TL;DR
- BTC reached a new historic peak, with indicators signaling more upside potential.
- XRP confirmed a multi-year triangle breakout, while analysts predict a push to $3 or a fresh ATH.
- ETH climbed over 20% in a week, with some industry participants envisioning a pump to $4,000.
First Time in History
The primary cryptocurrency remains on the crest of the wave, with its price exploding to a new all-time high of over $118,000 just a few hours ago. Moreover, several indicators suggest that bitcoin (BTC) has more room for growth.
During previous peaks in 2024, for instance, the asset’s Market Value to Realized Value (MVRV) ratio spiked beyond 2.7, while it currently stands at around 2.35.
Furthermore, CryptoQuant revealed that the short-term holder spent output profit ratio (SOPR) does not show signs of “aggressive” profit-taking, resulting in minimal sell pressure from such investors.
The diminishing amount of BTC stored on crypto exchanges also indicates a similar thing. Over the last several months, investors have gradually shifted assets from centralized platforms to self-custody methods, as shown in the chart below.
Somewhat expected, the crypto community is full of members envisioning further gains for BTC. X user Captain Faibik claimed the bulls are “in complete control,” predicting a rise to $126,000.
OxNobler, who previously forecasted that the “real bull run” would start on July 10, thinks the “super-cycle is here” and argued that the valuation could explode to $300,000.
XRP Pumping, too
Ripple’s cross-border token has followed the green wave in the crypto market, rising to a two-month high of $2.60. Furthermore, its price appears to have confirmed a breakout from a multi-year symmetrical triangle that formed between 2018 and 2024, which could be a precursor to additional solid gains.
X user Cryptoinsightuk assumed that a rise above the resistance level of $2.60 could open the door to an ascent toward $3 and then a new all-time high.
At the same time, though, investors should keep an eye on some important metrics that suggest a short-term correction is not out of the cards. An example is XRP’s Relative Strength Index (RSI), which has soared to 85, or extremely overbought territory.
How About ETH?
The world’s largest altcoin has posted an impressive price increase of almost 20% over the past week, currently trading well above $3,000.
According to numerous analysts, the rally is far from being over. X user Cipher X does not expect any “major correction” until $3,300-$3,400, whereas Ted suggested that ETH’s next stop is $4,000.
However, there are also some warning signals. As CryptoPotato reported, the Ethereum Foundation offloaded 1,210 ETH for 3.5 million USDC at an average price of approximately $2,890. The entity’s past sell-offs have become part of crypto’s folklore, with some noting that these actions have often preceded notable price pullbacks.
There have been exceptions, of course. In November of last year, the Ethereum Foundation initiated another selling spree, but the asset’s price continued its uptrend and topped $4,000 in December.
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