Crypto News: Ripple Wins Awards and Stars Arena Fuels an Avalanche Rally

Key Insights:

• Avalanche (AVAX) leads the top 100 as Stars Arena launch creates a frenzy.
• Ripple had a great week, winning two prestigious accolades.
• SEC v Coinbase and progress toward a crypto-spot ETF market are near-term focal points.

Avalanche (AVAX) Led the Top 100 over 24 Hours

The crypto market enjoyed a positive Friday session, with the total crypto market cap rising by 1.64% to $1,073 billion.

Altcoin Avalanche (AVAX) gained 5.04% on Friday, ending the session at $10.66.

The launch of Stars Arena delivered the Friday boost, with AVAX up 10.76% for the week. Stars Arena is a SocialFi platform launched on the Avalanche blockchain.

Stars Arena has drawn significant attention, with transactions surging exponentially since launching in September. According to DappRadar, transactions shot up from 67.75k on October 2 to 248.87k on October 4 before easing back. Unique active wallets (UAW) also reflected the level of interest, surging from 2.73k on October 2 to a high of 10.39k on October 4.

According to numbers from DeFiLlama, inflows continued to surge. The total value locked jumped from $196.19k on October 2 to $2.78 million on October 7.

Ripple Wins Payments Association Award

On October 5, the Pay360Awards recognized the leading payments industry players. Significantly, Ripple won the digital currencies/assets in the financial services category.

It was a good week for Ripple, which recently celebrated the Programmatic Sales ruling with a New York City Proper Party.

Ripple also entered the CB Insights top 100 most promising fintech startups for 2023. The Ripple team shared the achievement on X (formerly Twitter), saying,

“We’re pleased to share that Ripple is on this year’s Fintech 100 list for our work in modernizing cross-border payments!”

Ripple President Monica Long had this to say about making the top 100,

“Honored to see Ripple recognized in CB Insights’ annual list of top 100 most promising private fintech companies. Hard to put into words how proud I am of all Ripple has achieved in 2023 – a testament to the strength & maturity of our business & powerhouse team.”

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals. Significantly, the 50-day EMA pulled further away from the 200-day EMA, signaling a bullish trend.

A BTC break above the $28,187 resistance level would support a run at the Monday high of $28,593.

However, a fall through the EMAs would support a move to the $26,755 support level.

SEC v Coinbase (COIN) and Ripple case-related news and progress toward a BTC-spot ETF market remain focal points.

The 14-Daily RSI reading of 61.17 supports a BTC break above the $28,187 resistance level before entering overbought territory.

Ethereum Analysis

ETH remained below the 50-day and 200-day EMAs, sending bearish price signals.

An ETH move through the 50-day EMA would support a run at the 200-day EMA and $1,746 resistance level. ETH-spot ETF news and inflows into the ETH-Futures ETFs will likely influence buyer appetite.

However, a break below the $1,626 support level would bring $1,600 into play. An ETH drop below $1,600 would give the bulls a run at the $1,502 support level.

The 14-Daily RSI reading of 50.45 supports an ETH return to $1,700 before entering overbought territory.