Bitcoin and Ethereum Hold Steady Amid Easing Geopolitical Risks… Ripple (XRP) at Risk of $1 Collapse

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

Amid signs of easing geopolitical risks, the price directions of major cryptocurrencies are diverging. Bitcoin (BTC) and Ethereum (ETH) are defending key support levels, while XRP (Ripple) continues its five-day decline, threatening the $1.00 mark.

According to FXStreet, an investment media outlet, on August 7 (local time), foreign media reported that Iran and Oman were close to an agreement to allow commercial vessels to pass through the Strait of Hormuz again. However, an official from Iran's foreign ministry denied direct negotiations with the U.S., and Saudi Arabia is also wary of potential further attacks by Iran-backed Houthi rebels and Iraqi militias. The Fear & Greed Index only slightly improved from 25 (Extreme Fear) the previous day to 29 (Fear).

Bitcoin, the leading cryptocurrency, is trading around $64,480, consolidating its short-term support. The current price is below the 50-day Exponential Moving Average (EMA) of $64,644, the 100-day EMA of $66,995, and the 200-day EMA of $72,678, indicating limited upside. However, the SuperTrend line at $61,034 and the rising trendline around $62,887 are providing strong support from below, and the Relative Strength Index (RSI) is above neutral at 52, with the Moving Average Convergence Divergence (MACD) slightly positive, easing downward pressure.

Ethereum is holding the $1,906 level and is targeting an upside breakout after a brief consolidation. The price is above the 50-day EMA of $1,858 and the SuperTrend support line of $1,741, indicating an overall neutral to upward trend in the short term. With the RSI at 55, pointing to weak buying interest, if the 100-day EMA resistance of $1,928 is decisively broken, the price could extend its gains to the 200-day EMA of $2,165.

Conversely, XRP has fallen to $1.03 due to persistent bearish pressure. The current price is significantly below the 50-day EMA ($1.11), 100-day EMA ($1.19), 200-day EMA ($1.39), as well as the SuperTrend line ($1.11). The MACD indicator remains in negative territory, and the RSI is also in bearish territory at 37, indicating a lack of short-term rebound momentum. Recovery of the $1.06 trendline is urgent to ease selling pressure.

Overall, while some geopolitical instability has eased, risk asset sentiment in the cryptocurrency market is showing a subtle recovery but has not led to a complete trend reversal. Bitcoin's defense of the $62,887 and $61,034 support levels is considered a variable that will determine its future direction, and if XRP fails to reclaim $1.06, further price retreats are expected to be unavoidable.

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