- 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
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