Ripple Weakens Zcash Gains ZEC with NU7 Upgrade BitMine Expands ETH Holdings
Ripple (XRP) and Stellar (XLM) are showing signs of weakness as derivatives positioning fades. XRP is currently trading at $1.4996 after experiencing minor losses. Despite this, the cryptocurrency maintains a bullish outlook, supported by its position above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) stands at around 56, indicating that buyers still have control, although the Moving Average Convergence Divergence (MACD) suggests a slight loss of upward momentum.
Zcash (ZEC) is currently priced at $1,348, continuing its upward trend following the recent NU7 upgrade. This upgrade, which went live on Monday, has improved transaction speed and allocated 60% of transaction fees towards future rewards. Institutional outflows have decreased to approximately $3.50 million, down from $93.56 million last week, reducing redemption pressure. Technical indicators show a bullish bias for ZEC, with a positive RSI divergence observed on the 4-hour chart.
Ethereum (ETH) has seen additional acquisitions by BitMine Immersion, a treasury firm that continues to buy the top altcoin. Last week, BitMine acquired 15,112 ETH, bringing its total holdings to 6.016 million ETH, which represents 4.9% of ETH's circulating supply and is valued at $16.16 billion. The company is nearing its goal of acquiring 5% of ETH's supply, a target it refers to as the "Alchemy of 5%."