In our crypto analysis for today, we will examine the price of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) to see if the growth can continue for this week.
The majority of the global crypto market is still in the green zone today as the Crypto Fear $ Greed Index rests at 72 (indicating bullish) according to data from CoinMarketCap.
Bitcoin (BTC) price analysis
In the last week, the price of Bitcoin surged by 15% and 10.45% the week before. However, over the last 24 hours, the price has dropped by 0.59%. The Standard and Poor’s (S&P) 500 index declined by 2.53% last week and 2.39% the previous week.
A major part of Bitcoin’s recent gains was triggered by the misleading news of the U.S. SEC’s approval of a spot Bitcoin ETF and the expectation of approval in the future. Any news contrary to this might deter investors’ confidence.
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On Bitcoin’s daily chart, investors need to pay attention to the nearest closing level of $35,198. If the price of BTC fails to reach this point, then it might be too early to think of a further upward trend.
Source: TradingView
However, if the price breaks this level, then we can expect a rise from $36,000 to $40k soon. On the other hand, if the price falls below $33,390, then Bitcoin risks a dip to $32,400 and then to $31,000.
At press time, Bitcoin is selling at $34,424 with a 24-hour trading volume of $23,056,616,678.982 ($23 billion).
Ethereum (ETH) price analysis
Over the last 24 hours, Ethereum (ETH) has gained more than Bitcoin with its price currently up by 0.23%. The price of ETH has continued to maintain above the breakout level of $1,746.
Source: TradingView
Ethereum appears more bullish than the leading cryptocurrency. A peek at its daily bar chart shows that it is going to close above the $1,800 zone. If this happens, we might see a continuous rise to the $1,854 zone and might continue to rally to $2,000.
Ethereum is currently changing hands at $1,802 with a 24-hour trading volume of $10,626,097,130 ($10.6 billion).
XRP price analysis
XRP tops Bitcoin and Ethereum in gains today. Data from Coinstats, XRP is currently up by 3.75% in the last 24 hours. Per the daily chart data, the price of XRP has jumped above the $0.54915 level signifying that the buyers remain in control.
Source: TradingView
If the price of the token crosses the $0.59 resistance, then we can expect the price to surge to $0.66. However, if the sellers take charge, the price might slump and trade between $0.46 and $0.56 for a few more days.
At press time, XRP is trading at $0.5799 with a 24-hour trading volume of $929,704,263.132 ($929 million).
Read more:
- XRP Price Analysis: Key XRP Developments to Know Before Bull Run
- Ripple Transfers Almost 107 Million XRP to Bitso and Bitstamp
- Reasons Why the Crypto Market is Up Today
- PEPE Market Cap Doubles as Interest in the Memecoin Rises
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.