Bitcoin Bounces Back Above $28K – Bitcoin (BTC) is experiencing a rally in the market right now, leaving investors with smiles on their faces, as XRP Shows Strong Performance for Second Consecutive Day.
In the late hours of Tuesday, there was a drastic change in the crypto market as Bitcoin rose to $28,000. The world’s most popular cryptocurrency has dominated the crypto market and is at its highest since June 2022. XRP on the other hand increased for a second straight day increasing by 11% in the last 24 hours.
There has been a lot of speculation on the internet mostly on Twitter where traders and investors were happy, the rise put a smile on their faces.
Never thought I’d ever have to tweet this again, but we will never see #bitcoin above $28K
— Sir Bud Fox (@2billiondollarz) March 27, 2023
#bitcoin back to 28K. Bullish! pic.twitter.com/qUWrsifjBs
— $SHIB KNIGHT (@army_shiba) March 29, 2023
This increase happened shortly after the US commodity futures trading commission (CFTC) filed a lawsuit against Binance and its founder-owner over allegations that the exchange knowingly offered unregistered crypto derivatives products in the U.S., a violation of federal law.
Will Bitcoin rise above $28k?
Bitcoin is struggling to break above the $28k-$29k region, any successful breakout might take us to the $32k zone. Also, we might see a retest to $23k if the price rejects the current level.
Since it is difficult to predict a volatile market, if it increased in profits by $1000 in less than 24 hours then it’s expected to rise again. Investors can either decide to buy more Bitcoin or sell them out and cash in.
Will XRP rise again?
XRP tokens jumped for a second straight day, increasing by 11% in the last 24 hours. They were some beliefs that the classification of BTC and ether (ETH) as commodities in the U.S. Commodity Futures Trading Commission (CFTC) suit against Binance might mean XRP tokens are classified as commodities as well. This might strain the U.S. Securities and Exchange Commission (SEC)’s case against Ripple, which says the tokens are securities. Classification as a commodity could mean Ripple wins the case – which some traders may consider bullish for XRP.
It is still not predictable however, XRP may dip in the coming days because the on-chain analysis carried out showed that transmissions “in profit” have reached a 19-month high, suggesting traders could lock in recent gains and contribute to falling prices.
EDITORS ADVISE
The future of Bitcoin is influenced by a range of factors, including technological advancements, regulatory changes, and market demand. It is believed that Bitcoin could continue to increase in value as more people adopt it as a form of payment or investment.
