There are plenty of reasons for crypto investors to smile on Monday as the market extends its weekend recovery. Bitcoin It crossed $64,000 earlier in the day, but struggled against resistance at $65,000. Top cryptocurrencies to buy, like XRP, the leading cross-border remittance token, are especially showing signs of price volatility. Ripple vs SEC The lawsuit is in its home stretch.
Two major cryptocurrencies to buy in May
Overall, April was a bearish month for the cryptocurrency market, breaking the long-standing bullish trend from the fourth quarter of last year. Despite that, Bitcoin halving Volatility rocked cryptocurrencies this month.
One of the major stock market declines occurred thanks to the wars in the Middle East. Geopolitical tensions between Israel and Iran amid US involvement have caused prices to drop significantly.
With inflation stable in the world's major economies, risk assets are likely to bear the biggest brunt.
On the other side of the fence, it may be a good time to adopt a leading dollar-cost averaging strategy that allows investors to buy when prices are falling to maximize profits over the long term.
Altcoins to purchase such as XRP and Litecoin (LTC) seem to have fallen significantly in comparison. BTCIt suggests that it may be the best time to load.
1.XRP
XRP's performance is also subject to ongoing litigation between issuer Ripple and the Securities and Exchange Commission (SEC).
Ripple celebrated a partial landmark victory in July 2023 when a court declared that secondary sales of The focus is on making people pay for their role in direct sales.
The outcome of this lawsuit could determine: XRP price It will either rise sharply above $1 while aiming for an all-time high of $3.4, or fall to near zero levels.
The next few weeks will be critical for both Ripple and the SEC as they fight to tip the scales in their favor. On April 22, Ripple submitted a response to regulators opposing the $2 billion fine they proposed. The SEC is expected to respond to Ripple's claims in a May 6 filing.
Case monitors say a settlement could be reached at any time between now and the verdict, which is expected around September. Additionally, either party can appeal.
A buy signal from the Moving Average Convergence Divergence (MACD) reinforces the new bullish outlook. When the indicator rises into positive territory, the path of least resistance remains upward.
The key outcome that traders look for when betting on a price increase to $1 is a break through the resistance at the 50-day EMA and 200-day EMA (red and purple lines on the chart). Other major milestones include $0.65 and $0.75.
2. Litecoin (LTC)
Over the past two months, Litecoin’s daily chart has shown significant price movements from $113 to $74.5 levels, but only expanded sideways. Although this consolidation shows a lack of signs from buyers to sellers, the asset has managed to maintain its value above $74.5.
Recent data from Santiment, featured by trader Kamikaze, reveals some interesting insights into Litecoin (LTC) market trends. Despite the decline in Bitcoin prices, large accumulations by whale investors suggest potential long-term bullish sentiment among keyholders.
If this bullish momentum continues, LTC price could rise by another 8.6%, forming a bullish reversal pattern known as a double bottom. A break above the $88.6 neckline, which is also the last swing high, will be the first signal of a trend reversal.
The post-breakout rally could push LTC price to a potential target of $100 and then $112.
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