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Crypto Market Daily Highlights – XRP Leads on SEC v Ripple Ruling
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It was a bullish session for the crypto market, with XRP delivering much-need support as the crypto market decoupled from the NASDAQ 100.
In this article:
Key Insights:
- It was a mixed Thursday for the crypto top ten, with XRP leading the way.
- The crypto market decoupled from the NASDAQ 100, which tumbled by 2.84%, as demand for cryptos picked up amidst the increased volatility across the FX and Equity markets.
- Another bullish session for the broader crypto market reduced the market cap deficit for September to $47 billion.
It was a mixed Thursday session for the crypto top ten. XRP enjoyed a breakout session, while ETH saw red. Despite a bullish session, BTC fell short of $20,000 for the tenth time in eleven sessions.
Updates from the SEC v Ripple case delivered an XRP price breakout and supported the broader crypto market.
Following last week’s decoupling from the NASDAQ 100, the crypto market decoupled again on Thursday. Heightened uncertainty over the economic outlook, fueled by the central bank and government policy, has also delivered crypto support.
On Thursday, the NASDAQ 100 slid by 2.84%, with the Dow and the S&P500 seeing losses of 1.54% and 2.11%, respectively. While the crypto market decoupled from the US markets on Thursday, US inflation numbers could test investor resilience later today.
Crypto Market Bounces Back in Risk-On US Session
On Thursday, the crypto market cap rose to an early high of $917.8 billion before falling to an early afternoon low of $878.7 billion. However, finding support through the afternoon, the crypto market bounced back to end the day at $911.4 billion, up $7.4 billion for the session.
The bullish Thursday session reduced the September deficit to $47 billion.
ADA (+0.46%), BNB (+0.96%), BTC (+0.88%), and DOGE (+0.64%) also avoided the red, while ETH bucked the trend, falling by 0.07%.
From the CoinMarketCap top 100, it was a mixed session.
XRP and Stellar’s Lumen (XLM) led the way, with gains of 8.49% and 6.81%, respectively. EOS (EOS) was also among the front runners, rising by 5.07%.
At the other end of the table, Helium (HNT) led the way down with a 3.71% loss, with STEPN (GMT) and Reserve Rights (RSR) seeing losses of 3.26% and 2.69%, respectively.
24-HourCrypto Liquidations Ease Back as Risk Aversion Subsides
Over 24 hours, total liquidations fell back during the Thursday session, supported by the decoupling from the NASDAQ 100. At the time of writing, 24-hour liquidations stood at $91.62 million, down from $124.53 million on Thursday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 28,061 versus 44,964 on Thursday morning. Liquidations were down over four hours and the final hour of the day (UTC) while up over 12 hours.
According to Coinglass, 12-hour liquidations stood at $70.50 million, up from $56.39 million on Thursday morning. However, four-hour liquidations were down from $14.28 million to $10.46 million, with one-hour liquidations down from $3.06 million to $1.97 million.
The chart below shows market conditions throughout the session.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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