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BTC, ETH and XRP Price Analysis for August 6

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BTC, ETH and XRP Price Analysis for August 6


The weekend has started with a neutral mood on the cryptocurrency market as some coins keep rising, while others have entered the correction zone.

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) stays in the green area, going up by 0.70% over the last 24 hours.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is trading around the $23,000 zone after the false breakout of the support level at $22,401. If bulls can hold the $23,000 mark, there is a chance to see a test of the local resistance at $24,280 next week.

Bitcoin is trading at $23,214 at press time.

ETH/USD

Ethereum (ETH) has gained the most value today, rising by almost 2%.

ETH/USD chart by TradingView

From the technical point of view, Ethereum (ETH) is looking more bullish than Bitcoin (BTC), as the rate of the main altcoin is approaching the resistance level at $1,785. Thus, the price is located above the important mark of $1,700, confirming buyers’ pressure. If nothing changes, the breakout may happen within the next days.

Ethereum is trading at $1,712 at press time.

XRP/USD

XRP is not an exception to the rule, going up by 0.38%.

XRP/USD chart by TradingView

Despite the rise, XRP has not accumulated enough power for further growth. A midterm bull run might only start when the price gets close to the crucial mark of $0.40. The low volume also confirms the current sideways trading.

XRP is trading at $0.3740 at press time.



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