Ripple Rebounds 30% As Bitcoin Eyes $24K (Market Watch)

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Following yesterday’s massacre, the cryptocurrency market has begun its Christmas recovery session. Bitcoin is getting towards $24,000, currently trading less than $500 from a new all-time high, while most altcoins have bounced off hard with impressive double-digit increases.

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The primary cryptocurrency went on a roller-coaster in the past few days with several notable price moves resulting in a new all-time high and a subsequent $2,000 drop.

This price action had repeated itself on a smaller scale yesterday, as CryptoPotato reported. However, following the dip to $22,700, the bulls took charge and quickly drove the cryptocurrency above $23K. BTC continued its leg up in the past 24 hours and getting close to $24K.

From a technical perspective, $24,000 is the first major resistance line in BTC’s way up. If successfully conquered, the asset’s next obstacle will be around the current ATH – $24,350.

Alternatively, the most significant support levels situated at $22,700 (yesterday’s low), $22,500, and $22,000 could assist if the trend reverses again and BTC heads south.

BTCUSD. Source: TradingView
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The alternative coins plummeted in value yesterday as the entire market capitalization had $40 billion evaporated in a day, following the Ripple lawsuit by the U.S. SEC. However, Christmas Day is substantially more optimistic for the crypto market as most alts have bounced off the bottoms.

Ethereum has gained nearly 6% and has recorded a daily high of $620, as of now. Bitcoin Cash (10%) has returned above $300. Binance Coin (5%), Polkadot (6%), and Litecoin (6%) are in the green as well.

Chainlink (9.5%) and Cardano (11%) have also gained serious value and trade north of $11 and $0.15, respectively. However, Ripple has trumped them all.

XRP’s value nosedived for a few consecutive days after the SEC pressed formal charges against the payment processor for conducting a $1.3 billion unregistered security offering. XRP dumped to almost $0.20 yesterday, but it has skyrocketed by over 60% since then and currently trades at $0.35 (daily 30%).

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Stellar (19%), Zilliqa (18%), Dogecoin (15%), Augur (14%), SwissBorg (14%), Enjin Coin (14%), VeChain (12%), Neo (12%), ICON (12%), and more.

Consequently, the cumulative market capitalization of all cryptocurrencies has added $30 billion since yesterday’s bottom.

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Cryptocurrency charts by TradingView.

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