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BTC/USD Feels the Heat at $7.5K While XRP Could Regain $0.3 Level

NEW YORK, NY – The price of BTC/USD has been seesawing these last few days. The pair tried to push forward but traders are seeing immense selling pressure past the $7.5k mark. Meanwhile, the XRP has come out of a Falling Wedge and could regain its $0.3 level.

BTC/USD has been swinging around the $7,200 level. It dropped to $7,215.70 on Monday after the bulls benefited from the market these past four days. The pair was at the $7,386.40 level previously.

Price for the BTC/USD pair is currently at $7,224. It’s up by a mere 0.01% as the market cap remains at 131.95 billion.

Bitcoin’s failure to hit $7,500 has trapped the pair between the $7,120 and $7,500 area. The correction from the latter gave the bears an advantage and now the pair is looking for a break below $7,120.

According to the daily confluence factor, there’s a distinct absence of solid support levels on the downside. It means a drop in price won’t come as a surprise.

A downward trend would require bears to surpass the $7,174 daily low and close under the 7,000 mark. In the event of a break below that, then the downward push could gather momentum and target the succeeding support level at 6,600. It’s the low end from Dec. 17.

If the pair wants to be bullish again, they’d need to regain a daily high of $7,247. The token’s next resistance is at $7,384.90. That’s the top level from yesterday. If the BTC/USD pair pushes higher, it will meet a resistance at the $7,487 50-day moving average.

On the XRP front, one analyst is predicting the token can regain its $0.3 level soon. Ripple’s digital token has been trading below $0.20 for some time now. But crypto analyst and trader @IamCryptoWolf says traders should expect a surge that will see XRP back at the $0.30 price level.

The trader shared a chart on Twitter that showed a Falling Wedge pattern. It’s a known bullish pattern and has led the analyst to note the possible outcome is a positive correction.

The sentiment is partly shared by Quantum Economics founder Mati Greenspan. The crypto analyst says the price of XRP will be driven up by several factors, like good technology, a solid development team, and close partnerships with various financial institutions.

One issue that is working against XRP is the regular sales that reportedly prevents the token’s price from increasing. The problem was highlighted again when another massive XRP transaction happened recently. According to reports, around 57 million XRP was transferred from a Funding Wallet to an unknown wallet.

BTC/USD Feels the Heat at $7.5K While XRP Could Regain $0.3 Level