- PayPal launches checkout service for cryptocurrency payments for US-based users.
- Bitcoin looks forward to massive liftoff on breaking the stubborn $60,000 barrier.
- Ethereum hits a wall at $1,840, delaying expected upswing to $2,000.
- Ripple is on the verge of a 22% liftoff to $0.71 if ascending triangle pattern resistance breaks.
PayPal has announced that its US-based users will pay online merchants around the world using cryptocurrencies. The move is geared toward boosting the adoption of digital assets into mainstream commerce.
United States-based users holding Bitcoin, Ethereum and Litecoin in the PayPal digital wallets will have the opportunity to convert these assets into fiat currencies at checkouts to pay for goods and services. The CEO of the company, Dan Schulman, told Reuters that:
This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.
We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.
Bitcoin battles resistance at $60,000
The flagship cryptocurrency is doddering slightly above $59,000 after breaking out of a descending parallel channel. Its uptrend has been validated by the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart. In addition to the indicator moving higher within the positive region, the MACD line (blue) holds above the signal line.
Price action beyond $60,000 would open the gate for gains beyond the record high close to $62,000. If buy orders are triggered due to the fear of missing out (FOMO), Bitcoin could start the next journey toward $60,000.
BTC/USD four-hour chart
Ethereum must hold onto $1,800 support for uptrend to $2,000
Ethereum managed to overcome the stubborn resistance at $1,800, as discussed. However, the bullish leg faces opposition heading to $1,900 and $2,000, respectively.
The pioneer smart contract token has a market value of $1,840 at the time of writing. Support at $1,800 is key to sustaining the uptrend to higher price levels. Besides, the MACD indicator reveals that ETH is comfortably in the hands of the bulls.
ETH/USD four-hour chart
It is worth mentioning that a significant correction may come into the picture if Ether slides under $1,800. Support at $1,700 may be revisited while Ethereum’s return into the descending parallel channel would culminate in more losses eyeing the primary anchor at $1,540.
Ripple prepares for 22% upswing
Ripple has for several days battled the resistance at $0.6 in vain. Attempts to break above this zone remain a daunting task. Meanwhile, XRP is teetering at $0.57 amid a bullish building momentum.
An ascending triangle has validated the cross-border token’s bullish outlook. The pattern hints at a 22% spike to $0.71 if Ripple breaks above the x-axis. This pattern indicates a period of consolidation ahead of a significant breakout.
XRP/USD four-hour chart
On the other hand, it is essential to note the downward direction of the Relative Strength Index. The bearish building momentum may invalidate the breakout and pave the way for losses toward the 50 Simple Moving Average (SMA) support. If the immediate support fails to hold, Ripple’s bulls’ will be forced to seek support at $0.5 and $0.4, respectively.