The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD.
Bitcoin is trading above the $44,000 level, and for now, everything indicates that the price could advance again above $45,000 resistance. Joe DiPasquale, chief executive officer at BitBull Capital, which manages crypto hedge funds, said:
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The current rise came after considerable range-bound price action that saw volumes drying and shorts increasing. Typically, when the market is heavily leaning on one side of a trade, too long or too short, the price can move to counter that weight and squeeze positions.
The cryptocurrency market also reacted positively after the U.S. released the Nonfarm Payrolls report on Friday, which showed that the country added 467K jobs in January. The job report surpassed economists’ estimate of 150K new jobs for January and traders continue to ignore geopolitical turmoil and Federal Reserve tightening concerns.
Mike McGlone, an analyst from Bloomberg, said that he believes that 2022 will be a successful year for Bitcoin and other cryptocurrencies as many institutions started to look at cryptocurrencies as being an excellent store of value.
According to the latest news, KPMG Canada, a member firm of “Big Four” accounting giant KPMG, has added Bitcoin and Ethereum to its corporate balance sheet.
Benjie Thomas, KPMG Canada’s managing partner for advisory services, said that he believes that institutional adoption of cryptocurrencies will continue accelerating.
KPMG reported global revenues of a staggering $32.13 billion in 2021, and the firm expects that blockchain technology will continue to grow and become a regular part of the asset mix.
Ripple, Dogecoin, and Litecoin could advance even more in February if the positive trend continues, and traders should consider that if Bitcoin advance again above the $50000 resistance, it would add a further boost to the whole cryptocurrency market.
XRP is eying $0.90 resistance
Ripple (XRP) continues to perform well in the second trading week of February 2022. Ripple could advance even more in the ongoing positive trend, and if the price jumps above $0.90 resistance, the next price target could be at $1 or even above.
On the other side, if the price falls below the $0.60 support level, it would be a strong “sell” signal, and we have the open way to the $0.50.
DOGE could advance above $0.20
Dogecoin’s (DOGE) price has advanced from $0.13 above $0.17 in less than four days, and according to technical analysis, it could advance above $0.20 very soon.
If the price jumps above $0.20 resistance, the next price target could be at $0.25; still, if the price falls below $0.15 support, it would be a firm “sell” signal.
LTC has strong support at $125
Litecoin (LTC) has advanced from $120 above $139 in less than 28 hours, and the current price stands at $137.
If the price jumps above $150 resistance, the next price target could be at $160; still, if the price falls below $125 support, it would be a firm “sell” signal.
Summary
The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple, Dogecoin, and Litecoin. According to the latest news, KPMG Canada, a member firm of “Big Four” accounting giant KPMG, has added Bitcoin and Ethereum to its corporate balance sheet.
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