The Silicon Valley venture capital firm Andreessen Horowitz (a16z) released a report on Tuesday covering the current state of crypto adoption. It highlights Ethereum as the leading blockchain network for developer support but contains very little mention of Bitcoin’s growth. The Potential of Web 3 The VC firm broke boiled down its report into five key takeaways about the current state of crypto. It began by suggesting that the industry is in the middle of its fourth ‘price innovation’ cycle.…
XRP/USD Pair Price Analysis
The XRP/USD traded to a fresh weekly low at $0.1740 before it began a new rally in line with Bitcoin and Ethereum. The pair witnessed an upsurge above barriers at $0.1800 and $0.1850 to enter into a positive area.
The pair established itself over the 100 hourly SMA. It attained a fresh weekly high close to $0.1935 and it is now retracing lower. The pair moved beneath $0.1900 and it is currently close to a key support near $0.1850 and the 100 hourly SMA.
The pair’s hourly chart shows the formation of a key bullish trend line with support close to $0.1850. The immediate major support beneath the trend line is close to $0.1840.
Hence, the pair could bounce back over $0.1900 if it does not move below $0.1840 support.
The pair’s failure to sustain levels above the major supports at $0.1850 and $0.1840 poses the chances of more losses in the near-term. The immediate key support is observed close to $0.1810.
Any additional declines beneath $0.1810 could lead take the pair back to the $0.1740 swing low. Generally, the pair’s trend at the moment is positive and it could rise again unless it moves below the $0.1840 support.
ETH/USD Pair Price Analysis
Within the previous few days, the ETH/USD pair was able to sustain price levels above $145 zone. The pair attained price levels near $145 level and in recent times began a steep rise.
The pair’s hourly chart shows a break above $155 barrier to initiate a key upward move. An important observation was a break above a critical declining trend line with barrier close to $158 on the same chart.
It paved the way for a steep upsurge above $160 resistance and the 100 hourly SMA. The pair was able to secure bullish momentum and surged past $170 barrier. It traded near the barrier zone from $174 to $175 and it is now into consolidation within a range.
On the same chart, it appears that there is the formation of a contracting triangle with support close to $168. The occurrence of a downside break could make the pair to retrace lower to $166.
Any additional declines may take the pair to $163 support zone which is the recent breakout area. A look at the upside shows the formation of a key barrier close to $174 and $175. The ability of the pair to surge above $175 barrier poses the chances of additional upsides in the near-term.
The next barrier is close to $185, above which the buyers could focus on testing $192 barrier. Any additional upsides could take the pair to the $200 handle.