Bitcoin, Ethereum and XRP: analysis of July heading into August

Bitcoin hit $12,000 before a flash crash, Ethereum rose to $420 and Ripple rallied to $0.32

Bitcoin hits $12,108

At the beginning of July, Bitcoin was stuck in a rut; unable to crack resistance at $9,400. However, the top cryptocurrency rose sharply towards the end of the month, spiking more than 17% in a week to break above $11,000.

The price then rose to $12,108, with bulls losing their grip shy of a push to historical quarterly high of $13,600, last reached at the same time in 2017. The bears pushed BTC/USD 13% lower on Sunday, down from highs of $12,108 to lows of $10,600.

Overall, Bitcoin rallied 24% in July and closed the month 57% up year-to-date.

Bitcoin, Ethereum and XRP: analysis of July heading into August 1
Up to 95% of Bitcoin wallets were also in profit when BTC breached $12,000. Source: Glassnode.

Ethereum price spiked 50% to hit $420

Ethereum was also a big story this past week. On its fifth anniversary, Ether jumped from lows of $280 to reach a two-year high around $420.

Bitcoin, Ethereum and XRP: analysis of July heading into August 2
ETH/USD price on TradingView

The move marked an upward spike of 50% in a week. The second-largest cryptocurrency could also see more upsides given the frenzy around decentralized finance, although a pullback could materialise before another surge to new highs.

According to Unfolded, 22.2% of miner revenue came from transaction fees in July. Up to 72% of Ethereum wallets were in profit on Friday; which has now increased to 76% as current prices have hit around $385.

XRP price nearly 40% up

Ripple’s XRP reclaimed its status as the third-largest cryptocurrency by market cap via a spectacular run over the past seven days. XRP market cap now stands at $13.4 billion. XRP/USD value has gone up by 40.8% over the past seven days, jumping from a low of $0.21 to $0.32.

At the same time, wallets holding more than one million XRP rose to 846 (up by 3.7%) on Saturday. While Ripple’s price shows no signs of slowing down with a 3.3% upside on the day, seven whales have since sold off their positions.

Bitcoin, Ethereum and XRP: analysis of July heading into August 3
Chart showing XRP whale (holders of 1 million+ coins). Source: Santiment.

XRP consolidating above its previous resistance area around $0.28, so finding support above $0.30 in the short term will lay the foundation for a test of $0.35, its year-to-date high.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin53,562 0.06 % 5.69 % 9.06 %
Ethereum4,227.5 0.05 % 6.99 % 6.38 %
Binance Coin594.93 0.07 % 4.47 % 6.78 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana211.87 1.50 % 9.99 % 0.99 %
Cardano1.560 0.74 % 9.19 % 6.97 %
XRP0.9255 0.20 % 5.34 % 11.23 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

Bitcoin (BTC) $ 53,597.00
Ethereum (ETH) $ 4,238.73
Binance Coin (BNB) $ 595.06
Tether (USDT) $ 1.00
Solana (SOL) $ 214.83
Cardano (ADA) $ 1.57
XRP (XRP) $ 0.92692
USD Coin (USDC) $ 0.998026
Polkadot (DOT) $ 33.85
Dogecoin (DOGE) $ 0.200841