Bitcoin, Ethereum, Ripple Weekly Wrap: July 19, 2024

The past week noted a continuation of the increase from the previous week, with Bitcoin’s (BTC) price breaching $65,000. Ethereum (ETH) enjoyed decent growth as well, reaching $3,500, while Ripple (XRP) surpassed both crypto assets with a 40% rise until yesterday’s crash.

Bitcoin (BTC)

Bitcoin’s price has risen by 19% over the past seven days, standing at $64,217 despite a minor drop over the past two days. It remains above $63,100. A rebound from this critical support could propel BTC to $65,000, and turning this level into support could lead to a rise to $67,000.

This aligns with the anticipated breakout from the ascending broadening wedge. The current breakout level is $70,000, and surpassing this could push BTC beyond its all-time high of $73,800.

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However, a drop below this support could hinder the recovery potential, potentially causing BTC to fall back to $60,000.

Ethereum (ETH)

Ethereum’s price at $3,453 is currently testing the 50% Fibonacci Retracement line as resistance after failing to flip it into support this week. The altcoin leader has risen by more than 11% in the last seven days, which, despite being lesser than BTC, is still significant.

The target for Ethereum is still $4,000, which is the year to date high and would warrant another 18% increase from ETH. For the same the altcoin would need to secure $3,606 price as a support as it coincides with the 61.8% Fibonacci Retracement.

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However, if this fails, Ethereum will be susceptible to a decline to $3,300, which marks the 38.2% Fib line. Losing it would invalidate the bullish thesis.

Ripple (XRP) 

XRP price is up by 26% over the last week, nearly securing a 40% rise above the 50% Fib line at $0.61. However, over the last 24 hours, the altcoin fell by 9% following the news of the Securities and Exchange Commission (SEC) canceling settlement talks with Ripple.

Consequently, XRP price fell to trade at $0.56 losing the support 38.2% Ffib line. The next critical support for the altcoin is now at $0.51, which is in conjunction with the 23.6% Fib line. This level is also known as the bear market support floor, and a drop below it would wipe away profits, as noted recently.

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Recovery, on the other hand, would push the XRP price back above $0.60. Breaching and securing $0.62 as support would invalidate the bearish thesis but would take more than this weekend.