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Glassnode’s latest on-chain metrics show that the number of Bitcoin wallets holding more than 1 BTC hit a new all-time high (ATH), indicating investor optimism in the crypto markets.
The court decision that XRP is not a security has drawn positive reactions from market participants as it challenges the Securities and Exchange Commission’s (SEC) stance on token classification.
Ripple CEO Brad Garlinghouse praised the ruling, claiming that it will likely have a positive impact on other digital tokens operating in the United States. This legal victory has sparked a surge in altcoin prices.
XRP has seen a short-term price drop after a dramatic surge. The current value is $0.7285. XRP price surged 54.02% over the past week. With 53 billion XRP in circulation, the digital asset’s market cap is $38.2 billion.
XRP Price | Source: CoinGecko
The RSI value on the weekly time frame is 83.84, which signals a strong bullish sentiment. The key support stands at $0.57, while a key close above the $0.95 – $1 resistance zone could open the way for more gains.
Ethereum remains strong
Ethereum (ETH) experienced a slight decline and its price fell to $1,937. ETH has seen its price rise 4.12% over the past week, boosting investor confidence.
ETH Price | Source: CoinGecko
With a market cap of $232.8 billion and 120 million coins in circulation, Ethereum continues to consolidate its market position.
The RSI on the weekly timeframe is 60.26, which indicates a positive trend. ETH is facing resistance at $2,000, but a potential break above this level could propel the price to $2,100 and $2,200.
Glassnode data provides important insights
Accompanying Ripple’s triumph, on-chain analytics firm Glassnode has released new data. According to its metric, Bitcoin continues to exhibit robust fundamentals. The number of addresses holding 1+ BTC has surged to an all-time high of 1,009,670, surpassing the previous ATH of July 14.
Additionally, the amount of BTC held or lost has hit a 5-year high of 7,775,675.766 BTC, reflecting growing investor confidence in holding their coins for the long term.
Ethereum, on the other hand, is hinting at positive sentiment as the supply quantity last active between 1 and 2 years hit a 1-month low at 19,992,944.430 ETH, indicating reduced selling pressure and potential price support.
This data shows optimism in the crypto markets as both Bitcoin and Ethereum show favorable on-chain metrics.
Bitcoin price analysis
Following Ripple’s triumph, BTC’s price surged above $31,800 before seeing a slight decline to $30,349.
At the time of writing, Bitcoin has experienced a slight correction. However, with a market cap of $589.6 billion and a supply of 19 million BTC in circulation, the king of cryptocurrencies remains a dominant force.
The RSI on the weekly timeframe is showing a value of 66.34, which indicates an encouraging outlook.
BTC Price | Source: CoinGecko
The key support stands at $30,000 and a close below this level could lead to a possible price drop to $26,000. On the downside, a break of the resistance between $31,000 and $31,500 could open the door for further advance towards $40,000.
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