Cryptocurrency market update: Bitcoin upside limited at 10,800 – Ethereum and Ripple test key support areas

Cryptos are shunning volatility choosing a more stable look into the new week’s trading.
ICE’s Bakkt is beginning the testing of Bitcoin futures contracts today.

John Isige FXStreet

The cryptocurrency market is oddly calm on July 22; the first day of the week’s trading. Led by Bitcoin, cryptos are shunning volatility choosing a more stable look into trading this week, unlike the previous weeks.

Bitcoin is trading at $10,450 after correcting lower from highs around $10,685. Declines are beginning to build in addition to the 1.6% intraday correction on the day. It is likely that the price will test lower levels towards $10,000 before Bitcoin can experience another rebound heading to $11,000.

As reported by FXStreet Bakkt a subsidiary of the Intercontinental Exchange (ICE) is beginning the testing of Bitcoin futures contracts today. The official launch of the product launch later this year is expected to give Bitcoin a boost as more institutional investors enter the crypto market.

Ethereum, on the other hand, has lost 2.57% of its value in the last 24 hours. The break above $230 over the weekend session failed to make headway towards $240. Instead, the price dipped back under $230 and is currently seeking support at $220. The prevailing trend is strongly bearish, which means that Ethereum could test lower levels towards $200 before a significant correction can take place.

Ripple, the third-largest crypto is fighting to stay above $0.32. This comes after recovery from $0.28 key support. After opening the session on Monday at $0.3305, XRP/USD has thinned 1.64% on the day to exchange hands at the current market value, $0.3251. The trend is bearish according to the cryptocurrency live rates. The ability of Bitcoin to stay above $0.32 is key for correction above $0.35 and eventually $0.40.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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