XRP lethargic as Ethereum price hits $330 to lead altcoins

By James Gray·27 July 2020·1 min read

Key Points

Bitcoin broke past $10,000 this week and traders watch for resistance around $10,500.
A break there could send the coin toward $11,000 to $12,000.
Bitcoin gained more than 13% over the seven days.

Bitcoin broke past $10,000 this week and traders watch for resistance around $10,500. A break there could send the coin toward $11,000 to $12,000. Bitcoin gained more than 13% over the seven days. Ethereum moved in tandem, posting a 37% climb in the same period to breach $330, with another 5% jump in 24 hours. XRP fell short. The token slipped below $0.22 and lost more than 3% in a day, cutting short a brief bid for the top three cryptocurrencies by market cap.

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DeFi tokens spearheaded the altcoin rally, but broader sentiment remains mixed. Smaller altcoins and other DeFi tokens churn without direction. Some coins could follow Bitcoin's move, but Monday offered traders few reasons to chase gains elsewhere.

Ethereum stands apart. If buyers hold $320, ETH could reach $400. The token built momentum over weeks on solid technicals and fundamentals before hitting $336 in this cycle. On the daily chart, the RSI and Elliot Wave both point to higher prices, though the RSI sits in overbought territory. That doesn't stop bulls from extending their advance before resistance appears.

XRP faces pressure. The coin sits at a head and shoulders pattern, a formation that forecasts sharp declines. Sellers could drive the price to $0.205 or $0.201 by the next trading session. Further selling might test the 100-day moving average at $0.197. On the upside, the psychological $0.22 level and the 24-hour high at $0.224 could act as resistance.

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