Markets
Bitcoin, Ethereum, and Ripple Weekly Roundup: July 12, 2024
Bitcoin (BTC) price has been witnessing the impact of macro-financial developments, which have not necessarily been in favor of the cryptocurrency market. Ethereum (ETH) price has also ended up taking cues from BTC, but Ripple (XRP) price has charted its own relatively bullish path this week.
Is Bitcoin escaping its doom?
Bitcoin’s price has increased by 2.5% over the week after dropping by 11% the previous week. The bullwhip effect that BTC has witnessed in the past few days even pushed the crypto asset to $54,400. However, the world’s largest crypto asset is back to trading at $57,106 at the time of writing.
Over the weekend, BTC is expected to reclaim resistance at $58,847, which would allow a recovery to $60,000. As a result, Bitcoin would successfully escape the decline to $50,900 expected from the double top formation.
Read more: Bitcoin Halving History: Everything You Need to Know
Bitcoin Price Analysis. Source: Trading view
However, the better-than-expected Consumer Price Index (CPI) report makes this possibility harder to believe. The headline inflation the June rate fell to 3% per year, below the expected 3.1% and lower than the 3.3% in May.
This will certainly affect the cryptocurrency market negatively as capital may move out of digital assets and back into fiat currencies.
This could curb any potential upside, leaving Bitcoin’s price vulnerable to a sideways swing or a drop to $54,000.
Ethereum is balancing the recovery
Typically, 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 to lock in the gains achieved.
ETH is achieving this by securing the $3,000 level as a support floor. The altcoin’s target is to reclaim $3,346 as support again to recover the losses it has witnessed in the past few days.
Ethereum price is unlikely to reach $3,300 over the weekend, but turning $3,200 into support could help the altcoin.
Read more: How to invest in Ethereum ETFs?
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
XRP price is not following the path set by BTC and ETH as the altcoin consistently forms green candlesticks on the daily chart. Over the past few days, Ripple’s native token has surged to secure $0.46 as a support level.
Once XRP does the same with $0.47, it will have recovered the profits lost during the recent decline. At the same time, recovery to $0.50 and consolidation below $0.51 are the likely outcomes.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if the attempt to secure these resistances as support fails, a fallback to $0.42 cannot be considered impossible. This could invalidate the bullish thesis completely and extend losses.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.