Top 3 Trending Coins: XRP Bears Eye Annual Lows Under $0.30 Ahead of Busy Week
- XRP is eyeing annual lows under $0.30 ahead of a busy week of US macro events/possible SEC vs Ripple developments.
- UNI is the worst performing top 20 coin on Monday, amid a broadly downbeat tone to crypto trade.
- CEL is the worst performing top 100 coin, as the recent short-squeeze-induced rally continues to unwind.
XRP Eyes Annual Lows as Investors Await Hinman Email Ruling/Busy US Calendar
After failing an attempted resurgence back above the $0.35 level over the weekend, XRP, the token that powers Ripple’s global payments system, has slipped back into the $0.33s per token. Bears are eyeing a test of support in the $0.3250 area, a break below which could open the door to a run lower towards June’s annual lows just under $0.30.
According to FX Empire’s head of crypto analysis Bob Mason, investors are this week facing “uncertainty over the Hinman Court ruling that could materially alter the direction of the SEC v Ripple case”. The court presiding over the US Security and Exchange Commission’s (SEC) lawsuit against Ripple recently denied attempts by the SEC to shield a set of emails from its former Chair William Hinman which are seen as likely to turn the tide of the case in favor of Ripple.
The SEC has filed an objection against this ruling, and a court decision on the objection is expected soon. The SEC is accusing Ripple of issuing XRP as an unregistered security.
“The crypto market (also) has to navigate the US economic calendar” this week, adds FX Empire’s Mason. According to Mason, this week’s key stats include Service Sector PMI, Core Durable Goods Orders, Q2 GDP, Jobless Claims, Inflation, and Personal Spending figures, while the Fed will also impact markets via speeches from the Jackson Hole Symposium on Thursday and Friday.
Uniswap Token (UNI) Bears Pushing for Further Downside
UNI, the utility and governance token of the decentralized exchange Uniswap, has fallen to fresh one-month lows around the $6.70 area on Monday and, according to CoinMarketCap, was the worst performing cryptocurrency in the top 20 by market cap over the last 24 hours. Over this time period, UNI has dropped nearly 6.0%.
The UNI bears have been in control since the cryptocurrency fell below an uptrend that had been in play since mid-June, as well as key support in the $8.0 area. The cryptocurrency is now at risk of further downside towards the $6.0 level.
Celius Network Token (CEL) Bears Also in Control
CEL, the utility token of now bankrupt cryptocurrency lender Celsius Network, has slid back to test its 200-Day Moving Average just under $2.0 per token as of Monday, weighed amid an ongoing downturn in broader cryptocurrency markets, as well as a continued unwind of the recent short-squeeze that sent CEL as high as the $4.50s earlier in the month.
CEL bears continue to target a test of key support in the $1.50 area, and then of the long-term downtrend from the June 2021 record highs near $8.0, which the cryptocurrency surged above early in the month.