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XRP Becomes Most Stable Asset on Crypto Market, Unexpected Hit: Bitcoin (BTC) Loses $65,000: Reversal Still Possible, Ethereum (ETH) Meets First Strong Support

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Tue, 25/06/2024 - 0:30
XRP Becomes Most Stable Asset on Crypto Market, Unexpected Hit: Bitcoin (BTC) Loses $65,000: Reversal Still Possible, Ethereum (ETH) Meets First Strong Support
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XRP was not the strongest asset on the market this year, but despite that fact, it is not facing any of the trouble we are seeing on Ethereum and Bitcoin. XRP has successfully avoided issues at $0.48. However, the lack of volatility might end up being a negative factor when the market reversal starts.

When compared to its peers, XRP has demonstrated exceptional stability over the last few months. Over the course of the day, XRP was able to keep its price range relatively stable, while Ethereum and Bitcoin saw substantial fluctuations.

Article image
XRP/USDT Chart by TradingView

Its steady trading volume and the general attitude of the XRP community are two of the reasons for its stability. At the $0.48 support level, XRP's resilience is one of its most important current features. This level has supported potential upward movements by acting as a base and preventing further declines. The consistency of XRP's price suggests that there is a committed investor base that is optimistic about the company's future.

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But there may be a drawback to this stability as well. Assets with minimal movement may occasionally go unnoticed by traders chasing rapid profits on a highly volatile market. Should XRP persist in trading in a small range, it may lose out on the speculative interest that frequently propels notable price increases on other cryptocurrencies. 

This lack of volatility for XRP could be a plus or a disadvantage, as the market as a whole looks for a possible reversal. On the one hand, investors who are risk averse and seeking a safe haven may be drawn to its stability. However, XRP may find it difficult to keep up with more volatile assets that may see sharp increases in value if there is a significant shift in market sentiment. 

Bitcoin's critical shot

Despite the fact that Bitcoin dropped below the $65,000 price threshold, the first cryptocurrency might still show us a substantial reversal in the foreseeable future. The next major support for the asset is at approximately $57,000, but if we see a surge of buying support right now, there is nothing holding BTC back from reaching $70,000. 

A number of factors, including increased selling pressure from miners and a shift in general market sentiment toward caution, can be blamed for the recent decline in Bitcoin prices.

The present technical arrangement suggests that a rebound may be possible. Essential support has been provided by the 100-day moving average (orange line) at approximately $64,000. The way the price of Bitcoin moves at this point will be crucial to predicting its short-term course.

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The liquidity distribution should be taken into account as well. The given chart shows notable liquidity above the $70,000 mark. This implies that if Bitcoin is able to gather steam, a sizable quantity of liquidity is just waiting to be released, which might spur a sharp rise in price. It is advisable for market players to monitor the quantity of transactions.

An increase in trading volume combined with an improvement in the RSI could indicate the start of a reversal. Furthermore macroeconomic variables and encouraging reports about the acceptance of Bitcoin or regulatory clarity may offer the impetus needed for a price increase.

Ethereum's collateral damage

Ethereum did not avoid the hit that Bitcoin took. The second-biggest cryptocurrency on the market plummeted to $3,300, which is not the lowest level for Ether we saw this month. Only a week ago, ETH already tested this support level, which could be a sign of an upcoming reversal in the future.

The recent decline in Ethereum is part of a larger market trend where there is more pressure on sellers of major cryptocurrencies. Nevertheless, ETH's current standing at the $3,300 support level is very important. Historically, this level has served as a major support offering a solid base for future upward movement.

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Ethereum appears to be ready for a reversal based on the technical indicators. At the moment, the 100-day moving average is functioning as a crucial support level, and the daily chart's relative strength index is getting close to oversold values.

The increase in volume may indicate that buyers are entering the market at this level of support, which could push the price higher. Ethereum might draw more buying interest and pave the way for a potential comeback if it can hold above this crucial support.

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