Daily Crypto Review, July 31 – Binance Debit Cards Now in Europe; XRP Whales Started Buying?

The cryptocurrency market mostly traded sideways as Bitcoin still continues its fight for $11,000. Bitcoin is currently trading for $11,065, which represents a decrease of 0.43% on the day. Meanwhile, Ethereum gained 4.76% on the day, while XRP gained 2.04%.

Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Chilliz gained 29.75% on the day, making it the most prominent daily gainer. Bancor (14%) and VeChain (12.22%) also did great. On the other hand, Ampleforth has lost 45.57%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 8.58% and Quant’s loss of 8.06%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased slightly since we last reported, with its value currently at 62.91%. This value represents a 0.75% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization increased slightly since we last reported. Its current value is $328.13 billion, which represents an increase of $3.04 billion when compared to the value it had yesterday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the day fighting for $11,000 yet again. The sideways movement ranged from the support of $10,855 to a little above $11,090 resistance level. While it is still unsure of whether Bitcoin will end up above or below $11,000, the rally from the $9,000 levels has been extremely successful. As for the short-term future of Bitcoin, it is still unsure, as some analysts call for an immediate correction while others predict a price increase to $11,500 levels.

BTC traders should look for a trade opportunity when BTC bounces off of $10,855 or falls below it.

BTC/USD 4-hour Chart

Technical factors:

Price is currently above its 50-period EMA and its 21-period EMA
Price is between its top B.B. and its middle B.B (20-period SMA)
RSI is elevated (60.82)
Volume increased (descending)

Key levels to the upside Key levels to the downside

1: $11,090 1: $10,855

2: $11,630 2: $10,505

3: $10,015

Ethereum

Ethereum broke off from its period of stagnation and moved towards the upside. The second-largest cryptocurrency by market cap moved to $340 before being stopped. ETH is now consolidating just above the previous consolidation phase.

Ethereum traders should look for a trade opportunity after the cryptocurrency moves back below $324 or if it makes another move towards the upside.

ETH/USD 4-hour Chart

Technical Factors:

Price is above the 50-period EMA and the 21-period EMA
Price is at the top B.B.
RSI is elevated (66.5)
Above-average volume (descending)

Key levels to the upside Key levels to the downside

1: $340 1: $302

2: $362 2: $289

3: $278

Ripple

XRP spent its day mostly trading sideways, but also gaining in value slightly. The third-largest cryptocurrency by market cap failed (so far) to break the $0.2454 level completely, but it has approached that event considerably. If, however, XRP doesn’t break the resistance level soon, it might fall back and retest the support level of $0.235.

XRP traders can look for an opportunity when the cryptocurrency breaks its ranging moves to either side.

XRP/USD 4-hour Chart

Technical factors:

XRP in a mid-term descending trend (though it broke the trend in the short-term)
Price above 21-period and the 50-period EMA
Price is between the top B.B. and the middle B.B. (20-period SMA)
RSI is elevated (61.84)
Elevated volume (descending)

Key levels to the upside Key levels to the downside

1: $0.245 1: $0.235

2: $0.227

3: $0.214