BTC, ETH and XRP Price Analysis for August 6
The weekend has started with a neutral mood on the cryptocurrency market as some coins keep rising, while others have entered the correction zone.
Bitcoin (BTC) stays in the green area, going up by 0.70% over the last 24 hours.
On the daily time frame, Bitcoin (BTC) is trading around the $23,000 zone after the false breakout of the support level at $22,401. If bulls can hold the $23,000 mark, there is a chance to see a test of the local resistance at $24,280 next week.
Bitcoin is trading at $23,214 at press time.
Ethereum (ETH) has gained the most value today, rising by almost 2%.
From the technical point of view, Ethereum (ETH) is looking more bullish than Bitcoin (BTC), as the rate of the main altcoin is approaching the resistance level at $1,785. Thus, the price is located above the important mark of $1,700, confirming buyers’ pressure. If nothing changes, the breakout may happen within the next days.
Ethereum is trading at $1,712 at press time.
XRP is not an exception to the rule, going up by 0.38%.
Despite the rise, XRP has not accumulated enough power for further growth. A midterm bull run might only start when the price gets close to the crucial mark of $0.40. The low volume also confirms the current sideways trading.
XRP is trading at $0.3740 at press time.