We continuing to see a decisive recovery in equities as the NASDAQ closed up over 3% on the day. While the crypto market continues to grind sideways, increased buying in stocks will lead to the other risk assets recovering. Expect to see a sustained rally in stocks and crypto into the middle of July.
Crypto adoption is starting to occur on a massive scale. For example, some of the world’s largest financial institutions like SWIFT, JP Morgan and BlackRock have all announced that they will be continuing to expand their focus on the digital assets market. Additionally, Russia’s ministry of finance is discussing using digital assets for cross-border payments as they have been banned from the legacy financial system.
Over the past year, there has been incredible selling pressure in the crypto market. However, on-chain data suggests that more wallet addresses with 1 to 10 million XRP are continuing to accumulate. XRP is at a multi-year buy point sitting at $0.38 and it has the potential to see an explosive rally to $7+ upon the conclusion of the Ripple SEC lawsuit.
Another digital asset that is at a profound entry point is AllianceBlock. The objective of this project is to create a globally compliant capital market, which will allow large financial institutions to engage in DeFi and Web 3.0. Furthermore they will be launching a cross-chain decentralized exchange, which will enable users to swap assets from a variety of different blockchain networks. With its all-time high at $1.13, we feel that this coin is a bargain at $0.08.