Cryptocurrency Market Update: Ripple soars above $0.20 ignoring scam calls, will Bitcoin and Ethereum lifelines hold?

The cryptocurrency market is slightly in the red as charts factor in corrections from the highs recorded on Monday. Among the top three coins, Bitcoin and Ethereum are facing losses between 0.5% and $1%. Bitcoin price struggling to stay afloat at $7,700 after rejection from $7,795. Ethereum has managed to contain the minor losses above $192 support. On the other hand, Ripple has surprised many with a spike above in an engulfing candle above $0.20.

Peter Brandt defames Ripple, calls XRP a scam

Peter Brandt, a renowned trader, who often is not shy to speak out his thoughts and opinions has once again poked into the XRP community by referring to the token as a scam. As reported Brandt was replying to a bullish chart of Chainlink (LINK), a cryptocurrency that has been gaining a lot of mileage. He reckoned that LINK had “been bought by a bunch of people who finally figured out XRP was a scam.”

No need to tell me. This is a big nothing

— Peter Brandt (@PeterLBrandt) April 28, 2020

Ripple price update

Ripple price has confidently overcome the resistance at $0.20 in spite of the scam calls. For several days, attempts to clear this zone ended in futility. Meanwhile, buyers are keen on establishing strong support areas above $0.20. Higher support will allow them to shift their focus to levels at $0.25 and $0.30 respectively. 

Bitcoin price update

Bitcoin recovery towards $8,000 has hit a snag and is unable to clear the resistance at $7,800. Bullish interest has, however, kept Bitcoin stable at $7,700 with $7,672 recorded as the intraday low.

The stability comes two weeks to the 2020 block reward halving. Many Bitcoin bulls believe that the halving will send BTC/USD to new all-time highs. However, Joe007 a known Bitcoin whale is of a different opinion. He reckons that Bitcoin is on the verge of a breakdown after the halving and continues to maintain a short position on BTC according to the data on Bitfinex. Joe007 sarcastically told Cointelegraph:

No, of course it's not priced in. On the very day of The Great Halvening, everybody will finally realize how underpriced BTC is, and they will all rush to buy it. In droves. With their unemployment checks.

Ethereum price update

Ethereum has also retreated slightly from its weekly high (close to $200). As mentioned, Ether is holding the ground at $194. Initial support at $192 has been able to stop downward price action on the day. Meanwhile, buyers have eyes glued on breaking the resistance at $200; a move that could allow them to shift the focus to $300.