Home » Markets » Bitcoin, Ethereum Set to Close Year with Gains, XRP Shows Heavy Losses

Bitcoin, Ethereum Set to Close Year with Gains, XRP Shows Heavy Losses

Dec. 31, 2019

Bitcoin and Ethereum are set to close the year with gains. Meanwhile, XRP is on track to post heavy losses.

Bitcoin

Bitcoin tested towards the lower end of its short-term trading range on the last trading day of December, as cryptocurrency traders looked to the BTC/USD pair’s yearly price close.

The number one cryptocurrency traded around the $7,200 level in early Tuesday trading, marking a loss of around 2% from the weekly price open.

At current trading levels, Bitcoin is set to close the year with a gain of 95%, and finish the month of December with a marginal loss of around 1.5%. XRP looked to close 2019 with a loss of around 45%, while Ethereum was on course to end 2019 with a small gain of around 1.5%.

Bitcoin is currently holding short-term support around the $7,100 level as the BTC/USD pair remains trapped between the $7,100 to $7,685 price range.

A bullish range breakout above the $7,685 level should see the BTC/USD pair testing towards the $8,000 level at a minimum, while a bearish breakout should see the BTC/USD pair testing towards the $6,800 level.

From a medium-term perspective, the BTC/USD pair’s 50-day moving average is a key technical barrier that bulls need to surpass. It’s currently located around the $7,500 level.

Ripple

XRP has been struggling to move above the $0.20 level, placing the second-largest cryptocurrency under downside pressure over the short and medium-term.

A sustained rally above the $0.20 level should see XRP testing towards the technically important $0.23 level and would help form a bullish reversal pattern in the lower time frames.

It is noteworthy that XRP has strong technical support around the $0.18 level and now needs to stage a $0.10 recovery towards the $0.28 level to regain its technically bullish status.

Overall Sentiment

According to the latest data from The TIE, overall market sentiment is neutral, at 46%. XRP had the weakest sentiment, at 47%, while Ethereum and Bitcoin showed levels at 53% and 51%, respectively.

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