Bitcoin, Ethereum, Ripple Weekly Wrap: July 12, 2024

By admin On Июл 12, 2024

Bitcoin’s (BTC) price has been witnessing the impact of macro-financial developments, which haven’t necessarily been in favor of the crypto market. Ethereum’s (ETH) price also ended up following BTC’s cues, but Ripple’s (XRP) price charted its own relatively bullish path this week.

Is Bitcoin Escaping Its Doom?

Bitcoin’s price increased 2.5% over the week following the 11% drawdown the previous week. The whiplash that BTC witnessed these last few days even pushed the crypto asset to $54,400. Nevertheless, the biggest crypto asset in the world is back to trade at $57,106 at the time of writing.

Over the weekend, BTC is expected to reclaim the resistance at $58,847, which would enable a recovery to $60,000. As a result, Bitcoin would successfully escape the decline to $50,900 expected from the double top formation.

Bitcoin Price Analysis. Source: TradingView

However, the Consumer Price Index (CPI) report, which came in better than expected, hampers this possibility. The headline inflation rate for June declined to 3% YoY, below the anticipated 3.1% and lower than May’s 3.3%.

This is bound to affect the crypto market negatively, as capital could flow out of digital assets and back into fiat.

This could subdue any potential rally, leaving Bitcoin’s price vulnerable to either sideways momentum or a drawdown to $54,000.

Ethereum Is Balancing Recovery

Generally, the notion of recovery is associated with the price of crypto assets, noting a sharp increase in price. However, there is more to recovery than simple rallies, as all coins would need to secure crucial support floors in order to secure the gains achieved.

ETH is achieving this by securing the $3,000 level as a support floor. The altcoin’s target is reclaiming $3,346 as support again to recover the losses it witnessed over the last few days.

Ethereum’s price, making it all the way to $3,300, is unlikely over the weekend, but turning $3,200 into support could help the altcoin.

Ethereum Price Analysis. Source: TradingView

The chances of losing $3,000 as support are slim as this level marks the 23.6% Fibonacci Retracement line. This level is also known as the bear market support floor, and losing it would invalidate the bullish thesis.

XRP Shows Good Signs

The XRP price is not following the path set out by BTC and ETH, as the altcoin consistently forms green candlesticks on the daily chart. In the last few days, the Ripple native token has grown to secure $0.46 as a support level.

Once XRP does the same with $0.47, it will have regained the profits lost during the recent decline. At the same time, recovery to $0.50 and consolidation under $0.51 are the likely outcomes.

XRP Price Analysis. Source: TradingView

However, if the attempt at securing these resistances as support fails, a fallback to $0.42 cannot be considered impossible. This could invalidate the bullish thesis altogether and extend the losses.

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