ETH fell 4%, XRP and LTC sank from safe marks: analysis and forecast for major altcoin pairs

Over the past few days, a positive trend has formed in the market, which has led to a rapid increase in the quotes of all cryptocurrencies. However, at the most inopportune moment, the market became overly dependent on the state of bitcoin. Several factors that were aggravated by Elon Musk caused a 5% collapse in BTC quotes. The excessive dependence of altcoins on the failure of the main cryptocurrency provoked the first ten coins to fall into the red zone. As a result, crypto assets did not stay near safe levels, and the total market capitalization collapsed by 6%.

ETH/USD indicators also could not avoid a collapse, and the coin sank to $2,600. During the day, the cryptocurrency lost 5% of its price, and daily trading volumes barely reach the 40% billion mark. At the same time, the narrower dynamics of changes in quotes become positive, and the bulls begin to win back the fall, provoked solely by dependence on bitcoin. Despite this, the asset will not approach the London update in optimal conditions, which is why ETH risks not receiving enough infusions from institutions. It is also worth noting that the indicators of ethereum tried to stay around $2,830, but eventually sank in price. This suggests that the price consolidation in this range was incomplete, and most likely, the coin would not have been able to overcome the $3,000 mark on its own resources. In the near future, the cryptocurrency will begin to win back the fall, but the optimal opportunity to storm the round mark is missed due to a number of negative announcements. A possible savior of the asset will be the news that asset storage companies will provide institutional investors with the opportunity to open dollar credit lines backed by ETH, which in the future should have a positive impact on the growth of the asset's quotes.

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The situation is much worse for the Ripple token, which did not hold on to a safe position in the $1 region and dipped to $0.930. Over the past day, the coin fell by 8% and showed only a sluggish attempt to catch hold of the $1 threshold. Obviously, interest in the coin dropped significantly after a loud sale at the end of May. Due to a number of local victories of Ripple over the SEC, the asset has become the main investment object for manipulation. After the collapse and sale, the situation has changed and the coin is showing weak results from both buyers and sellers. In the near future, the main factor in the future state of the cryptocurrency will be a successful consolidation above the $1 mark, where the coin has recently concentrated good market support.

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The collapse of LTC/USD quotes turned out to be as resigned as the Ripple token. Buyers tried to impose their game in the support area at $182, but the idea completely failed. Litecoin has dropped in price by 8%, and the current dynamics of the yen and low daily trading volumes indicate that the coin continues to fall in price. However, the usual support level in the region of $170 was not broken, which promises the coin stabilization and a quick win back of the unpleasant dependence on bitcoin.

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Despite the market decline, the news background continues to be positive. The main reason for the optimism of large companies was the news from the holder of the cryptocurrency Grayscale Investments. The company said it stores more than $34.5 billion worth of cryptocurrency. More local, but no less important, was the news from the mayor of Miami, who said he had invested in BTC and ETH. In addition, another British bank, this time Revolut, announced the addition of 8 more cryptocurrencies to the platform, which indicates the development of the altcoin market. Despite being overly dependent on bitcoin, the situation for other cryptocurrencies seems quite promising. In the near future, the coins will be restoring positions and approaching difficult points, I expect a positive outcome from bitcoin's situation.

The material has been provided by InstaForex Company - www.instaforex.com

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