Crypto Market Daily Highlights – Solana (SOL) Led the Top Ten South

Key Insights:

  • It was a bearish Saturday for the crypto top ten, with solana (SOL) leading the way down.
  • There were no external market forces to influence, leaving Friday’s US inflation figures and the NASDAQ’s worst losing streak since 2008 to resonate.
  • The bearish session left the crypto market cap down $7.1 billion to $898.5 billion.

It was a bearish Saturday session for the crypto top ten. DOGE and SOL led the way down. However, despite the bearish session, BTC avoided sub-$19,000 for just the second time in twelve sessions.

On Friday, US economic indicators supported the Fed’s aggressive policy goals to curb inflation and return inflation to target. The Core PCE Price Index increased by 4.9% in August, up from 4.7% in July.

Hawkish Fed chatter and the Friday numbers from the US remained crypto market negatives on Saturday. The influence from the US also supported the ongoing crypto correlation with the NASDAQ 100.

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss. More importantly, the NASDAQ 100 extended its quarterly losing streak to three, its worst run since 2008.

NASDAQ correlation
Total Market Cap 021022 Daily Chart

Crypto Market Starts the Fourth Quarter on a Bearish Footing

On Saturday, the crypto market rose to an early high of $909.6 billion before an extended decline to a late low of $891.5 billion. Despite the bearish session, the loss was modest by more recent standards.

The crypto market cap fell by $7.1 billion to $898.5 billion.

With the US markets closed through the weekend, the crypto market may take its cues from the NASDAQ 100 Mini in the final hour (UTC). A bearish start to the Monday session would test crypto investor resilience.

Crypto market has bearish first session of the quarter.
Total Market Cap 021022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Saturday session for the crypto top ten.

DOGE and SOL led the way down, with losses of 2.42% and 1.75%, respectively, with ADA (-1.15%), ETH (-1.29%), and XRP (-1.03%) also struggling.

BNB (-0.67%) and BTC (-0.59%) saw relatively modest losses on the day.

From the CoinMarketCap top 100, it was a mixed session.

Reserve Rights (RSR) and Terra Classic (LUNC) led the way, rallying by X% and U%, respectively, with stellar’s lumen (XLM) gaining X%.

However, Pancake Swap (CAKE), Helium (HNT), and Lido DAO (LDO) led the way down. CAKE and HNT slid by X% and Y%, respectively, with LDO falling by X%.

24-Hour Crypto Liquidations Slide in Range-Bound Session

Over 24 hours, total liquidations fell below normal levels, with the crypto market moving within a tight range at the start of the quarter. At the time of writing, 24-hour liquidations stood at $29.26 million, down from $92.79 million on Saturday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 14,570 versus 28,614 on Saturday morning. Liquidations were down over four and twelve hours while up for the final hour of the day (UTC).

According to Coinglass, 12-hour liquidations stood at $23.11 million, down from $66.05 million on Saturday morning, with four-hour liquidations down from $14.90 million to $4.25 million. However, one-hour liquidations were up from $0.563 million to $1.83 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish final hour.
Total Market Cap 021022 Hourly Chart

ADA, DOT, ETH, and SOL Weekly Review – ETH Avoids the Deep Red

Key Insights:

  • It was a bullish Monday to Friday, with the total crypto market cap rising by $17.8 billion to $905.6 billion.
  • However, US economic indicators and Fed fear pegged the crypto market back from more meaningful gains.
  • Technical indicators are bearish, with uncertainty about the economic outlook a headwind.

Monday to Friday, the crypto market cap rose by $17.4 billion to $905.6 billion. The upside follows two consecutive weekly losses, though the market cap continued to slip to sub-$900 billion.

Three sessions in positive territory from five supported the upswing. Market volatility across the FX and equity markets delivered crypto market support ahead of the Friday pullback.

The GBP/USD pair fell to an all-time low of $1.03565 as investors responded to the UK government’s mini-budget and the Bank of England’s need to intervene. Dollar strength put other currencies under pressure, with fears of a global economic recession adding to the FX market vol.

However, a pickup in US inflationary pressure weighed on the crypto market on Friday. The Core PCE Price Index increased by 4.9%, up from 4.7% in July, sending riskier assets into the red.

For the week, the NASDAQ 100 fell by 2.69%, with the crypto market enjoying a further decoupling from the US equity markets. Significantly, the NASDAQ fell for a third consecutive quarter, its worst losing streak since the global financial crisis.

NASDAQ correlation.
Crypto – NASDAQ Daily Chart 011022

Also contributing to the upswing in the crypto total market cap were favorable updates from the SEC v Ripple (XRP) case.

On Thursday, the Court overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

The outcome of the SEC v Ripple case will impact XRP and the broader crypto market. A Ripple victory could see the onus of regulating the crypto market fall with the Commodity Futures Trading Commission (CFTC). The crypto market favors the CFTC over the SEC.

market cap avoids the red despite the NASDAQ tumble.
Crypto Market Cap Daily Chart 011022

Cardano (ADA)

Monday to Friday, ADA was down 2.47% to 0.435. The Vasil hard fork failed to support, with ADA down 4.19% for September and 5.43% for Q3.

ADA fell short of $0.50, with the markets now looking for a sharp increase in projects on the Cardano network. Compared with the previous week, the rise in the number of projects was modest, leaving ADA on the back foot.

Early in the week, ADA struck a Tuesday high of $0.463 before falling to a Wednesday low of $0.425.

On a trend analysis basis, ADA would need to move through the August high of $0.595 to break through the June high of $0.6688 and target the May high of $0.906. A return to $0.55 will be the key. However, a fall through the August low of $0.425 would give the bears a look at the 2022 low of $0.384.

ADA sees red.
ADAUSD 011022 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal.

ADA sat below the 50-day EMA, currently at $0.444. The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. Both signals were ADA price negative.

An ADA move through the 50-day EMA would ease selling pressure and give the bulls a run at the 100-day EMA ($0.453). However, following late September’s slide through the 50-day EMA, sub-$0.400 remains in view.

ADA EMAs bearish
ADAUSD 011022 4 Hourly Chart

Polkadot (DOT)

DOT fell by 3.66% to $6.32, Monday through Friday.

A bullish start to the week saw DOT rise from a low of $6.16 to a Tuesday high of $6.81. However, a bearish second half of the week left DOT at sub-$6.40.

The bearish week left DOT down 10.23% for September and 10.48% for Q3.

There were no network updates to provide direction, leaving DOT in the hands of the broader crypto market and the NASDAQ 100.

Looking at the trends, a DOT move through the August high of $9.68 would support a run at $10.00 and the June high of $10.73. From $10.73, DOT would have a clear run at the May high of $16.44. DOT would need to break down resistance at the September high of $8.05 to support a shift in sentiment.

However, DOT has to avoid last week’s $6.16 low to prevent a continued retrace to the 2022 low of $5.97.

DOT under pressure.
DOTUSD 011022 Daily Chart

Looking at the EMAs, based on the 4-hourly, the signal was bearish.

DOT sat below the 50-day EMA, currently at $6.44. The 100-day EMA eased back from the 200-day EMA, with the 50-day EMA falling back from the 100-day EMA. The indicators delivered negative price signals.

DOT would need to move through the 50-day EMA ($6.44) and the 100-day EMA ($6.59) to see a bearish trend reversal. However, failure to move through the 50-day EMA would give the bears a run at the September low of $5.97.

EMAs bearish.
DOTUSD 011022 4 Hourly Chart

Ethereum (ETH)

ETH also had a bearish Monday to Friday, falling by 0.60% to $1,329.

Tracking the broader market, ETH struck a Tuesday high of $1,401 before sliding to a Wednesday low of $1,254. However, steering clear of the September low of $1,220, ETH revisited $1,374 before easing back into the red.

While the loss for the week was modest, ETH fell by 14.48% in September to reduce the Q3 gain to 24.21%.

ETH continued to struggle in the wake of the Merge. SEC Chair Gary Gensler’s comments relating to Proof-of-Stake cryptos resonated.

Viewing the trends, an ETH return to $1,800 would support a breakout from the August high of $2,031 and a return to $2,500. From $2,500, the bulls would target the May high of $2,968 and $3,000. A return to $3,000 would give the bulls a run at the April high of $3,582.

A fall through the September low of $1,220 would give the bears a run at the June and the current year low of $880.

ETH holds steady.
ETHUSD 011022 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. ETH sat below the 50-day EMA, currently at $1,340. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were ETH price negatives.

An ETH move through the 50-day EMA could signal a shift in sentiment and support a return to $1,500. However, ETH would need to break down resistance at the 100-day EMA ($1,388) to target the 200-day EMA at $1,459.

Failure to move through the 50-day EMA would leave the September low and sub-$1,220 in play.

EMAs bearish.
ETHUSD 011022 4 Hourly Chart

Solana (SOL)

SOL was down 1.86% to $33.2475, Monday through Friday.

Tracking the broader crypto market, SOL rose to a Tuesday high of $35.4300 before falling to a Wednesday low of $31.6400. However, steering clear of the August low of $29.915, SOL wrapped up the Friday session at $33.2475.

Despite the Monday to Friday loss, SOL rose by 5.61% for September to end Q3 with a 1.41% loss. Investor sentiment towards Solana-based NFTs has materially improved, delivering SOL price support.

Looking at the trends, a move through the August high of $48.42 would give the bulls a run at the May high of $95.19. SOL would need plenty of support to break out from $75.

However, a fall through the August low of $29.9150 would leave the June and the current year low of $25.78 in view.

SOL under pressure.
SOLUSD 011022 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. SOL sat below the 100-day EMA, currently at $33.2915.

The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. Both were price negatives.

An SOL breakout from 100-day EMA ($33.2915) and the 50-day EMA ($33.3727) would support a run at the 200-day EMA ($33.8415). However, a bearish cross of the 50-day EMA through the 100-day EMA would give the bears a look at the August low ($29.9150).

EMAs bearish.
SOLUSD 011022 4 Hourly Chart

XRP Price Action Points to a Likely SEC Appeal in the SEC v Ripple Case

Key Insights:

  • On Friday, XRP gave up some of Thursday’s breakout session, falling by 1.42% to end the quarter at $0.4801.
  • While tracking the broader market, expectations of an SEC appeal to the Hinman Court ruling added to the bearish sentiment.
  • However, the technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.55.

On Friday, XRP fell by 1.42%. Partially reversing an 8.49% from Thursday, XRP ended the third quarter up by 44.6% to $0.4801, supported by a 46.7% September gain.

After a relatively bullish start to the Friday session, XRP slid to a mid-day low of $0.46496. However, steering clear of the First Major Support Level (S1) at $0.4388, XRP rallied to a high of $0.49943. Coming up short of the First Major Resistance Level (R1) at $0.5223, XRP fell back to sub-$0.48 before steadying.

XRP tracked the broader crypto market into negative territory, with US inflation and fed fear weighing. However, fears of a likely SEC appeal to Thursday’s Court ruling on the Hinman docs added further price pressure.

The Hinman Doc Court Ruling Removes Hope of an Early Conclusion

Last week, hopes of a swift conclusion to the SEC v Ripple case supported an XRP return to $0.55 before hitting reverse.

On Thursday, Judge Torres overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

The latest Court ruling likely erased hope of an early conclusion to the SEC v Ripple case that has dragged on since December 2020.

To date, SEC has failed to turn over the Hinman speech-related documents despite numerous Court orders. The SEC has battled to shield the Hinman documents under the attorney-client privilege, with more than seven motions contesting previous Court decisions. The consensus is that the SEC may even prefer to settle than disclose the content of the documents.

The former SEC Director of the Division of Corporation Finance, William Hinman, has been a central figure in the SEC v Ripple case. In a famous 2018 speech, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

The SEC has more to lose than just the case against Ripple. SEC Chair Gary Gensler is bidding to win the right to regulate the digital asset space. Currently, the SEC is in a battle with the Commodity Futures Trading Commission (CFTC) for the honor.

Thursday’s ruling was another blow for Gensler and the SEC. The next steps for the SEC will likely include delaying the disclosure of the documents. In a series of tweets, defense attorney James Filan shared his thoughts on the SEC’s options. These included,

  • Ask Judge Torres to reconsider her overruling the SEC objection.
  • Request the Court to certify an appeal of the Court decision.
  • Go to the Court of Appeals on a Petition for Writ of Mandamus.
  • All the above.

While the above maneuvers will not impact the summary of judgment schedule, they could give the SEC a few months of breathing space before producing the docs. The likely delay may add some uncertainty to the outcome of the case. However, the Court rulings continue to go Ripple’s way, which are XRP price positives.

XRP Price Action

At the time of writing, XRP was down 1.27% to $0.47401. A mixed start to the day saw XRP rise to an early high of $0.48116 before falling to a low of $0.47287.

XRP under pressure.
XRPUSD 011022 Daily Chart

Technical Indicators

XRP needs to move through the $0.4815 pivot to target the First Major Resistance Level (R1) at $0.4980 and the Friday high of $0.49943. Investors will look out for any updates from the SEC and the Defendants. Talk of an SEC appeal would likely limit the upside.

However, in the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.5160. The Third Major Resistance Level (R3) sits at $0.5504.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4636 in play. Barring an extended sell-off, XRP should steer clear of sub-$0.45 and the Second Major Support Level (S2) at $0.4470.

The Third Major Support Level (S3) sits at $0.4126.

XRP support levels in play below the pivot.
XRPUSD 011022 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.45619. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were XRP price positive.

An XRP hold above the 50-day EMA ($0.45619) would support a breakout from R1 ($0.4980) to target R2 ($0.5160). However, a fall through the 50-day EMA ($0.45619) would give the bears a run at S1 ($0.4636) and the 100-day EMA ($0.43209). The 200-day EMA sits at $0.40246.

EMAs bullish.
XRPUSD 011022 4-Hourly Chart

Crypto Market Daily Highlights – DOGE and BNB Bucked the Top Ten Trend

Key Insights:

  • It was a mixed Friday for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
  • The crypto market recoupled from the NASDAQ 100, which fell for a third consecutive quarter on Fed and recession fears.
  • A mixed session left the total market cap down $48 billion for the session while up $40 billion for the quarter.

It was a mixed Friday session for the crypto top ten. DOGE bucked the top tend trend. However, BTC extended its losing streak to four quarters with a bearish Friday session. Despite the bearish session, BTC revisited $20,000 for just the second time in twelve sessions.

On Friday, the crypto market tracked the NASDAQ 100 into the red, with US inflation weighing.

NASDAQ correlation
Total Market Cap – NASDAQ – 011022 5 Minute Chart

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss.

Fed fear resurfaced at the end of the week, with US inflationary pressures picking up in August. The Core PCE Price Index increased by 4.9%, up from 4.7% in July.

Softer consumer sentiment figures for September provided brief relief before the crypto market and the NASDAQ reversed session gains. In September, the Michigan Consumer Sentiment Index rose from 58.2 to 58.6, down from a prelim 59.5.

Fed Fear and market jitters over a recession led the NASDAQ 100 to a third consecutive quarterly loss, the longest losing streak since the Global Financial Crisis. The correlation between the crypto market and the NASDAQ was evident throughout the three quarters of the year.

However, a brief post-Fed policy decision decoupling from the NASDAQ 100 delivered the quarterly rise for the broader crypto market.

Post-Fed decoupling.
Total Market Cap – NASDAQ – 011022 Daily Chart

Crypto Market Ends the Third Quarter on a Bearish Note

On Friday, the crypto market fell to a mid-day low of $893.3 billion before rising to a high of $933.13 billion. However, a bearish end to the Friday session saw the market cap slide back to sub-$900 billion before steadying.

Market reaction to the US inflation numbers reignited Fed fear, leaving the market in the red for the session. The bearish Friday session left the crypto market cap down $48.4 billion for September. However, the market cap rose by $39.8 billion in the third quarter.

Crypto market cap sees bearish Friday.
Total Market Cap 011022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Friday session for the crypto top ten.

DOGE and BNB rose by 1.29% and 0.21%, respectively, to buck the top ten trend.

However, SOL reversed Thursday’s 2.11% gain with a 2.00% loss to lead the way down.

XRP (-1.42%) also struggled while ADA (-0.68%), BTC (-0.81%), and ETH (-0.53%) saw relatively modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Terra Classic (LUNC) led the way, rallying by 9.58%, with Quant (QNT) and Helium (HNT) seeing gains of 5.78% and 5.30%, respectively.

However, Chainlink (LINK) led the way down, falling by 4.03%, with Celsius (CEL) and Pancake Swap (CAKE) seeing losses of 3.72% and 3.21%, respectively.

24-Hour Crypto Liquidations Holds Steady Despite Bearish Session

Over 24 hours, total liquidations held steady during the Friday session, despite a pickup in US inflationary pressure. At the time of writing, 24-hour liquidations stood at $92.79 million, up from $91.62 million on Friday morning.

Liquidated traders over the last 24 hours also inched higher. At the time of writing, liquidated traders stood at 28,614 versus 28,061 on Friday morning. Liquidations were down over twelve hours and the final hour of the day (UTC) while up over four hours.

Crypto liquidations hold steady.
Total Market Cap 011022 Hourly Chart

According to Coinglass, 12-hour liquidations stood at $66.05 million, down from $70.50 million on Friday morning, with one-hour liquidations down from $1.97 million to $0.563 million. However, four-hour liquidations were up from $10.46 million to $14.90 million.

The chart below shows market conditions throughout the session.

US Economic Indicators Influence.
Total Market Cap 011022 Hourly Chart

5 Things to Know in Crypto Today – SEC v Ripple Ruling to Test the SEC

Key Insights:

  • XRP revisited $0.50 on Thursday following the latest SEC v Ripple Court ruling that went Ripple’s way.
  • Metaverse activity continues, with Blackrock (BLK) launching a metaverse-related ETF.
  • Fed fear could reignite later today, with US inflation numbers due alongside a string of FOMC member speeches.

The Securities and Futures Exchange Loses Key Battle Against Ripple

On Thursday, the ongoing SEC v Ripple case took an unexpected turn in favor of Ripple and XRP.

This week, Investors were awaiting a swift end to the case following the Motions for Summary Judgment filings. The filings suggested a possible settlement, with the Defendants filing the Motion for Summary Judgment without a Court ruling on an SEC objection.

However, Judge Torres overruled an SEC objection on Thursday. The decision could have a material bearing on the case. Judge Torres overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

The latest ruling is a big blow for the SEC and its chances of overseeing the digital asset space. The SEC had battled to shield the Hinman documents under the attorney-client privilege, with more than seven motions contesting previous Court decisions.

However, Judge Torres has ordered the SEC to turn over all the Hinman speech-related documents.

XRP rallied by 8.49% on Thursday as investors responded to the news. The broader crypto market reaction to the ruling was also positive. The total crypto market cap reversed losses to the end day at $911.4 billion, a $7.4 billion rise on the day.

XRP gets an SEC v Ripple court ruling boost.
XRPUSD 300922 Daily Chart

Big Names Bridge Virtual and Real Worlds to Keep Web3 in the Limelight

The United Arab Emirates continued its drive into the virtual space this week. On Wednesday, the Dubai Ministry of Economy unveiled its headquarters in the metaverse. Dubai and Abu Dhabi are not newcomers to the metaverse, with both setting up shop in the virtual space earlier in the year.

While the UAE continues migrating to the metaverse, other big names have also hit the news this week.

On Thursday, Warner Music Group (WMG) announced a partnership with OpenSea to provide artists with more Web3 opportunities. In the announcement, WMG said the collaboration would,

“Provide a platform for select WMG artists to build and extend their fan communities in Web3.”

Blackrock (BLK) is not wanting to be left behind as more mainstream players go virtual. Bloomberg reported that the asset manager is launching a new exchange-traded fund (ETF) targeting metaverse-related companies.

ETHW Breaks Out on News of Binance Ethereum PoW Mining Pool Launch

On Thursday, Ethereum (Proof-of-Work) (ETHW) rallied by 11.83% to end the day at $12.004. News of Binance launching an ETHW Mining Pool drove ETHW demand in a choppy session.

According to the announcement,

“All users of the ETHW Pool will enjoy zero pool fees for ETHW mining.”

However, Binance added,

“In order to protect Binance users, ETHW will go through the same strict listing review process as Binance does for any other coin/token. Supporting ETHW on Binance Pool does not guarantee the listing of ETHW. Binance does not guarantee any listings as per our internal policy.”

ETHW breakout on pool mining news.
ETHWUSD 300922 Hourly Chart

Fed Fear Remains a Clear and Present Danger for the Crypto Market

This morning, the crypto market cap is down $3.33 billion to $908.07 billion. After a bullish Thursday session, caution has hit the broader crypto market.

Later today, US economic indicators and Fed chatter will test investor resilience. US inflation, personal spending, and consumer sentiment will be in the spotlight.

While revisions to consumer sentiment figures and personal spending will draw interest, the Core PCE Price Index will be the market focal point. Fed fear stemming from the current inflation environment could reignite should inflationary pressures build further.

Economists forecast the Core PCE Price Index to rise by 4.7% year-over-year, up from 4.6% in July.

Crypto market sees modest loss ahead of key US stats and Fed chatter.
Crypto Market Cap 300922 Daily Chart

Bitcoin and Its Carbon Footprint Was Under Scrutiny Once More

A research paper from the University of New Mexico compared Bitcoin’s (BTC) carbon footprint to that of digital crude and not gold.

The paper also noted that,

“Extreme changes would be required to make BTC sustainable (eg., on the renewable mix). POW-based cryptocurrencies are on an unsustainable path. If the industry doesn’t shift its production path away from POW or move towards POS, then this class of digitally scarce goods may need to be regulated and delay will likely lead to increasing global climate damages.”

BTC had a muted reaction to the latest anti-POW paper. This morning, BTC was down 0.55% to $19,482.

BTC showed muted reaction to climate talk.
BTCUSD 300922 Daily Chart

 

BTC Fear & Greed Index Languishes in Extreme Fear of the Fed

Key Insights:

  • On Thursday, bitcoin (BTC) rose by 0.88%. Following a 1.69% gain on Wednesday, BTC ended the day at $19,589.
  • It was another choppy session, with a Court ruling from the SEC v Ripple case delivering late support.
  • However, the Bitcoin Fear & Greed Index slipped from 22/100 to 21/100.

On Thursday, bitcoin (BTC) rose by 0.88%. Following a 1.69% gain on Wednesday, BTC ended the day at $19,589. Significantly, BTC failed to revisit $20,000 for the tenth time in eleven sessions while avoiding sub-$18,500.

After a range-bound morning, BTC fell to an early afternoon low of $18,859. Steering clear of the First Major Support Level (S1) at $18,668, BTC rallied to a late high of $19,652. However, coming up short of the First Major Resistance Level (R1) at $19,981, BTC slipped back to sub-$19,600.

Following Wednesday’s choppy session, the NASDAQ 100 influenced through the day. However, a Court ruling from the SEC v Ripple case in favor of Ripple delivered late support.

Since the introduction of the Lummis and Gillibrand Bill in June, the crypto market has sided in favor of the Commodity Futures Trading Commission (CFTC) to regulate the digital asset space. The latest ruling could hinder the SEC’s chances of being given the task.

The bullish BTC session came despite the NASDAQ 100 sliding by 2.84%, weighed by Fed fear. This morning, the NASDAQ 100 Mini was down 9.75 points, with investor focus shifting to US inflation figures and Fed chatter.

NASDAQ decoupling.
NASDAQ – BTCUSD 300922 5 Minute Chart

Bitcoin Fear & Greed Index Slips Deeper into the Extreme Fear Zone

Today, the Fear & Greed Index fell from 22/100 to 21/100. A bullish afternoon crypto session failed to prevent a modest pullback. The Index remains deep within the Extreme Fear zone, reflecting investor sentiment towards the Fed and the economic outlook.

In recent weeks, avoiding sub-20/100 has been the key. The bears will be eying a fall to sub-20/100 to signal a BTC slide to sub-$18,000. By contrast, the bulls will look for an Index return to 40/100 to support a move toward $25,000.

Fear & Greed Index in a rut.
Fear & Greed 300922

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 1.16% to $19,362. A mixed start to the day saw BTC rise to an early high of $19,705 before falling to a low of $19,320.

BTC under early pressure.
BTCUSD 300922 Daily Chart

Technical Indicators

BTC needs to move through the $19,367 pivot to target the First Major Resistance Level (R1) at $19,874. A BTC move through the Thursday high of $19,652 would support a bullish session.

In the case of another extended rally, BTC should test the Second Major Resistance Level (R2) at $20,160 and resistance at $20,500. The Third Major Resistance Level (R3) sits at $20,953. US inflation numbers will need to be softer to support a breakout session.

Failure to move through the pivot would leave the First Major Support Level (S1) at $19,081 in play. Barring an extended sell-off, BTC should avoid sub-$18,500. The Second Major Support Level (S2) at $18,574 will likely limit the downside.

The Third Major Support Level (S3) sits at $17,781.

BTC support levels in play below the pivot.
BTCUSD 300922 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 100-day EMA, currently at $19,531.

The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA pulled back from the 200-day EMA, delivering mixed price signals.

A move through the 100-day ($19,531) EMAs would give the bulls a run at R1 ($19,874) and the 200-day EMA ($20,035). However, a slide through the 50-day EMA ($19,334) would give the bears a run at S1 ($19,081) and a BTC fall to sub-$19,000.

EMAs bearish.
BTCUSD 300922 4 Hourly Chart

SEC v Ripple Ruling Goes Against the SEC, Giving XRP a Look at $0.55

Key Insights:

  • On Thursday, XRP led the crypto top 100 with an 8.49% rally to end the day at $0.4870.
  • An unexpected Court ruling from the SEC v Ripple case delivered an XRP price breakout.
  • The technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.55.

On Thursday, XRP surged by 8.49%. Following a 0.65% gain on Wednesday, XRP ended the day at $0.48700.

Bearish through the morning session, XRP fell to an early afternoon low of $0.4259. Finding support at the First Major Support Level (S1) at $0.4258, XRP surged to a late high of $0.50938.

XRP broke through the First Major Resistance Level (R1) at $0.4636 and the Second Major Resistance Level (R2) at $0.4783 to end the day at $0.48700. Resistance at $0.500 pegged XRP back.

An unexpected Court ruling from the ongoing SEC v Ripple case delivered the breakout session.

Courts Orders the SEC to Turn Over Hinman Speech-Related Docs

On Thursday, Judge Torres overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

Defense attorney James Filan shared the ruling, saying,

“BREAKING: JUDGE TORRES OVERRULES THE SEC’S OBJECTIONS AND ORDERS THE SEC TO TURN OVER THE HINMAN DOCUMENTS.”

The former SEC Director of the Division of Corporation Finance, William Hinman, has been a central figure in the SEC v Ripple case. In a famous 2018 speech, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

Until late July, the Defendants had the SEC on the defensive, with numerous Court rulings going in favor of the Defendants. The SEC had battled to shield the Hinman documents under the attorney-client privilege, with more than seven motions contesting previous Court decisions.

The recent Motion for Summary judgment filings suggested a possible out-of-court agreement. The market consensus had been that the SEC would do whatever it could to prevent the documents from becoming public records, including a settlement. The defendants filed their Motion for Summary Judgment without a Court ruling on the Hinman docs.

Thursday’s ruling is another blow for the SEC, which is trying to win lawmaker approval to oversee the digital asset space. While XRP responded positively to the news, an appeal to the Court ruling could be on the horizon. The other alternative for the SEC would be to settle.

To date, Ripple CEO Brad Garlinghouse has played down a willingness to reach an out-of-court settlement.

XRP Price Action

At the time of writing, XRP was down 1.23% to $0.48100. A bearish start to the day saw XRP fall from an early high of $0.48766 to a low of $0.47706.

XRP under early pressure.
XRPUSD 300922 Daily Chart

Technical Indicators

XRP needs to avoid the $0.4741 pivot to target the First Major Resistance Level (R1) at $0.5223. Investors will look out for comments from SEC and the Defendants, with any hint of an SEC appeal likely to limit the upside.

However, in the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.5576. The Third Major Resistance Level (R3) sits at $0.6411.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4388 into play. Barring an extended sell-off, XRP should steer clear of sub-$0.43 and the Second Major Support Level (S2) at $0.3906.

The Third Major Support Level (S3) sits at $0.3071.

XRP resistance levels in play above the pivot.
XRPUSD 300922 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.44952. The 50-day EMA widened from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA. The signals were XRP price positive.

An XRP hold above the 50-day EMA ($0.44952) would support a breakout from R1 ($0.5223) to target $0.55. However, a fall through the 50-day EMA ($0.44952) would give the bears a run at S1 ($0.4388) and the 100-day EMA ($0.42586). The 200-day EMA sits at $0.39760.

EMAs bullish.
XRPUSD 300922 4-Hourly Chart

Crypto Market Daily Highlights – XRP Leads on SEC v Ripple Ruling

Key Insights:

  • It was a mixed Thursday for the crypto top ten, with XRP leading the way.
  • The crypto market decoupled from the NASDAQ 100, which tumbled by 2.84%, as demand for cryptos picked up amidst the increased volatility across the FX and Equity markets.
  • Another bullish session for the broader crypto market reduced the market cap deficit for September to $47 billion.

It was a mixed Thursday session for the crypto top ten. XRP enjoyed a breakout session, while ETH saw red. Despite a bullish session, BTC fell short of $20,000 for the tenth time in eleven sessions.

Updates from the SEC v Ripple case delivered an XRP price breakout and supported the broader crypto market.

Following last week’s decoupling from the NASDAQ 100, the crypto market decoupled again on Thursday. Heightened uncertainty over the economic outlook, fueled by the central bank and government policy, has also delivered crypto support.

On Thursday, the NASDAQ 100 slid by 2.84%, with the Dow and the S&P500 seeing losses of 1.54% and 2.11%, respectively. While the crypto market decoupled from the US markets on Thursday, US inflation numbers could test investor resilience later today.

NADSAQ correlation.
Total Market Cap – NASDAQ – 300922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Thursday, the crypto market cap rose to an early high of $917.8 billion before falling to an early afternoon low of $878.7 billion. However, finding support through the afternoon, the crypto market bounced back to end the day at $911.4 billion, up $7.4 billion for the session.

The bullish Thursday session reduced the September deficit to $47 billion.

Crypto market cap on the rise.
Total Market Cap 300922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Thursday session for the crypto top ten.

XRP rallied by 8.49% to lead the way, with SOL rising by 2.11%.

ADA (+0.46%), BNB (+0.96%), BTC (+0.88%), and DOGE (+0.64%) also avoided the red, while ETH bucked the trend, falling by 0.07%.

From the CoinMarketCap top 100, it was a mixed session.

XRP and Stellar’s Lumen (XLM) led the way, with gains of 8.49% and 6.81%, respectively. EOS (EOS) was also among the front runners, rising by 5.07%.

At the other end of the table, Helium (HNT) led the way down with a 3.71% loss, with STEPN (GMT) and Reserve Rights (RSR) seeing losses of 3.26% and 2.69%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Thursday session, supported by the decoupling from the NASDAQ 100. At the time of writing, 24-hour liquidations stood at $91.62 million, down from $124.53 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 28,061 versus 44,964 on Thursday morning. Liquidations were down over four hours and the final hour of the day (UTC) while up over 12 hours.

Crypto liquidations fall back on bullish session.
Total Crypto Liquidations 300922

According to Coinglass, 12-hour liquidations stood at $70.50 million, up from $56.39 million on Thursday morning. However, four-hour liquidations were down from $14.28 million to $10.46 million, with one-hour liquidations down from $3.06 million to $1.97 million.

The chart below shows market conditions throughout the session.

Crypto market sees a choppy Thursday session.
Total Market Cap 300922 Hourly Chart

 

XRP Faces Risk of a Return to Sub-$0.40 on Slow SEC v Ripple Progress

Key Insights:

  • On Wednesday, XRP rose by 0.65% to end the day at $0.4489. XRP had fallen to a session low of $0.41736 before a shift in market risk appetite.
  • Apple Inc. (AAPL) and the Bank of England delivered a choppy mid-week session as investors await updates from the SEC v Ripple case.
  • However, the technical indicators are bullish, with XRP sitting above the 100-day EMA, supporting a return to $0.50.

On Wednesday, XRP rose by 0.65%. Partially reversing a 4.68% slide from Tuesday, XRP ended the day at $0.44890.

A bearish start to the day saw XRP slide to an early morning low of $0.41736. XRP fell through the First Major Support Level (S1) at $0.4249 before rallying to a late high of $0.45515. However, falling short of the First Major Resistance Level (R1) at $0.4772, XRP slipped back to end the day at sub-$0.45.

Slow Progress in the SEC v Ripple Case Leaves XRP in Choppy Waters

A lack of news updates on the SEC v Ripple case left XRP in the hands of the broader crypto market. News of Apple Inc. (AAPL) pulling plans to ramp up the production of the new iPhone 14 product suite for weak demand weighed on riskier assets. However, a Bank of England intervention to stabilize the Pound and the UK bond markets delivered support through the afternoon session.

This morning, inflation and recession jitters resurfaced, however. Risk-off sentiment spilled over from the global equity markets, leaving XRP under pressure through the morning.

Before the Wednesday session, investor angst over the lack of a swift conclusion to the SEC v Ripple case had sent XRP back to sub-$0.50. Investor optimism had driven XRP to $0.55 for the first time since May in response to the SEC and the defendants filing the Motion for Summary Judgment.

With the next date in the Court calendar being October 18, XRP could come under more selling pressure should market sentiment towards riskier assets fail to improve.

XRP Price Action

At the time of writing, XRP was down 2.14% to $0.43929. A mixed morning saw XRP rise to an early high of $0.45107 before falling to a low of $0.43500.

XRP under morning pressure.
XRPUSD 290922 Daily Chart

Technical Indicators

XRP needs to move through the $0.4405 pivot to target the First Major Resistance Level (R1) at $0.4636. Market risk appetite and sentiment towards the SEC v Ripple case would need to improve materially to support a breakout from the Wednesday high of $0.45515.

An extended rally would support a run at the Second Major Resistance Level (R2) at $0.4783 and test resistance at $0.4850. The Third Major Resistance Level (R3) sits at $0.5161.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4258 in play. Barring an extended sell-off, XRP should steer clear of sub-$0.41 and the Second Major Support Level (S2) at $0.4027.

The Third Major Support Level (S3) sits at $0.3649.

XRP support levels in play below the pivot.
XRPUSD 290922 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 100-day EMA, currently at $0.42288. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The signals were mixed.

A breakout from the 50-day EMA ($0.44733) would support a run at R1 ($0.4636) to retarget $0.48. However, failure to move through the 50-day EMA ($0.44733) would give the bears a run at S1 ($0.4258) and the 100-day EMA ($0.42288). The 200-day EMA sits at $0.39500.

EMAs remain bullish.
XRPUSD 290922 4-Hourly Chart

Crypto Market Daily Highlights – BNB and BTC Lead the Top Ten

Key Insights:

  • It is a mixed Wednesday for the crypto top ten, with binance coin (BNB) and bitcoin (BTC) leading the top ten.
  • The Bank of England calmed the markets on Wednesday, which had hit deep red in response to Apple’s iPhone 14 production news.
  • With 140 minutes of the session remaining, the total crypto market cap is up $14.1 billion to $910.0 billion.

It is a mixed Wednesday session for the crypto top ten. BNB and BTC lead the top ten, while ADA struggles through the mid-week session. A choppy session saw BTC fall to sub-$18,500 before bouncing back. However, BTC is on target to fall short of $20,000 for the ninth time in ten sessions.

Through the early part of the Wednesday session, news of Apple Inc (AAPL) pulling plans to ramp up the production of the new iPhone 14 product suite weighed on riskier assets. However, the Bank of England calmed market tension later in the session by buying longer-dated bonds to combat the impact of the UK Government’s mini-budget on the British Pound.

Throughout the session, the crypto market recoupled with the NASDAQ 100, which ended the day up 2.05%. Ahead of the BoE intervention, the NASDAQ 100 Mini had spent most of the day in negative territory.

NASDAQ 100 correlation.
Total Market Cap – NASDAQ – 290922 5 Minute Chart

Crypto Market Bounces Back in Risk-On US Session

On Wednesday, the crypto market cap tumbled to an early low of $865.4 billion in response to the Apple news. However, in response to the BoE intervention, the crypto market cap rose to a late high of $917.8 billion before easing back.

With 140 minutes of the Wednesday session remaining, the crypto market cap is up $14.1 billion to $910.0 billion.

Crypto market bounces back on BoE intervention.
Total Market Cap 290922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Wednesday session for the crypto top ten.

BNB and BTC lead the way, with gains of 3.71% and 2.83%, respectively.

XRP (+2.05%) and SOL (+1.87%) also found strong support, while DOGE (+0.22%) and ETH (+1.14%) trailed the front runners.

ADA currently bucks the top tend trend, with a 0.23% loss.

From the CoinMarketCap top 100, it is a mixed session.

Helium (HNT) leads the way, rallying by 10.29%, with synthetix (SNX) and kava (KAVA) seeing gains of 9.27% and 6.20%, respectively.

At the other end of the table, IOTA (MIOTA) leads the way down, falling by 3.40%, with STEPN (GMT) and 1inch Network (1INCH) down by 2.83% and 3.16%, respectively.

24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides

Over 24 hours, total liquidations fell back during the Wednesday session, supported by a mid-session shift in risk appetite.

At the time of writing, 24-hour liquidations stood at $124.53 million, down from $154.14 million on Wednesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 44,964 versus 49,758 on Wednesday morning. Liquidations were up over four hours and the final hour of the day (UTC) while down over 12 hours.

Crypto liquidations ease in a choppy session.
Total Crypto Liquidations 290922

According to Coinglass, 12-hour liquidations stood at $56.39 million, down from $86.08 million on Wednesday morning. However, four-hour liquidations were up from $4.38 million to $14.28 million, with one-hour liquidations up from $1.92 million to $3.06 million.

The chart below shows market conditions throughout the session.

Crypto market volatility hit by external market forces.
Total Market Cap 290922 Hourly Chart

 

Crypto Market Daily Highlights – XRP Led the Top Ten into the Red

Key Insights:

  • It was a bearish Tuesday for the crypto top ten, with XRP leading the way down for a second consecutive session.
  • Risk aversion hit the crypto market, which had enjoyed a bullish morning session before succumbing to external market forces.
  • The total crypto market cap fell by $7.1 billion to $895.9 billion.

It was a bearish Tuesday session for the crypto top ten. XRP led the way down for a second session. Waning investor optimism towards a favorable outcome to the SEC v Ripple case weighed. BTC visited $20,000 for the first time in nine sessions before ending the day in the red.

US economic indicators likely contributed to the afternoon sell-off. In September, the CB Consumer Confidence Index increased from 103.6 to 108.0. Economists forecast a rise to 104.5. The increase came despite the current inflation environment, the Fed’s policy moves, and the economic outlook.

The consumer confidence figures support the Fed’s policy goals, which likely contributed to the risk-off session. Jobs and wages were the driving force behind the pickup in consumer confidence. The survey cut-off date was before last week’s interest rate hike.

On Tuesday, the NASDAQ 100 rose by 0.25%, while the S&P500 and the Dow fell by 0.21% and 0.43%, respectively. This morning, the NASDAQ 100 Mini was up 23.75 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 280922 5 Minute Chart

Crypto Market Fell Back to sub-$900bn in Risk-Off Session

On Tuesday, the crypto market cap surged to a mid-day high of $944.9 billion before sliding to a late low of $882.4 billion. The afternoon sell-off left the market cap at $895.9 billion, down $7.1 billion for the session.

Crypto market cap falls back to sub-$900 billion.
Total Market Cap 280922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Tuesday session for the crypto top ten.

XRP and SOL led the way down, sliding by 4.68% and 3.54%, respectively.

ADA (-1.34%), BNB (-1.38%), and DOGE (-1.02%) also struggled, while BTC (-0.72%) and ETH (-0.65%) saw modest losses.

From the CoinMarketCap top 100, it was a mixed session.

Quant (QNT), Reserve Rights (RSR), and Uniswap (UNI) led the way. RSR surged by 12.41%, with QNT and UNI seeing gains of 10.55% and 7.47%, respectively.

However, Terra Classic (LUNC), Terra (LUNA), and Chiliz (CHZ) were among the worst performers. LUNC and LUNA slid by 9.05% and 9.93%, respectively, with CHZ falling by 3.37%.

24-HourCrypto Liquidations Spike as Market Conditions Turn Bearish

Over 24 hours, total liquidations saw a sharp increase on Tuesday, returning to a more normal level.

At the time of writing, 24-hour liquidations stood at $154.14 million, up from $79.89 million on Tuesday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 49,758 versus 42,166 on Tuesday morning. Liquidations were up over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations rise.
Total Crypto Liquidations 280922

According to Coinglass, 12-hour liquidations stood at $86.08 million, up from $25.84 million on Tuesday morning, with four-hour liquidations up from $3.31 million to $4.38 million. One-hour liquidations rose from $0.612 million to $1.92 million.

The chart below shows market conditions throughout the session.

US Consumer confidence hits the crypto market.
Total Market Cap 280922 Hourly Chart

XRP Price Pressures Build Amidst SEC v Ripple Uncertainty

Key Insights:

  • On Tuesday, XRP fell heavily for a second consecutive session to end the day at sub-$0.45.
  • Optimism towards the SEC v Ripple case continued to weaken, sending XRP further back from last week’s high of $0.5587.
  • However, the technical indicators are bullish, with XRP sitting at the 50-day EMA, supporting a return to $0.50.

On Tuesday, XRP slid by 4.68%. Following a 4.61% fall on Monday, XRP ended the day at $0.44599.

A bullish start to the session saw XRP strike a mid-morning high of $0.48728. Coming up short of the First Major Resistance Level (R1) at $0.4935, XRP slid to a late afternoon low of $0.4350. XRP fell through the First Major Support Level (S1) at $0.4502 to end the day at sub-$0.45.

A lack of progress in the SEC v Ripple case hit investor optimism towards a favorable outcome. External market forces added further pressure, with the US equity markets continuing to hit reverse. On Tuesday, the S&P500 fell for a sixth consecutive session, while the NASDAQ 100 gained a modest 0.25%.

Investor Optimism Overshadowed by Risk Aversion

Following last week’s breakout session, XRP is approaching double-digit losses for the current week. Optimism has turned to uncertainty, as investors await the next moves following the Motions of Summary Judgment filings.

According to the Court’s schedule, the parties must file all materials relating to oppositions to summary judgment motions by October 18.

Between now and October 18, the Court may hold back from making any rulings, which could drag the case into December and possibly 2023.

Over the weekend, Ripple CEO Brad Garlinghouse talked optimistically about the case and discussed the possible impact of an SEC win on Ripple and the broader crypto market.

XRP Price Action

At the time of writing, XRP was up 0.49% to $0.44819. A bullish start to the day saw XRP rise from an early low of $0.44640 to a high of $0.45000.

XRP finds early support.
XRPUSD 280922 Daily Chart

Technical Indicators

A move through the $0.4561 pivot would target the First Major Resistance Level (R1) at $0.4772 and the Tuesday high of $0.48728. Sentiment towards the SEC v Ripple case and support from the broader crypto market would bring $0.50 back into play.

An extended rally would support a run at $0.50 and the Second Major Resistance Level (R2) at $0.5084. The Third Major Resistance Level (R3) sits at $0.5607.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4249 in play. Barring an extended sell-off, XRP should steer clear of the Second Major Support Level (S2) at $0.4038.

The Third Major Support Level (S3) sits at $0.3515.

XRP support levels in play below the pivot.
XRPUSD 280922 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat below the 50-day EMA, currently at $0.45207. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The signals were mixed.

Following the Tuesday fall through the 50-day EMA, a breakout from the 50-day EMA would support a run at R1 ($0.4772) to retarget $0.50. However, failure to move through the 50-day EMA ($0.45207) would give the bears a run at S1 ($0.4249). The 200-day EMA sits at $0.39174.

EMAs bullish.
XRPUSD 280922 4-Hourly Chart

Has the Crypto Market First Felt the Risk Appetite?

Market Picture

Bitcoin rose 1.1% on Monday, and on Tuesday morning, it “shot up” another 5.5%, adding 7.5% over the past 24 hours. This growth momentum has brought the price of the first cryptocurrency back above $20K, in stark contrast to the dynamics of falling markets and a strengthening dollar.

Bitcoin daily chart

Ethereum added almost as much – 7% – rising to $1,385. Against this backdrop, total crypto market capitalisation jumped 5.5% to $970 billion, with top altcoins adding between 2.3% (XRP) and 8.1% (Solana).

According to CoinShares, investments in cryptocurrencies rose for the second consecutive week last week. Net inflows were $8 mln, Bitcoin investments were up $3 mln, and Ethereum investments were up $7 mln. Investments in funds that allow shorts on bitcoin were down $5 mln, the first decline in 8 weeks.

While the Dow Jones index closed at its lowest since November 2020, the Nasdaq100 turned to growth after nearing the lows of June, and cryptocurrencies showed a strong surge. The outperformance of the riskiest assets is more typical of periods of great monetary stimulus. Therefore, the most relevant question is whether we are now see ing the first signs of a market reversal or a trap for naive bulls.

News Background

Bitcoin will continue to trade in a range of $17K to $25K, Glassnode expects. Intense US Federal Reserve monetary policy pressure and an unfavourable macroeconomic climate offset any essential positive developments in the crypto industry.

Dan Morehead, CEO of crypto hedge fund Pantera Capital, believes billions of people will use blockchain in the coming years, increasing the value of cryptocurrencies.

The SEC has demonstrated that it intends to “damage or destroy the cryptocurrency industry in the US”, said LBRY, a decentralised content publishing platform.

Technology giant Apple has allowed the sale of collectable tokens (NFTs) in apps on its devices, but the commission will be 30%, sparking outrage in the crypto community.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

XRP Price Action Turns Bearish as SEC v Ripple Optimism Weakens

Key Insights:

  • On Monday, XRP bucked the top ten crypto trend, falling by 4.61% to end the day at $0.46791.
  • Optimism towards the SEC v Ripple case softened, leading investors to lock in profits.
  • However, the technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.50.

On Monday, XRP slid by 4.61%. Reversing a 0.50% gain from Sunday, XRP ended the day at $0.46791.

A bullish start to the session saw XRP strike an early high of $0.50134. Coming up short of the First Major Resistance Level (R1) at $0.5153, XRP slid to a late morning low of $0.45800. XRP fell through the First Major Support Level (S1) at $0.4706 before briefly revisiting $0.479.

A lack of SEC v Ripple case updates and external market forces led to a shift in sentiment towards the case. Optimism towards an early conclusion had fueled an XRP return to $0.55 before pulling back.

Investor Optimism Wanes as Parties Remains Silent on Next Steps

Optimism towards a favorable and early conclusion to the SEC v Ripple case waned on Monday. Hopes of Court activity in response to the Motions for Summary Judgment filings waned, with the Court schedule unchanged at the start of the week.

Investors may also have been disappointed that the SEC and Ripple did not announce any plans to settle.

Barring a surprise settlement, the next date on the schedule is October 18, by which time Parties must file all materials relating to oppositions to summary judgment motions.

XRP Price Action

At the time of writing, XRP was up 0.64% to $0.47092. A mixed start to the day saw XRP fall to an early low of $0.46559 before rising to a high of $0.47462.

XRP finds early support.
XRPUSD 270922 Daily Chart

Technical Indicators

XRP needs to move through the $0.4758 pivot to target the First Major Resistance Level (R1) at $0.4935 and the Monday high of $0.50134. Sentiment towards the SEC v Ripple case and support from the broader crypto market would bring $0.50 back into play.

An extended rally would support a run at the Second Major Resistance Level (R2) at $0.5191 and $0.52. The Third Major Resistance Level (R3) sits at $0.5624.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4502 in play. Barring an extended sell-off, XRP should steer clear of the Second Major Support Level (S2) at $0.4324.

The Third Major Support Level (S3) sits at $0.3891.

XRP support levels in play below the pivot.
XRPUSD 270922 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.45009. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were price positives.

Following the September 19 breakout from the 50-day EMA, the current trend supports an XRP breakout from R1 ($0.4935) to retarget $0.52. However, a slide through S1 ($0.4502) and the 50-day EMA ($0.45009) would give the bears a run at S2 ($0.4324). The 200-day EMA sits at $0.38752.

EMAs bullish
XRPUSD 270922 4-Hourly Chart

Crypto Market Daily Highlights – XRP and DOGE Buck the Top Ten Trend

Key Insights:

  • It was a mixed start to the week for the crypto top ten, with XRP and DOGE bucking the top ten trend for the wrong reasons.
  • Significantly, the crypto market decoupled from the NASDAQ 100 for a third consecutive session.
  • The total crypto market cap rose by $17.2 billion to $903.0 billion.

It was a mixed Monday session for the crypto top ten. XRP and DOGE bucked the top ten trend, while SOL led the way. BTC fell short of $20,000 for an eighth consecutive session but ended the day at $19,000 for the first time in three sessions.

It was a quiet Monday session, with no US economic indicators to draw investor interest. While investor jitters over the Fed and the economic outlook continued to weigh on the NASDAQ 100, there were no crypto news events to test the crypto market.

Following Thursday’s post-Fed decoupling, crypto investors appear to have moved on from the Fed and the gloomy economic outlook. Major fiat currency pairings, the crosses, and the exotics have suffered at the hands of the Fed and the dollar, increasing the allure of cryptos as an alternative store of value.

On Monday, the NASDAQ 100 fell by 0.60%, while the NASDAQ 100 Mini was up 20.25 points this morning.

NASDAQ correlation weakens.
Total Market Cap – NASDAQ – 270922 5 Minute Chart

Crypto Market Claws Its Way Back to $900 billion Despite NASDAQ Fall

On Monday, the crypto market cap tumbled to a mid-morning low of $877.0 billion before rising to a late high of $910.0 billion. As a result of a bullish afternoon session, the crypto market cap increased by $17.2 billion to end the day at $903.0 billion.

Despite the bullish Monday session, the crypto market is down $106 billion for the current month.

Crypto market cap returns to $900 billion.
Total Market Cap 270922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Monday session for the crypto top ten.

XRP and DOGE bucked the top ten trend, with losses of 4.61% and 0.07%, respectively.

However, it was a bullish session for the rest of the top ten, with SOL rallying by 4.80% to lead the way.

BTC (+2.22%) and ETH (+3.24%) also found strong support, while ADA (+0.22%) and BNB (+0.66%) trailed.

From the CoinMarketCap top 100, it was a mixed session.

Terra Classic (LUNC), Terra (LUNA), and TerraClassicUSD (USTC) led the way. LUNA surged by 57.64%, with LUNC and USTC rallying by 33.34% and 14.08%, respectively.

Leading crypto exchange Binance delivered the breakout session after announcing it would begin burning LUNC trading fees.

However, Algorand (ALGO) led the way down, sliding by 5.09%, with XRP and apecoin (APE) seeing losses of 4.61% and 3.67%, respectively.

24-HourCrypto Liquidations Reflect Bullish Afternoon Session

Over 24 hours, total liquidations rose on Monday but remained low following the bullish Monday crypto session.

At the time of writing, 24-hour liquidations stood at $79.89 million, up from $74.63 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 42,166 versus 34,027 on Monday morning. However, liquidations were down over twelve and four hours and the final hour of the day (UTC).

Crypto liquidations remain on lower side.
Total Crypto Liquidations 270922

According to Coinglass, 12-hour liquidations stood at $25.84 million, down from $62.62 million on Monday morning, with four-hour liquidations down from $23.32 million to $3.31 million. One-hour liquidations fell from $0.901 million to $0.612 million.

The chart below shows market conditions throughout the session.

Crypto hourly chart reflects bullish afternoon session.
Total Market Cap 270922 Hourly Chart

An ETH Return to $1,350 Would Signal a Breakout Afternoon Session

Key Insights:

  • Bitcoin (BTC) and ethereum (ETH) have faced a choppy start to the week.
  • After a bearish Sunday, the pair have seen failed breakouts as investors hold out for Fed Chair Powell’s testimony mid-week and consider the road ahead.
  • The technical indicators remain bearish, suggesting a possible return to 2022 lows.

On Sunday, bitcoin (BTC) fell by 0.62%. Following a 1.89% decline on Saturday, BTC ended the week down by 3.10% to $18,817.

A bullish morning saw BTC rise to a late morning high of $19,188. However, coming up short of the First Major Resistance Level (R1) at $19,226, BTC slid to a late low of $18,646. BTC fell through the First Major Support Level (S1) at $18,733 before ending the week at $18,817

Ethereum (ETH) declined by 1.67% on Sunday. Following a 0.75% loss on Saturday, ETH ended the week down 3.00% to $1,295.

A bullish start to the day saw ETH rise to a mid-morning high of $1,337 before hitting reverse. Coming up short of the First Major Resistance Level (R1) at $1,342, ETH slid to a late low of $1,269.

ETH fell through the First Major Support Level (S1) at $1,299 and the Second Major Support Level (S2) at $1,281 before a partial recovery to $1,295.

After decoupling from the NASDAQ 100 on Thursday and Friday, BTC, ETH, and the broader market succumbed to investor jitters over the weekend. Optimism towards a favorable outcome to the SEC v Ripple (XRP) case failed to provide a cushion.

While Fed monetary policy and the economic outlook remain headwinds, regulatory uncertainty persists also.

This morning, the NASDAQ 100 Mini was down 57.75 points, while the crypto market cap is up 0.12% ($1.11 billion) to $887 billion.

NASDAQ decoupling continues.
Crypto Market Cap 260922 Daily Chart

Bitcoin (BTC) Price Action

At the time of writing, BTC was up 0.45% to $18,902. A mixed morning saw BTC fall to a low of $18,694 before rallying to a high of $19,333.

BTC broke through the First Major Resistance Level (R1) at $19,121 before sliding back to sub-$19,000.

BTC finds morning support.
BTCUSD 260922 Daily Chart

Technical Indicators

BTC needs to avoid the $18,884 pivot to retarget the First Major Resistance Level (R1) at $19,121 and the morning high of $19,333. A BTC move through the morning high would signal a breakout afternoon session.

In the case of an extended rally, BTC should test the Second Major Resistance Level (R2) at $19,426 and resistance at $19,500. The Third Major Resistance Level (R3) sits at $19,968.

A fall through the pivot would bring the First Major Support Level (S1) at $18,579 into play. Barring an extended sell-off, BTC should avoid sub-$18,000. The Second Major Support Level (S2) at $18,342 should limit the downside.

The Third Major Support Level (S3) sits at $17,800.

BTC resistance levels in play above the pivot.
BTCUSD 260922 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. This morning, bitcoin sat below the 50-day EMA, currently at $19,229.

The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA, delivering bearish price signals.

A move through and R1 ($19,121) would give the bulls another run at the 50-day EMA ($19,229) and R2 ($19,426). The 200-day EMA sits at $20,187. However, the slide back from the 50-day EMA could place BTC under selling pressure.

EMAs bearish.
BTCUSD 260922 4 Hourly Chart

Ethereum (ETH) Price Action

At the time of writing, ETH was up 0.35% to $1,299. A choppy morning saw ETH fall to a low of $1,278 before rising to a high of $1,325.

ETH finds support.
ETHUSD 260922 Daily Chart

Technical Indicators

ETH needs to move through the $1,300 pivot to target the First Major Resistance Level (R1) at $1,332. With no US economic indicators to consider, ETH would need support from the broader market for a breakout session.

In the event of an extended rally, ETH could test the Second Major Resistance Level (R2) at $1,368 and resistance at $1,400. The Third Major Resistance Level (R3) sits at $1,436.

Failure to move through the pivot would leave the First Major Support Level (S1) at $1,264 in play. Barring an extended US session sell-off, ETH should avoid sub-$1,200. The Second Major Support Level (S2) at $1,232 should limit the downside.

The Third Major Support Level (S3) sits at $1,164.

ETH support levels in play below the pivot.
ETHUSD 260922 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bearish signal. Ethereum sat below the 50-day EMA, currently at $1,352. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bearish signals.

An ETH breakout from R1 ($1,332) would give the bulls a run at the 50-day EMA ($1,352) and R2 ($1,368). However, market risk sentiment will need to improve materially to support a return to $1,350. Failure to move through the 50-day EMA would leave ETH under pressure near-term.

EMAs bearish.
ETHUSD 260922 4 Hourly Chart

 

Crypto as a Safe Haven. Finally?

Market Picture

Bitcoin is down 4.1% over the past week, ending near $18,900. Ethereum lost 5.8% to $1290. Other leading altcoins in the top 10 showed mixed dynamics, ranging from a 3.7% decline (Cardano) to a 27% increase (XRP).

Bitcoin daily chart

Total crypto market capitalisation, according to CoinMarketCap, declined by 2.4% over the week to $928bn. Cryptocurrency Fear & Greed Index fell by 3 points over the week to 24 (“extreme fear”).

Meanwhile, the cryptocurrency market became a safe haven compared to the collapse of major currencies and stock indices.

The beginning of the week raises the question, what is behind the relative resilience of cryptos? This market could be forgotten for a while, as all the attention and capital flows are on flagship assets. Alternatively, it could manifest traders’ inner confidence that peak fear is near and cryptocurrencies are already cheap enough for long-term investors.

News Background

Former MicroStrategy CEO Michael Saylor said that bitcoin would surpass the $69K reached in November 2021 in the next four years. BTC could trade as high as $500K in the next decade if its market capitalisation equals that of gold. Judging by bitcoin’s simple four-year moving average, its bottom is at $20K, Sailor suggested.

Bitcoin’s bear market has yet to reach its final stage, and investors should prepare for further declines. Some participants expressed this opinion in a Cointelegraph poll on Twitter.

Ethereum co-founder Vitalik Buterin said all cryptocurrencies should switch to the Proof-of-Stake (PoS) algorithm. He believes that over the next 18 months, ETH will become much more scalable, which will significantly reduce transaction fees.

Ripple CEO Brad Garlinghouse disagreed with the SEC that Ethereum could be considered unregistered security after the move to PoS.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

ADA, DOT, ETH, and SOL Weekly Review – SOL Bucked a Bearish Week

Key Insights:

  • It was a bearish week, with the total crypto market cap falling by $9.52 billion to $885.9 billion.
  • The Federal Reserve, the Vasil hard fork, and the SEC v Ripple case were market areas of focus.
  • Technical indicators are bearish, with uncertainty about the economic outlook likely to remain a headwind.

The crypto market cap fell by $9.52 billion to end the week at $885.9 billion. It was a second consecutive weekly loss, with the market cap at sub-$900 billion for the second week since July.

Crypto market sees red for a second consecutive week
Crypto Market Cap Weekly Chart 260922

A post-Fed $42.1 billion rise on Thursday limited the downside for the week. However, a bearish weekend left the market in the red though the loss was modest relative to the previous week’s $130.3 billion sell-off.

Market sentiment towards the global economic outlook and reaction to the Fed led to a Wednesday low of $847.0 billion. However, the market bounced back on Thursday, despite a hawkish 75-basis point rate hike and gloomy economic growth projections.

The Fed holding back from delivering a percentage point rate hike and easing bets of a percentage point rate hike in November likely supported a bullish Thursday session.

Adding further support was a sharp pickup in investor optimism towards the SEC v Ripple case.

A favorable outcome to the SEC v Ripple case would be a bullish signal for XRP and the broader crypto market. The crypto sector has aired its preference for the Commodity Futures Trading Commission (CFTC) to regulate the digital asset space. Failure by the SEC to win the case could tilt the scales in favor of the CFTC.

Crypto daily chart
Crypto Market Cap Daily Chart 260922

The shift in sentiment towards the SEC v Ripple case may also have contributed to the crypto market decoupling from the NASDAQ 100 on Thursday and Friday.

NASDAQ correlation.
Crypto – NASDAQ Daily Chart 260922

Cardano (ADA)

In the week ending September 25, ADA slipped by 0.45% to $0.446. A mixed week saw ADA fall to a Wednesday low of $0.429 before striking a Friday high of $0.482.

While avoiding the August low of $0.424, ADA also fell short of $0.500 despite the successful Cardano mainnet hard fork. A bearish weekend saw ADA give up post-hard fork gains.

Market reaction to the Vasil hard fork was bullish. Following the hard fork, Cardano founder Charles Hoskinson provided positive news to deliver further ADA price support.

On Friday, Charles Hoskinson took to Twitter, saying,

“I’ve seen hundreds of tweets like this one. Lots of projects are excited to deploy now.”

The Cardano founder was referring to a tweet from NewM, which said,

“We’ve been waiting for the #Vasil to deploy our smart contracts. This upgrade makes them more efficient and cost-effective on #Cardano. The future of #music is happening now! More on this soon.”

Updates from Hoskinson and Input Output HK (IOHK) will now be instrumental to an ADA run at $1.00.

On a trend analysis basis, ADA would need to move through the August high of $0.595 to break through the June high of $0.6688 and target the May high of $0.906. A return to $0.55 will be the key. However, a fall through the August low of $0.425 would give the bears a look at the 2022 low of $0.384.

ADA remains under pressure despite hard fork.
ADAUSD 260922 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal.

ADA sat below the 50-day EMA, currently at $0.458. The 50-day EMA slid back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. Both signals were ADA price negative.

An ADA move through the 50-day EMA would ease selling pressure and give the bulls a run at the 100-day EMA ($0.464). However, following Sunday’s slide through the 50-day EMA, sub-$0.400 remains in view.

EMAs bearish.
ADAUSD 260922 4 Hourly Chart

Polkadot (DOT)

DOT fell by 3.88% in the week. A bearish start to the week saw DOT fall to a Wednesday low of $5.97 before striking a Friday high of $6.63. However, a bearish weekend saw DOT end the week at $6.20.

Looking at the trends, a DOT move through the August high of $9.68 would support a run at $10.00 and the June high of $10.73. From $10.73, DOT would have a clear run at the May high of $16.44. DOT would need to break down resistance at the September high of $8.05 to support a shift in sentiment.

However, DOT has to avoid sub-$6.00 to avoid the 2022 low of $5.97. While network updates will continue to influence, direction from the broader market will remain the key driver.

DOT under pressure.
DOTUSD 260922 Daily Chart

Looking at the EMAs, based on the 4-hourly, the signal was bearish.

DOT sat below the 50-day EMA, currently at $6.48. The 100-day EMA fell back from the 200-day EMA, with the 50-day EMA sliding back from the 100-day EMA. The indicators delivered negative price signals.

DOT would need to move through the 50-day EMA ($6.48) and the 100-day EMA ($6.73) to support a bearish trend reversal. However, failure to move through the 50-day EMA would give the bears a run at the September low of $5.97.

EMAs bearish.
DOTUSD 260922 4 Hourly Chart

Ethereum (ETH)

ETH also had a bearish week, falling by 3.00% to end the week at $1,295. After a range-bound start to the week, ETH struck a Wednesday high of $1,412 before sliding to a post-Fed September low of $1,220. However, finding support from the broader market, ETH revisited $1,350 before easing back into the red.

Market reaction to the Ethereum Merge continued to peg ETH back from a return to $2,000. Increased SEC scrutiny of Proof-of-Stake (PoS) protocols was also ETH negative.

Viewing the trends, an ETH return to $1,800 would support a breakout from the August high of $2,031 and a return to $2,500. From $2,500, the bulls would target the May high of $2,968 and $3,000. A return to $3,000 would give the bulls a run at the April high of $3,582.

A fall through the September low of $1,220 would give the bears a run at the June and the current year low of $880.

ETH struggles at sub-$1,500.
ETHUSD 260922 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. ETH sat below the 50-day EMA, currently at $1,356. The 50-day EMA eased back from the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA. The signals were ETH price negatives.

An ETH move through the 50-day EMA could signal a shift in sentiment and support a return to $1,500. However, ETH would need to break down resistance at the 100-day EMA ($1,428).

Failure to move through the 50-day EMA would leave the September low and sub-$1,220 in play.

EMAs bearish,
ETHUSD 260922 4 Hourly Chart

Solana (SOL)

SOL bucked the market trend, rising by 3.89% in the week. Tracking the broader crypto market, SOL fell to a Wednesday low of $29.9975. However, steering clear of the August low of $29.915, SOL struck a Saturday high of $34.7925 before easing back to end the week at $32.3250.

News of Helium (HNT) migrating to the Solana blockchain was SOL positive. Network updates were also bullish, with transactions on the Solana blockchain surpassing 100 billion.

Looking at the trends, a move through the August high of $48.42 would give the bulls a run at the May high of $95.19. SOL would need plenty of support to break out from $75.

However, a fall through the August low of $29.9150 would leave the June and the current year low of $25.78 in view.

SOL bucked the trend.
SOLUSD 260922 Daily Chart

Looking at the EMAs, based on the 4-hourly, it was a bearish signal. SOL sat below the 50-day EMA, currently at $32.8537.

The 50-day EMA fell back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. Both were price negatives.

An SOL breakout from the 50-day EMA ($32.8537) would support a move through the 100-day EMA ($33.0624) to target the 200-day EMA ($33.941). However, failure to move through the 50-day EMA ($32.8537) would leave sub-$30 and the August low ($29.9150) in play.

EMAs bearish
SOLUSD 260922 4 Hourly Chart

 

XRP Price Action Remains Bullish as Investors Await SEC v Ripple News

Key Insights:

  • On Sunday, XRP broke the broader market trend, with a 0.50% gain to end the week up 37%.
  • Optimism towards the SEC v Ripple case remained the key driver.
  • The technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a breakout from $0.55.

On Sunday, XRP rose by 0.50%. Partially reversing a 3.87% fall from Saturday, XRP ended the week up 37.31% to $0.49052.

A bearish start to the day saw XRP fall to an early low of $0.47547 before making a move. Steering clear of the First Major Support Level (S1) at $0.4669, XRP rallied to a mid-day high of $0.52023. XRP broke through the First Major Resistance Level (R1) at $0.5141 before falling back to sub-$0.50.

A lack of SEC v Ripple case updates and external market forces drew buyers in after Saturday’s bearish session.

Investor Optimism Remains Buoyant Despite a Lack of Case Updates

Optimism towards the outcome of the SEC v Ripple case continued to deliver XRP price support. There were no updates from the Court or comments from the SEC or the defendants to support a bullish session.

Additionally, the broader crypto market fell for a second consecutive session, leaving XRP to buck the top ten trend.

Over the weekend, defense attorney James Filan interpreted the SEC’s argument in a series of tweets, saying,

“We aren’t saying XRP is a security per se. What we are saying is that any purchase of XRP, as a matter of economic reality, is an investment in a common enterprise with other XRP holders and with Ripple.”

Filan added,

“Whether it’s through horizontal commonality or strict vertical commonality, it is an investment in a common enterprise with other XRP holders and with Ripple. So, while XRP may not be a security per se, there’s no other possible way to offer or sell XRP EXCEPT as a security.”

Filan concluded,

“And when you realize what the SEC is saying, no matter how it’s framed, the judgment that the SEC wants is one that incorporates secondary sales.”

Filan referenced the language below, highlighting the words “a purchase” and “all units.”

“First, the undisputed facts show that, as a matter of economic reality, a purchase of XRP is an investment in a common enterprise with other XRP holders and with Ripple. All units of XRP are fungible with each other, and the price of all units of XRP rise or fall equally.”

While the interpretations have no bearing on the case, the XRP community highlighted flaws in the SEC arguments.

Barring a surprise announcement, the next date on the schedule is October 18. Parties must file all materials relating to oppositions to summary judgment motions.

XRP Price Action

At the time of writing, XRP was up 0.37% to $0.49234. A choppy start to the day saw XRP fall to an early low of $0.48867 before rising to a high of $0.50134.

XRP on the move.
XRPUSD 260922 Daily Chart

Technical Indicators

XRP needs to move through the $0.4954 pivot to target the First Major Resistance Level (R1) at $0.5153 and the Sunday high of $0.52023. Investor sentiment towards the SEC v Ripple case will need to remain positive to support the current uptrend.

Another extended rally would support a run at the Second Major Resistance Level (R2) at $0.5402 and $0.55. The Third Major Resistance Level (R3) sits at $0.5849.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4706 in play. Barring an extended sell-off, XRP should steer clear of the Second Major Support Level (S2) at $0.4506.

The Third Major Support Level (S3) sits at $0.4059.

XRP resistance levels in play above the pivot.
XRPUSD 260922 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.44508. The 50-day EMA widened from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA. The signals were price positives.

Following the breakout from the 50-day EMA, the current trend supports a breakout from R1 ($0.5153) to target $0.55. However, a slide through S1 ($0.4706) would give the bears a run at S2 ($0.4506) and the 50-day EMA ($0.44508). The 200-day EMA sits at $0.38252.

EMAs bullish
XRPUSD 260922 4-Hourly Chart

Crypto Market Daily Highlights – XRP Bucks the Top Ten Trend

Key Insights:

  • It was a mixed end of the week for the crypto top ten, with XRP bucking the top ten trend.
  • Following a bearish end to the week for the NASDAQ 100, the broader crypto market saw red for a second consecutive session, reversing the Thursday and Friday decoupling.
  • The total crypto market cap fell by $7.6 billion to $885.9 billion.

It was a mixed Sunday session for the crypto top ten. XRP bucked the top ten trend, while SOL and DOGE led the way down. BTC fell short of $20,000 for a seventh consecutive session and ended the day at sub-$19,000 for the fourth time in the week.

It was a quiet Sunday session, with no crypto news stories to weigh on investor sentiment. On Thursday and Friday, the crypto market decoupled from the NASDAQ 100, rising for two consecutive sessions. However, a bearish weekend prevailed, with investor angst over Fed monetary policy and the economic outlook testing investor resilience.

However, this morning, the NASDAQ 100 Mini was down 34 points, while the crypto market cap is up $1.12 billion (0.13%).

NASDAQ decoupling
Total Market Cap – NASDAQ – 260922 Daily Chart

Crypto Market Falls for a Second Consecutive Week to Sub-$900 billion

On Sunday, the crypto market cap rose to a mid-afternoon high of $908.1 billion before sliding to a low of $875.9 billion. A late partial recovery left the crypto market cap down $7.6 billion to $885.9 billion for the session.

The crypto market cap fell by $9.51 billion in the week, leaving the market cap down $72 billion for September.

Crypto market cap sees red.
Total Market Cap 260922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Sunday session for the crypto top ten.

XRP bucked the top ten trend, rising by 0.50%. However, it was a bearish session for the rest of the top ten.

DOGE and SOL slid by 3.09% and 3.16%, respectively, to lead the way down

ADA (-1.11%), BTC (-0.62%), BNB (-0.18%), and ETH (-1.72%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

ApeCoin (APE) led the way, gaining 5.59%, with Chainlink (LINK) and Maker (MKR) rising by 3.21% and 4.59%, respectively.

However, ravencoin (RVN) slid by 7.10% to lead the way down, with Terra Classic (LUNC) and Lido DAO (LDO) both seeing losses of 6.34%, respectively.

24-HourCrypto Liquidations Inched Higher in a Bearish Session

Over 24 hours, total liquidations rose on Sunday but remained low despite the crypto market falling for a second consecutive session.

At the time of writing, 24-hour liquidations stood at $74.63 million, up from $63.12 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 34,027 versus 27,917 on Sunday morning.

Liquidations were also up over four hours while down over the last hour and 12 hours.

Crypto liquidations
Total Crypto Liquidations 260922

According to Coinglass, 12-hour liquidations stood at $62.62 million, down from $63.12 million on Sunday morning, with one-hour liquidations down from $6.45 million to $0.901 million.

However, four-hour liquidations increased from $12.63 million to $23.32 million. The chart below shows market conditions throughout the session.

Hourly crypto market cap chart
Total Market Cap 260922 Hourly Chart