Cryptocurrency Market Update: bitcoin, ethereum, and XRP Show Strong Momentum

bitcoin Stabilizes Around $118,000 Amid ETF Inflows

bitcoin is currently trading around $118,000, experiencing a period of consolidation as trading volumes decrease and spot ETF inflows increase. This stabilization follows a brief recovery attempt that struggled to surpass the $120,000 mark.

ethereum‘s Rally Nears $3,500 with Institutional Support

ethereum continues its upward trajectory, approaching the $3,500 resistance level. This surge is bolstered by a solid technical framework and increasing interest from institutional investors, indicating a robust demand for the cryptocurrency.

XRP Aims for New Heights After Breaking Resistance

XRP is showing bullish momentum after successfully breaking through the $3.00 resistance level. Traders are optimistic about the potential for record highs as market conditions remain favorable.

Market Overview: Legislative Progress in the US

The US House of Representatives has resumed its ‘Crypto Week’ agenda, successfully navigating past procedural hurdles to advance significant cryptocurrency legislation. Following a failed vote earlier in the week, President Trump intervened to facilitate progress.

The House is set to vote on the GENIUS Act, which, if passed, will move to the President for approval. Additionally, the CLARITY Act is expected to undergo a final vote next week before the House recesses in early August. The Senate will also need to approve the Market Structure CLARITY Act before it can reach the President’s desk.

The passage of these three bills—GENIUS Act, CLARITY Act, and the Anti-Central Bank Digital Asset (CBDC) legislation—aims to establish clearer regulations for digital assets in the United States. This aligns with President Trump’s commitment to eliminate legislative barriers that hinder innovation and position the US as a leader in the cryptocurrency space.

Despite the legislative developments, bitcoin‘s price remains steady around $118,000, while altcoins like ethereum and XRP continue to gain traction.

Data Spotlight: Significant ETF Inflows for bitcoin and ethereum

ethereum‘s spot ETFs have seen unprecedented inflows, totaling approximately $726 million on Wednesday, a substantial increase from the previous day’s $192 million. This surge highlights the growing institutional interest in ethereum, contributing to a cumulative net inflow of $6.48 billion and total net assets of $16.41 billion.

In parallel, bitcoin spot ETFs also experienced a notable increase in inflows, nearly doubling from $403 million on Tuesday to an average of $799 million on Wednesday. All 12 ETFs licensed in the US reported inflows, with BlackRock’s IBIT leading the pack with approximately $764 million.

Chart Analysis: bitcoin‘s Path to Potential Breakout

bitcoin‘s price action indicates a phase of consolidation, with bullish traders targeting levels above $120,000. A recent attempt to break this barrier fell short, resulting in a minor dip to a daily low of $117,017.

Despite the recent stagnation, bitcoin maintains a technically bullish outlook, supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator since June 26. The MACD’s blue line crossing above the red signal line suggests a favorable buying opportunity for traders. If this trend continues, bitcoin could be on track to approach record highs of $123,218.

However, traders should remain cautious, as the Relative Strength Index (RSI) is nearing overbought levels at 69. This could lead to profit-taking and increased volatility, potentially reversing the trend toward the 50-day Exponential Moving Average (EMA), currently at $108,990.

Altcoin Update: ethereum and XRP Maintain Upward Momentum

ethereum is solidifying its bullish outlook, nearing the short-term resistance level of $3,500. This positive trend is underpinned by consistent institutional demand and a strong technical setup, highlighted by a Golden Cross pattern formed when the 50-day EMA crossed above the 100-day EMA on July 10. A close above this level could confirm a second Golden Cross if the 50-day EMA also surpasses the 200-day EMA.

Traders are keenly watching for movement above the $3,500 resistance to gauge the strength of the uptrend, with bullish targets extending toward $4,000. Should the trend reverse, key support levels to monitor include $3,217 and $2,880.

For XRP, the outlook remains positive, supported by several bullish indicators, including a MACD buy signal and a rising RSI. The cryptocurrency is just 5% away from reaching its record high of $3.40, buoyed by the same Golden Cross pattern observed in ethereum.

This comprehensive update highlights the current state of the cryptocurrency market, focusing on bitcoin, ethereum, and XRP, while also addressing the legislative landscape and significant ETF inflows.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.