Bitcoin, Ethereum, Ripple Weekly Wrap – August 23, 2024

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Despite observing minimal growth, Bitcoin’s (BTC) price is back above the key support of $60,000. The minutes from the Federal Open Market Committee’s (FOMC) July meeting highlighted that a rate cut is likely in September.

This development slightly improved the crypto market and investors’ sentiment. BeInCrypto has analyzed the big three assets and how they reacted to the change.

Bitcoin Takes Back Control

Bitcoin’s price had a rather positive seven days compared to the previous week, rising by more than 5%. Trading at $60,800, it has not yet failed the bullish descending broadening wedge.

A breakout from this pattern may be far away, but BTC is still on track to create a new all-time high. However, it would first need to secure $63,100 as support before that to initiate a rise to $65,000.

But given that BTC has failed this breach multiple times before, the crypto asset could stop short of breaching $63,100. As noted in the past, this would lead to consolidation above $60,000.

Ethereum Had a Slow Week

Ethereum’s price failed to leave a mark as the altcoin king remained stuck under the barrier of $2,681. This level has kept ETH from noting a recovery for over two weeks, increasing investors’ concerns considerably.

A rise beyond this resistance would open ETH to breaching the resistance of $2,930. This is the last barrier between ETH and $3,000 and requires a sustained rally.

Read more: How to Invest in Ethereum ETFs?

However, if the breach fails or if Ethereum is unsuccessful in closing above $2,930, it could fall back. Thus, even a break out of the consolidation would bring ETH back to test $2,681 as support.

XRP Is Looking at a Rise

XRP’s price had a relatively better week than ETH and BTC’s. The altcoin shot up by 6.7% to trade at $0.59, closing above the 38.2% Fibonacci Retracement. The Ripple native token is now looking to breach the 50% Fib line.

Coinciding at $0.63, the range between this resistance and $0.59 has been strongly tested as consolidation. While a breakout above $0.63 in March led to a rally, a breakdown below $0.59 this month caused a crash.

Thus, the expectation from XRP is to breach the upper limit of consolidation and rallying. A fall below the lower limit would invalidate the bullish thesis completely.

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