• Bitcoin price continues to coil in preparation for the next powerful movement.
  • Ethereum price has pierced through the 200-Week Moving Average.
  • Ripple price catches traders off guard blasting through key resistance levels.

The crypto market begins to show market divergence between the top moving assets.

Bitcoin price has yet to decide

Bitcoin currently coils in sideways fashion, lagging behind the Ethereum and Ripple, who have already begun ascending. This scenario prompts caution. Will Bitcoin consolidate below the 200-week moving average at the current price of $21,200 and enable a mini crypto trading season in the process? Or will Bitcoin plummet and wipe early Altcoin buyers out of the market. 

Bitcoin still needs to invalidate the downtrend by breaching above $31,000, a long trajectory away from Friday's $21,200 market value. A breach below $19,728 could be the catalyst to plummet the BTC price to $16800.

Invalidation of the downtrend of the down remains $31,000 unless a new low is formed over the weekend. If $31,000 gets broken, bulls could enter the market upon a pullback and aim for $37,500 in the short term resulting in a 77% increase from the current Bitcoin price.
tm/btc/6/24/22

BTC/USDT 2-Hour Chart

Ethereum price moves ahead

Ethereum price has begun decorrelating from the Bitcoin price action. On Friday, June 24, the ETH price breached the 200 Week Moving Average. A piercing bullish engulfing candle established on the 2-hour chart now supports the ETH price back above $1200.

Ethereum price does show an interesting volume pattern as there is a subtle turning in favor of the bulls. If market conditions are genuine, the Ethereum price should have no problem tackling $1420 and possibly $1535 in the short term.

Invalidation of the bullish thesis is the June 18 low at $881.50.Traders should beware that Bitcoin has yet to move through the 200-week moving average, which exponentializes the potential for a losing trade setup. If $881 were to get breached, the Ethereum price could fall back to $750, resulting in a 37% decrease from the current ETH Price.

tm/eth/6/2422

ETH/USDT 2-Hour Chart

Ripple leads the race

Ripple's XRP price has surprised sleeping bulls as the digital remittance token has risen 16% in just a few short hours. The bullish surge comes just two days after Ripple announces plans to hire 100 new employees to bring forth the next phase of their blockchain solutions.

Ripple price currently trades at $0.365 within a previous support level dating back to the May 11 sell-off. If the bull run is genuine, Ripple should hurdle the triangle apex at $0.395 and cross back into the 40-cent price levels. A pullback should commence  somewhere in the mid $0.40 zone and provide an excellent entry for bullish traders, placing a stop loss below the June 19 lows at $0.298.

However, the other scenario could be a sharp drop into new lows, as the current rally could be a zigzag correction. A safe bearish invalidation point is the top of wave four at $0.4650. If 0.465 gets breached, long-term counts towards $1.20 and higher will be back on the cards with confidence resulting in a 237% increase from the current Ripple price.

tm/xrp/6/24/22

XRP/USDT 2-Hour Chart

 


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.

Recommended content


Recommended Content

Editors’ Picks

Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025

Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025

The adoption of cryptocurrency-related financial products, including tokenized treasuries, is on overdrive globally, with the focus now shifting to robust networks such as Ripple's XRP Ledger (XRPL).

Sei rallies as Wyoming selects protocol for WYST stablecoin pilot

Sei rallies as Wyoming selects protocol for WYST stablecoin pilot

Sei extends gains above $0.21, decoupling the token from the broader crypto market amid low sentiment and macroeconomic uncertainty. The Wyoming Stable Token Commission selects Sei Network as a candidate blockchain for the WYST, the first fiat-backed stablecoin issued by a US state.

Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat

Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat

Bitcoin bulls step up, pushing the price above $106,000, as Trump said he would delay his decision about launching strikes on Iran for up to two weeks. Ethereum rebounds from the 200-day EMA support at $2,477 amid steady interest in the derivatives market.

Solana eyes trend reversal as bearish momentum bottoms out above $140

Solana eyes trend reversal as bearish momentum bottoms out above $140

Solana experiences a minor uptick of under 1% at press time on Friday, with multiple long shadow candles forming above $140 as bearish momentum fades off. The optimism surrounding Solana is on the rise, as evidenced by the SOL Open Interest reaching a weekly high.

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP