Nexo

Start Earning Up to 16% Interest Automatically

Learn More
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

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

Share this article

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.

BTC/USD Daily Chart by TradingView

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.

XRP/USD Daily Chart by TradingView

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.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.