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The price of Bitcoin continues to move sideways as we enter a busy week. Crypto investors are excited, and this excitement is fueled by recent developments following periods of shallow volatility. Bitcoin recently lost the $30,000 level and tested the $28,800 region. Now, we will see significant movements in altcoins, including ETH and XRP, depending on the direction Bitcoin takes.
Ethereum (ETH) Price Analysis
Ether has been trapped between moving averages for the past few days. We can see that bulls have been buying the dips to the 50-day SMA ($1,854), but they have been unable to push the price above the 20-day EMA ($1,881). Considering the significant decline in volume, it seems that investors are becoming increasingly disinterested in the markets. The summer months can be even more frustrating in bear markets.
It is unlikely that this narrow range will continue for a long time and it can be resolved with a strong breakout soon. If bulls manage to push the price above the 20-day EMA, the altcoin king can target the $1,930 and $2,000 regions. However, closing below $1,854 will open the doors for a deeper correction. In this case, a sharp drop to $1,626 is possible. Investors need to properly adjust their risks as upcoming data releases and unexpected developments are likely to disrupt the prolonged shallow volatility.
At the time of writing, the ETH price is finding buyers at $1,877. Meanwhile, Bitcoin is stuck around the $29,300 level. The 24-hour cumulative volume has declined to $17 billion.
Ripple (XRP) Price Analysis
Following the sharp rally on July 13th, XRP may enter a consolidation phase. The boundaries of this range appear to be around $0.67 and $0.85. New announcements and decisions regarding the Ripple case are extremely important for the price. It is likely that the SEC will appeal the security details mentioned in the summary judgment. If they do so soon, a short-term decline would not be surprising. On the other hand, if the parties can schedule settlement discussions next week, it will have a positive impact on the price, although the probability is low.
The 20-day EMA ($0.68) is gradually rising, and the RSI is in the positive zone, indicating that bulls have a slight advantage. In a possible uptrend, the $0.75 and $0.85 levels could be targeted. Conversely, if the price falls and closes below $0.67, it could drop to the critical support level of $0.56.
