- Bitcoin price steadily slides lower and a trend reversal is not in sight yet.
- Ethereum price needs to pull back to the $1,828 support level for a bounce.
- Ripple price needs to correct to $0.548 and $0.532 for XRP buyers to step in.
Bitcoin price has shown no signs of breaking out of its rangebound movement that has been ongoing for the 25th day. Ethereum (ETH) price continues to follow the big crypto’s footsteps, while Ripple (XRP) price continues to reel from the SEC vs. Ripple lawsuit’s verdict which nearly caused the token’s value to double.
Also read: XRP update: SEC Chair Gary Gensler resurfaces as Judge Torres refers Ripple case under Sarah Netburn
Bitcoin price needs to clarify its stance
Bitcoin (BTC) price trades around the $30,000 psychological level for the 25th day. There are two possible scenarios which would support BTC to continue its 2023 rally. Both of them involve a retracement to key support levels at $28,138, $27,330 and $26,767.
On the other hand, Bitcoin price could sweep the sell-stop liquidity below the equal lows formed at $29,500 and kickstart a minor uptrend that revisits the Q2 high at $31,500.
In case of a deep retracement to the aforementioned levels, a subsequent recovery rally could propel Bitcoin price to critical hurdles at $34,455 and $35,180.
BTC/USD 4-hour chart
While a retracement seems plausible, a breakdown of the June 15 swing low at $24,777 could knock Bitcoin price down to $24,267, followed by a steep correction to retest the $21,313 support level.
Ethereum price takes a breather
Ethereum price has been slowly sliding lower, following Bitcoin’s footsteps. ETH currently trades close to the midpoint at $1,828 of the 25% rally seen between June 15 and July 13. A further spike in selling pressure could lead Ether to sweep the equal low at $1,820, allowing smart money to collect sell-side liquidity.
A perfect place for long-term holders to accumulate would be the deep discount levels at $1,828, $1,773 and $1,738.
ETH/USD 4-hour chart
Regardless of the short-term retracement, a break below the $1,625 support level would invalidate the bullish outlook and potentially trigger a crash to $1,500.
Ripple price hits all targets
Ripple price breached the $0.548 and $0.532 hurdles and exceeded the W-bottom target at $0.778. XRP price rose a total of 102% between July 15 and July 18, creating a local top at $0.942.
However, if market conditions deteriorate in the short term, allowing Bitcoin price to pull back, XRP price could also revisit the $0.548 and $0.532 support levels. This move would constitute a 26% downswing.
The subsequent bounce from the aforementioned support floors could trigger a rally to $0.947 or the $1 psychological level.
XRP/USD 3-day chart
On the other hand, if Ripple price breaches the $0.548 and $0.532 support levels, it would invalidate the bullish thesis.
Read more: Binance CEO Changpeng Zhao plays up KOLs as BNB price suffers aftermath of regulatory scrutiny
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top gainers Virtuals Protocol, Floki, Hyperliquid: Altcoins extend gains alongside Bitcoin
The cryptocurrency market sustains a market-wide bullish outlook at the time of writing on Tuesday, led by Bitcoin (BTC) and select altcoins, including Virtuals Protocol (VIRTUAL), Floki, and Hyperliquid (HYPE).
Token unlocks over $625 million this week across major projects SUI, OP, SOL, AVAX and DOGE
According to Wu Blockchain, 11 altcoins with one-time tokens unlock more than $5 million each in the next seven days. The total value of cliff and linear unlocked tokens exceeds $625 million.
TRUMP meme coin on-chain activity surged following dinner announcement: Kaiko
Kaiko Research published a report on Monday highlighting the significant impact of TRUMP's team dinner announcement on the meme coin sector. The announcement triggered a surge in on-chain activity and trading volumes, with TRUMP accounting for nearly 50% of all meme coin trading volume.
Coinbase launches new Bitcoin Yield Fund, offering investors 4–8% annual returns
Coinbase has launched a Bitcoin Yield Fund, aiming to offer non-U.S. investors sustainable 4–8% returns paid directly in Bitcoin.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.