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XRP surges as crypto market defies negative rhetoric from US lawmakers

2021.07.28 Adam James

The cryptocurrency market has largely laughed off United States Senator Elizabeth Warren's claim that “crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners."

The global cryptocurrency market capitalization is up by nearly 6% today as price increases drive increased sentiment. The foremost cryptocurrency, BTC, is also up by nearly 6% over the past 24 hours — per data from CoinGecko — while ETH, ADA and other leading alts have seen more modest gains. XRP, however, has led major coins after surging by more than 14%.

The cryptocurrency market is a sea of green today, with XRP leading gains among major altcoins. Source: Coin360

The cryptocurrency market's current rally comes alongside continued rhetoric against Bitcoin and digital currencies from lawmakers in the United States. In a letter dated July 26, U.S. Senator Elizabeth Warren called for "a coordinated and cohesive regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system" while stating:

"I have become increasingly concerned about the dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States. However, as the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, the Council must determine whether these trends raise concerns beyond investor and consumer protection and extend to broader systemic vulnerabilities that could threaten financial stability."

Meanwhile, negativity also pervaded yesterday's Senate Banking Committee hearing, where Warren stated “instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me" — a quote that quickly became something of a meme in the crypto-native community.

In other news, cryptocurrency exchange Binance — a competitor of OKEx — is reducing withdrawal limits from 2 BTC per day to 0.06 BTC per day for users with the lowest level of account verification. Many industry pundits are interpreting this action as yet more proof that the so-called Wild West days of crypto are rapidly coming to an end in the face of global regulatory pressure.

Top altcoin gainers and losers: XRP tops leaderboard on OKEx

  • XRP/USDT +13.78%
  • ELF/USDT +11.60%
  • ETM/USDT +9.43%
  • LMCH/USDT -7.19%
  • SFG/USDT -7.40%
  • HDAO/USDT -10.92%

In rare fashion, XRP — a cryptocurrency with a market capitalization of roughly $34 billion — is the top-performing altcoin on OKEx today, per the exchange's default time settings. No other large-cap altcoins are seeing similar gains, though relative XLM is the second-best performing altcoin with a market cap greater than $1 billion.

XRP is the top-performing altcoin on OKEx after surging earlier today. Source: OKEx

BTC technical analysis: Buyers aggressive

The price of BTC is battling against major resistance around the 40,000 USDT level, with plenty of apparent bid support assisting in the challenge. Buyers have been aggressive this week, with the four-hour ribbon of exponential moving averages climbing fast and getting front-run. That said, many traders will be cautious about adding to any long positions at resistance — something that is generally avoided when trading. As such, the leading cryptocurrency may consolidate above the EMA ribbon before potentially pushing through resistance.

OKEx's BTC/USDT 4h chart — 7/28. Source: OKEx, TradingView

ETH technical analysis: Bearish inside descending triangle

The price of ETH is approaching life support against BTC near the bottom of a macro descending triangle formation — even with EIP-1559 being implemented in a matter of days. Some traders may be looking to long the foremost altcoin against BTC at this level, though all eyes will be on Ethereum's upgrade to see if it's a sell-the-news event.

OKEx's ETH/BTC 4h chart — 7/28. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.