Daily News | XRP Looks Bullish In Q1 Report, PEPE Steals Meme Coin Crown

2023-05-01, 01:24

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## Crypto Daily Digest: <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Q1 Market Report Signals Bullish Trajectory Despite Imminent Lawsuit; PEPE Coin Takes Meme Coin Crown Ahead Of DOGE and SHIB; Bhutan Has Silently Mined BTC Since It Was $5k 
Crypto markets experienced minor price inclines following price stagnation and dips earlier today, with <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> briefly climbing back above $29,900 following a rut at around $29.27k. Ether also experienced a similar trading trajectory, which led it to trade hands at an average of $1,905 before hauling itself back toward $1,935.

The volatile trading trajectory can be attributed to the UK government and similar international regulatory bodies further cooling on crypto, with regulations tightening and a lack of availability, particularly in the UK, following the FCA’s crypto due diligence letter issued in 2018 to high street banks. However, on a more positive institutional note, the EU has recently passed the Markets in Crypto Assets regulation (MiCA), resulting in a brand new licensing regime across all 27 member states, which has the potential to change the European crypto landscape and bolster development.

However, deviating from this volatility is the Q1 2023 <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Markets Report data issued on the 27th, which highlighted various key developments in <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>’s market presence. Ripple saw <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> sales increase to a net $361.06 million, compared to the previous quarter’s $226.31 million. In addition, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> ledger on-chain activity surged by 34% to $115 million compared to the previous quarter. As a result, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>’s average daily volume on centralized exchanges rose by 46% to $1 billion from Q4 2022’s $698 million.

In light of this positive bullish data, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has deviated from the broader financial turmoil seen across the crypto and traditional markets respectively. This bullish data could point to key signs of price recovery for <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> and growing strength despite the imminent Ripple vs SEC lawsuit verdict.

On a similar bullish note, the PEPE meme coin has taken the crypto world by storm, having surged 38,900% from its launch on April 14th. Now ranking as the 17th most traded crypto, PEPE has broken through to a market capitalization of $337 million and is quickly chasing down the four meme coins ranked ahead of it, with its 24-hour trading volume only $8 million shy from its competitor FLOKI. PEPE is an asset worth watching in the coming weeks.

However, with <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> still failing to stay above the $30k resistance zone, wider market recovery may be lagging behind the few exceptions. Yet, this could be subject to change as a result of international adoption. On the 28th, The Bhutanese reported that Druk Holding and Investments (DHI), Bhutan’s largest and only government-owned holding company, has been mining <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> for several years to diversify its investment portfolio. According to the report, DHI’s interest in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> began when the maiden crypto was valued at only $5k, but they also have a minor interest in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>. DHI has confirmed that their interest is limited to mining and technology only, with the company not affiliating itself with any direct buying or selling of digital assets.

This level of institutional interest and adoption of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>’s technology could perhaps be a prelude to other nations jumping on the crypto train and beginning to take advantage of the technology. This could become ever more possible with the introduction of new legislation across the EU, UAE, and UK, as crypto appears to be a hotter topic than ever before. This could result in more international adoption and potentially catalyze a minor market recovery and allow <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to push above the critical $30k threshold.

## <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> (<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>) $0.4724 (-1.27%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1682904092screenshot-20230501-092114.png)
(Data Courtesy of TradingView)

As of today, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> is currently trading closer to its support than to its resistance, suggesting that the bears are failing to give up. If the bar closes near the $0.4742 mark, it is possible <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> could fall to the $0.47 zone the next day. From a midterm perspective, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has bounced off the $0.4428 support zone, while the price remains above this mark, buyers have the opportunity to seize the dip. On a bigger time frame, the price of <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> has progressively declined after a false breakout at the $0.4854 resistance zone. If the price fails to recover to $0.48, the fall could potentially lead to a test of the $0.46 threshold. Ultimately, the rate needs to be fixed above the $0.50 zone to lead to a possible reversal.

### Overview:
**Closest hourly support zone: 0.4714-0.4717
Closest hourly resistance zone: 0.4755-0.4764
Key Level: 0.5697 (3-Monthly High)**

**Hourly Resistance zones**
0.4760-0.4762
0.4748-0.4751
0.4722-0.4724

**Hourly Support zones**
0.4762-0.4763
0.4714-0.4717
0.4722-0.4723

## Macro: Fed Triggers Global Calamity As Nations Back Away From US Bonds

Billionaire Ray Dalio has warned investors that interest in purchasing US government debt has waned following the recent US banking industry crisis, as the pivotal firm, Silicon Valley Bank, dissolved. Dalio has urged investors to understand that the crash of the former is but a symptom of a much larger problem instigated by the Federal Reserve. Dalio has suggested that the historical rise in interest rates across the past year has led to a dramatic devaluation of the bonds sold by the government to corporate entities. Typically, bond prices and interest rates tend to move against one another, with one soaring while the other plummets, which often leads to the creation of newer bonds that offer higher yields.

Dalio stated: “If you look at the Silicon Valley Bank issue, it’s not so much their issue as much as a worldwide issue…There’s a tightness of monetary policy, and those yields went up and the bonds went down in value, and then the amount they have ot pay out went up in value, and so they went broke. That is happening all over….The same sort of thing happened in Europe…happened with (Japan), companies even buying US dollar bonds.”

According to Dalio, the Feds tight monetary policies have created a catastrophic environment for the US economy, with the ripple effect of this still yet to be felt in full force across the economy and various investment markets.

In other markets, oil and gold prices both rose by an average of 2.7% respectively.

<div class="blog-details-info">
<div>Author:** Matthew Webster-Dowsing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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