XRP News Today: Bitcoin Surges 11% to New All-Time High of $123,218

Bitcoin (BTC) started the week strongly, rising above $123,000, but faced profit booking at higher levels. The bulls are attempting to maintain the price above $120,000, indicating a potential minor consolidation or correction in the near term. Bitcoin exchange-traded funds experienced back-to-back inflows exceeding $1 billion on Thursday and Friday, suggesting investor confidence in the rally's continuation. Michael Saylor’s Strategy resumed its BTC purchases, acquiring 4,225 BTC at an average price of $111,827, boosting its holdings to 601,550 BTC.

Bitcoin's dominance of the total crypto market capitalization, which rose above 66% at the end of June, has since retreated below 65%. This small pullback has allowed several altcoins to surge in the short term. Historically, an altseason begins after BTC’s dominance reverses after hitting 70%. Analyst Rekt Capital noted that the extent of the altcoin rally could be significant if BTC’s dominance drops by double digits.

The S&P 500 Index (SPX) has maintained above the breakout level of 6,147, indicating bullish sentiment as investors anticipate further upside. The 6,147 level is a critical support to watch; a break and close below this level could pull the price to the 50-day simple moving average (5,977). Conversely, if the price turns up from the current level, the index could surge toward 6,500, where bears are expected to mount a strong defense.

The US Dollar Index (DXY) rose above the 20-day exponential moving average (97.77) on Friday, indicating reduced selling pressure. The index could extend its relief rally to the 50-day SMA (98.83), which is likely to act as a stiff obstacle. If the price turns down from the 50-day SMA but rebounds off 97.92, it suggests the index has formed a higher low, enhancing the prospects of a rally above the 50-day SMA. If that happens, the up move could reach 100.54 and then 102. This optimistic view will be negated if the price turns down sharply from the current level or the 50-day SMA and plunges below 96.37, potentially starting the next leg of the downtrend to 95.

Bitcoin rallied to a new all-time high of $123,218 on Monday, but the bulls could not sustain the higher levels, as seen from the long wick on the candlestick. The overbought level on the relative strength index (RSI) suggests the BTC/USDT pair may enter a minor correction or consolidation in the near term. The pullback is expected to find support at the 20-day EMA ($111,843). If that happens, it signals that the bullish momentum remains intact. Buyers will then try to push the pair above $123,218, starting the next leg of the uptrend toward the target objective of $150,000. The advantage will tilt in favor of the bears if the price plunges below the 50-day SMA ($107,631).

Ether’s (ETH) candlestick on Monday shows that the bears are active at higher levels. The first support on the downside is $2,879. If the price rebounds off $2,879, it signals that the bulls are trying to flip the level into support. The ETH/USDT pair may ascend to $3,153 and then to $3,400. Instead, if the price breaks below $2,879, it suggests profit-booking by short-term buyers. The pair may then descend to the 20-day EMA ($2,707). The bulls will have to successfully defend the 20-day EMA if they want to maintain the bullish momentum.

XRP (XRP) skyrocketed above the $2.65 overhead resistance on Friday, indicating that buyers have overpowered sellers. The bears tried to pull the price back below $2.65 on Saturday, but the bulls held their ground, suggesting they are trying to flip the $2.65 level into support. There is minor resistance at $3, but if the level is crossed, the XRP/USDT pair could soar to $3.20 and then to $3.40. A note of caution is that the rally has pushed the RSI deep into the overbought zone, increasing the risk of a minor correction or consolidation in the short term. However, the bulls remain in charge as long as the price sustains above $2.65.

BNB (BNB) rose above the $698 resistance on Monday, but the long wick on the candlestick shows selling at higher levels. The upsloping 20-day EMA ($669) and the RSI near the overbought zone indicate that buyers are in command. If the price sustains above $698, the BNB/USDT pair could rally to $732 and then to $761. The 20-day EMA is the vital support to watch out for on the downside. If the support cracks, the pair could slump to the 50-day SMA ($658) and later to $640, suggesting the break above $698 may have been a bull trap.

Solana (SOL) completed a bullish inverse H&S pattern on a close above $159 on Thursday, and the bulls successfully defended the retest of the breakout level on Saturday. There is minor resistance at $168, but if the level is crossed, the SOL/USDT pair could reach $185. Sellers are expected to defend the $185 level with all their might because if they fail in their endeavor, the pair could surge toward $210 and then to $220. The 20-day EMA ($155) is the crucial support to watch out for on the downside. Sellers will have to pull and maintain the price below the 20-day EMA to indicate a comeback.

Dogecoin (DOGE) is facing resistance at $0.21, but a positive sign is that the bulls have not ceded ground to the bears. The upsloping 20-day EMA ($0.18) and the RSI near the overbought zone indicate the path of least resistance is to the upside. If buyers drive the price above $0.21, the DOGE/USDT pair could climb to $0.26. Sellers are expected to mount a vigorous defense at $0.26, but the pair could surge to $0.35 if the bulls prevail. Sellers are likely to have other plans and will try to defend the overhead resistance and keep the pair inside the $0.26 to $0.14 range for some more time.

Sellers tried to halt Cardano’s (ADA) up move at the downtrend line, but the buyers bulldozed their way through. The close above the downtrend line on Sunday invalidates the bearish descending triangle pattern. The ADA/USDT pair could rise to $0.86, which is likely to act as a resistance. However, the upsloping 20-day EMA ($0.64) and the RSI in the overbought zone indicate that buyers have the edge. A close above $0.86 could propel the price to $1. This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA, suggesting the break above the downtrend line may have been a bull trap.

Hyperliquid (HYPE) surged above the $45.80 overhead resistance on Friday, signaling the resumption of the uptrend. The HYPE/USDT pair has reached the psychologically critical level of $50, where the sellers are expected to mount a strong defense. If the price turns down from $50, but rebounds off $45.80, it suggests the bullish momentum remains intact, increasing the likelihood of a rally to $60. The first sign of weakness will be a break and close below $45.80. The pair could then descend to the 20-day EMA ($41.98), which is likely to attract buyers.