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    XRP Finds Bounce Foundation, Data Shows

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    The 200-day EMA is a widely acknowledged benchmark used by traders to assess the long-term trend of an asset’s price. It is calculated by applying more weight to the most recent data and less to older data, making it more responsive to price changes.Source: XRP’s ability to maintain above this EMA line is an encouraging sign, and it could potentially act as a strong foundation for a price bounce.In May, the price of XRP briefly fell below this key support level. However, this drop was short-lived and did not confirm a bearish breakout, as XRP quickly rebounded above the 200-day EMA. Such a rebound highlights the robustness of this support and underscores its potential to catalyze a price bounce.Another noteworthy observation is the descending trading volume during the ongoing bearish trend. In market analysis, a declining volume amid a downward price trend is often seen as a sign of weakening bearish momentum. This pattern suggests that the selling pressure is gradually reducing, and this could potentially set the stage for a trend reversal.One of the prime indicators suggesting bearishness is descending trading volume. A decline in trading volume, especially during a price rise, often indicates weakening upward momentum and could presage a potential price drop.The lack of volume implies reduced interest and participation from traders, thereby reducing the buying power necessary to sustain a price rise.Moreover, Ethereum has failed to breach the critical resistance level at around the $1,900 mark. This resistance level has proven to be a substantial barrier for ETH’s price, which needs to be convincingly surpassed to signal a more bullish outlook. The inability to break past this level and the declining volume together paint a worrying picture for Ethereum in the short term.However, it is not all gloomy in the Ethereum camp. An encouraging development is the observation that most bearish whales, who have been exerting significant selling pressure on , have largely unloaded their massive holdings.This reduction in bearish pressure might mean that there is not enough sell-side activity to push Ethereum’s price lower, possibly preventing a severe downtrend.EDX Markets has recently closed a financing round, boasting impressive backing from industry heavyweights like Charles Schwab (NYSE:SCHW), Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital and Virtu Financial (NASDAQ:VIRT). What caught the market’s attention was EDX’s planned asset offerings, which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).Given the highly regulated nature of the upcoming EDX exchange, the inclusion of LTC and BCH in their portfolio is seen as an endorsement of these currencies. This, in turn, has likely prompted a surge in trading activity as investors try to front-run the expected global influx of liquidity from new investors once these assets are listed on the platform.The phenomenon is reminiscent of the market’s reaction to new listings on prominent exchanges like Coinbase (NASDAQ:COIN) and UPbit in 2021. The announcement of new asset listings often generates a significant surge in trading activity and price for the listed cryptocurrencies. The current rise of LTC and BCH seems to be a similar anticipatory response to their impending introduction on the EDX platform.This article was originally published on U.Today More

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    No Bitcoin Left to Buy: What’s Happening With Available Supply?

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    Cryptocurrency exchanges are experiencing a significant decrease in available Bitcoin, which could lead to scarcity on these platforms. It is a situation that might create a supply shock, particularly if institutional investors begin to buy in larger amounts. The combination of strong demand from big players and a dwindling supply could push the price of Bitcoin upward, potentially leading to another bullish cycle.Source: However, it is essential to keep in mind that the supply of has been dwindling for quite some time. Yet, during this period, we have experienced several extended bear markets. The reduction of Bitcoin’s supply does not guarantee a bull market but rather indicates a shift in holding patterns. It seems that more investors are choosing to hold their Bitcoin off exchanges, which could suggest a longer-term investment approach.Moreover, a decrease in the available trading supply on exchanges could lead to liquidity problems. Traders and investors need a certain level of liquidity to ensure they can enter and exit positions at will. If liquidity is low, this could lead to higher slippage, affecting the profitability of trades, especially for large investors.However, in the case of a strong bull market, the scenario is likely to shift in favor of increasing supply. Historically, during periods of price appreciation, more holders are incentivized to sell their Bitcoin, which tends to increase the available supply on exchanges. Therefore, the current dwindling supply may start ascending fairly quickly.This article was originally published on U.Today More