The cryptocurrency market has shown significant growth, increasing by 1.10% and reaching $3.32 trillion. The rise in trading volume and trader activity indicates heightened interest in trading.
Bitcoin Faces Crucial Resistance
Bitcoin has seen a modest increase of 1.02%, with its price reaching $107,113. On the daily chart, BTC exhibits a narrow consolidation below recent highs. Supported by positive ETF momentum, a sustained breakout above the $107,000 resistance could propel Bitcoin towards the $110,000 mark. However, intense selling pressure may arise if prices dip below $105,000, risking a pullback to the support level at $102,800.
Ethereum Eyes Growth with Positive ETF Inflows
Ethereum has surpassed Bitcoin this week with a 3.33% jump to reach $2,627. This performance is fueled by approximately $5 billion in ETF inflows and a 40% rise in trading volume, indicating Ethereum’s push to break out of a horizontal channel. Overcoming the recent peak at $2,633 could elevate prices towards the $2,750–$2,800 range. Conversely, a close below $2,550 might drag prices down to $2,450.
XRP Navigates Legal Challenges
Despite a 1.60% rise in XRP’s price to $2.18 in the past 24 hours, it remains below the short-term 50-day Moving Average of $2.28. This indicates cautious investor sentiment in the short term, while maintaining a position above the 200-day Moving Average of $1.91 paints a positive long-term outlook. The support near $2.0145 might limit short-term declines. XRP faces its first major resistance at $2.45, and overcoming this on a weekly basis could stir expectations for reaching the psychological $3 mark. Currently, investors eagerly await Judge Torres’s decision in the Ripple-SEC lawsuit, which could instantly impact XRP’s price trajectories.
The growth of the cryptocurrency market highlights active investor interest, while Bitcoin and Ethereum display positive trends. XRP continues to face legal pressures, requiring careful observation from investors.
