Following Tuesday’s comments by Jerome Powell, the chair of the Federal Reserve, the cryptocurrency market capitalization is at about $1.08 trillion, generally remaining in the green area.
Over the past seven days, Bitcoin has gained less than 0.5%, and Ripple has lost around 0.3%. Meanwhile, thereum and Litecoin have demonstrated the highest increase among the digital coins mentioned, adding about 6% each.
Bitcoin
Bitcoin managed to stay above the support level at 22,557. After the quotes failed to move above the highs of January 25 (23,731) last week, this level remains the closest target for the recovery of the leading cryptocurrency.
If there are no fundamental drivers of volatility which are not actually expected before the release of the U.S. inflation figures next week, BTC/USD's sideways movement of 22,557 - 23,731 is likely to continue in the short run. If the price exits the range upwards, the next growth target will be the level of $25,200 per coin.
Ripple
Following last week’s surge, Ripple dropped to the support level at 0.3956. Since the price is still bouncing off of it upwards, XRP/USD has some movement range towards the 0.4169 resistance marked with green dotted lines.
When exiting the 0.3956 - 0.4169 sideways range upwards, the price growth may continue to the resistance at 0.4397. Should the support of the corridor lose its footing, the decline may continue to 0.3735.
Ethereum
In the course of growth, Ethereum reached the resistance of the 1484.77 - 1678.21 sideways range and is consolidating below it.
From this area, the price has a chance to either reverse downward in the sideways trend or exit it upwards with subsequent growth to the next target at 1784.02.
Litecoin
Following a false breakout of the support level at 97.17, Litecoin returned to the 97.17 - 106.30 range, where the price still has room to move. However, for this to work, LTC/USD needs to overcome the highs of February 2 and consolidate above them.
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