- Bitcoin price could fall soon, with the $24,995 multi-month support level barely holding.
- Ethereum price tests the $1,621 support level with a 5% drop down in sight unless this bullish divergence pans out.
- Ripple price must hold above $0.4800 or risk a retest of the May lows at $0.4191.
Bitcoin, Ethereum, and Ripple prices are consolidating tightly along their current support levels. While BTC shows signs of a continued trend, the ETH daily chart says otherswise.
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Bitcoin price readies for a fall
Bitcoin (BTC) price is treading on dangerous grounds, exhausting the $24,995 support level after a longstanding consolidation. Unless the king of crypto finds its footing, it could soon lose the aforementioned support, and descend to the psychological $24,000 level. In the dire case, expect an extended hobble to the demand zone at $21,915, where some buying activity could finally present. This assumption comes as demand zones are often populated by buyers.
Notably, the Relative Strength Index (RSI) is inclined south and could soon cross below the signal line (yellow band). Such a move is often interpreted as a sell signal. Also notable, the histogram bars of the Awesome Oscillator are negative, suggesting bears have the upper hand.
BTC/USDT 1-day chart
On the flipside, with the $24,995 support level acting as a buyer congestion zone, bullish momentum above this level could send Bitcoin price north, potentially confronting the 200-, 50-, and 100-day Exponential Moving Averages (EMA) at $27,085, $27,830, and $27,522 levels respectively, before the $29,692 resistance is activated.
While overcoming this barricade would be ideal, Bitcoin price would remain in the woods until after a decisive daily candlestick close above the $31,518 level.
Also Read: Bitcoin set to form death cross as Dollar Index teases Golden crossover.
Ethereum price could fall if the RSI divergence fails
Ethereum (ETH) price is inclined towards the downside, recording lower lows as the price tests the $1,621 support level. Meanwhile, the RSI is recording higher highs, with the disparity presenting a bullish divergence. This forecasts a possible move north, but it all depends on whether the $1,621 support level holds. If it does not, ETH could fall 5% to the $1,552 support level. The negative AO adds credence to the bearish outlook.
ETH/USDT 1-day chart
Conversely, if the bullish divergence works out, Ethereum price could pull north, past the $1,701 hurdle before confronting the 50-, 200- and 100-day EMA at $1,741, $1,765, and $1,778, respectively. The $1,841 could be overcome in highly ambitious cases, but the bearish outlook would only be invalidated once the PoS token makes it above the $2,008 level.
Also Read: Ethereum whales accumulate ETH as researchers explore scaling beyond EIP-4844.
Ripple price bulls are not acting
Ripple (XRP) continues to stagnate despite swimming in a demand zone, suggesting bulls are sitting on their hands. This exposes XRP to a slump, possibly sending it below the critical support at $0.4800, which is the mean threshold of the order block. A decisive break below this level would whiplash any short-term hope of a bullish case, with the price possibly breaking below the lower base of the demand zone at $0.4600.
In a dire case, Ripple price could extend to the August 17 intraday low of $0.4191, marking a 15% drop below current levels. The RSI is also heading down, pointing to falling momentum.
XRP/USDT 1-day chart
On the flipside, the AO histograms are edging toward the midline with consistently green bars, showing that bulls maintain a presence in the market. Increased activity from this cohort of traders could send XRP up, flipping the 200-day EMA hurdle into support and potentially using it as a jumping-off point for more gains. In such a case, the $0.5040 would be the level to beat, considering it is where the 100- and 50-day EMA converge at $0.5567 and $0.5624 levels, respectively.
Also Read: XRP to power international remittance for banks in Philippines, Vietnam and Indonesia through SBI Remit
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.