Cryptocurrency Update: Bitcoin and Ethereum Strive for Rebound, XRP Drops Below $0.54
Bitcoin and Ethereum are showing signs of recovery following a recent downturn, with Bitcoin now trading above $57,000 and Ether hovering around $2,400. Meanwhile, XRP faced a setback as it lost key support, slipping to $0.54 on Thursday. In other news, the former CEO of the now-defunct exchange Mt.Gox is gearing up to launch EllipX in Europe.
Bitcoin’s current price stands at $57,178, having bounced back from a monthly low of $55,606 on September 4. The largest digital asset experienced a 1.57% drop in value on that day. Ethereum, the second-largest cryptocurrency, is trading around $2,400, having lost nearly 2% of its value within a single day. XRP, on the other hand, dipped to a low of $0.54 before recovering to the $0.55 support level.
Helium (HNT/USDT) recently broke out of a downward trend on September 3, as indicated by the HNT/USDT daily chart. Currently priced at $8.4256, the token saw an 8% rally, with potential for a further 5.39% increase to reach $8.755, the upper boundary of the imbalance zone between $8.742 and $8.755. The Relative Strength Index (RSI) on the daily timeframe is approaching 65, a level that traders should monitor closely as it could signal a sell-off once it crosses 70.
In market updates, CoinGecko has announced grants for developers working on the Cronos chain, with the first 25 projects eligible to receive a grant. Additionally, Coinbase Institutional transferred over 225.99 million USDC coins to an unknown wallet, according to on-chain data. Travala, a crypto-native travel platform, has entered into a partnership with Skyscanner, marking its first collaboration in the crypto space.
Industry updates include the announcement of the launch of EllipX in Europe by the former Mt.Gox CEO. Crypto expert Lark Davis reported that the Coinbase CFO mentioned US presidential candidate Kamala Harris using Coinbase to accept crypto donations. Moreover, Mastercard is planning to support non-custodial crypto spending through a new partnership with Mercuryo.
As the cryptocurrency market continues to evolve, these developments highlight the ongoing innovations and partnerships shaping the industry. Investors and enthusiasts are closely monitoring these updates to stay informed about the latest trends and opportunities in the crypto space.
