Bitcoin and Altcoins Recovery Stalls, XRP Crashes
- Bitcoin price is trading well above USD 23,000, but struggling to reach USD 24,000.
- Ethereum is struggling to stay above USD 615, XRP nosedived 20% and traded below USD 0.400.
- LTC and XMR are up over 5%.
Bitcoin price settled above the USD 23,000 level and it even climbed above the USD 23,500 level. However, BTC is struggling to clear the USD 23,880 and USD 24,000 resistance levels. It is currently (05:00 UTC) trimming gains and it could even revisit the USD 23,000 level.
Similarly, most major altcoins struggled to continue higher and showing a few bearish signs, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD topped near USD 640 and it is currently struggling to stay above USD 615 and USD 620. XRP/USD is gaining bearish momentum and trading below USD 0.400.
Total market capitalization
After starting a decent recovery wave, bitcoin price climbed above the USD 23,500 resistance. BTC even spiked above USD 23,880, but it struggled to gain pace above the USD 24,000 level. It is currently trimming gains and trading well below USD 23,800. If it settles below USD 23,500, the next major support is near the USD 23,200 level.
Going lower, the next major support is near the USD 23,000 level, below which there is a risk of a larger decline towards the USD 22,500 and USD 22,250 levels.
Ethereum price gained pace above USD 630, but it failed near USD 640. As a result, there was a fresh decline and ETH broke the USD 630 level. The price is now struggling to stay above USD 615. If there are more losses, the bears might test USD 600.
On the upside, the USD 628 and USD 630 levels are immediate hurdles. The main resistance is near the USD 638 and USD 640 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is trading well below the USD 330 resistance level. BCH is testing the USD 310 level, below which it could test the main USD 300 support level. If there are more downsides, the price may possibly test the USD 288 level. On the upside, the price must gain pace above USD 325 and USD 330 for a fresh increase.
Litecoin (LTC) is showing positive signs and it recently climbed above the USD 110.00 resistance. If LTC surpasses the USD 112.50 and USD 114.00 levels, it could easily revisit the USD 120.00 level. The next major resistance on the upside is near the USD 125.00 level.
XRP price is down over 20% and it broke many important supports near the USD 0.440 and USD 0.420 levels. It even broke the USD 0.400 support and it is trading below the USD 0.388 level. If there are more downsides, the bears might test the USD 0.350 support zone. On the upside, the USD 0.420 level might now prevent gains. As reported, the US Securities and Exchange Commission filed an expected action against XRP-affiliated Ripple and two of its executives.
Other altcoins market today
In the past few hours, a few altcoins gained over 4%, including BNT, XMR, LUNA, QNT, KSM, BNB, UNI, and CVT. Conversely, XLM, RSR, REP, and ZRX are down over 5%.
Overall, bitcoin price is trimming gains and approaching a couple of important supports near USD 23,200 and USD 23,000. If BTC fails to stay above USD 23,000, it could start a fresh decline. On the upside, the USD 23,880 and USD 24,000 resistance levels hold the key.