The cryptocurrency market on Wednesday has fallen victim to a broader bearish trend. Major digital coins such as Ripple’s XRP and Bitcoin Cash [BCH] have plunged to their lowest levels this year. EOS [EOS] is not far behind, as its price has dropped to an over 4 month-low.
The market is tracking a slump seen in Bitcoin’s [BTC] price, which began as soon as the U.S. Securities and Exchange Commission delayed its decision regarding the Bitcoin ETF – VanEck SolidX Bitcoin Trust. The regulator will take a call on approving the Bitcoin ETF on September 30.
Ripple’s XRP has failed to fight away intense selling pressure. The token’s price has dropped to around $0.33, its lowest level this year. The coin initially found support at $0.34, but failed to gain further. The digital asset is attempting to break out from the current resistance level, which can be traced at $0.35.
The 100 EMA line, at the time of writing, indicates that the coin is in downtrend. The MACD showed that the virtual currency is locked in bearish territory. The crypto is exhibiting a significant trading range of $0.33-$0.38. As of 1628 GMT, XRP had slumped 18.3 percent against the U.S. dollar to trade at $0.33. In the last week alone, the coin has declined nearly 28 percent.
XRP Latest Updates
- Rosen Law Firm, a global investor law firm, announced securities investigation on Ripple Labs, Inc and XRP tokens. They are trying to find out whether Ripple Labs, Inc. violated the federal securities laws related to the sale of Ripple’s XRP tokens.
- TechCrunch founder Michael Arrington said in a recent interview that XRP is one of the best cryptos when it comes to moving money from one part of the world to another. Arrington explained that XRP is the best choice because money can be moved more easily and cheaply.
Bitcoin Cash [BCH] has also dropped in value, hitting its lowest level this year. The coin is struggling to break out from the current resistance level, noted at $624.5. At the time of writing, the digital currency was observed to be in a brief phase of consolidation, with no sign of reprieve.
The 100 EMA line is currently exhibiting a downtrend while the MACD indicated that the virtual currency was trading in the bearish zone. The coin is shown to be in a significant trading range of $565-$657. As of 1653 GMT, BCH slid 18.3 percent against the U.S. dollar to trade at $577.03.
BCH Latest Updates
Amaury Séchet, creator of Bitcoin Cash has reportedly been banned from the main Slack channel. The news came to light after Bitcoin.com CEO Roger Ver posted a screenshot on Reddit in the /r/BTC subreddit. A moderator of the Bitcoin Cash Slack channel apparently removed Séchet as a result of a debate over pre-consensus – way to improve transaction times and reliability of zero-confirmation transactions, as cited by DashForceNews.
EOS [EOS] has slumped to its lowest since early April, in line with the broader decline seen in the crypto market. The crypto has slid further, indicating that it may not be able to break out from the current resistance level, noted at around $6.05. The MACD indicates that the coin is trading in the bearish zone.
The 100 EMA line shows that the virtual currency is in a downtrend and is currently exhibiting a significant trading range of $5.32-$6.57. As of 1712 GMT, the digital asset had plunged 22.9 percent against the U.S. dollar to trade at $5.48.
EOS Latest Updates
Havven, a start-up based in Australia, announced on Wednesday that it was planning to issue a stablecoin – nUSD – on the EOS network by this year. The start-up is involved in facilitating cross-border payments. However, the primary intention of Havven is not to replace the actual Ethereum network of the token with EOS.
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