- Bitcoin price coils up for a big move and could visit the $30,400 level amid shrinking volatility and increasing open interest to drive the market.
- Ethereum price could breach the $1,891 barricade, potentially reaching the $1,921 resistance level before pulling back.
- Ripple price to fall 15% unless bulls leverage the 200-day EMA at $0.5766 for a quick turnaround.
Bitcoin (BTC) price is moving south, coming on the back of growing open interest growing and subsequent increases in liquidations. Ethereum is recording a similar market outlook, causing investors to wonder whether it is the work of manipulators. As BTC and ETH investors brace for a massive move, Ripple (XRP) price continues to whiplsahs and may whitewash all the ground covered on July 13 if bulls continue sitting on their hands.
Bitcoin price coils up for a grand move north
Bitcoin (BTC) broke off from its consolidation along the equilibrium, taking a nosedive below the 100-day Exponential Moving Average (EMA) at $29,339. The largest cryptocurrency by market capitalization could drop further to tag the $28,758 support level before a possible pullback.
The ensuing demand pressure could see Bitcoin price shatter past the EMAs and escape above the downtrend line. Such a move would clear the path for a possible breach of the $30,079 resistance level and, in a highly bullish case, tag the $30,441 resistance level. Such a move would constitute a 5% climb.
BTC/USDT 12-hour chart
Conversely, if selling pressure increases, Bitcoin price could break below the immediate support at $28,758. Such a move would expose the BTC to a possible drop down to the $27,000 range or, in the dire case, slump lower to tag the 26,3000 range. Such a move would constitute a 10% drop from current levels.
The Relative Strength Index (RSI) position below 50 adds credence to this bearish outlook and the Awesome Oscillator (AO) histograms in the negative zone.
Ethereum price to head north as open interest skyrockets
Ethereum (ETH) price, like BTC, is in a downtrend, but this could be corrected soon as open interest rises. With more money coming into the ETH market, the PoS token could break out 5%, overcoming the $1,891 resistance level before a possible tag of the $1,921 resistance level.
For now, however, Ethereum price is looking for a possible pivot, with the $1,8118 level presenting as a potential turnaround point for a northbound move. If this bullish outlook plays out, ETH could move above the 200-, 50-, and 100-day EMAs at $1,842, $1,852, and $1,857, respectively. Further north, ETH could breach the $1,981 level and, in a highly bullish case, tag the $1,921 hurdle. This would constitute a 5% climb.
ETH/USDT 12-hour chart
Conversely, failure of the $1,813 level to hold as support could see ETH descend toward the psychological $1,725 level.
The RS supports the downside, heading south with a potential breach of the 30 level. Similarly, the AO histograms are red and negative, solidifying bears' presence in the market.
Also Read: Ethereum, XRP, Litecoin and Cardano prices could be bottoming out
Ripple price slump continues
Ripple (XRP) price continues with its southbound move and could test the 200-day EMA at $0.5766 soon unless bulls recover. With strong bearish forces, the remittance token could extend lower to the $0.5048 support level or, in the dire case, write off all the ground covered in the July 13 rally to find support around the psychological $0.4604, marking a 20% slump below current levels.
The RSI indicator, currently at 28, indicates the bearish outlook in the market, with the AO histograms also bolstering the case for the bears.
XRP/USDT 12-hour chart
However, considering the position of the RSI, XRP could be regarded as overbought if this momentum indicator crosses above the 30 range to the north. The ensuing demand pressure could send Ripple price north, potentially surpassing the $0.6840 hurdle. A sustained uptrend could fuel a climb to the $0.8193 level, denoting a 40% flight above current levels.
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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