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Last week, both downward and upward momentum were observed in the prices of Bitcoin, Ethereum, and XRP, which are at the top of the crypto market. Investors seem curious whether these top-volume cryptocurrencies can sustain their rallies.
Bitcoin Comments
Bitcoin’s price recovered from the $48,800 level at the beginning of the week and rose above $60,000 after a 14% increase over the last three days. This psychological and technically supported level continues to act as a strong support base for BTC.
Bitcoin still has a long way to go to fully recover from the crash it experienced at the end of July and the beginning of August, and the direction of price movement during this period remains uncertain. It is also important to note that the price recovery will only be considered successful if it reaches the $67,100 level.
As of the time of writing, the BTC price has recovered from the $60,000 level at the Wall Street opening and is finding buyers at $60,200. However, if there is selling pressure at the support level and the $60,000 region is lost, the price could drop to $58,236.
Ethereum Comments
Despite being at the center of the entire crypto world in July, Ethereum’s price experienced a noticeable decline. Known as the second-largest cryptocurrency by volume, ETH saw a significant drop after the ETF launch and was affected by the global economic crisis.
Ethereum’s decline lasted for about nine days. During this period, it dropped over 30% and fell below $2,100. After this decline, the price recovered and continues to find buyers around the $2,634 region. Investors are following the $2,681 resistance region as the first upward target for Ethereum.
It is also worth noting that gains will not start at this first resistance level. After a possible move above the resistance, the next target will be to turn $2,930 into support. If this level is not surpassed, Ethereum may experience consolidation between $2,930 and $2,681.
XRP Price in TL?
Recently, XRP, which once again took center stage in the market, seems to be doing well. Among these three coins, XRP experienced the largest increase in recent days. During the mentioned period, it saw a 16% increase and surpassed $0.60.
The reason for this price increase was the court ruling related to XRP. The penalty in the SEC case was expected to be $2 billion, but it was $125 million, creating a sense of victory and boosting the XRP price. However, since the case has not been definitively resolved, the future remains uncertain.
Returning to price comments, it is seen that XRP needs to turn the 38.2% Fibonacci Retracement level at the $0.58 region into support.
If this level turns into support, it will pave the way for XRP to fully compensate for the 19% correction that almost caused it to drop to $0.50.
If XRP fails to close above the $0.58 level, it may drop to the 23.6% Fib line at $0.52, which has shown strong support in the bear market.
