Cryptocurrency Market Update: Bitcoin stabilizes above $7,500, Ethereum and Ripple flex bullish muscles
|- The drab weekend action jumps into the new week as Bitcoin, Ethereum and Ripple struggle to stay above key support zones.
- Ripple must reclaim $0.23 support to open the road towards $0.24 supply zone.
Cryptocurrencies, led by the top three assets Bitcoin Ethereum and Ripple remained within key levels over the weekend. The drab action seems to have crossed into the new week where the Asian session continues to be characterized by shrinking volatility and little to no upside action.
Bitcoin market update
Bitcoin zoomed above $7,600 on Friday but failed to step above $7,700. The increasing selling pressure sent BTC back to the $7,500 range. The price is stable above $7,500 but has retreated from the opening at $7,521 to $7,519 (prevailing price). The prevailing trend is bearish but with the shrinking volatility, little action is expected downwards.
BTC/USD 1-hour chart
Ethereum market update
Ethereum after closing the last week short of $150, spent the entire weekend battling bears in the same range. The bulls managed to break out past $150 but the upside was capped at $152. ETH/USD is currently stable above $150 and supported by the 100 SMA and the 50 SMA on the 1-hour chart.
ETH/USD 4-hour chart
Ripple price update
The third-largest cryptoasset is in a tug of war with the bears at the beginning of the European session. The Asian session has been characterized by subtle losses amounting to 0.42%. The trend suggests that the bulls could win the war and reclaim support above $0.23. XRP/USD is trading $0.229 and sits above the moving averages. Additional support is provided by the ascending trendline as well as $0.22.
XRP/USD 4-hour chart
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