700.
Other altcoins, succumbing to the impulse of more powerful representatives of the market, also began to grow rapidly. For example, LTC for the day rose by 4.6%, gaining a foothold at $250. Given the strong resistance of the market on the approaches to the boundary of $265-$270, it is expected that the cryptocurrency will continue to fluctuate within these limits. The new generation altcoins ADA (+5.8%) and DOT (+4%) also resumed their upward movement. However, the situation with these cryptocurrencies is similar to that of Litecoin, which reacts to market impulses. After the ETH update, altcoins of the new generation of the Internet are not able to expand their audience, as it happened with all other things being equal. In this situation, assets have to adjust to the overall growth cycles.
The cryptocurrency market is starting a new round of growth, given the positive news from the battleground of Ripple and the SEC, as well as a positive announcement from JPMorgan, which plans to launch a bitcoin fund with asset management for a narrow range of clients. We should soon expect the continuation of the course for the growth of quotes of the main coins, while maintaining a positive news fund, to which crypto assets have recently been particularly sensitive.
