Cryptocurrency market update: Majors see mixed trading action on Sunday

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  • Subdued trading action in cryptosphere extends into second straight day.
  • Ripple seems to be the only major cryptocurrency posting decent gains.

Following Saturday’s choppy market action, major cryptocurrencies stay calm on Sunday in the absence of any significant fundamental drivers or surprising developments surrounding the industry. The total market capitalization of all cryptocurrencies, which rose to $330 billion on Saturday, was $321 billion, according to the latest available data on coinmarketcap.com.

Top-3 coins price overview

Bitcoin (BTC/USD) struggled to gather enough strength to test the $12,000 handle on Saturday and closed the day with a gain of 2.2%. On Sunday, the pair is fluctuating in an extremely tight range and was last seen trading at $11,250, where it was virtually unchanged on a daily basis. Critical near-term technical levels for the pair could be seen at $11,500 (Fibo 38.2% retracement of June rally) and $12,000 (Jul. 3/Jul. 4 high)  on the upside, $10,750 (Fibo 50% retracement of June rally) and $10,000 (psychological level) on the downside.

After inching closer to the critical $300 mark, Ethereum (ETH/USD) finished the day virtually unchanged on Saturday at $288. Today, the pair is having a difficult time finding direction and is staying close to yesterday’s closing level. With a break above $300 area (psychological level/Fibo 50% retracement of June rally/20-day SMA) the pair could start a fresh leg up. On the downside, $280 (Fibo 61.8% retracement of June rally) could be seen as the initial support.

Ripple (XRP/USD) extended its rebound into a second straight day on Sunday following its drop to a fresh multi-week low of $0.3740 on Friday. After adding 2.6% yesterday, Ripple was last seen adding more than 1% on the day at $0.3935. The initial hurdle could be seen at $0.40 psychological level ahead of the 50-day MA at $0.4160. On the other hand, $0.3740 (Jul. 5 low) aligns as the first support followed by $0.3680 (May 17 low).

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