On July 14, Ethereum was able to recapture the $3,000 mark, attracting more attention from investors and supporting the revival of the entire cryptocurrency market.
After four months, XRP managed to escape a symmetrical triangle pattern and soar to $3, inviting the interest of new analysts and investors.
Ripple CTO David Schwartz touched on using the asset as opposed to speculation and highlighted the emotional impact that markets create and how this can influence the long-term sentiment.
Ethereum has reclaimed the $3,000 mark, triggering renewed enthusiasm across the crypto market. The price surge on July 14 marked a significant turning point for the asset, with Ethereum recording steady gains over the past several trading sessions.
Ripple’s Chief Technology Officer, David Schwartz, responded to Ethereum’s performance with a celebratory post on X, formerly Twitter. While Schwartz refrained from commenting directly on XRP’s rally, he acknowledged the emotional impact of market recoveries on crypto holders.
XRP Records 4-Month High, Breaks Symmetrical Triangle
XRP followed closely behind Ethereum’s momentum by breaking out of a long-standing symmetrical triangle pattern. The token moved up to $3 in four months. Researchers think that such a tech breakout may indicate a longer-term bullish trend.
The price action of XRP has caught the interest of institutional as well as retail investors, and many are now eyeing the possible upswing of the token to reach the zone of around $4. Although this increase has been acute, Schwartz has not gone far enough to correlate the movement of price with long-term utility.
Later, Schwartz responded to criticisms by the people that he was quiet on the XRP breakout. He also clarified that the long-term potential of crypto is in its practical uses, although price rallies should not be underestimated. This was after XRP supporters had asked questions, wondering why he was quiet over the XRP price milestone.
He pointed out that the hype always fails to keep up with the use cases of blockchain. The comments made by Schwartz imply a concentration on the overall industry development, but not on the short-term price trends.
The Increase of Interest in Major Cryptocurrencies in the Market
The general mood on the market became positive, and Bitcoin has reached some new heights in terms of profitability. That rally seems to have brought a lot of confidence back to the investors, who were on the sidelines due to the recent volatility.
There is also a rising interest in institutions as big asset firms are increasing their investments in crypto. Amid headway being created by Ethereum and XRP, analysts are monitoring sustained strength and possible resistance levels.
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