Cryptoccurrency Market Update: Ethereum leads recovery, Bitcoin and Ripple prep for the moon

The cryptoccurrency market turned bullish on Friday following drab and bearish actions at the beginning of the week. The entire market and especially the major cryptoassets led spiked incredibly led by the granddaddy, Bitcoin. Intriguingly, buyers have naturally assumed their position on the market and are keen to push for more action above respective key levels.

BTC/USD, for instance, reversed its action incredibly from support it had found above $6,400. The momentum paced above several other key levels including $6,600 and $6,800. Further action pulled above the coveted $7,000 the same Friday. At the time of writing, Bitcoin price is teetering at $7,228 after growing in value by 2.81%.

The daily chart shows that the bulls are working hard to rise above the resistance at the 50% Fib retracement level taken between the last drop from $10,540 to a swing low of $3,884. According to the technical picture, more action is expected to the upside. For example, the RSI is gradually moving north above the average while the MACD has crossed into the positive territory. These indicators among others place Bitcoin strongly in the hands of the bulls.

Chart of the day: BTC/USD daily

ETH/USD is the best-performing coin among the top three digital assets. Buyers have pushed it 7.23% higher on the day to the extent that it has touched $184 (March highs). At the moment, Ether is trading at $184 amidst increasing buying pressure and high volatility. A break above $184 could easily pull Ethereum price closer to the critical $300 level.

XRP/USD, on the other hand, has not been left behind by the broad-based bullish wave. The third-largest cryptoasset has advanced 3% on the day to exchange hands oat $0.1947. On the upside, $0.1953 (intraday high) is the immediate resistance. As for the bulls, achieving the milestone of crossing past $0.20 for the second time this will give them an opportunity to focus on higher levels at $0.30.