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.

blank
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.

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.

blank
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.

Subscribe to the E-Crypto Newsletter

Sign up to the best of Crypto, Blockchain and Future Trends news.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
bitcoin
Bitcoin (BTC) $ 36,296.00
ethereum
Ethereum (ETH) $ 1,401.41
tether
Tether (USDT) $ 0.999488
polkadot
Polkadot (DOT) $ 16.43
ripple
XRP (XRP) $ 0.297121
cardano
Cardano (ADA) $ 0.371338
litecoin
Litecoin (LTC) $ 155.11
bitcoin-cash
Bitcoin Cash (BCH) $ 514.83
chainlink
Chainlink (LINK) $ 20.98
stellar
Stellar (XLM) $ 0.299542