Crypto Industry News:
Recent reports from South Korea indicate that XRP is gaining more and more popularity among crypto investors. Analytical company Kaiko reported that the token among Gen Z representatives has become the most traded cryptocurrency, surpassing global giants.
Analytical firm WhaleWire confirmed this information, pointing out that more than $16 billion worth of XRP has been traded in South Korea since the beginning of 2023.
Not only global statistics testify to the growing popularity of XRP. Young investors in South Korea clearly choose it over Bitcoin or Ethereum. Data from Bithumb shows that as many as 82.5% of investors in their twenties choose altcoins with greater volatility than BTC or ETH.
Korean investors from the so-called Gen Z, i.e. people in their twenties, invest more in XRP than in BTC and ETH. They are also interested in other altcoins such as Fellaz or Mines of Dalarnia. Older investors, in their forties and over, tend to be more conservative, leaning towards more established cryptocurrencies such as ETH and BTC.
Technical Market Outlook:
The BTC/USD pair had bounced from the low made at the level of $25,367 and trigger a bigger correction to the upside. The local bounce high was made at the level of $26,779. The level of $25,560 will now act as the technical support, but the key short-term technical support is seen at the level of $24,753. Please notice, the current market conditions are extremely oversold on Daily time frame chart, so the bulls are free to bounce even towards the technical resistance located at $28,446.
Weekly Pivot Points:
WR3 - $26,439
WR2 - $26,243
WR1 - $26,125
Weekly Pivot - $26,047
WS1 - $25,929
WS2 - $25,851
WS3 - $25,655
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
