The Loopring (LRC) price has entered a symmetrical triangle pattern on the daily chart in the face of continuous bearish pressure.

This indicates that the bulls are retreating, so LRC must attract buyers to achieve a successful breakout.

However, a bearish breakthrough is anticipated, and the token price may fall below the important support at $0.30. Loopring is trading at $0.37 as of this writing, a decrease of 4% over the last seven days, according to statistics provided by Coingecko on Wednesday.

The whole crypto market began the year on a positive note. However, by the end of January, it had already begun to indicate that 2022 would be quite bumpy.

Image - FX Empire

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Loopring Dragged Down By Gloomy Market

Today, the entire crypto market is aggressively negative, having seen a mini-crash in both the months of May and June.

The present strong aggressive bearish trend of the sector has also affected other cryptocurrencies, such as Loopring, which is down 80% year-to-date. The coin’s trading volume is 69 million, while its market capitalization is 488 million.

Loopring has fluctuated in a descending triangle pattern during the course of the past two months. In addition, LRC has retested the falling trendline, which could ignite another bear cycle inside this pattern.

Loopring was one of the few projects in June that had begun to exhibit indications of recovery. The first five days of the project were marked by a significant bullish push. However, this was followed by a significant bearish movement that led to a 41 percent price collapse.

LRC total market cap at $494 million on the daily chart | Source: TradingView.com

LRC Faces Tough Road Ahead

The first 15 days of June also began to improve, resulting in the reversal of some of the month’s losses because of a nearly 40 percent price increase. In contrast, Loopring appears to have continued its strong bearish trend over the past week, shedding 14 percent of its value.

Meanwhile, the same forces affecting other markets, such as stocks, play a significant role in the current downturn. Consumer prices are increasing at the highest annual rate in more than 40 years, and the latest Federal Reserve rate increase is still being felt on the bitcoin market.

Forecasts of an even more challenging economic climate are also causing the price of Loopring and other altcoins to continue to decrease.

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Featured image from CHVNRadio, chart from TradingView.com

The crypto community got a major surprise two years ago when a leading provider of crypto solutions for businesses was slapped with a lawsuit by the U.S. Securities and Exchange Commission.

Ripple was taken to court by the SEC, which sparked what has become the most closely watched legal showdown in the cryptocurrency industry.

The SEC’s lawsuit accusing Ripple of breaking securities laws has devolved into a lengthy legal dispute, with the future of cryptocurrency regulation potentially at risk.

The case, which was filed in December 2020, revolves around the Commission’s claim that Ripple refused to register approximately $1.4 billion worth of XRP, its native coin, as securities.

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Image: MetaCrunch

Crypto Community Remains Upbeat About XRP

Despite the current Ripple legal dispute and unfavorable market conditions, the XRP community continues to be optimistic about the XRP price as this development unfolds.

Six months following the filing of the SEC’s litigation against Ripple and its executives, the price of XRP plummeted from $0.7 to $0.2. As the case progressed, though, the value of Ripple rose along with it.

Monday’s Coingecko stats show that XRP is trading at $0.327, a 1.5 percent increase over the previous week. The 24-hour trading volume for XRP is $1,116,622,856.

Can XRP Hit $35,000? Or, $50K Even?

Notable crypto industry figures, such as Valhil Capital CEO Jimmy Vallee, estimate that the price of XRP might hit $35,000. Others are of the opinion that the price may surpass $50,000.

The growth of XRPL use cases has also contributed to the excitement around XRP. Peersyst Technology has announced the creation of the first Colombian National Land Registry on the XRPL blockchain.

During the current bear market, XRP is one of the cryptocurrency investors are anticipating a robust run for.

As a result of the increased interest in Central Bank Digital Currency (CBDC), Ripple has prepared itself to be recognized through the private ledgers and inexpensive cross-border transfers it enables via its project Ripplenet, consequently boosting the price and sentiment of XRP.

In other developments, the largest bank in Morocco, Attijariwafa Bank, has partnered with the company to promote seamless XRP token payments for its customers.

XRP total market cap at $16 billion on the daily chart | Source: TradingView.com

Hold On Long Positions, Or Take Profits?

Meanwhile, interested parties can open long positions and anticipate that, if they are successful, the price of XRP will rise over $0.387 and sweep the liquidity first.

Market participants have two options when the first goal is hit: they may either stick onto their positions for the retest of the next level at $0.439 or book profits.

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XRP has recovered from the crisis in December 2020, and the long-term price forecast for this year is optimistic. This year, the cryptocurrency is likely to surpass its current all-time high of approximately $3.84, analysts say.

However, this will only occur if it overcomes the numerous psychological barriers it has erected over the years.

Featured image from The Positivity Blog, chart from TradingView.com

Bitcoin (BTC) is now showing signs of vigor, after weeks of being smothered in crimson, and drilling past the $21,000 level, to the delight of some crypto investors.

As of this writing, the most sought after crypto asset is trading at $22,200, up 13% in the last seven days, data from Coingecko show, Friday.

BTC reclaimed the $20,000 threshold on Wednesday, seven days after going below it. The cryptocurrency is trading at less than 70 percent of its all-time high near $69,000, but is currently far above its mid-June selloff low of $18,000.

Friday, the market capitalization of all cryptocurrencies increased by about 2 percent over the previous day. On the same day, the global crypto market was valued at $919 billion.

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Bitcoin Green Day – On To The Next Support

The volume of the cryptocurrency market, on the other hand, decreased by more than 18 percent over the past 24 hours, according to statistics from Coingecko. Friday’s crypto market volume was estimated at $55.25 billion.

According to Harris Financial Group Managing Partner Jamie Cox, the “Green Day” on the markets comes in the wake of rising unemployment claims in the U.S., which could indicate that the “pressure on wages may have now peaked.”

After a transition above the $20,500 level, the price of BTC began a steady ascent and tested the $22,200 mark, where it encountered selling interest and proceeded to $22,100.

The next significant support is close to the $21,500 territory, below which the price may fall to the $21,200 level. The next significant resistance level is near $22,500; over this level, the price might climb to $23,000.

BTC total market cap at $415 billion on the daily chart | Source: TradingView.com

Some Analysts Are Not Ecstatic By BTC Rally

Some observers maintain that the crypto’s trajectory remains negative. “Roman” on Twitter said, “Many are growing exuberant and bullish as we have repeated identical candle patterns over the past eight months.”

According to him, BTC’s break of the $22K barrier is the latest in a string of “fakeouts” that will mislead many traders into assuming the bottom has been reached, despite the fact that the trend remains unfavorable.

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“Since the last four days, BTC has been on a small uptick… The sentiment on the crypto market continues to be “extreme fear,” and the daily trend for BTC remains within a downward band shape,” analysts at the WazirX said.

Others are less confident. Will Clemente, crypto analyst for the mining company Blockware, cited the 200-week moving average (WMA) of $22,520 as a significant statistic. “The price decline could continue if BTC price remains below this level,” he stated.

Featured image from Finshots, chart from TradingView.com