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- Bitcoin surged over 10% to a new all-time high of $109,114, with $100,000 as a crucial support level.
- Ethereum struggles near $3,140, and Ripple climbs 33% amid Trump’s potential support for crypto.
The crypto market is on a roller coaster ride as Bitcoin, Ethereum, and Ripple face pivotal price movements. As Trump prepares for the inauguration, the digital asset market buzzes with speculation over potential crypto-friendly policies.
Bitcoin began the week with a bounce off its $90,000 support level, rallying over 10% by Saturday before hitting a new all-time high of $109,114 on early Monday. Analysts see the $100,000 support level as crucial; if it holds, Bitcoin may reach a new all-time high of over $110,000 soon.
Momentum indicators are showing mixed signals. The Relative Strength Index (RSI) sits at 62, suggesting bullish energy. Meanwhile, the MACD indicator flipped to a bullish crossover last Wednesday, pointing to a potential uptrend. However, a breach below $100,000 could spell trouble, with a dip toward $90,000 becoming likely.
Ethereum Faces Key Recovery Zone at $3,140
Ethereum has been battling its own challenges, retesting the 200-day EMA at $3,140 on Sunday after a 7% dip. By Monday, the cryptocurrency saw a 2.30% decline, trading near $3,325. If Ethereum maintains support at $3,140, it could climb toward its next resistance at $3,746.
On the other hand, Ethereum’s RSI reads 48, signaling bearish undertones, but an upward trajectory suggests weakening selling pressure. The MACD indicator teeters on the edge of a bullish crossover, offering hope for a rebound. However, a breakdown below $3,140 would expose Ethereum to the psychologically significant $3,000 level.
Meanwhile, Ether fell to its lowest level against Bitcoin since March 2021. On Monday, ETH dropped to 0.03 BTC, nearly 50% lower than a year ago, according to CoinGecko. The ETH/BTC ratio, which peaked above 0.08 in 2022, has significantly declined as Bitcoin’s value surged.
Ripple’s Wild Ride and Trump’s Crypto Connection
Ripple, meanwhile, has been stealing the spotlight. The token climbed 33.30% last week, touching $3.30 on Monday, buoyed by optimism surrounding regulatory developments, including potential Trump administration support for cryptocurrencies. As we earlier mentioned, Ripple CEO Brad Garlinghouse reportedly dined with Trump at Mar-a-Lago, discussing the merits of a federal crypto stockpile, including Ripple’s XRP.
The token’s market cap now stands at $190 billion, with enthusiasm further fueled by the launch of RLUSD, a stablecoin built on both the XRP Ledger and Ethereum.
However, Ripple isn’t without challenges. A 2020 SEC lawsuit classified XRP as a security for institutional investors but not retail buyers, a nuanced victory for the company. The SEC’s appeal of that decision hangs in the balance, though a more crypto-friendly regulatory environment could favor Ripple.
