First Mover: XRP Hits Two-Month Price High in Wake of Ether Rally

PLUS: Bitcoin Fails to Break $60K; Short-Term Support Near $56K

Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 5, 2021 Sponsored by     Bitcoin (BTC) -0.1%  $57,720 Ether (ETH)  -0.4%   $2,051 (Price data as of April 5 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning. Here's what we're writing about: Market Moves: XRP Hits Two-Month Price High in Wake of Ether Rally Technician's Take: Bitcoin Fails to Break $60K; Short-Term Support Near $56K Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Gavin Michael, Bakkt CEO Richard Johnson, Texture Capital Founder & CEO Jacob Franek, DeFi Alliance Partner   Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Orchid (OXT): +30.1% OMG Network (OMG): +20.5% XRP (XRP): +19.3%   Losers:  Kyber Network (KNC): -3.2% 0x (ZRX): -1.1% Cardano (ADA): -0.7%   The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. Market Moves by Omkar Godbole   XRP Hits Two-Month Price High in Wake of Ether Rally   XRP, the cryptocurrency used in Ripple Labs' payments network, is rallying on the coattails of altcoin leader ether's recent move to record highs.    XRP rose to $0.72 early Monday to hit the highest level since Feb. 2 and was last seen changing hands near $0.70. The third-largest cryptocurrency by market value has gained 18% in the past 24 hours, according to CoinDesk 20 data.   The price rise comes three days after the Ethereum blockchain's ether token set new lifetime highs near $2100. Since then, the second-largest coin has established a foothold above $2,000, helping XRP and few other alternative cryptocurrencies such as tron, stellar, orchid, bitcoin cash, and eos score gains amid the dull action in bitcoin – the crypto market leader.    "We're not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well," Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. "Names like tron and siacoin are performing even better than XRP on this more thinly traded Easter holiday Monday."   With a move to two-month highs, XRP has now completely reversed losses suffered in December after the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple for raising $1.3 billion by selling XRP in unregistered securities offerings.    According to chart studies, the cryptocurrency's prospects look bright, one analyst said.    "XRP has formed an inverse Head & Shoulder pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents," Delta Exchange CEO Pankaj Balani told CoinDesk.  XRP's daily chart (Source: Pankaj Balani, TradingView) Balani foresees XRP rallying to $1.00 and possibly $1.30 on a breakout above the neckline resistance.    "The pattern has formed over the six months; therefore, in case of a breakout, the bullish move is expected to be quick and sustainable," Balani said in a WhatsApp chat, adding that volatility is likely to remain high due to the SEC lawsuit.    Read the original story here: XRP Hits Two-Month Price High in Wake of Ether Rally A message from Nexo Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo. Get started at nexo.io Technician's Take by Damanick Dantes Bitcoin Fails to Break $60K; Short-Term Support Near $56K   Bitcoin (BTC) declined by about 5% during the weekend as sellers remained active at the $60,000 resistance level. The cryptocurrency stabilized at support near $56,000, but the intraday trend has weakened. Hourly chart shows BTC $60K resistance with lower support around $54K and $56K (Source: TradingView) The relative strength index (RSI) on the hourly chart is the most oversold since March 25, which preceded a near 20% price rally. However, oversold price moves have been limited to resistance near the 200-period moving average, similar to March 22-24. The uptrend on the hourly chart has weakened, with initial support around $56,000 and lower support around $54,000. BTC will need to break above $60,000 to resume the uptrend. But for now, buyers who have been active at support are met with sellers at resistance – typical of a consolidation phase. Original story found here: Bitcoin Fails to Break $60K; Short-Term Support Near $56K A message from FBG Capital FBG is a leading digital asset manager and investment firm focused on blockchain and cryptocurrency. Founded in 2017, FBG has supported hundreds of innovative global blockchain projects and is one of the largest liquidity providers on major Crypto exchanges in Asia/World. BOLO Be on the look out for these upcoming events: 14:00 UTC (10:00 a.m. ET): ISM Services PMI for March. Market forecasts 60. Previous was 55.3.   CoinDesk's Christine Kim and Will Foxley, along with Consensys' Ben Edgington, present a weekly podcast series on the live development of Ethereum 2.0 and its potential impact on the crypto markets.   In each episode, the team discusses major news events related to Eth 2.0 from addressing skepticism to the consequences of node slashing, and gives updates on the status of CoinDesk's own Eth 2.0 validator.   Listen to Mapping Out Eth 2.0 every Thursday on the CoinDesk Podcast Network. ICYMI In case you missed it, here's this past Thursday's episode of "First Mover" on CoinDesk TV:   Bitcoin Analysis, Security Tokens in Asia, NFL Player's NFTs for Anti-Hate Campaign Will it or won't it soon break through its all-time high? What analysts are saying about bitcoin's next move. Crypto markets analysis with Michael Venuto of Toroso Investments. Plus, Carlos Domingo of Securitize discusses a crypto milestone: one of Japan's largest banks is issuing the country's first security tokens. And, the only Chinese-American player in the NFL is selling NFTs for an anti-racist campaign. Rams safety Taylor Rapp joins "First Mover." Latest Headlines   Crypto Long & Short: Bitcoin Outflows Aren't the Bullish Signal You Think They Are Exchange flows shift as tether continues to replace bitcoin, building quote currency dominance in altcoin trading. BOJ Starts Central Bank Digital Currency Experiments The year-long Phase 1 will conduct experiments on basic functions of a CBDC.     A message from CoinDesk CoinDesk's Christine Kim and Consensys' Ben Edgington present a weekly podcast series on the live development of Ethereum 2.0 and its potential impact on the crypto markets. In each episode, the team discusses major news events related to Eth 2.0 from addressing skepticism to the consequences of node slashing. Listen to Mapping Out Eth 2.0 every Thursday on the CoinDesk Podcast Network. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is. 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