Weekly Cryptocurrency Market Brief

It has been a big week for altcoins in the cryptocurrency market. Ripple (XRP) formed its largest green candle on the weekly chart since its historic rise to its all-time high in December 2017-January 2018. Having reached US$ 1.50 per XRP token during the weekend, it is currently trading at the 38.2% Fibonacci level support, if we account for the bullish retracement after dropping from its all-time high of US$ 3.30, which it reached on January 4, 2018.

Similarly, Stellar (XLM) has shown significant gains over the past week, and reached new highs not seen since the bull market in December 2017-January 2018. It is currently holding support in a zone which served as previous resistance, represented by the US$ 0.55-0.57 cent range, and looks set to consolidate and continue its rise in the current bull market. Its initial rejection off the US$ 0.66 level is significant, as it represents the critical level at the 61.8% Fibonacci golden ratio, taken from the current rise after the previous bear market, which had started after its all-time high of US$ 0.94, attained on January 1, 2018.

EOS is another coin in the current bull phase, as the last weekly candle close confirmed its presence above the critical US$ 5.40-5.50 support zone.

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

ABX has received in-principal approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

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