- Bitcoin price continues to experience sideways congestion. On-chain analytics suggest more chop is likely underway
- Ethereum price begins the anticipated ascent. The chances of crypto outperformance remain prevalent.
- Ripple price still presents a chance to rally higher. Key levels have been identified.
The crypto market is in stagnation mode. An explosive move is likely to resolve the congestion but could take days to manifest. Placing an early entry is purely a speculative gamble at the current time.
Bitcoin price remains indecisive
Bitcoin price continues to coil within a wedging-like leading diagonal. Based on Into the blocks in/out the money indicator 54% of traders who have opened a position are currently in profit.
Thus the mundane price action is likely to continue until smart money has enough liquidity to wreak havoc on one side of the boat. At current time it is uncertain which way direction the BTC price goes next. Previous forecasts still target higher liquidity levels at $24,600 and 25,200 which have yet to be tagged.
Intotheblock: In/Out of the Money Indicator
BTC/USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum set to outperform
Ethereum price remains in negative sentiment based on community disagreement over the upcoming merge. As the first trading week of August comes to an end, Ethereum hovers near new new summertime monthly highs at $1,676. Regardless of what the community may assume, based on technicals and on chain analytics Ethereum price seems poised to go higher.
Additionally, the Ethereum price shows new yearly lows on Crypto Quants’ Ethereum: Exchange Withdrawing Transactions indicator. According to Crypto Quant “The total number of withdrawals is counted from all exchanges” In theory the more withdrawals from exchanges inversely means less participants actively trading the digital token. A less liquid digital asset may also be easier to influence in terms of price.
Crypto Quants- Ethereum: Exchange Withdrawing Transactions - All Exchanges
ETH./USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price continues to display optimism
Xrp price hovers above a key trend channel; median line. The bearish pressure comes under significantly low volume compared to the bullish impulse that enabled the 25% rally towards the end of July. If market conditions are genuinely bullish a bullish spike above $0;38 should be the catalyst to prompt an additional 25% rally targeting $0.47 in the short term.
Xrp price has also witnessed an uptick in gossip surrounding collaborations with the World Economic Forum. Hype and FOMO could become a new factor for the digital remittance token if market sentiment continues to build positive momentum.
XRP price should remain on traders watch lists over the weekend as smart money may try to pull off a rally while traders take a break from their screens. Invalidation of the uptrend still remains at $0.3250 until further notice.
XRP/USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.