The top cryptocurrencies have a sluggish weekend. However, Ripple is gaining ground against the US dollar. Ethereum is also showing signs of recovery this week and analysts are predicting another rally from Bitcoin.
The price of Ripple (XRP) has been slowly by steadily gathering steam against the dollar. It’s pushing past $0.2250 against the American currency and is predicted to go higher than the $0.2320 and $0.2350 resistance levels.
Kraken data also indicated a crucial bullish trend line developing with support near the $0.2265 level on the XRP/USD pair’s hourly chart. It matches the 61.8% Fib retracement level of the latest wave from the low $0.2240 and the high $0.2326.
Crypto watchers are expecting XRP’s price to find a solid support close to the $0.2240 level. In the event of a downside break past that number, the price would correct by a large degree and test the $0.2180 zone.
Ethereum was a little lifeless over the weekend. The token was able to recover from a previous slump of $130 but couldn’t muster to rise past $160. While Ethereum (ETH) closed Friday at $149, it was able to jump past $150 to hit $152.23. However, the bears prevented any more upsides.
There’s also a bullish trend line building with support at the $148 area on the ETH/USD hourly forecast. Insiders are saying the ETH will probably find robust buying movement close to the $149 to $148 zones.
What’s more, the token’s 61.8% Fib retracement level swings from a low $146 to a $152 high. It’s still close enough to the $148 level and the 100 hourly SMA. If a downside break does happen below the $148 support, the ETH price could keep moving to the main $144 support level.
Tezos was the clear winner of the weekend though. The token closed Friday at $1.38 before surging impressively by 30% to reach $1.61. Tezos’ lost steam at $1.65 though and left the key hurdle at $1.70 untested.
Bitcoin had a strong start this week as it pushed past the $7,400 and $7,500 resistance levels. The coin’s upward leg moved past $7,600 before it created a high $7,638.
Cryptocurrency traders like Cantering Clark have likened Bitcoin’s current movements to that of December 2018. That period was followed by a monumental bull run in the second quarter of 2019. Meanwhile, another trader pointed out that Bitcoin is passing through an accumulating period, which is heralded by a dull period of price movement.
Bitcoin is currently trading inside a very narrow range. Data from Coinstats show the coin is now at $7,515. Going by reactions on Twitter, a large sector might believe that the token is bullish but there are still those that believe BTC is headed towards a colossal breakdown.