As bitcoin continues to lead the cryptocurrency market, its notable climb beyond previous peaks has drawn the interest of investors and supporters alike. The dominant cryptocurrency’s latest performance suggests it might approach a triple top, potentially exceeding ,000. However, reaching the six-figure mark will be a significant psychological challenge, and it may fall short of […]
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Ethereum Price Struggle: Reaching Resistance, Facing Challenges
Ethereum price climbed higher above ,500 but struggled near ,580. ETH must clear the ,650 resistance to move further into a positive zone.
- Ethereum is consolidating gains below the ,650 resistance zone.
- The price is trading above ,500 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with resistance near ,585 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the ,600 and ,650 resistance levels.
Ethereum Price Consolidates
Ethereum price started a decent increase from the ,350 support zone. ETH formed a base and climbed above the ,450 and ,500 resistance levels. It even outperformed Bitcoin and broke the ,550 resistance.
The bears are now active below the ,600 level. A high was formed at ,586 and the price is now consolidating gains. There was a minor decline below the ,550 level. The price dipped below the 23.6% Fib retracement level of the upward move from the ,350 swing low to the ,586 high.
Ethereum is still trading above ,500 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near ,585 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the ,580 level or the channel zone. The first major resistance is near the ,620 level. The main resistance sits at ,650. An upside break above the ,650 resistance might send the price higher.
The next key resistance sits at ,720, above which the price might gain traction and rise toward the ,750 level. A clear move above the ,750 level might send Ether toward the ,880 resistance. Any more gains could send Ether toward the ,000 resistance zone in the coming days.
Another Drop In ETH?
If Ethereum fails to clear the ,600 resistance, it could start another decline. Initial support on the downside is near ,520 and the channel trend line. The first major support is ,500.
A clear move below the ,500 support might push the price toward ,465 or the 50% Fib retracement level of the upward move from the ,350 swing low to the ,586 high. Any more losses might send the price toward the ,400 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – ,500
Major Resistance Level – ,600
Ripple (XRP) Range-Bound Struggle: Will It Break Free?
XRP price is struggling to gain bullish momentum above .50. The price must settle above .50 and .520 to start a steady increase in the near term.
- XRP price extended losses before it found support near the .4765 zone.
- The price is now trading above .4850 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at .4980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a decent increase if it settles above the .50 resistance zone.
XRP Price Holds Support
XRP price failed to start a fresh increase and again reacted to the downside like Bitcoin. There was a move below the .4800 level, but the bulls were active near the .4765 level.
A low was formed at .4765 and the price is now correcting losses. There was a move above the .4850 and .4900 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the .5104 swing high to the .4765 low.
It is now trading above .4850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the .4980 level and the 61.8% Fib retracement level of the downward move from the .5104 swing high to the .4765 low.
There is also a key bearish trend line forming with resistance at .4980 on the hourly chart of the XRP/USD pair. The first key resistance is near .500. The next major resistance is near the .5020 level.
A close above the .5020 resistance zone could send the price higher. The next key resistance is near .5200. If there is a clear move above the .520 resistance level, there could be a steady increase toward the .5320 resistance. Any more gains might send the price toward the .5500 resistance.
Another Drop?
If XRP fails to clear the .4980 resistance zone, it could start another decline. Initial support on the downside is near the .490 level and the 100-hourly Simple Moving Average.
The next major support is at .4850. If there is a downside break and a close below the .4850 level, the price might gain bearish momentum. In the stated case, the price could even trade below the .4765 low in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – .4850 and .4765.
Major Resistance Levels – .4980 and .500.
XRP Continues To Struggle Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains Muted
It is no longer surprising that the XRP price movement has stagnated around .5 in the past few months despite various positive developments for Ripple. This lackluster price action has left many XRP investors feeling wanting, especially considering the positive price action of other cryptocurrencies.
Sean McBride, a former director at Ripple, believes XRP is unlikely to register a significant breakout until Ripple’s ongoing lawsuit with the SEC concludes.
Ongoing SEC Lawsuit Weighs Heavily On XRP
Ripple’s legal battle with the SEC has been dragging on for over three years, and it continues to cast a dark cloud over XRP’s price. Ripple scored a partial win in July 2023 when Judge Torres decided that XRP to retail investors is not a security. This decision resulted in a temporary increase in the price of XRP to .90. However, the embattled crypto token now finds itself stuck below .50, unable to break out despite various rebounds and periods of dominance by the bulls.
A recent example of this repetition was observed in the past 30 days when a period of bull dominance saw XRP trading just above the .5 price mark for three weeks. However, like before, XRP’s price has failed to maintain its position above this level, and the crypto now finds itself trading around .48.
As McBride noted on social media, nothing significant will happen to XRP’s price until Judge Torres makes her decision. This is in relation to the pending decision on whether the sale of XRP to institutional investors qualifies as the sale of securities. According to the former Ripple director, a clear judgment from the judge would finally enable institutional investors to decide their stance on Ripple and XRP.
“Nothing significant is going to happen with the price of XRP until Judge Torres makes her decision,” McBride said. “This could open up the door for US institutions working with Ripple to ‘flip the switch’,” he continued.
I think I’ve mentioned this before. Nothing significant is going to happen with the price of XRP until Judge Torres makes her decision. So anyone expecting anything different is delusional. The next big piece of this is clear legislation in the US. Hopefully that is on the way…
— Sean McBride (@seanmcbride16) June 11, 2024
What Will It Take For XRP Price To Break Out of Its Slump?
Before XRP can truly break out of its slump, the lawsuit with the SEC must be resolved. As long as the case drags on, uncertainty will hang over the token and suppress the price. A settlement or victory for Ripple would remove this roadblock and likely send the price of XRP surging. Of course, XRP would need to outperform the market to compensate for lost ground over the past three years. However, a loss could deal a major blow to XRP and cause the price to plummet further.
According to one crypto analyst known as EGRAG CRYPTO, it is only a matter of time before all the rotational profits start flowing into XRP. This, in turn, would lead to XRP’s price breaking out of a descending triangle and pushing towards a target of .5.
XRP Price Struggle Continues: Will It Find Support?
XRP price extended losses below the .5120 support zone. It tested the .5080 zone and now attempting another recovery wave toward .5350.
- XRP is struggling to start a fresh increase above the .5250 resistance zone.
- The price is now trading below .5150 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near .5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if the price stays below .5250.
XRP Price Extends Losses
XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The price struggled to start a recovery wave and extended losses below the .5220 support zone.
It even declined below the .5120 support. A low was formed at .5080 and the price is now attempting a fresh recovery wave. There was a move above the .5120 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the .5405 swing high to the .5080 low.
However, the price is still trading below .520 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the .5180 level. There is also a key bearish trend line forming with resistance near .5180 on the hourly chart of the XRP/USD pair.
The first key resistance is near .5250 or the 50% Fib retracement level of the downward wave from the .5405 swing high to the .5080 low. A close above the .5250 resistance zone could send the price higher. The next key resistance is near .5320.
If there is a close above the .5320 resistance level, there could be a steady increase toward the .5450 resistance. Any more gains might send the price toward the .5650 resistance.
More Downsides?
If XRP fails to clear the .5180 resistance zone, it could continue to move down. Initial support on the downside is near the .5120 level.
The next major support is at .5080. If there is a downside break and a close below the .5080 level, the price might accelerate lower. In the stated case, the price could decline and retest the .50 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – .5120 and .5080.
Major Resistance Levels – .5180 and .5250.
Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $3.5K
Ethereum price struggled to recover above ,350 and corrected gains. ETH is consolidating near ,200 and facing many hurdles.
- Ethereum started another decline and tested the ,120 zone.
- The price is trading below ,220 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at ,170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it trades below the ,170 support.
Ethereum Price Faces Uphill Task
Ethereum price failed to settle above the ,250 level and started another decline, like Bitcoin. ETH traded below the ,200 level and even spiked below ,120. A low was formed at ,113 and the price is now consolidating.
There was a minor increase above the ,200 level. The price broke the 23.6% Fib retracement level of the recent decline from the ,355 swing high to the ,113 low. However, the bears were active near the ,240 and ,250 levels.
The 50% Fib retracement level of the recent decline from the ,355 swing high to the ,113 low acted as a hurdle. There was a fresh decline below the ,200 level. Ethereum is now trading below ,200 and the 100-hourly Simple Moving Average.
There is also a short-term rising channel forming with support at ,170 on the hourly chart of ETH/USD. Immediate resistance is near the ,200 level and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The first major resistance is near the ,240 level. The next key resistance sits at ,300, above which the price might gain traction and rise toward the ,350 level. A close above the ,350 resistance could send the price toward the ,450 resistance. If there is a move above the ,450 resistance, Ethereum could even test the ,550 resistance. Any more gains could send Ether toward the ,620 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the ,250 resistance, it could continue to move down. Initial support on the downside is near the ,170 level and the channel zone. The first major support is near the ,120 zone.
The main support is near the ,070 level. A clear move below the ,070 support might push the price toward ,030. Any more losses might send the price toward the ,880 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,170
Major Resistance Level – ,250
SOL Price Topside Bias Vulnerable If Solana Continues To Struggle Below $170
Solana attempted a recovery wave above the 0 level. SOL price is now struggling to clear the 0 and 0 resistance levels.
- SOL price recovered higher and tested the 0 resistance against the US Dollar.
- The price is now trading below 0 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at 6 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could start another decline if it stays below 0 and 0 for a long time.
Solana Price Faces Resistance
Solana price started a major decline below the 0 and 0 support levels. SOL tested the 5 zone and recently started an upside correction, like Bitcoin and Ethereum.
There was a decent increase above the 0 and 0 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the 5 swing high to the 5 low. It even spiked above the 5 zone and the 100 simple moving average (4 hours).
However, the bears are active near the 0 zone and the 50% Fib retracement level of the downward wave from the 5 swing high to the 5 low. The price struggled and corrected gains.
Source: SOLUSD on TradingView.com
Solana is now trading below 0 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at 6 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the 5 level. The next major resistance is near the 0 level. A successful close above the 0 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 8 level.
Another Decline in SOL?
If SOL fails to rally above the 0 resistance, it could start another decline. Initial support on the downside is near the 5 level and the trend line.
The first major support is near the 2 level, below which the price could test 0. If there is a close below the 0 support, the price could decline toward the 0 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – 6, and 2.
Major Resistance Levels – 5, 0, and 0.
Ripple’s 500 Million XRP Escrow Unlock Threatens Price As Bulls Struggle To Hold $0.61
XRP has struggled to a higher degree compared to the others in the top 10 cryptocurrencies by market cap and it seems like the bearish sentiment is far from over. Ripple just unlocked a massive amount of tokens from escrow, which could threaten the price further.
Ripple Unlocks 500 Million XRP
In the early hours of Friday, on-chain whale tracking platform Whale Alert posted two transactions carrying a notable number of XRP tokens. The first transaction saw 200 million tokens unlocked from the escrow wallet, worth 2.63 million at the time of the transfer.
The second transaction came minutes later when a total of 300 million XRP tokens were also unclosed from escrow. This second tranche of tokens, being larger than the first, was worth 3.89 million at the time, bringing the total number of unlocked tokens to 500 million. Together, both transactions were worth over 0 million.
These unlocks have, unsurprisingly, stirred concern in the Ripple community for a number of reasons. One of the reasons is that Ripple never does unlocks in the middle of the month. Rather, they do scheduled unlocks at the start of each month. So, these transactions have drawn the attention of the crypto community.
Another cause for concern is the fact that Ripple could be selling these XRP tokens. Hence, putting more tokens in circulation and adding more selling pressure to the already struggling digital asset. However, Ripple has not shown any indication of what these unlocks could be for as there have been no transfer transactions since then, just the unlock transactions.
Unlocks Can Send Price Crashing?
XRP unlocks are not new to the Ripple community, as scheduled unlocks take place every month. These unlocks see 1 billion XRP tokens unlocked from the escrow according to schedule. But most times, the majority of the unlocked tokens are sent back to escrow.
Usually, these unlocks do not negatively affect the altcoin’s price, but that’s when the unlocks are expected. This time around, the unlocks are unplanned, leading to speculation as to why Ripple would be unlocking XRP tokens outside of the unlock schedule.
So far, the XRP price seems to not be reacting to the unlock at all. It continues to trend around .61, with small losses of 0.91% in the last day. However, the altcoin is still seeing 4.74% gains in the last week, showing the positive upside that it saw earlier in the week.
Bitcoin Price Could Struggle And Continue Lower – Here’s Why
Bitcoin price is struggling to recover above the ,000 zone. BTC could gain bearish momentum if there is a close below the ,500 level.
- Bitcoin is facing many hurdles near the ,500 and ,000 levels.
- The price is trading below ,000 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near ,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of a downside break below the ,500 support zone.
Bitcoin Price Upsides Remain Capped
Bitcoin price started a consolidation phase after there was a drop toward the ,500 level. BTC traded as low as ,572 and recently attempted a minor recovery wave.
There was a move above the ,000 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the ,305 swing high to the ,570 low. However, the bears were active near the ,600 level.
Bitcoin is now trading below ,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near ,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the ,400 level and the trend line. The first major resistance could be ,600. If there is a clear move above the ,600 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward the 50% Fib retracement level of the downward wave from the ,305 swing high to the ,570 low at ,950.
Source: BTCUSD on TradingView.com
The next major resistance is near the ,750 zone. Any more gains might send Bitcoin toward the ,000 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the ,600 resistance zone, it could continue to move down. Immediate support on the downside is near the ,200 level.
The first major support is ,600. The next support sits at ,000. If there is a close below ,000, the price could start a drop toward the ,500 level. Any more losses might send the price toward the ,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,200, followed by ,500.
Major Resistance Levels – ,600, ,000, and ,950.
Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $2,400
Ethereum price is consolidating above the ,250 zone. ETH could start a decent increase if it clears the ,340 and ,380 resistance levels.
- Ethereum is struggling to gain pace for a move above the ,350 zone.
- The price is trading above ,300 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with resistance near ,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a fresh increase if it manages to clear the ,350 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price remained in a range below the ,350 resistance zone. ETH traded lower below ,320, but the bulls were active near the ,280 support zone.
A low was formed near ,282 and the price is now attempting a fresh increase in a range, like Bitcoin. There was a move above the ,300 resistance zone and the 100-hourly Simple Moving Average. The price even cleared the 61.8% Fib retracement level of the recent decline from the ,334 swing high to the ,282 low.
Ethereum is now trading above ,300 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near ,350 on the hourly chart of ETH/USD.
On the upside, the first major resistance is near the ,325 level or the 76.4% Fib retracement level of the recent decline from the ,334 swing high to the ,282 low. The next major resistance is near ,350, above which the price might rise and test the ,380 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the ,380 resistance, they could aim for ,450. A clear move above the ,450 level might send the price further higher. In the stated case, the price could rise toward the ,500 level.
Another Decline in ETH?
If Ethereum fails to clear the ,350 resistance, it could start another decline. Initial support on the downside is near the ,280 level and the channel trend line.
The next key support could be the ,240 zone. A clear move below the ,240 support might send the price toward ,180. The main support could be ,120. Any more losses might send the price toward the ,040 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,240
Major Resistance Level – ,350