Will Bitcoin (BTC) Break $65,000…Can Ripple (XRP) Hold $1.00?

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

While Bitcoin (BTC) and Ethereum (ETH) have laid the groundwork for a short-term rebound, XRP (Ripple) is facing the possibility of a collapse below the $1.00 mark, leading to mixed fortunes in the cryptocurrency market.

According to investment media outlet FXStreet on August 6 (local time), Bitcoin approached $65,000 and Ethereum recovered $1,900, but XRP is under downward pressure near $1.05. Amid Iran and Oman approaching a strategic agreement for commercial vessel navigation in the Strait of Hormuz, a senior Gulf official assessed the likelihood of a deal by Friday at 50%. However, Iran denied negotiations with the United States, stating that even if an agreement is reached, the strait would not be immediately reopened.

As geopolitical uncertainties persist, the Crypto Fear & Greed Index dropped from 27 to 25 the previous day, re-entering the 'Extreme Fear' zone. Simon-Peter Mabaso-Sabini, Head of Business Development at XS.com, explained that investors are monitoring the U.S. Federal Reserve's (Fed) monetary policy outlook, global liquidity, the flow of the U.S. dollar (USD), and international geopolitical situations.

Bitcoin is trading above its 50-day Exponential Moving Average (EMA) of $64,673 and the downtrend resistance of $63,514, maintaining a short-term bullish trend. The Relative Strength Index (RSI) is around 54, suggesting a recovery in buying momentum, and the Moving Average Convergence Divergence (MACD) has also turned slightly positive. However, it needs to overcome the Parabolic SAR at $65,404 to test the 100-day EMA at $67,043 and the 200-day EMA at $72,505, respectively. In case of a decline, $64,673 and $63,514 are key support levels.

Ethereum is trading at $1,913, surpassing its 50-day EMA of $1,856 and the existing uptrend line near $1,859. The RSI is around 56, indicating moderate bullishness, but the MACD histogram remains negative. A stable break above the 100-day EMA at $1,925 could open up room for an ascent to the 200-day EMA at $2,134, while in case of a decline, $1,859 and $1,856 are considered key defensive lines.

Conversely, XRP's spot price continues its bearish structure, trading below its 50-day EMA of $1.11, 100-day EMA of $1.20, and 200-day EMA of $1.39. The Relative Strength Index is around 40, and the MACD is also negative, indicating selling dominance. The immediate support level is the lower Bollinger Band at $1.04; if this level breaks, the likelihood of further decline towards the psychological threshold of $1.00 increases. In case of a rebound, $1.09 and $1.11 are the first resistance zones.

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