Cryptocurrencies Market Update ➡️ Solid ECN

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XRP USD - Murrey analysis​

The XRP USD pair is moving within a wide downward channel but has been consolidating around 0.3200 for the second week already and, unlike other leading cryptocurrencies, has not yet been able to recover significantly.

The long-term downtrend continues, but for further decline, quotes will need to break through the zone of 0.3200–0.2930. After that, the price will open the way to 0.1953 (Murrey [2/8]) and 0.0977 (Murrey [1/8], the lower border of the downwards channel). The key "bullish" level is 0.3906 (Murrey [4/8]), the breakdown of which will give the prospect of prices recovering to 0.4883 (Murrey [5/8]), 0.5859 (Murrey [6/8]).

Technical indicators do not give a single signal: Bollinger bands are directed downwards, the MACD histogram decreases in the negative zone, and Stochastic is directed upwards.

Resistance levels: 0.3906, 0.4883, 0.5859 | Support levels: 0.2930, 0.1953, 0.0977​

 

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ADA USD - Murray analysis​

The ADA USD pair continues to trade within the framework of a long-term downtrend. At the beginning of this week, the quotes attempted to grow, rising to the area of 0.5065, but then resumed the decline.

The key for the "bears" is the support zone 0.4310-0.3906 (Fibo retracement of 0.0%, Murray [4/8]), at the breakdown of which the cryptocurrency will fall to the area of 0.2929 (Murray [3/8]) and 0.1953 (Murray [2/8]). Meanwhile, the middle line of the Bollinger Bands (0.5257) is an important benchmark for the "bulls". Consolidation of the price above it will allow the quotes to continue the corrective growth to the levels of 0.6202 (Fibo retracement of 23.6%) and 0.7361 (Fibo retracement of 38.2%).

Further downward dynamics of quotations seems preferable, which is confirmed by technical indicators: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.5257, 0.6202, 0.7361 | Support levels: 0.3906, 0.2929, 0.1953​

 

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BTC USD - Murray analysis
The BTC USD pair continues to trade within the framework of a long-term downtrend, however, over the past week the price has consolidated around 21000, waiting for additional drivers of movement.

The key for the "bulls" is the resistance zone 21875-23000 (Murray [3/8], the middle line of the Bollinger Bands), with a breakout of which we can expect the price to return to 28125 (Murray [5/8], Fibo expansion 61.8%) and 31250 (Murray [6/8]). Otherwise, the decline in quotations will resume to the levels of 16900 (Fibo extension 100.00%), 12500 (Murray [0/8]), 10000.

The further development of the current trend is confirmed by technical indicators: the Bollinger Bands are reversing downwards, the Stochastic has also approached the overbought zone, and the MACD histogram is decreasing in the negative zone, not excluding an upward correction, but its potential is seen to be limited.

Resistance levels: 21875, 23000, 28125, 31250 | Support levels: 16900, 12500, 10000​

 

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XRP USD - Murrey analysis​

An important support level of 0.2930 (Murrey [2/8], Fibonacci retracement 0.0%) is currently on the way of quotes, which the price has already unsuccessfully tested this month. Its breakdown will give the prospect of further decline to 0.1953 (Murrey [0/8]), 0.0977 (Murrey [–2/8]), and 0.0428 (61.8% Fibonacci extension). The key “bullish” level is 0.3906 (Murrey [4/8]). After the consolidation above it, recovery to 0.4883 (Murrey [6/8]), 0.5371 (Murrey [7/8], Fibonacci correction 23.6) may begin %), 0.5859 (Murrey [8/8]) is possible.

Technical indicators generally confirm the continuation of the downward trend: Bollinger bands and Stochastic are directed downwards, while the MACD histogram is stable in the negative zone.

Resistance levels: 0.3906, 0.4883, 0.5371, 0.5859 | Support levels: 0.2930, 0.1953, 0.0977, 0.0428.​

 

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XRP USD - Murray analysis

Currently, the price has come close to the middle line of the Bollinger Bands in the area of 0.33, at the breakout of which the growth will be able to continue to the levels of 0.3906, 0.4395. The key for the "bears" remains the 0.293 mark, consolidation of the price below which will give the prospect of further decline to the level of 0.1953 (the lower limit of the descending channel.

The downward trend in the market remains, however, the upward reversal of the Stochastic does not exclude the continuation of corrective growth, but this is unlikely to lead to a reversal of the current trend.

Resistance levels: 0.3300, 0.3906, 0.4395 | Support levels: 0.2930, 0.2441, 0.1953​

 

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ADAUSD: the market is waiting for the launch of the Vasil update in the main network

Currently, the dynamics of the instrument is influenced by two opposite factors. The traditional pressure on the entire digital asset sector is exerted by the tightening of the monetary policy of the US Fed, which increases the risks of recession in the American economy. The minutes of the last meeting of the regulator confirmed that the rate increase will continue, even despite the economic downturn. In these conditions, investors refuse risky assets, including cryptocurrencies. On the other hand, the community is waiting for the Vasil hard fork, after which the price of the ADA token is projected to rise to around 1. At the weekend, the update was launched in the test network, but the participants of the main Cardano network will be able to prepare for it after at least four weeks. Thus, the fork is expected no earlier than the end of July. The update will increase the speed of operations, expand the possibilities of using smart contracts, as well as launch stable coins based on the Cardano blockchain, which in general should affect its popularity and support the position of ADA.

The key for the "bulls" is the 0.4882 mark, the breakout of which will give the prospect of further growth to 0.586) and 0.62. If the support zone breaks down 0.4310-0.3906, the decline will continue to the levels 0.2929 and 0.1953. Technical indicators do not give a single signal: the Bollinger Bands are horizontal and consolidate, as happens before a serious price movement, the MACD histogram is stable in the negative zone, and the Stochastic is directed upwards.

Resistance levels: 0.4882, 0.586, 0.62 | Support levels: 0.3906, 0.2929, 0.1953​

 

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BTCUSD Technical Analysis

Bitcoin closed slightly above $21,835 this morning. Stochastic and RSI are in overbought zone. Resistance is at $22,515, with a hold of this level the price is expected to decline to $20,000 - $18,629.

Trading idea
Sell targeting $20,000 - $18,600 | SL: $22,515​

 

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ETHUSD - Murray analysis​

The ETHUSD pair is trading within a wide long-term descending channel, however, in the last three weeks the decline has slowed down, and the price has formed a sideways range of 1000 -1250. Currently, the quotes are close to its lower limit, the breakdown of which will allow the downward movement to continue to the levels of 750, 500 (the lower band of the descending channel). With a breakout of 1250, growth will be able to resume to the area of 1500, 1750.

The long-term downward trend in the asset remains, however, to strengthen it, quotes need to break through the current side channel. This may take some more time, which is confirmed by technical indicators illustrating the uncertainty of the market: the Bollinger Bands are horizontal, the MACD histogram is stable in the negative zone, and the Stochastic is directed downwards, but close to the oversold zone, which can become a catalyst for a reversal.

Resistance levels: 1250, 1500, 1750 | Support levels: 1000, 750, 500​

 

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XRPUSD - positive court news supports XRP​

Today, the price is attempting to rise against the backdrop of positive judicial news for Ripple. Earlier, the court rejected the requirement of the US Securities and Exchange Commission (SEC) to recognize the comments of the former head of this regulator, William Hinman. During his tenure, Hinman stated that the SEC does not consider Bitcoin and Ethereum as securities, and therefore XRP, since it is not very different from ETH. If this can be proved to the court, then Ripple is likely to win the dispute with the American regulator. However, positive court news is unlikely to lead to a significant increase in the pair, since the cryptocurrency market is now dominated by negative monetary factors. The US Fed continues its cycle of raising rates and may increase them by another 75 percentage points this month, as it still fails to curb inflation. In the event that June data released today confirms an 8.8% increase in prices, the regulator’s actions may become even sharper, which will lead to a new outflow of investors from the digital asset market.



The price is close to 0.293, consolidation below which will give the prospect of further decline to the levels of 0.2441 and 0.1953. A breakout of 0.3650 can cause growth to 0.4395 (Fibo retracement 23.6%) and 0.4883. Technical indicators do not give a single signal: the Bollinger Bands are horizontal and are consolidating, as it happens before a serious price movement, the MACD histogram is stable in the negative zone, and the Stochastic is directed downwards, but approaching the oversold zone, which is fraught with a reversal.

Resistance levels: 0.3650, 0.4395, 0.4883 | Support levels: 0.2930, 0.2441, 0.1953​