The US Commerce Department report showed that the largest economy in the world was in a downturn by the conventional definition of two consecutive quarters of negative gross domestic product.
On Friday, trade in the top cryptocurrencies was neutral. Bitcoin and Ethereum both had little declines, but XRP saw a 9% increase. Following a 4% increase in Polkadot, Polygon, and Solana also saw price increases of 2%.
The market valuation of all cryptocurrencies was trading slightly higher at $942.84 billion, up less than 1% over the previous day. But the overall trade volume fell by as much as 16%, or around $69.93 billion.
Price report of Bitcoin
According to Edul Patel, CEO and co-founder of Mudrex, Bitcoin showed signs of recovery on Thursday by trading higher following a significant sell-off. It has attempted to hold over the $20,000 mark twice in the past, but has failed.
In the early hours of Friday, the cryptomarket was trading in a range despite risk-off attitudes. Because of worries about deflation, Bitcoin prices have dropped and held its ground at the $19,000 mark.
Price report of Ethereum
Over the past few days, Ether (ETH) has been falling in a declining trend. The market has been stuck between $1,250 and $1,410 in the near term, showing interest at lower levels but selling near the barrier.
Typically, the price movement inside the range is uncertain and unstable. Therefore, it is challenging to anticipate the breakout’s path with accuracy.
The price will indicate that the bulls have consumed the supply if it rises above $1,410. That may bring the price up to the channel’s support levels. To indicate a potential trend shift, the bulls must get beyond this obstacle.
On the other hand, the bears will try to maintain their edge if the price declines and breaks below $1,250.
Price report of Ripple
On September 28, XRP bounced off ($0.43), indicating a change in sentiment from trading on rallies to purchasing on declines. XRP saw a 9% increase. The recovery will be stalled in the $0.52 to $0.56 level, so the bears won’t give up easily.
The probability of a break over the top zone improves if buyers do not withdraw much from their existing position. The uptrend will continue if there is a breach over $0.56. At that point, the XRP/USDT pair may increase to $0.66.
The pair might reach the breakdown level of $0.41, though, if the price keeps falling. The bulls are probably going to vigorously defend this level. The pair may move into range-bound activity if the price bounces off of this level.