Crypto Sector Up 1%, but Bitcoin and Ethereum Likely to Fall
• The crypto sector gained 1% following Bitcoin’s move above $30,000 and XRP’s explosive rally.
• However, Bitcoin is unlikely to close the week above $30K, while Ethereum could fall below its 20-day EMA-20 before the end of the week.
• XRP continues its rally, reaching a 17-month high due to Ripple’s major win in the lawsuit against the US SEC.
Bitcoin Price Prediction
Despite a mild 2% recovery over the past 48 hours, it is unlikely that Bitcoin will close the New York session above the $30,000 line by the end of this week. According to several bearish technicals, $29,000 remains a likely target before July 23rd. The price action established higher highs and flat lows; however, this was accompanied by a decline in trading volumes and an RSI that printed lower lows – intensifying bearish expectations.
Ethereum Price Prediction
Ethereum token Ether (ETH) reached over $1,910 on July 20th after a moderate upward correction of 1%. However it has slipped below its 20-day exponential moving average (EMA-20) which indicates that ETH may not see any substantial uptrend before this week’s end on July 23rd. Furthermore, Ethereum’s RSI has printed lower highs since January 2021 which increases the likelihood of retesting or even breaching support at $1,860 by Friday evening.
XRP Price Prediction
XRP coin price gained 6% to reach $0.81 on July 20th as part of its second leg up following an explosive 75%-plus surge since July 13th due to Ripple’s success in their lawsuit against the US Securities and Exchange Commission (SEC). Despite this optimistic outlook for XRP prices there are no indications that they will continue beyond their 17-month high anytime soon.
It appears that despite some positive gains in crypto markets today there is still much uncertainty for traders going into next week with both Bitcoin and Ethereum potentially seeing losses before Friday’s closing bell rings. On a more encouraging note though XRP continues to show strength amidst Ripple’s legal victory against SEC regulations – so far reaching a 17 month high earlier today – with no indication of slowing down anytime soon!