Cryptocurrency Market Update: Halving impact in the cards as Bitcoin breaches $9,500, Ethereum and Ripple unresponsive

• Bitcoin advancement towards $10,000 could confirm the ‘lagged’ impact of the halving.
• Ethereum and Ripple struggle to keep up with Bitcoin as seller congestion at key levels increases.

The cryptocurrency market has mixed red and green signals. The largest cryptocurrency is leading a bullish action with gains in the excess of 2% on the day. However, other major cryptocurrencies like Ethereum and Ripple are still unable to escape the bearish trap. Ethereum, for instance, is struggling to clear the resistance at $200, although it has achieved an intraday high of $201.11. Ripple, on the other hand, is flirting with $0.2019 after adjusting marginally from an intraday high of $0.2038.

Bitcoin halving effect

Bitcoin remained unresponsive during the halving process. This gave the critics a loaded gun to come out strongly saying that the halving was already priced in following last week’s surge to highs above $10,100. However, Bitcoin has refreshed the bullish momentum by first overcoming the resistance at $9,000 and later stepping above $9,500.

Also read: Bitcoin Price Analysis: BTC/USD above 9,500, is this the beginning of the journey to $20,000?

At the time of writing, BTC/USD is trading at $9,522. There has been a minor adjustment from intraday highs of $9,549.53. It is not clear if this was a simple technical breakout after Bitcoin reclaimed the position above $9,000 or the impact of the halving is finally kicking in. Besides that, the biggest worry is; will Bitcoin sustain the gains to $10,000?

BTC/USD daily chart

Ethereum and Ripple price update

As mentioned, Ethereum is trying to follow in the footsteps of Bitcoin but the seller congestion at $200 is not giving the bulls an easy time. An earlier break above this same level achieved an intraday high of $201.11. Meanwhile, the existing trend is bullish and likely to continue improving especially if the hurdle at $200 is brought down.

Read more: Ethereum Price Analysis: ETH/USD breaches $200 barrier, is $220 the next target?

Consequently, Ripple is dealing with the resistance at $0.21 after the bullish momentum lost steam at $0.2038. The grip from the bears is getting stronger the longer the price stays under $0.21. Support at $0.20 is very essential because if broken, XRP could refresh the support at $0.19.

Read more: XRP/USD pushes above $0.20, Ripple to launch new loan platform