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BTC, ETH and XRP Price Analysis for July 12

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Tue, 12/07/2022 - 15:52
BTC, ETH and XRP Price Analysis for July 12
Cover image via www.tradingview.com

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Despite the slight fall of the market at the beginning of the day, bulls can seize the initiative in favor of growth.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.58% over the last hour.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daliy chart, Bitcoin (BTC) has bounced off the $19,500 level against the low selling volume. If the slight rise continues and buyers can return the rate above $20,000, the upward move can continue.

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However, if bears keep their pressure, the drop might lead to the test of the $19,000 mark by the end of the week.

Bitcoin is trading at $19,891 at press time.

ETH/USD

Ethereum (ETH) has gained more than Bitcoin (BTC) as the rate of the leading altcoin has gone up by 0.60%.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is fighting for its level of $1,000 on the daily time frame. At the moment, bears have already broken the $1,100 mark, which means that they are more powerful than bulls to a certain extent. However, the breakout of the mentioned $1,000 zone can cause a sharp drop to the support level at $890.

Ethereum is trading at $1,079 at press time.

XRP/USD

XRP could not show any growth since yesterday, declining by 2.76% over the previous day.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP is trading similar to Ethereum (ETH) as the price is trading near the important $0.31 zone. If buyers lose this support level, it might be a prerequiste for the test of the closest area of $0.30 shortly.

XRP is trading at $0.3129 at press time.

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