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Crypto Price Analysis July-31: ETH, XRP, ADA, BNB, and HYPE

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This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum’s price remained flat compared to last week because sellers stopped the rally at the $2,000 resistance and pushed it into a pullback. At the time of this post, ETH was found around $1,890, and it may retest the support at $1,800 next.

Despite the recent gains from $1,500, this cryptocurrency remains in a macro downtrend with clear lower lows and lower highs. If buyers want to put a stop to this, they need to turn $2,000 into support.

Looking ahead, Ethereum may be consolidating between $2,000 and $1,800 until a clear breakout takes place. Bulls will also have to do their best to stop any price below $1,800 to avoid new lows.

Ripple (XRP)

XRP fell by 3% this week and is back just above the $1 support level. This price action has also formed a pennant. That could highlight a continuation of the prevailing trend once the asset escapes it. In this case, that’s bearish.

The volume also continues to fall and is making clear lower lows. That’s not encouraging if buyers hope to reverse the ongoing downtrend. A break below $1 would settle the matter and see XRP make new lows, with $0.80 as a key target.

Looking ahead, best to wait for the pennant to break and then reassess. Until that happens, the price will compress at the apex of this formation before it escapes.

Cardano (ADA)

ADA managed to close this week in the green, albeit with only a 2% gain. Still, the support at $0.15 has been reconfirmed, and this cryptocurrency has a good shot at moving towards $0.20. Eventually, the resistance at $0.23 must be reclaimed to turn bullish.

Because the most recent push higher has been on low volume, this shows buyers remain weary and will need to see more gains before they gather sufficient confidence to step up their presence on the orderbook.

Looking ahead, Cardano may be about to exit a very difficult period between 2025 and 2026 when the price went from $1.2 to $0.14. To do that, ADA will have to hold above $0.15 and aim for $0.23 next.

Binance Coin (BNB)

Binance Coin is up 4% this week after buyers managed to take it above the support at $580. As long as this key level holds, bulls have the upper hand, and they may be aiming for $690 next, which is the key resistance.

At the time of this post, the ongoing uptrend is still early, and sellers could at any time reverse it. Therefore, best to wait for a confirmation of this breakout to avoid a bull trap scenario. 

Looking ahead, BNB could continue to consolidate between $580 and $690. If so, the drop under $580 could be interpreted as a short-term deviation in the price action.

Hyperliquid (HYPE)

Similar to last week, HYPE disappointed again with a price that closed in red and lost 7% of its valuation. More concerning, however, is the fact that this cryptocurrency appears to have lost its uptrend.   

The support at $60 has now turned into a resistance and HYPE is well on its way to test the next support at $52. If both these levels are lost in quick succession that’s an extremely bearish signal that hints at a major correction. 

Looking ahead, it is becoming clearer that Hyperliquid’s best days may be behind it after the price topped around $76. Since then, it’s been down only. Should $52 not stop sellers, then the next key support will be found at $45. 

Prispevek Crypto Price Analysis July-31: ETH, XRP, ADA, BNB, and HYPE appeared first on CryptoPotato.

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