Market Summary 25/12: Bitcoin, Ethereum, Ripple…

He also added that he’s learning about Bitcoin through people like Tyler Winklevoss and Anthony Pompliano.

Earlier in the day, on the same social platform, the mayor had shown interest in the idea of Miami becoming the first crypto-centric government in the country.

Ethereum News

Ethereum has not been able to stand up to Bitcoin and really against it lately. This trend has been causative in the relatively flat performance of the other altcoins. It is expected that this underperformance could turn bullish soon.

Currently, though, ethereum is trading at the price of $593. ETH is now set to bounce back from this decline, and it is now aiming to break back above $600.

An analyst pointed out that we should watch out for a confirmation of an extremely bullish inverse head and shoulders pattern on its weekly chart.

This pattern could allow for it to see some extremely bullish price action in 2021.

Ripple News

After its decline in recent times, the price of Ripple (XRP) has risen to 24% within the last 24 hours to rest at about $0.33.

This recent rally is attributed to the news that SEC Commissioner Hester Peirce broke on Twitter on Christmas eve.

She announced that Elad Roisman is set to take over as Chairman of the U.S. Securities and Exchange Commission.

Just before the last chairman stepped down, the SEC charged Ripple with claims it has been selling the cryptocurrency XRP as an unregistered security.

Ripple experienced a heavy downturn in the market after that, losing a lot of money for its investors.

Although just a temporary chairman, the new chairman Roisman is seen as a potential supporter of the cryptocurrency industry due to remarks he made back in 2018.

WhaleAlerts, the Blockchain tracking company observed that 365.7 million XRP was moved by cryptocurrency whales in the past 24hours.

A total transaction worth $98,162,899. The largest chunk of the transfer was made by an anonymous whale that moved 181 million XRP, which is estimated at $53 million.

Even Ripple participated in the mass transfer as they moved approximately 39 million XRP or $12,602,808. According to data from Santiment, there has been a decline in the number of wallets having 10 million XRP ever since the news of the SEC/Ripple lawsuit.

In conclusion, the outlook remains hopeful for the cryptocurrency's adoption and mainstream usage.