Türkçe
Español
Last week, Bitcoin, Ethereum, and XRP experienced both downward and upward momentum. Investors are curious if these top cryptocurrencies by volume can sustain their rallies.
Bitcoin Comments
Bitcoin’s price recovered from the $48,800 level at the beginning of the week and surged above $60,000 after a 14% increase over the last three days. This psychological and technically supported level continues to serve 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. It is 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, BTC price has recovered from the $60,000 level it fell to 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 cryptocurrency 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. After a drop of over 30%, it fell below $2,100. Following this decline, the price recovered and continues to find buyers in the $2,634 region. The first upward target for Ethereum is known to be the $2,681 resistance level, which investors are closely watching.
It is worth noting that gains will not start at this initial 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 breached, Ethereum may consolidate 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 this period, it saw a 16% increase, surpassing $0.60.
The reason for this price rise was the court’s penalty decision related to XRP. The penalty in the SEC case was expected to be $2 billion, but it was set at $125 million, creating a sense of victory and boosting XRP’s 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 $0.58 into support.
If this level turns into support, it will pave the way for XRP to fully compensate for the 19% correction that almost dropped it 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 even in a bear market.
