The overall cryptocurrency market is experiencing a sell-off after finding a relief rally from positive inflation and Consumer Price Index (CPI) data in the United States. The recent correction has left traders on hold for a possible bottom that will likely trigger a new rally.
Cryptocurrencies to watch for the week of December 19
However, it is worth noting that the current state of the market is not a decisive bullish trigger as the impact of macroeconomic news wanes. Indeed, several cryptocurrencies remain in focus after posting mixed performance in recent days. Below are the cryptocurrencies to watch out for for the week of December 19th.
Toncoin (TON)
Aside from the recent relief rally in the cryptocurrency market, TON remained among the prominent digital assets trading in the green zone. In particular, Toncoin, powered by messaging platform Telegram, has benefited from positive news of network development and adoption.
The latest rally came after the announcement of the TON/USDT pair for futures trading on the gate.io exchange and the support of the SafePal crypto wallet. The asset also rose after Telegram announced that users can purchase blockchain-based identities via Toncoin. The new feature allows users to bypass the need to use a SIM card.
Also, following the FTX cryptocurrency exchange crash crisis, Telegram announced its plan to launch a trading platform. If the plan goes through, TON will likely find more use cases under the platform.
At press time, TON was trading at $2.63 with daily gains of about 8%. On the weekly chart, TON has rallied over 35%. Due to its impressive returns, TON was among the most resilient digital assets despite the market downturn.
TON seven-day price chart. Source: Finbold
XDC Network (XDC)
The network has had success in recent weeks, also supported by news about adoption and development that seems to be giving more users access to XDC tokens. For example, XDC demonstrated resilience, while the network used STATIS’s EURS stablecoin on its platform. At the same time, the network participated in a 12-week liquidity mining campaign on gate.io and KuCoin exchanges.
Investors anticipate that XDC Network’s continuous improvements and different upgrades will be a bullish trigger for the token.
Currently, XDC is changing hands at $0.02, gaining over 2% in the last 24 hours, with the weekly chart posting gains of almost 9%.
XDC seven-day price chart. Source: Finbold
OCD money (OCD)
OKB is the native token of the OKB blockchain and crypto exchange OKX. Holding the token has several advantages, such as discounts on trading fees and the opportunity to generate passive money. Also, OKB holders are rewarded when OKX burns some of the currency’s supply.
OKB also seems to benefit from developments around the OKX crypto exchange, such as the listing of new cryptocurrencies. For example, OKX announced the listing of the meme cryptocurrency Floki ( FLOKI ). The token also got an extra push after Tesla CEO Elon Musk started following OKX’s official Twitter profile.
Overall, since the emergence of OCD, the asset has been successful with dynamic price movements and the average price has remained resilient despite the prolonged market crash.
Currently, OKB is trading at $22.38, up 2% in the last 24 hours, with the weekly chart showing the token up almost 6%. Specifically, OKB is trading near the $19 support and resistance. The asset faces resistance at $23.
OKB seven-day price chart. Source: Finbold
XRP
XRP, the native token of blockchain firm Ripple, remains in the limelight of the crypto industry amid ongoing litigation with the Securities Exchange Commission (SEC). Notably, XRP has recently recorded significant gains that seem unaffected by the overall crypto market downturn. XRP gains were mainly linked to Ripple’s small gains in the ongoing litigation. Currently, both parties have made their final submissions and are awaiting the final decision.
At the time of publication, XRP was trading at $0.35, with a daily loss of about 0.7%.
XRP seven-day price chart. Source: Finbold
Indeed, the token has been affected by the overall market correction after failing to hold onto its recent gains. Specifically, the XRP community was targeting the $0.50 position, which was invalidated due to increased bear activity. As reported by Finbold, if the bulls reach $0.40, XRP could retake the $0.50 level. However, the failure to hold the $0.39 position prompted further corrections.
Currently, the outcome of the Ripple and SEC lawsuit remains the key aspect of XRP’s price trajectory. Indeed, legal experts continue to speculate about the likely outcome as crypto players show divisions regarding the case. Especially as quoted by Finbold, after the constant attacks, Cardano (ADA) founder Charles Hoskinson stated that he would no longer comment on the XRP case.
Bitcoin (BTC)
Bitcoin (BTC) was among the top beneficiaries of the positive inflation data, with the asset regaining the $18,000 mark at one point. The position also emerged as a five-week high for the flagship cryptocurrency. However, the bears have currently outflanked the Bitcoin bulls and the asset is facing more corrections below $17,000.
As reported by Finbold, crypto trading expert and analyst Michaël van de Poppe pointed out that Bitcoin is likely to face a temporary rally following macroeconomic developments. Notably, the relief rally was extended after the Federal Reserve raised interest rates by 50 basis points. However, Bitcoin still seems to be affected by other factors, such as the fallout from the collapse of the FTX crypto exchange.
At the same time, in a YouTube video posted on Dec. 18, Poppe stated that Bitcoin must overcome key resistance before it can recover again.
Currently, Bitcoin is trading at $16,698, losing less than 1% daily, while on the weekly chart, Bitcoin has corrected almost 3%. At the same time, the chart shows that on the weekly chart, Bitcoin peaked at $18,300 on December 14.
Bitcoin seven-day price chart. Source: Finbold
Entering the week of December 19, the crypto market is facing increasing uncertainty. With the macroeconomic impact appearing weak, investors are looking at other related activities such as uncertainty around the Binance crypto exchange. Currently, there are concerns about Binance’s reserves and possible prosecution in the US.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.
