01.06.202115:47 Forex Analysis & Reviews: ETH rushes to $3,000, Ripple once again defeats the SEC, but the market is waiting for the BTC reaction: analysis and forecasts

The new week began with relative calm for the cryptocurrency market. The indicators of the major altcoins continued to fluctuate in the ranges due to the collapse of bitcoin, however, they began to show considerable desire to return to growth. Thanks to numerous attempts to go beyond psychological marks, the total capitalization of the cryptocurrency market has increased by 3%.

ETH has managed to break out of the initial fluctuation range of $2,200-$2,400 and hit the $2,700 mark. As of 11:00 UTC, the main altcoin is quoted within a narrow corridor of $2,500-$2,700. However, at these levels, the asset began to fluctuate again, having risen in price by only 2% per day. At the same time, daily trading volumes are gradually increasing, reaching $42 billion. But the dynamics of price changes in a few hours suggests that the cryptocurrency still does not have sufficient market support to reach a new level and overcome the $3,000 mark. The main reason for this is too much dependence on bitcoin, which, in fact, is the anchor for the entire market. Ethereum has a rather positive individual news background, which contributes to the growth of quotes, however, the asset only managed to escape from one corridor to another. In addition to the upcoming London update, the developers have fixed the EIP-1559 vulnerability that caused the asset's network to be overloaded during the last mass sale. Thanks to this, the commission algorithm has stabilized. Soon, the coin will continue to strive for the level of $2,800, and eventually to $3,000, but growth will be significantly slowed by the market situation.

The XRP token has been the main driver of the market in recent days due to another victory, albeit local, of Ripple over the SEC. Recall that as part of the trial, representatives of the SEC were again denied a request to provide information about Ripple's legal advice. This news, coupled with the previous defeats of the SEC, can be perceived as support for the cryptocurrency market from the country's judicial system. However, the Ripple token failed to take advantage of the positive situation, and the cryptocurrency, having reached $1.08, rolled back to $1.01. Taking into account the indicators of the horizontal charts, as well as the daily trading volumes, which remain in the region of $6.5 billion, we can conclude that the market did not perceive another victory of Ripple. Therefore, in the near future, the main target of XRP/USD will be to consolidate above the $1 mark and slowly move towards $1.2 with parallel price consolidation.

Litecoin indicators continue to remain in the region of $170-$180, but the asset is accumulating critical mass. The cryptocurrency managed to jump to 14th place in terms of capitalization with a result of $11.9 billion. Altcoin also managed to slightly shift the range of fluctuations, which is clearly visible on the horizontal charts. LTC/USD indicators are quoted in the region of $188-$195, which indicates the prerequisites for more active growth. However, the limiting factor for the cryptocurrency is its excessive dependence on bitcoin, which is experiencing problems and is preparing to retest the $40,000 mark. Soon, the cryptocurrency will try to gain a foothold above the $200 mark, however, in the event of a negative impulse, LTC will test the strength of the support at $170.

Despite the rather turbulent market environment, cryptocurrencies are showing signs of life and are preparing for the start of a protracted growth. Thanks to another victory over the SEC, investors are starting to return to the game, as evidenced by statistics, which shows that the trading volume on cryptocurrency exchanges has exceeded the $2 trillion mark. However, bitcoin has the final say in the future development of the market. Soon, the cryptocurrency will finish accumulating volumes for the assault on the $40,000 mark, which will either herald a new growth cycle, or will plunge the market into another period of depression.