Bitcoin, Ripple and ApeCoin – European Wrap 22 June

Bitcoin price shows signs of exhaustion as it reverses the bullish trend seen over the past three days. This has caused Ethereum, Ripple and other altcoins to take a backstep as well. Going forward, investors can expect this minor retracement to evolve into a foothold that bulls will use to extend the run-up.

Ripple (XRP) price is set to drop back to its 2022 lows as market sentiment starts to factor in more risk of a recession. The oil price has collapsed on slowing demand, and is on the brink of dropping below $100. Adding to the fear of recession, are several strikes and protests worldwide as  high inflation now really starts to bite into households’ disposable income, and this is setting a grim tone for traders, and triggering a drop in investments into cryptocurrencies.

 

XRP/USD daily chart

ApeCoin price produced three distinctive swing lows that represented a bottom. This setup was followed by a run-up that pushed APE to rally extensively. However, the lack of momentum has caused the altcoin to retrace and recuperate – in a likely prelude before another leg-up.

 

APE/USDT 4-hour chart