Ripple’s token price is rising above the $0.50 resistance against the US Dollar. XRP price might continue to rise toward the $0.525 and $0.550 resistance levels.

• Ripple’s token price started a fresh increase above the $0.480 resistance against the US dollar.
• The price is now trading above $0.50 and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $0.4910 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to rise toward the $0.525 and $0.550 resistance levels.

Ripple’s Token Price Rallies 5%

In the past few days, Ripple’s XRP saw a decent increase from the $0.420 support against the US Dollar. It outperformed Bitcoin and Ethereum to move into a bullish zone.

There was a clear move above the $0.475 and $0.480 resistance levels. It even surpassed $0.500. A high is formed near $0.5047 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5047 high.

XRP price is also trading above $0.50 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support near $0.4910 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Initial resistance is near the $0.5050 zone. The first major resistance is near the $0.525 level. A successful break above the $0.525 resistance level might send the price toward the $0.550 resistance. Any more gains might call for a test of the $0.585 resistance.

Are Dips Limited in XRP?

If ripple fails to clear the $0.505 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.491 zone and the trend line.

The next major support is near $0.474 or the 50% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5047 high. If there is a downside break and a close below the $0.474 level, XRP’s price could extend losses. In the stated case, the price could test the $0.450 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought zone.

Major Support Levels – $0.491, $0.474, and $0.450.

Major Resistance Levels – $0.505, $0.525, and $0.550.

Ethereum price corrected gains from the $1,920 resistance against the US Dollar. ETH is currently supported and might soon aim for a move toward $2,000.

• Ethereum is currently eyeing a fresh increase above the $1,920 resistance zone.
• The price is trading above $1,880 and the 100-hourly Simple Moving Average.
• There is a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it clears the $1,920 resistance.

Ethereum Price Remains Supported

Ethereum’s price started a decent increase above the $1,800 resistance. ETH even broke the $1,880 level before the bears appeared near $1,920 and pushed the price lower, similar to Bitcoin.

There was a downside correction below the $1,900 and $1,885 levels. The price spiked below the 50% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high. However, the bulls were active above the $1,870 level.

There is also a major bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $1,836 swing low to the $1,929 high.

Ether is still trading above $1,880 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,910 zone. The next major resistance is near the $1,920 level. A close above the $1,920 resistance could send Ether toward $2,000.

Source: ETHUSD on TradingView.com

The next resistance sits near $2,040, above which Ethereum could gain pace toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,200 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,885 level.

The next major support is near the $1,870 zone or the trend line. If there is a close below the $1,870 support, the price could decline toward the 100 hourly SMA. Any more losses may perhaps send the price toward the $1,815 level in the coming sessions, below which it could test $1,800.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $1,870

Major Resistance Level – $1,920

Bitcoin price is correcting gains from $28,400. BTC must stay above the $27,500 support to start a fresh increase in the near term.

• Bitcoin is correcting gains below the $28,000 support zone.
• The price is trading above $27,500 and the 100 hourly Simple moving average.
• There was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if the bulls manage to protect the $27,500 support.

Bitcoin Price Corrects Lower

Bitcoin price started a decent increase above the $28,000 resistance zone. However, BTC struggled to clear the $28,400 and $28,500 resistance levels.

A high was formed near $28,450 and the price started a downside correction. There was a move below the $28,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high.

Besides, there was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $27,500 and the 100 hourly Simple moving average.

It is finding bids near the 61.8% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high. Immediate resistance on the upside is near the $27,800 level. The next major resistance is near the $28,000 level.

Source: BTCUSD on TradingView.com

An upside break above $28,000 might send the price toward the main resistance at $28,500. A close above the $28,500 resistance zone might start a strong increase toward the $29,200 resistance zone. The next key resistance is near $29,400, above which the price might rise toward the $30,000 resistance.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,580 level.

The next major support is near the $27,500 zone, below which the price might gain bearish momentum. In the stated case, the price could decline toward the $27,150 support and the 100 hourly Simple moving average.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $27,580, followed by $27,500.

Major Resistance Levels – $28,000, $28,400, and $28,500.

As June 1 draws closer and the Hong Kong and Chinese investors look forward to legally trading cryptocurrencies once more, the market has already turned bullish. So far, Chinese coins have led the pack when it comes to gains, so here are three of the most popular Chinese tokens likely to rally if the bullish trend continues.

Neo (NEO)

Neo (NEO) has long been a favorite of Chinese investors and is often fondly referred to as the “Chinese Ethereum.” The cryptocurrency is one of the leading coins from the region so it is no surprise to see that it has moved back into the spotlight as retail traders are set to begin trading cryptocurrencies in Hong Kong on June 1.

The past week has already been profitable for its investors with 13.95% gains already recorded on the weekly chart. In the past day as well, the digital asset has seen gains of 3.34%, but there is still a lot of ground to cover before trading goes live. So NEO could present as a good choice for investors looking to take advantage of the new bull rally being led by Chinese investors.

Conflux (CFX)

Conflux (CFX) is one of the top Chinese coins for investors to keep an eye on during this time. Conflux is a blockchain company based in China and its native token CFX has seen much success this year. However, the drawdown in the price of the coin in the last month has not deterred investors and as the Chinese narrative gains ground, the token has grown as well.

Just like NEO, the last week has been a good one for CFX whose price has risen 9.96% to bring its price above $0.32 once more. The coin’s trading volume also crossed $117 million in a 24-hour period, indicating that investors are always investing in this token ahead of the anticipated June 1 date.

VeChain (VET)

VeChain (VET) is one of the oldest blockchains in the space which was founded in 2015, the same year as Ethereum. And although VeChain hasn’t grown as much as Ethereum, it hasn’t been stagnant either and has become one of the foremost Chinese coins, making it a perfect candidate for those looking to take advantage of the present narrative.

Although VET hasn’t performed as well as the others on this list, it is up nonetheless with 5.58% gains in the last week. It is also seeing a modest upside of 1.67% on the 24-hour chart, but the promise of more gains remains vast as the last two days leading up to June 1 could see these coins heat up very fast. If the trend continues, then VET could be looking at breaking the $0.03 resistance before the week is over.

China banned cryptocurrencies in 2021 when the price of Bitcoin had rallied to $60,000. This move triggered a crash in the market, from which Bitcoin recovered not too long after, but it left Chinese investors unable to adequately participate in a market that they had previously dominated. That is, until now that Hong Kong has made a move.

The country passed a new law that would allow crypto exchanges to offer services to investors, making it possible for them to participate in the market once more. This gives investors in China an avenue to trade cryptocurrencies without being worried about breaking the law.

It is set to go into effect on June 1, less than three days from now. As this date draws closer, a study by Forex Suggest has shown that Hong Kong is the most crypto-ready country in the world. However, it remains to see how this event will play out in the crypto market.

Bitcoin is finally seeing some green after trading at a loss over the past two weeks. The cryptocurrency continues to trade within a tight range, but activity in the options market could hint at a potential run toward new highs.

As of this writing, Bitcoin (BTC) trades at $27,900 with a 2.5% profit in the last 24 hours. Over the last week, the cryptocurrency has seen twice the profits recording a 4.4% performance. Other cryptocurrencies in the top 10 by market cap are experiencing similar momentum.

Bitcoin Options Hint At Fresh Rally?

Data from crypto options trading platform Deribit indicates a drop in Implied Volatility (IV). This metric measures the expectation of future price movements by market participants.

IV has been trading sideways over the past month, with a tendency to the downside. Deribit claims that growing uncertainty in the crypto market and the macroeconomic landscape is fueling the current dynamic on this metric, which translates into slow price action for BTC and crypto.

As the price of Bitcoin retraces, option buyers have been selling their contracts. When the opposite happens, and BTC sees an uptick, options sellers dump their contracts.

This dynamic has put “constant selling pressure” on the IV and contributed to suppressing the BTC spot sector. However, the upcoming U.S. debt ceiling, the date this country could default on its national financial commitments, could change the status quo.

The narrative around this event hints at a further appreciation for BTC and risk-on assets. Today, equities and crypto rallied as key political factions in the North American country reached a tentative agreement that could avert a crisis across the financial world.

Over the weekend and into today’s development, Deribit noted that maturity for BTC options turned profitable. The exchange also saw aggressive calls buying as the landscape signals profits for the cryptocurrency and prices return north of $27,000.

This large player bought calls (buy orders), betting that BTC could hit $34,000 somewhere in July/August 2023, as seen on the chart below.

Deribit stated in a market update:

Sub 7day ATM-28k Calls + July 31k Calls bought bravely ahead of the long weekend Theta turned profitable as Debt-ceiling talks progressed and a large DSOB buyer of July+Aug 34k Calls aggressively accumulated at higher prices just prior to Spot slicing through 27.3k and now 28k

Cover image from Unsplash, chart from Tradingview