Ripple price adds five percent ahead of Dec 12
Grayscale bought more ETH, pushing AUM to over $1.6 billion.
Fidelity Digital Partner with BlockFi for cash loans collateralized by Bitcoin
Trending News: Fidelity Digital Supports Bitcoin, Grayscale buy more ETH as Ripple (XRP) Prices Recover ahead of SPARK Airdrop
The Bitcoin price is one of the top performers regardless of this week’s losses. Everything else is constant, BTC continues to dominate headlines for all the good reasons.
For now, the uptrend might be shaky. However, bulls are confident. There is a reason why.
On Dec 9, Fidelity Digital said it will partner with BlockFi. For Bitcoin miners, hedge funds with exposure to the coin, they can take out cash loans while they hold Bitcoin as collateral.
The firm is setting the pace for further exploration. Bitcoin remains a high performing asset. However, it is predominantly held–and in some cases, transferred to the Ethereum network, tokenized for DeFi. The process, nonetheless, is complex, and hacks can be catastrophic.
With Fidelity Digital, they will hold the coin as collateral and issue cash loans without hacking risks.
Ethereum, on the other hand, is seeing institutional investment. As per records, Grayscale bought 134k of ETH on behalf of their clients—who must be accredited.
Most are high net-worth customers. Besides the mopping up of extra supply by Grayscale—pushing their AUM to over $1.65 billion, ETH is also being locked in the Eth2 Beacon Chain mainnet as well as in DeFi–where innovative portals like the yETH vault are noteworthy.
Ahead of the XRP snapshot in select exchanges, the coin is up five percent in the last 24 hours. On Dec 12, there will be a snapshot followed by the airdropping of SPARK tokens. In anticipation, the XRP price is recovering after being suppressed in the better part of this week.
Ripple Price Analysis
The Ripple price is bullish on the last day of trading.
Against the USD, the coin is up five percent, adding a ball park seven percent versus BTC and ETH, respectively.
From the daily chart, the uptrend is still firm. Notably, there appears to be support ahead of Dec 12, a fundamental event.
For buy trend continuation, the Ripple price must recover and preferably close above Dec 11 bull bar. Notably, the Ripple price reversed from the middle BB—the 20-day moving average, with decent trading volumes exceeding the averages of the last few days.
A close above Dec 4 highs of around $0.64 may spur demand, affirming the presence of buyers, and may see the XRP price rally back to $0.78—November 2020 highs.
Note that the reversal is not only from the middle BB but from the 50 percent Fibonacci retracement level of the Nov 2020 trade range.
A break above $0.78 opens XRP prices to $1.10, the 161.8 percent Fibonacci extension level of the November 2020 trade range.
On the reverse side, further losses below the middle BB and $0.50 may spark a sell-off to $0.4 and even $0.30.
Chart Courtesy of Trading View
Disclosure: Opinions expressed are those of the author. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.