Cryptocurrency Market Update: Ripple and Bitcoin Cash outperforming Bitcoin in mid-week recovery

The majority of cryptoassets are facing increased selling pressure, especially Bitcoin and Ethereum. Some selected digital assets such as IOTA and Bitcoin Gold are leading with the biggest single-digit gains. IOTA is up 2.81% to trade at $0.2259 while Bitcoin Gold is trading at $8.67 following a 2% surge on the day.

Among the major cryptocurrencies, Ripple and Bitcoin Cash are the most improved.  XRP is flying the bullish flag 1.57% higher on the day. Bitcoin Cash has added over 1.3% in gains on the day to exchange hands at $240. Intriguingly, XRP/USD is trading above $0.1950 since the drop to $0.1850 on Monday. All eyes are set on $0.20; a move that will bring XRP back to levels seen in the first week of June.

Bitcoin Cash, on the other hand, has stepped above the resistance at $240. If BCH establishes support above $240 then there is a chance that buyers will shift their focus to $250. It is important that the price is not allowed to slip back under $240. Such a move could see Bitcoin Cash tumble towards the recent support at $230.

The largest cryptocurrency, Bitcoin is currently trading 0.44% lower from its opening value ($9,527.63). An intraday high at $9,534.27 put an end to the recovery on the day. On the downside, losses have tested the support at $9,400. BTC/USD has since adjusted upwards to $9,505. Higher support above $9,500 would open the door for gains targeting $9,600 and $10,000.

The largest altcoin, Ethereum is still grappling with an increase in the selling activity. Gains continue to fall short of $240 as $235 proves impenetrable. Support at $230 is key for initially anticipated consolidation and the next significant spike above $240.

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