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Before we dive into the technical analysis, let us touch upon recent statements from CEO of Ripple Brad Garlinghouse, who believes that the confusing US regulations regarding cryptocurrency have forced many prominent crypto projects, including Ripple, to consider investment opportunities outside the country, and Europe has benefited from this.
Garlinghouse suggested that the US should follow the United Kingdom and Singapore, which are trying to clarify their stance on cryptocurrencies to some extent. "Frankly, it's why you're seeing entrepreneurship and investment flowing into other jurisdictions — and certainly Europe has been a significant beneficiary of the confusion that has existed in the US," Garlinghouse said.
Notably, Ripple recently acquired the Swiss cryptocurrency startup Metaco, warning that the SEC's crackdown, aimed at restricting the activities of his company, could potentially lead to a complete ban on operations in the US. "Unfortunately, that has encouraged companies like Ripple to invest more outside of the U.S.," said Garlinghouse, adding that 95% of Ripple's customers are non-US and most of Ripple's hiring this year will be outside of the US.
The CEO of Ripple also described the acquisition of the Swiss startup Metaco as a perfect fit, both in terms of clients and location. It is expected that in addition to strengthening Ripple's presence abroad, Metaco, which was acquired for $250 million, will provide access to its clients as well as financial institutions such as BNP Paribas, Citi, and Societe Generale.
Garlinghouse was also asked about the ideal cryptocurrency regulation system after the FTX crash, to which he said that US regulatory bodies should pay attention to countries like the United Kingdom, the United Arab Emirates, and Singapore, which have specifically clarified how they will regulate digital assets. According to him, such clarification allows entrepreneurs and investors to interact constructively with regulatory authorities.
As for the technical analysis of Bitcoin, it is only possible to discuss the continuation of the uptrend in the current conditions after the support level of $26,500 is defended. Only then will there be a chance to establish a bullish market with prospects for reaching new highs at $27,600 and $29,000. The next target will be the area of $31,000, where significant profit-taking and a Bitcoin pullback are likely to occur. To maintain pressure on the trading instrument, the focus will be on defending $26,500, followed by $25,500. Breaking through these levels will be a blow to the asset, paving the way to $23,900. Breaking through this level will drop the world's first cryptocurrency to $22,580.
The focus for Ethereum buyers remains on defending the nearest support at $1,790 and reclaiming resistance at $1,920. Only after that can we expect a move towards $2,030, which would allow the bullish trend to continue and lead to a new surge in Ethereum to around $2,130. If pressure on ETH resumes, a breakthrough of $1,790 is likely to lead to a test of $1,690 and $1,640. Breaking through these levels, the trading instrument may drop to a low of $1,570.
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