On Friday, XRP rose 3.83%, to end the day at $0.37967. Investor demand for safe havens supported a de-pegging of the NASDAQ Composite Index, amid a simmering crisis in the US banking sector. Technical indicators turned bullish, signaling a return to $0.40.

On Friday, XRP rose 3.83%. Following a 1.44% gain on Thursday, XRP ended the day at $0.37957. Significantly, XRP revisited the $0.38 handle for the first time in three sessions.

A bearish start to the day saw XRP drop to an early low of $0.36310. Moving away from the first major support level (S1) at $0.3596, XRP rallied to an early afternoon high of 0.38283. XRP broke above the first major resistance level (R1) at $0.3696 and the second major resistance level (R2) at $0.3737 to end the day at $0.37957.

XRP Enjoys BTC Support as Banking Crisis Fears Reignite

There were no updates on the ongoing case SEC vs. Ripple for investors to consider. As investors await rulings on the Hinman Documents and Summary Judgment Response Reports, the crisis in the US banking sector boosted demand for Bitcoin (BTC) and the broader crypto market.

BTC surged 9.14%, as investors responded to the news that SV Financial Group (SIVB) filed for bankruptcy, Fed bailouts exceeded levels seen during the global financial crisis, and 11 banks bailed out First Republic Bank.

The NASDAQ Composite Index fell 0.74%, and the Dow and S&P 500 posted losses of 1.19% and 1.10%, respectively. By contrast, the total crypto market capitalization increased by 7.32% ($77.35 billion) to $1.134 billion.

Investors should monitor news wires for banking-related news and SEC vs. Ripple. However, they should also continue to track news related to Binance and FTX, with regulatory activity and talk from lawmakers likely to move the dial.

XRP Price Action – Technical Indicators

XRP rose 0.76% to $0.38245. A mixed start to the day saw XRP fall to an early low of $0.37770, before rising to a high of $0.39041. XRP briefly broke the first major resistance level (R1) at $0.3872.

XRP needs to avoid the $0.3752 pivot in order to retarget the first major resistance level (R1) at $0.3872, and the morning high of $0.39041. A return to $0.39 would signal a bullish session. However, the broader crypto market and SEC vs. Ripple talk would need to support a breakout.

In the event of a prolonged rally, XRP would likely test the second major resistance level (R2) at $0.3949, and resistance at $0.40. The third main resistance level (R3) sits at $0.4146.

The 50-day EMA reached down towards the 100-day EMA, and the 100-day EMA turned down to the 200-day EMA. The EMAs delivered bullish signals.

A hold above the 200-day EMA ($0.37784) would support a break from R1 ($0.3872) to the target of R2 ($0.3949) and $0.40. However, a drop through the 200-day EMA ($0.37784) would bring the 100-day EMA ($0.37350) and 50-day EMA ($0.37125) into play. A drop through the 50-day EMA would send a bearish signal, and it would give the bears a run at the major support levels.

By Audy Castaneda

Video game companies have actively and passively tried to find new sources of financing related to Blockchain technology. However, players have not received these proposals particularly well, and Eva Gaspar, CEO of Abylight, explains that developers do not like them either.

The commercial aspect of video games has already undergone several revolutions despite the relatively short life of video games as a cultural sector. The way that companies in this medium have found to sell themselves to players has changed a lot in just fifteen years.

The arrival of Blockchain technology, and specifically NFTs, led companies in the sector to look at this new possible source of income. However, the players have not reacted exactly as the companies expected and what for them could seem an interesting source of financing, for the users it was considered as a way of trying to charge them for elements that were previously free.

Business Insider Spain exclusively published the recent signing of Trip Hawkins, founder of Electronic Arts, by a new Spanish company that seeks to establish itself in this way of understanding the video game.

For this reason, Business Insider Spain wanted to ask Eva Gaspar, CEO of Abylight, a Spanish company that has developed or distributed renowned titles such as Cut the rope, Hyper Light Drifter, or the most recent One Military Camp, where this rejection of NFTs comes from, and why they decided not to bet on this model in their latest project.

“We Really Wanted to Get Involved in a Project that We Could Exploit for a Long Time”

Gaspar explains that for their latest game, One Military Camp, a resource management video game similar to the famous Theme Hospital in which the objective is to manage a military camp and lead your army to victory, they wanted to undertake a project of great size. considerable.

“We really wanted to get into a project that we could generate an IP [an intellectual property] and exploit it for a long time,” says the CEO of Abylight. “If not, you create the games for a long time, you launch them and basically in one year you have burned 80% of the exploitation,” he points out, referring to the economic return that can be obtained from these products.

NFTs as “Vulgar Economic Exploitation”

When asked why they have not chosen to incorporate solutions such as NFTs into their financing model, the CEO of Abylight affirms that these types of concepts are cyclical: “With so many years of career I know that every year we have the keywords, that you say it in an investment pitch and they throw money in your face. That happens. I think last year it was metaverse, and now that has deflated. “

Regarding why NFTs are so frowned upon, the director of the Spanish video game company points out that, on the part of the developers, “there is a lot of reluctance” and expresses that they are perceived as “vulgar economic exploitation”. “It’s something like: ‘My work is my video game and fracturing it like this, in tiny pieces, to get more money from users…’, there is an important sector that does not like it.”

By Audy Castaneda

It was a bullish session on Thursday, with BTC gaining 3.04%, to end the day at $25,061. The easing of bets on a 50-basis point Fed rate hike, as well as the pullback from Silicon Valley Bank contagion, boosted demand for riskier assets. Technical indicators are bullish, with $26,000 in sight.

On Thursday, Bitcoin (BTC) rose 3.04%. Reversing a 1.67% loss on Wednesday, BTC ended the day at $25,061. Significantly, BTC held on to the $25,000 handle for the first time since June 2022.

A mixed start to the day saw BTC fall to an early low of $24,186. Moving away from the first major support level (S1) at $23,727, BTC rallied to a high of $25,213. BTC broke above the first major resistance level (R1) at $25,120, before pulling back to end the day at $25,061.

Easing Fears of a Global Financial Crisis Supported Riskier Assets

Investor sentiment turned on Thursday, with fears of a second global financial crisis in fifteen years fading. Following the collapse of Silicon Valley Bank (SIVB) and Signature Bank (SBNY), Credit Suisse Group AG (CS) became the focal point of the market.

However, the Swiss National Bank (SNB) allayed fears of a collapse and echoed White House assurances that there would be no banking crisis.

US economic indicators were also supportive of the crypto market. Initial jobless claims fell from 212k to 192k, and the Philadelphia Fed Manufacturing Index rose from -24.3 to -23.2. Following the latest inflation and retail sales numbers, Thursday’s numbers failed to change sentiment toward the Fed.

The NASDAQ Composite Index mirrored the change in sentiment, rising 2.48%, with the Dow and S&P 500 posting gains of 1.17% and 1.76%, respectively. Investors are betting on an interest rate hike of 25 basis points and a possible pause after March. The NASDAQ mini is down 4 points this morning.

Beyond the economic calendar, investors should continue to monitor Binance, as well as FTX news and updates from the ongoing SEC vs. Ripple case.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was down 0.10% at $25,035. A range-bound start to the day saw BTC rally to an early high of $25,058 before falling to a low of $24,954.

BTC needs to avoid the $24,820 pivot to target the first major resistance level (R1) at $25,454. A move through Thursday’s high of $25.213 would indicate an extended bullish session. Crypto news leads and economic data must be crypto to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $25,847, and resistance at $26,000. The third major resistance level (R3) sits at $26,874.

The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has turned away from the 200-day EMA, sending bullish signals.

A hold above the 50-day EMA ($23,385) would support a break of R1 ($25,454) to target R2 ($25,847) and $26,000. However, a drop-through S1 ($24,427) would bring the S2 view ($23,793) and the 50-day EMA ($23,385). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda