Bitcoin (BTC) Fear and Greed Index Teeters on Brink of Neutral, XRP (XRP) Gains 7%

The Fear and Greed Index is teetering on the brink to neutral, dropping from 69 points last week to a mere 61 points at the time of writing.

The Fear and Greed Index reflects the market sentiment, and it’s currently leaning towards fear. Despite a bullish Bitcoin 2024 conference, the index dropped from 69 points last week to 61 points at the time of writing. This indicates that traders are still unsure about the next moves.

Meanwhile, many major crypto assets have posted losses on the 24-hour timeframe as well as over the weekly. Bitcoin and Ethereum both fell over 1% on the daily, while Solana saw a 2.5% decline – XRP stands out with a 7% gain.

The gains are likely driven by an announcement by Ripple, which is moving into crypto-friendly Brazil with a partnership with the National Federation of Associations of Central Bank Servers.

In addition, Chartered Market Technician and Head of Research at NewsBTC, Tony “The Bull” Severino, wrote on platform X, that XRP may be poised for a breakout. He compared the current situation, based on technical analysis, with the set-up of 2018.

$XRP monthly Bollinger Bands are the tightest ever

Tighter than before the historic 60,000% rally that ended in early 2018

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In late 2017, moving into 2018, XRP had its brightest moment so far. The price of XRP went from US$0.2455 (AU$0.3822) on 10 December 2017 to US$3.3636 (AU$5.138) on 8 January 2018, a 13.7X return. The following bull-run XRP could not reach those all-time highs (ATH) again.

Analyst Sees Altcoin Season Surge, with US$7K ETH

Back in 2024 and we are faced with an interesting set-up. Analyst Michaël van de Poppe explains that historically the second half of the year has seen an altcoin rally after a first half of decline. The analyst urged his followers on X to prepare for a US$7,000 (AU$10,700) ETH price.

It’s interesting, isn’t it?

In the past years, we’ve seen the second half of the year where #Altcoins accelerated massively.

In the first half of the year: downwards only.

The second half of 2024 is going to push $ETH to $7,000.

Be ready.

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Ethereum has yet to reach a new all-time high this season, reaching US$3,980.27 (AU$6,085.64) per ETH in March 2024. Even the launch of US Spot Ethereum ETFs earlier in July could not push ETH past its ATH from November 2021 when it reached US$4,891.70 (AU$7,479.18) per coin.

As it’s Ethereum’s ninth birthday, it will be interesting to follow the ecosystem’s journey and price, and compare where ETH trades over the next few cake days – Happy Birthday ETH.

Happy 9th Birthday, Ethereum! As we celebrate the anniversary of its genesis block, let's take a look at how the price of #ETH has changed on this special day since 2016.

Where do you think Ether’s price is headed next year?

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