Cryptocurrency Market Update: Ripple and Bitcoin Cash outperforming Bitcoin in mid-week recovery
|- Ripple and Bitcoin Cash spike ahead of Bitcoin and Ethereum; BTC is down 0.44% on the day and ETH 0.15%.
- Ripple steps above $0.1950 resistance for the first time since the crash to $0.1850 on Monday.
- Bitcoin Cash recovers above $240; setting the groundwork for gains above $250.
The majority of cryptoassets are facing increased selling pressure, especially Bitcoin and Ethereum. Some selected digital assets such as IOTA and Bitcoin Gold are leading with the biggest single-digit gains. IOTA is up 2.81% to trade at $0.2259 while Bitcoin Gold is trading at $8.67 following a 2% surge on the day.
Among the major cryptocurrencies, Ripple and Bitcoin Cash are the most improved. XRP is flying the bullish flag 1.57% higher on the day. Bitcoin Cash has added over 1.3% in gains on the day to exchange hands at $240. Intriguingly, XRP/USD is trading above $0.1950 since the drop to $0.1850 on Monday. All eyes are set on $0.20; a move that will bring XRP back to levels seen in the first week of June.
Bitcoin Cash, on the other hand, has stepped above the resistance at $240. If BCH establishes support above $240 then there is a chance that buyers will shift their focus to $250. It is important that the price is not allowed to slip back under $240. Such a move could see Bitcoin Cash tumble towards the recent support at $230.
The largest cryptocurrency, Bitcoin is currently trading 0.44% lower from its opening value ($9,527.63). An intraday high at $9,534.27 put an end to the recovery on the day. On the downside, losses have tested the support at $9,400. BTC/USD has since adjusted upwards to $9,505. Higher support above $9,500 would open the door for gains targeting $9,600 and $10,000.
The largest altcoin, Ethereum is still grappling with an increase in the selling activity. Gains continue to fall short of $240 as $235 proves impenetrable. Support at $230 is key for initially anticipated consolidation and the next significant spike above $240.
Related content: Cryptocurrency Market News: Is another Bitcoin massacre brewing?
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