- Bitcoin retraces 20% since hitting the new YTD low at $17,592.
- Ethereum price has a high-risk tolerance with an equally high reward.
- XRP continues to see turbulence amidst the SEC dispute.
UPDATE: XRP price is still trading almost muted, staying within a very tight range in between the key $0.30 support and the now immediate $0.35 resistance. The price of Ripple has somewhat decoupled in the past few days from the price action of most cryptocurrencies, which have been on a rollercoaster. The judicial battle between Ripple Labs and the US SEC is what keeps XRP community on the sideways, as they await further developments on the availability of former SEC official William Hinman's emails and the relevancy on court of Exhibit 0 documents. In the meantime, pessimistic Bitcoin price predictions are again turning the crypto ecosystem to the downside. BTC price was unable to close above $21,000 on Tuesday and has tested the psychological $20,000 support on Wednesday ahead of a highly awaited testimony of Fed chief Jerome Powell in front of the US congress, which should present some hints of next monetary policy steps from the US central bank.
The crypto market is showing signs of a decent recovery. It may be too early to call a bottom, but multiple signals point to that possibility.
Bitcoin price on a sneaky hike
Bitcoin price is currently up 20% since the fear-invoking sell-off that brought the peer-to-peer digital currency back into the mid-17,000 zone, a level unseen since 2020. On Tuesday, Bitcoin trades at $21,000 as optimism is subtly encouraging more transactions on the Volume Profile indicator. Investors looking to partake in the discounted BTC price should consider reading last week’s outlook for an in-depth analysis and precise invalidation level.
Bitcoin price now targets a $25,700 area but is still submerged under the 200-week moving average at $22,500. Thus investors should expect turbulence amidst the optimistic recovery rally. A break and retest above $22,500 could produce enough fuel to propel the BTC price back to $25,000.
Invalidation for the recovery rally is a breach of $17,592. If this were to occur, $16,000 would be the next target resulting in a 24% decrease from the current Bitcoin price.
BTC/USDT 1-Day Chart
Ethereum price has a higher risk tolerance
Ethereum price currently trades at $1,170 as the bulls continue gaining traction following the ground-shaking sell-off that occurred over the weekend when ETH price briefly struck $881. The Relative Strength Index shows double bottom signals on a historical indicator low, which warrants the idea that a strong counter-trend rally will occur.
Ethereum price hovers just $30 below the 200-week moving average. A breach above this resistance, followed by a retest, could be the catalyst to induce the highly anticipated recovery rally. Conventional targets lie in the $1,700 level, with FOMO targets at $2,700 for up to a 200% increase from the current price.
Ethereum is a riskier digital asset because it has not breached the parallel channel and hovers nearly 70% above the bullish macro invalidation level at $388. If the bullish macro level were to get breached, the ETH price could fall as low as $100 for a 90% decline from the current Ethereum price.
ETH/USDT 4-Hour Chart
Ripple price continues to coil
Ripple price could be setting up for the final move south as the mid-$0.30 zone is providing resistance once again. The choppy price action comes as no surprise as the XRP community continues the ongoing feud against the US Securities and Exchange Commission (SEC).
Ripple price currently trades at $0.33 amidst the legal dispute. This week the SEC drew the first sword, filing a request to prevent Ripple from sealing essential documents pertaining to “exhibit 0”. The objection filed justifies the current market behavior as bulls are unsure how their portfolio will perform in such a volatile new correlated market. If market conditions persist, a $0.25 target still has a high probability of getting breached.
Ripple price must hurdle the $0.38 level to confidently call a local bottom. If $0.38 were to get breached, the bulls could aim for $0.64, resulting in a 100% increase from the current XRP price.
XRP/USDT 9-Hour Chart
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.