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BTC, ETH and XRP Price Analysis for July 16

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Sun, 16/07/2023 - 14:12
BTC, ETH and XRP Price Analysis for July 16
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Bears are more powerful than bulls on the last day of the week.

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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has almost not changed since yesterday.

BTC/USD chart by TradingView

Image by TradingView

Bitcoin (BTC) is more bearish than bullish now after its price has failed to fix above the resistance level of $31,500. If buyers lose the important zone of $30,000, there is a chance to see a support breakout followed by a further correction to the $29,000 mark.

Bitcoin is trading at $30,315 at press time.

ETH/USD

Ethereum (ETH) has lost more than Bitcoin (BTC) as its rate has dropped by 0.21%.

ETH/USD chart by TradingView

Image by TradingView

From a technical point of view, Ethereum (ETH) is trading similarly to Bitcoin (BTC) as the price is far from the key levels. The declining volume confirms this statement.

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In this regard, ongoing sideways trading in the narrow range of $1,900-$1,950 is the more likely scenario for next week.

Ethereum is trading at $1,933 at press time.

XRP/USD

XRP is an exception to the rule as its rate has risen by 2.71% since yesterday.

XRP/USD chart by TradingView

Image by TradingView

Despite today's rise, the rate of XRP is not ready for a sharp move yet. However, while the rate is above the support at $0.6673, traders are more likely to see further growth than a correction. However, the altcoin needs more time to accumulate strength for that.

XRP is trading at $0.7462 at press time.

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