XRP News Today: Cryptocurrency Market Drops 10% as Bitcoin Gains 3%

The cryptocurrency market is concluding the week on a bearish note, with the overall valuation dropping to $3.27 trillion. This decline indicates increasing negative sentiment across the market. Despite this broader trend, Bitcoin has shown resilience, recording a positive weekly performance with a valuation increase of over 3%. This has allowed Bitcoin to maintain its value above the $107,000 mark and has increased its dominance to over 65% for the first time in four and a half years.

Bitcoin's price has been trading within a consolidated corridor between $102,470 and $109,631 since the start of May. Despite multiple attempts at breakouts or breakdowns, its value has consistently bounced back within this range. Currently, Bitcoin is trading at $107,235 with a market cap of $2.125 trillion. The Moving Average Convergence Divergence (MACD) indicator shows increasing volatility, and the Relative Strength Index (RSI) highlights a sideways trend, indicating rising uncertainty for Bitcoin's price.

On-chain data reveals that long-term holders have added 800,000 BTC to their wallets over the past month, the highest increase ever recorded. Additionally, a net outflow of $1.88 billion from exchanges to private wallets suggests bullish signals. These conditions could push Bitcoin's price towards its important resistance level of $109,631. However, a sell-off may pull the price down to $107,218 or $104,470.

Ethereum, with an all-time high of $4,891.70, is currently trading at a discount of approximately 51%. Despite this, it has maintained its value above the $2,400 level, indicating strong buying pressure at this point. The RSI for Ethereum had recently retested its oversold range, resulting in a strong bullish reversal. However, the altcoin has failed to breach the halfway mark and has been trading just below it this week. The MACD indicator shows a steady red histogram, suggesting a negative price action.

If bullish sentiment intensifies, Ethereum's price could retest its immediate resistance level of $2,600, with an upper price target around the $3,000 mark. In case of a bearish action, the Ethereum price could plunge toward its low of $2,200. Analysts are optimistic about Ethereum's future, with one predicting a value of $10,000, although this is not an immediate target and would require a super bull cycle for altcoins.

XRP, despite forming a descending channel pattern, has maintained its value around the $2.10 mark. Currently, XRP is listed at $2.1031 with a market cap of $123.45 billion and a market dominance of 3.776%. The RSI and MACD indicators display a neutral price action over the past few days, with the RSI valued at 43.96 (slightly bearish) and the MACD showing constant flatlines, indicating a weak price action for XRP.

If bearish sentiment intensifies, XRP's price could retest its support trend levels of $1.94 or $1.72. Conversely, a bullish reversal could result in it retesting its resistance of the channel pattern around the $2.20 mark. If the bulls maintain dominance, XRP could head toward its upper high of $2.35.