BlackRock Dashes Ripple Enthusiasts’ Hopes, XRP ETF Faces Limited Potential
Bitcoin and Ethereum are holding steady above crucial support levels as the market anticipates a $4.3 billion options expiry on Friday. Data from Deribit reveals that there are twice as many long contracts expiring compared to shorts, with a put/call ratio of 0.61. Bitcoin is currently hovering near $67,000 despite the looming expiry event.
On the other hand, Ethereum is maintaining its position close to the $3,200 support level. The altcoin has not experienced a significant rally even with the approval of the Ethereum Spot ETF, consistent inflows, and institutional interest in the product.
Meanwhile, XRP and Solana, along with other altcoins, have seen positive momentum as investors respond optimistically to the approval of the Spot Ether ETF earlier this week. XRP has managed to hold above the critical psychological support level of $0.60, indicating resilience in the face of market fluctuations.
Solana, in particular, has extended its gains by 5% and is eyeing a potential rally towards the $210.18 target, which corresponds to the peak reached on March 18 for SOL. The altcoin may encounter resistance at $183.76 and $188.89, as illustrated in the SOL/USDT daily chart. The Moving Average Convergence Divergence (MACD) histogram bars are showing positive momentum supporting Solana’s uptrend, with potential support levels at $155 and $148.56.
Market updates reveal that 61,000 Bitcoin options expired with a Put Call ratio of 0.62, amounting to a notional value of $4.1 billion. Additionally, 490,000 Ethereum options worth $1.6 billion expired earlier on July 26, with Ether struggling to break through resistance at $3,500.
In industry news, a Russian bill legalizing Bitcoin mining and enabling the use of cryptocurrencies for international trade is set to take effect on September 1. However, crypto advertising remains prohibited. AAVE has announced that voting is underway to approve a new Aave V3 ETH market for Lido Finance, marking a significant development in the crypto space.
Overall, the cryptocurrency market continues to witness dynamic shifts and developments, with various digital assets navigating through challenges and opportunities in the ever-evolving landscape of decentralized finance.
