In the ever-fluctuating crypto space, major altcoins displayed a spectrum of price variations in the last day. Ethereum climbed by 1.66% to hit $3,648, while XRP declined by 1.05% to $3.42. TRON experienced a 1.52% drop, settling at $0.3197. According to CoinMarketCap’s latest data, Ethereum leads with regulatory advantages and positive market developments, contrasting with profit-driven moves affecting XRP and TRON.
What Propelled Ethereum’s Impressive Growth?
Ethereum’s recent gains were fueled by BlackRock’s ETF proposal and significant regulatory initiatives. With U.S.-based Ethereum ETFs seeing a 40% rise in total assets to $14.87 billion, Ethereum strengthened its position. The newly enacted GENIUS Act on July 18 has enhanced confidence in Ethereum’s network by enforcing a full reserve requirement in the stablecoin sector.
Technically, Ethereum overcame the $3,500 level with support from a 7-day RSI approaching 94.9, and a positive MACD histogram at +86.83. Market dynamics favored Ethereum, with its price sustaining above the 7-day EMA, marking a dominant short-term trend.
ETH/BTC market share escalation from 9.71% to 11.38% indicates a notable capital shift. A significant $4.93 million profit by one address in 24 hours highlights sustained holding tendencies among investors, despite potentially overbought signals suggesting future corrections.
Why are XRP and TRON Experiencing Profit-Taking?
XRP, after a 23% rise, faced a decline as profit-taking ensued when the price touched $3.65. Volume slipped 57% to $6.17 billion, and a sizable transfer of 25.5 million XRP to Coinbase exerted selling pressure. The market’s long/short disparity further destabilized momentum.
As XRP’s price fell to $3.42, the 23.6% Fibonacci level at $3.24 is observed as initial support. Despite a positive MACD, the cooling RSI indicates reduced buying vigor.
For TRON, confrontation with the $0.316 resistance, coupled with declining volume, triggered profit-taking. The MACD slowdown confirms fading momentum, with the 7-day SMA at $0.310 posing as short-term support.
Recent metrics highlighted:
- TRON’s 46.9% volume drop underscores market uncertainty.
- Open interest climbed 18.8% to $517 million, heightening volatility.
- Network transaction decline of 60% since June signals shifting investor focus.
- A 71.32% whale dominance on TRON intensifies speculation.
Ethereum’s upward stride has contrasted with the retreat seen in XRP and TRON, showcasing the complex dynamics and profit strategies influencing the cryptocurrency market. As TRON grapples with regulatory scrutiny, assets like Stellar gain investor favor, emphasizing the sector’s rapid adaptability.
