Crypto Price Analysis July-24: ETH, XRP, ADA, BNB, and HYPE

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum moved higher by 3% this week as buyers gained control of the price action since late June. This relief rally started once the support at $1,500 was tested and held.

At the time of this post, ETH is facing some resistance as the price approaches the key psychological level at $2,000. It is likely to bring back sellers and could send the price into a pullback.

Looking ahead, the cryptocurrency remains in a macro downtrend. While this rally is a positive change, sustaining it beyond $2,000 seems a big ask right now. Only if $2,000 turns into support does ETH have a good shot at breaking the prevailing downtrend.

Ripple (XRP)

XRP also managed to book a 3% gain this week as buyers have kept the price well above the key support at $1. The current resistance is at $1.2, and until it is broken, it is unlikely this cryptocurrency can make sustained gains.

With volume declining steadily month-over-month, XRP currently lacks the momentum for a major breakout. Market participants seem to have retreated since the drop in February and have not returned to date.

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