Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

BTC/USD succeeded in extending its previous day’s upward rally and settled well above the $35,000. It even broke the $37,000 resistance, but the buyers failed to gain strength for a break of the $37,500 barrier. The price is trading well above $37,000 and the 100 hourly simple moving average. It is worth mentioning that the high was formed near the $38,425 level, and the price is now moving lower.

It broke the $38,000 support level to start the current correction. Apart from this, there was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD cryptocurrency pair. On the upward side, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price is expected to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.

The crypto pair may face some fresh decline on the downside front if it fails to clear the $37,500 resistance. Initial support on the downside is near the $36,000 level. However, the modest buying bias around BTC/USD could be sponsored by the weaker U.S. dollar. The U.S. dollar dropped slightly on the day as investors digested high U.S. inflation and European Central Bank commentary while eyeing the U.S. Federal Reserve’s next meeting. At the data front, the consumer price index (CPI) climbed 5.0% year-on-year in May, above 4.7% in forecasts and 4.2% growth during the previous session. Meanwhile, the core CPI grew 3.8% year-on-year and 0.7% month-on-month in May, both above forecasts. On a different note, the prevalent modest upticks in the pair could be short-lived or temporary as the U.S. Securities and Exchange Commission (SEC) has recently warned investors about the risks of Bitcoin futures trading. Meanwhile, the Xinjiang crypto miners were forced to shut down, which may leave an extra burden on Bitcoin prices.

ETH/USD failed to stop its declining streak and remained depressed around the $2400 level. The Ethereum price holds the $2428 support level, but there is a possibility of sideways movement in the nearest term. The pair is currently consolidating in the range between 2,406.53 and 2,493.48. ETH/USD could drop towards the $2200 support as the technical indicator faces the south. Furthermore, the ETH price is trying to resume higher, but it might revisit the $2400 support level before rising again.

If an upside break above $2500, the price will likely test the $3000 resistance level. Any additional gains can push ETH/USD towards the $3200, $3400, and $3600 resistance levels. On the bearish side, the $2200 level is the initial support level. If there are any further downsides, the pair could test the critical support levels of $1800, $1600, and $1400, where the buyers are expected to take a stand.

Meanwhile, it is yet to show some positive signs above the $2800 level, but it could fall further in the short term. Having said that, the Ethereum price may likely bounce back above $2600, as long as there is no daily close below $2400. However, the Relative Strength Index (14) follows a sideways movement at 44-level, indicating an indecisive market movement.

The XRP/USD crypto pair has failed to stop its overnight bearish moves and is still flashing red around 0.85000 level. However, the selling bias around the Ripple currency could be associated with its legal case against its developers, Ripple Labs, by the Securities and Exchange Commission (SEC). XRP coin has not fully recovered from the last broader crypto market crash that took place last month. XRP/USD is trading at 0.86139 and consolidating in the range between 0.84691 – 0.87383.

The declining prices of XRP/USD could be attributed to the ongoing SEC vs. Ripple lawsuit that has shown no sign of conclusion. A few days back, Ripple Lab filed an additional reply against the reply of SEC in support of its motion to strike the Fourth Affirmative Defense by Ripple. In its sur-reply, Ripple has argued that the previous actions of SEC in the digital asset space were insufficient to provide fair notice to Ripple that its unregistered XRP sales could be illegal. The company also claimed that the due process was also not satisfactory.

In the recent reply by SEC, the agency stated that the arguments made by Ripple were merely based on incorrect characterization of the fair notice defense. The SEC further declared that fair notices do not need any exact factual correspondence. Both parties kept on playing the blame game, and SEC stated that Ripple cited no case that could suggest anything contrary. Furthermore, the agency has also asked the court to grant them additional time to develop its factual discovery record. However, Ripple has claimed that any additional time granted to SEC would present an existential threat to its business in the US. The ongoing battle between SEC and Ripple is far from concluding, and Ripple’s XRP would have to pay its price. XRP declined on Thursday despite weakness in the U.S. dollar. The greenback was weak across the board amid the rising unemployment claims during last week and a sharp slide in the benchmark U.S. Treasury Yield. Despite the weak U.S. dollar, XRP/USD remained under pressure and failed to stop its loss for the day.