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BTC, ETH, and XRP Price Analysis for August 19

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Fri, 19/08/2022 - 14:41
BTC, ETH, and XRP Price Analysis for August 19
Cover image via www.tradingview.com

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The cryptocurrency market could not withstand bears' pressure, and almost all coins are in the red zone again.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by almost 9% over the last 24 hours.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has broken the $23,000 mark, as well as the support level at $22,400. Currently, one needs to pay attention to the closest level at $20,700. If the false breakout happens, there are chances to see a bounceback. However, it is too early to think about a midterm bull run.

Bitcoin is trading at $21,420 at press time.

ETH/USD

Ethereum (ETH) has lost more than Bitcoin (BTC) with a drop of 9.1%.

ETH/USD chart by TradingView

Ethereum (ETH) has also broken its vital level at $1,785. If the rate does not return above the $1,700 mark and fix there, the drop may continue to the support at $1,594 until the end of August.

Ethereum is trading at $1,688 at press time.

XRP/USD

XRP is the biggest loser from the list, going down by 10% since yesterday.

XRP/USD chart by TradingView

XRP has broken the $0.3635 level, which means that bears have seized the initiative. At the moment, the more likely scenario is a further drop to $0.32 if buyers cannot restore the price above $0.34 soon.

XRP is trading at $0.3360 at press time.

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