Bitcoin and Altcoins Swing While XRP Collapses

  • 23 December 2020, Wednesday, 09:06

Bitcoin price spiked below USD 23,000, but it managed to stay above USD 22,500. The price is currently (13:00 UTC) trading above USD 23,500, but it is struggling to gain momentum above the USD 23,880 resistance. Similarly, most major altcoins struggled and saw swing moves, including ethereum, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD spiked below USD 600, but later recovered above USD 610. XRP/USD is increasing its losses and it even tested the USD 0.300 support zone while some small exchanges have already started suspending XRP trading.

Total market capitalization

Bitcoin price

Recently, bitcoin price declined sharply below USD 23,200 and USD 23,000. However, BTC remained well bid above USD 22,800 and recovered above USD 23,000. There was a break above the USD 23,500 resistance level, but the bulls are still facing an uphill task near the USD 23,880 level. The next major resistance is near the USD 24,200 level. On the downside, the USD 23,000 level is an initial support. The next major support is near the USD 22,800 level, below it could test the key USD 22,500 support zone.

Ethereum price

Ethereum price spiked below the USD 600 support level. However, ETH bulls remained active above USD 590. The price recovered sharply above the USD 600 and USD 610 levels. It is now approaching the USD 620 resistance, above which the price could rally towards USD 635. On the downside, the USD 600 level is a short-term support. The main support seems to be forming near the USD 590 and USD 588 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down over 5% and it even broke the main USD 300 support level. BCH is now approaching the USD 282 and USD 280 support levels. Any more losses might trigger a larger decline towards the USD 265 level. On the upside, the previous support at USD 300 and USD 305 may possibly act as hurdles for the bulls. Litecoin (LTC) is holding gains above the USD 100.00 and USD 102.00 support levels. LTC is again attempting an upside break above USD 112.50. If it succeeds, there are chances of a sustained upward move towards the USD 120.00 and USD 125.00 levels. On the downside, the main breakdown support is forming near USD 100.00. XRP price is down over 35% and it declined heavily below the USD 0.400 and USD 0.350 levels. The price even spiked below the USD 0.320 support ad tested USD 0.300. It is currently recovering higher above USD 0.320, but there are many important hurdles on the upside near USD 0.355 and USD 0.365.

Other altcoins market today

In the past few hours, a few altcoins showed positive signs, including BNT, XMR, BNB, UNI, OKB, REN, and DOT. Out of these, XMR rallied above the USD 150.00 and USD 160.00 resistance levels.

To sum up, bitcoin price is showing positive signs above the USD 23,200 and USD 23,200 levels. If BTC gains pace above USD 23,500 and USD 23,880, there are chances of a strong surge towards the USD 25,000 and USD 25,500 levels. __

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