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Last week, Bitcoin, Ethereum, and XRP experienced both downward and upward momentum. Investors are curious if these top cryptocurrencies can sustain their rallies.
Bitcoin Analysis
Bitcoin’s price recovered from $48,800 at the start of the week and rose above $60,000 after a 14% increase over three days. This psychological and technical support level remains a strong foundation for BTC.
Bitcoin still has a long way to fully recover from its late July and early August crash, and the direction of price movement remains uncertain. Notably, the price recovery will only be considered successful upon reaching $67,100.
As of writing, BTC’s price has recovered from below $60,000 at Wall Street’s opening and is trading at $60,200. However, if selling pressure occurs and the $60,000 region is lost, the price could drop to $58,236.
Ethereum Analysis
Despite being at the center of the entire crypto world in July, Ethereum’s price saw a noticeable decline. Known as the second-largest cryptocurrency by volume, ETH experienced a significant drop following the ETF launch and was affected by the global economic crisis.
Ethereum’s decline lasted about nine days, with a drop of over 30% to below $2,100. After this decline, the price recovered and continues to find buyers around the $2,634 region. Investors are eyeing the $2,681 resistance area as the first upward target for Ethereum.
Despite this initial resistance level, gains may not start at this point. After a potential move above resistance, the next target will be to turn $2,930 into support. If this level is not breached, Ethereum may consolidate between $2,930 and $2,681.
XRP Price Analysis
Recently, XRP has once again taken center stage in the market, showing positive signs. Among these three coins, XRP saw the largest increase, with a 16% rise pushing the price above $0.60.
The reason for this price increase was the court’s penalty decision related to XRP. The expected $2 billion penalty in the SEC case turned out to be $125 million, creating a sense of victory and boosting XRP’s price. However, the future remains uncertain as the case has not been conclusively resolved.
Regarding price comments, XRP needs to turn the 38.2% Fibonacci Retracement level at $0.58 into support.
If this level turns into support, it will pave the way for XRP to fully recover from the 19% correction that nearly dropped it to $0.50. If XRP fails to close above $0.58, it may drop to the 23.6% Fib line at $0.52, which has shown strength in the bear market.
