While the cryptocurrency market as a whole remains rangebound, Ripple surged last week, increasing by more than 70% in just 7 days.
The total market cap of the cryptocurrency market is now $1.22 trillion, up from $1.19 trillion a week ago. While Bitcoin and Ethereum both gained over 1% over the past week, Litecoin jumped by almost 5%.
Bitcoin
Bitcoin's price continues to trade within the range between the psychological level of $30,000 and the resistance level of $30,973, while the strength of this range’s bottom boundary is being put to the test.
As a result of the price of the main cryptocurrency moving in the direction of recovery on Wednesday, BTC/USD currently has enough technical potential for a recovery in the area of $31,000 per coin.
Ripple
Late last week, Ripple's price skyrocketed after a favorable verdict in a long-running SEC dispute against Ripple Lab.
The SEC sued Ripple in December 2020 over allegations that the provider of cryptocurrency and blockchain solutions was offering XRP coins for sale as unregistered securities. The United States District Court for the Southern District of New York concluded on July 13 that the sale of XRP to financial institutions makes the cryptocurrency a security, but that sales to retail customers do not. Following the announcement of the court’s decision, XRP gained about 90%, reaching $0.82.
Because of this, Ripple quotes briefly spiked above the 0.9200 level before retreating. If the current price of XRP/USD is unable to break out the resistance at 0.8487, it may fall to support at 0.6600.
Ethereum
After a brief recovery, Ethereum has again returned to the key support level of 1896.78 and is putting its strength to the test. The current technical situation places ETH/USD quotes in a position where they can either recover to the resistance at 2017.41 or retreat to the nearest support at 1784.02.
Litecoin
The price of Litecoin has continued its downward trend with pullbacks, stopping at the support at 91.12. From a technical standpoint, the price may recover to the resistance level at 97.17 from here; alternatively, there is a possibility of a fall to 82.90 if the current support fails.
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