The price of Bitcoin moved in a range momentum similar to that experienced in the 2015 and 2018-2019 cycles. Ethereum price had reversed most of the mid-September losses that took its value below $1,200. XRP price could post some gains moving towards $0.488 if retail volumes can help momentum.
Bitcoin (BTC) led the market gains with a quick recovery above the $20,000 mark. Ethereum and XRP, along with other top altcoins, posted big gains.
The global crypto market capitalization finally broke the $1 trillion mark, helping market optimism. Bitcoin (BTC), Ether (ETH), and XRP all noted high daily gains as the bears finally faded into the background.
After the crypto market began posting green numbers on Tuesday, more than $1.2 billion in short liquidations occurred in roughly 24 hours. In this way, the market freed itself from the narrow price range in which it had oscillated since September.
Despite notable gains and bullish sentiment across the market, BTC price stabilized at the $20,600 mark. On the other hand, the price of ETH and XRP also faced rejection at their upper resistance levels.
Bitcoin On-Chain Analysis: Bulls Might Have to Wait
The price of Bitcoin has been trading at $20,598.99, which is down 1.17% on the daily time frame.
With BTC’s short-term price action weakening, a drop below $20,323 could induce selling pressure.
Considerable time must pass before the realized price of the 1-3 month UTXO Age Band is broken for a prolonged growth trend; for now, that level is at the $21,264 mark.
While BTC exchange reserves have been declining in recent days, leading to less selling pressure, net unrealized profit and loss (NUPL) is still in the capitulation phase.
The NUPL indicator was below 0, presenting buy signals; however, it is not as attractive as it was during the 2020 low, when it stood at -0.18.
Ethereum On-chain Analysis: Price at the Crossroads
Ethereum’s price traded at $1,552, noting daily losses of 1.41%. ETH’s price had reversed most of the losses from mid-September, which brought its value below the 1,200 mark. However, there were still significant barriers ahead of the ETH bulls.
Data from Glassnode highlighted that the number of active ETH addresses (7d MA) just hit a 3-month low of 28,431,935 despite recent gains.
Going forward, if the price of ETH drops below the $1,531 mark, the same could lead to further selling pressure on the coin. Data from IntoTheBlock highlighted significant resistance for ETH at the $1,579 mark, where more than 1 million addresses hold 2.46 million ETH.
XRP On-chain Analysis: Where is the Catalyst?
As for the price of XRP, the sixth-ranked cryptocurrency by market capitalization posted gains of just 3% in the past three days. XRP price has been in a prolonged downtrend since Oct. 10, despite Ripple’s victories in the ongoing regulatory battle.
The whales accumulated close to 300 million XRP in the last few months, but this did not affect the price of XRP much. Meanwhile, development activity and the total supply of stablecoins held by whales with more than $5 million experienced a continuous downward trend.
XRP price could post some gains, moving towards the $0.488 mark if retail volumes can help price momentum. However, if the price of XRP drops below the $0.38 mark, the same could spell trouble for the coin.
By Audy Castaneda
