Cryptocurrency market update: XRP/USD climbs to 10-week highs above $0.25
- Bitcoin underperforms, continues to move sideways below $9,500.
- Ethereum gains traction, trades above $190 for first time since November.
- Ripple jumps to highest level in ten weeks above $0.25.
Although it looked like major cryptocurrencies were looking to end the week in a quiet manner, Ethereum and Ripple both gained traction and posted strong gains on Sunday while Bitcoin struggled to gather enough momentum to break above its near-term resistance area.ş
Top-three coins price overview
Bitcoin (BTC/USD) continues to trade sideways following the rally witnessed earlier in the week. As of writing, the pair was up 0.55% on the day at $9,425. $9,500 - $9,600 area (static resistance, Fibonacci %78.6 retracement of the Oct. 25 - Dec. 18 drop) continues to keep the pair's upside capped. If the BTC/USD clears that hurdle, it could aim for $10,000 (psychological level) and $10.400 (Oct. 26 high). On the downside, supports are located at $9,000 - $8,900 (Fibonacci %78.6 retracement of the Oct. 25 - Dec. 18 drop, 200-day SMA) and $8,500 (Fibonacci %50 retracement of the Oct. 25 - Dec. 18 drop).
After failing to break above $190 three times earlier this week, Ethereum (ETH/USD) rose sharply on Sunday and touched its highest level since November 6th at $193.50. As of writing, the pair was up nearly 5% on the day at $192.60. The pair could face an interim resistance at $195 (November 6 high) before targeting $200 (psychological level/October 26 high). On the downside, supports align $180 (February 1 low), $170 (January 30 low/20-day SMA) and $160 (100-day SMA).
Ripple (XRP/USD) is the best performing cryptocurrency among the top 10 with regards to market capitalization and is up 6% on the day at $0.2565 while adding more than 10% for the week. With Sunday's upsurge, the 20-day SMA and the 100-day SMA made a bullish cross to suggest that buyers are dominating the pair's movement. At the moment, the pair is testing the 100-day SMA near $0.2580. Above that level, $0.2675 (September 3 high) could be the next resistance. Supports, on the other hand, could be seen at $0.2500 (psychological level/former resistance), $0.2350 (100-day SMA) and $0.2200 (January 26 low).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
