The cryptocurrency market took a hit following the US employment report on August 2, which sparked a sell-off across broader markets due to recession concerns in the world's largest economy.
Over the week, market capitalization dropped from $2.31 trillion to $2.21 trillion. During this period, Bitcoin declined by 11.63%, Litecoin fell by 18.17%, Ripple increased by 1.17%, and Ethereum dropped by 24.06%.
Bitcoin
At the start of the week, Bitcoin dipped below $50,000 but has since recovered some losses and is now stabilizing within the range between 52,880 and 57,686. The leading cryptocurrency is currently trading in a mild downward channel and is near its support level. This suggests that BTC/USD has the potential for a medium-term rebound, possibly reaching above $65,000.
However, if the price falls out of the downtrend, it could drop to the next target of 49,264.
Ripple
Ripple bounced back quickly, surging 20% and surpassing the $0.60 mark after a court ruled that Ripple only needs to pay a $125 million fine, far less than the $2 billion demanded by the SEC.
This ruling is seen as a major win for Ripple, boosting optimism and speculation about XRP’s potential growth.
The XRP/USD price has strengthened above the support level of 0.5865, and it might continue to recover toward the resistance at $0.6729. That being said, if the price falls back to 0.5865, further declines could lead to the next support level at 0.5089.
Ethereum
Following its decline, Ethereum has consolidated below the 2456.85 level. As a result, the second-largest cryptocurrency has potential to drop to the 2132.83 and 1939.91 levels.
Litecoin
Litecoin is currently trading below 57.91, and it might continue to fall to 49.12. However, if the breakout of the 57.91 level turns out to be false, LTC/USD could bounce back to the resistance level at 68.80 marked with dotted lines.
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