The latest metrics on the Glassnode chain show that the number of bitcoin wallets holding more than 1 BTC has reached a new all-time high (ATH), indicating investor optimism in the crypto markets.
The court’s decision that XRP is not a security sparked positive reactions from market participants, as it challenges the SEC’s position on the token’s classification.
Ripple CEO Brad Garlinghouse lauded the ruling, emphasizing that it has the potential to positively impact other digital tokens operating in the US. This legal victory sent the prices of altcoins skyrocketing.
XRP has seen a short-term price drop after a significant rally. It is currently valued at $0.7285. XRP price increased by 54.02% over the past week. With 53 billion XRP in circulation, the digital asset has a market capitalization of $38.2 billion.
The value of the RSI on the weekly time frame is 83.84, which indicates a strong bullish trend. An important support is located at $0.57, while a crucial close above the resistance area between $0.95 and $1 could pave the way for more gains.
Strong Ethereum
Ethereum (ETH) faced a slight decline, with its price dropping to $1,937. ETH saw a price increase of 4.12% over the past week, which led to investor confidence.
With a market capitalization of $232.8 billion and 120 million coins in circulation, Ethereum continues to solidify its position in the market.
The RSI on the weekly time frame reads 60.26, which indicates a positive trend. ETH is facing resistance at the $2,000 level, but a potential breakout from this level could push the price towards $2,100 and $2,200.
Glassnode data reveals key insights
Accompanying Ripple’s victory, on-chain analytics firm Glassnode released new data. By its metric, Bitcoin continues to display strong fundamentals. The number of addresses holding +1 BTC rose to an all-time high of 1,009,670, surpassing the previous ATH number set on July 14.
Moreover, the amount of BTC accumulated or lost has reached a 5-year high of 7,775,675,766 BTC, reflecting the growing confidence among investors who hold their coins for the long term.
On the other hand, Ethereum is indicating positive sentiment as the active supply quantity in the 1-2 year period has reached a one-month low of 19,992,944,430 ETH, indicating lower selling pressure and potential price support.
This data shows optimism in the cryptocurrency markets, with both Bitcoin and Ethereum showing favorable on-chain metrics.
Bitcoin price analysis
After Ripple’s victory, BTC price rose above $31,800 before seeing a slight decline to $30,349.
At the time of writing, Bitcoin has undergone a minor correction. However, with a market cap of $589.6 billion and a circulating supply of 19 million bitcoins, the king of cryptocurrencies remains a dominant force.
The Relative Strength Index on the weekly time frame is at 66.34, which indicates a promising outlook for the future.
The main support is at $30,000, and closing below this level could lead to a potential drop in the price to $26,000. On the other hand, breaking the resistance between $31,000 and $31,500 could open the doors for more advances towards $40,000.