Bitcoin Regains $28k as XRP Rallies to $0.58


  • Bitcoin has recovered from lows of $26,690 reached following Binance-related regulatory news.
  • XRP has outperformed after breaking above $0.50, while Ethereum reclaims $1,800.
  • Bitcoin faces tough resistance at $28k-$30k.

Bitcoin is trading above $28,000 once more, reaching a high of $28,600 on Wednesday morning as the crypto market shakes off the downward pressure injected by this week’s regulatory related news.

The BTC price had dropped to lows of $26,690 after the CFTC charged Binance CEO Changpeng Zhao and his crypto exchange, but bulls managed to push Bitcoin up 6% in the past 24 hours to the crucial $28,000 level.

The upswing in the crypto market also comes after reports that Hong Kong regulators are looking to make the city a digital asset hub by encouraging banks to extend finance services to Bitcoin and cryptocurrency companies.

Bulls now have to break the thick resistance wall between $28k and $30k in order to push Bitcoin to the highest price seen since June 2022. 

Crypto analyst Rekt Capital suggests that if the monthly close remains above the $25k support zone, then a dip would be a healthy retest.

XRP Leads the Way as Ethereum Eyes $2,000

As BTC attempts to reach its yearly highs, XRP is leading the charge among the top 50 market cap cryptos, breaking above $0.50 and reaching as high as $0.58.

At the time of writing, XRP is trading at $0.56, with investors looking to take XRP/USD to the $0.60 level ahead of the much-anticipated end to the Ripple Labs versus US Securities and Exchange Commission (SEC) case.

Ethereum is also trending higher, up more than 5% in the past 24 hours and above $1,800. The gains come after bullish sentiment has been injected into the market following CFTC indications of ETH being a commodity.

This follows the confirmation of the Shapella upgrade scheduled for 12 April 2023, with anticipation for ETH withdrawals potentially aiding the price of Ethereum to jump to the psychological $2,000 level.

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