The Daily Cryptomenon — 23rd July 2020

Your daily Cryptocurrency Market Analysis News brought to you by the CryptoAltum Cryptomenon Team.

This analysis was written at 9:00 am GMT +3, on 23.07.2020

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Cryptocurrency Recap

If yesterday was an explosive movement for our Cryptocurrency Trio, then today is a nuclear bomb! The meteoric rise of these instruments has been outstanding, as they’re all on the verge to eliminate all the losses they might have accumulated from the beginning of June.

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BTC/USD

Bitcoin price exploded massively on Wednesday during the Asian hours; this rally caused quite the reaction in ETH and XRP. However, over the past months, Ethereum has become so heavily correlated with Bitcoin that one would think they’re actually joined at the hip.

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ETH/USD

Ethereum price finally broke above the stubborn resistance at $245. The massive and impressive breakout came into the picture following a similar Bitcoin price action. The largest cryptocurrency stepped above $9,500 during the American session on Wednesday, with ETH/USD following closely bringing down several resistance levels including $250 and $260.

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XRP/USD

XRP wasn’t left out of the climb higher alongside ETH and BTC. In fact, it joined in the fun and climbed higher along with them, finally breaking through the pesky resistance at $0.2000 and reaching the $0.2063 resistance, before the Bears stepped in and the selling pressure mounted.

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