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.

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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
Bitcoin (BTC) $ 53,597.00
ethereum
Ethereum (ETH) $ 4,238.73
binance-coin
Binance Coin (BNB) $ 595.06
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 214.83
cardano
Cardano (ADA) $ 1.57
xrp
XRP (XRP) $ 0.92692
usd-coin
USD Coin (USDC) $ 0.998026
polkadot
Polkadot (DOT) $ 33.85
dogecoin
Dogecoin (DOGE) $ 0.200841