- Bitcoin price remains range bound, sliding horizontally at $26,139 with indications of a possible move soon.
- Ethereum price is stuck in a range but could test the $1,630 support soon amid resuming volatility.
- Ripple price climbed above the $0.5000 psychological level over the weekend and could continue north if bulls steady their hands.
Bitcoin (BTC) price continues to consolidate, same case for Ethereum (ETH) and Ripple (XRP) prices. However, this might chance this week as the market braces for key macroeconomics as well as timelines for spot BTC ETFs closing in.
Bitcoin price could be ready for its next move after almost two weeks of consolidation. The anticipation comes as the US market prepares for three key macroeconomics this week- The consumer confidence report, slated for Tuesday, followed by the Core Personal Consumption Expenditure (PCE) Price Index, and Nonfarm Payrolls (NFP) later in the week.
Another possible driver for the market this week will be the anticipation of spot Bitcoin Exchange-Traded Funds (ETFs), with the US Securities and Exchange Commission (SEC) expected to provide a decision for Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy, Fidelity, and Valkyrie. Nevertheless, owing to the recent dry-up in macroeconomics' relationship to BTC price and with the SEC's recent history of delays, the impact could be fleeting.
Also Read: Will volatility be back to crypto markets?
Bitcoin price could move soon
Bitcoin (BTC) price continues to test the upper boundary of a longstanding demand zone at $26,154, with minimal volatility as the market remains devoid of impulse. However, momentum indicators suggest a possible move to the upside, and BTC could soon test the $27,300 resistance level.
Given the current market state, Bitcoin price could extend north, tagging the supply zone (red order block) at $28,973, with selling pressure from this area likely to trigger a correction. However, BTC must record a decisive daily candlestick above the range high at $31,130 for a confirmed uptrend. Such a move would constitute a 20% climb, with the most likely trigger being a spot BTC ETF approval.
The Relative Strength Index (RSI) is rising, while the histogram bars of the Awesome Oscillator flash green, suggesting bullish dominance that could soon translate into a positive price move.
BTC/USDT 1-day chart
Conversely, considering the position of the RSI at 27 and that the AO was still negative, bears still have the advantage, and Bitcoin price could dip into the green order block (demand zone). For a confirmed downtrend, BTC must confirm below the lower boundary of the demand zone at $25,174 to render it a bearish breaker.
In the dire case, Bitcoin price could tag the $24,079 support level, marking a 10% slump from current levels.
Also Read: Bitcoin traders remain fearful of 'tail risk' amid renewed price lull: Observers.
Ethereum price bends to selling pressure
Ethereum (ETH) price outlook opposes that of BTC, showing signs of a downtrend. It comes after the network's co-founder, Vitalik Buterin, executed a huge transaction, moving 3,000 ETH to an address labeled "Vb 2." The impact is yet to be seen as the PoS token continues consolidating.
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~$4.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD
— PeckShieldAlert (@PeckShieldAlert) August 28, 2023
With momentum indicators (RSI and AO) favoring the downside, Ethereum price could break below the immediate support level at $1,630. In the dire case, the largest altcoin by market capitalization could test the August 17 lows at $1,552. This would denote a 5% fall below the current price.
ETH/USDT 1-day chart
On the flipside, bullish momentum, possibly sprouting from Bitcoin price showing strength, could send Ethereum price north, breaching the $1,699 resistance level and potentially making a 10% climb to the supply zone at $1,835.
A strong move above this zone could set the tone for Ethereum price to breach the psychological $2,000, potentially tagging the July 13 high at $2,008. A decisive break above this level would confirm the uptrend.
Also Read: Ethereum is eyeing $1500 support with A-B-C drop
Ripple price remains indecisive
Ripple (XRP) price remains indecisive, with the RSI still moving horizontally. The remittance token continues to wind along $0.5203. For a confirmed downtrend, XRP must record a daily close below the mean threshold of the order block at $0.4800.
For as long as Ripple price continues to consolidate above this level, the odds for an uptrend outweigh that of a downtrend, with the possibility of XRP breaching the $0.5752 level and, in a highly bullish case, tag the monthly high of $0.6840.
XRP/USDT 1-day chart
On the other hand, selling pressure could send Ripple price below the order block to tag the range low at $0.4191.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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