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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
While Bitcoin (BTC) and Ethereum (ETH) have taken a breather, digesting recent gains, XRP (Ripple) has risen for six consecutive trading days, surpassing $1.61. Large institutional funds continue to flow into Bitcoin and Ethereum spot ETFs, and the XRP spot ETF has also rebounded with a daily net inflow of $20 million, supporting the bullish trend in the virtual asset market.
According to investment specialized media FXStreet on September 23 (local time), Bitcoin showed a stable trend around $86,000, and Ethereum maintained above $2,700. XRP surpassed $1.61, rising for six consecutive trading days. The Fear & Greed Index, which reflects market sentiment, decreased from 78, an area of extreme greed, to 71 the previous day, but still remained in the greed zone. CryptoQuant's Bull Score also maintained a bullish area since mid-August, currently recording 80.
Institutional fund inflows also continued. According to SoSoValue, US Bitcoin spot ETFs saw a net inflow of $715 million on Tuesday, a decrease from Monday's $999 million, but still maintaining strong buying momentum. Cumulative net inflows reached approximately $57 billion, with average net assets of $111 billion. Ethereum spot ETFs also received $162 million on Tuesday, following approximately $270 million the previous day, with cumulative net inflows approaching $14 billion and net assets around $18 billion. The XRP spot ETF saw an inflow of $20 million on Tuesday, rebounding from a net outflow of $44,000 last Friday, with cumulative net inflows and net assets each increasing to around $1.73 billion.
While Bitcoin's short-term upward momentum has slowed, it maintains a technically bullish structure. The price is trading significantly above the short, medium, and long-term Exponential Moving Averages (EMAs) clustered between $72,900 and $75,900, and also above the $80,805 level where the previous downtrend resistance line converted into support, and the SuperTrend support line at $79,448. The Relative Strength Index (RSI) is in the low 70s, indicating overbought pressure, but the Moving Average Convergence Divergence (MACD) remains in positive territory. CryptoQuant suggested the next resistance zone to be $88,000-$90,000.
Ethereum also maintains an upward trend above $2,700. The RSI is around 69, just before the overbought level, and the MACD histogram also remained in positive territory. In case of a correction, the first support level is at $2,465, where the SuperTrend is located, followed by additional support zones at the 50-day EMA of $2,371 and the 200-day/100-day EMAs located between $2,240-$2,223. As long as these price levels are defended on a closing basis, the recent sideways movement can be seen as a correction within the existing uptrend.
XRP continues to show relatively strong momentum among the three assets, trading significantly above its major moving averages. The 200-day EMA is at $1.36, and the 50-day and 100-day EMAs are located around $1.33 and $1.28 respectively, supporting the price. The MACD is strengthening above the 0 line, and the RSI has risen to 69, just before the overbought zone. In the short term, $1.36 and $1.33 are key support levels, and a bullish structure is likely to be maintained as long as these levels hold. However, as the RSI has risen to a high level, the possibility of a short-term sideways movement before further gains was also mentioned.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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