Top 3 Trending Coins: ETH Probes $1.6K Support Area, XRP Bears Eye Retest of Annual Lows

Key Points

• Ethereum is the worst performing top 20 coin of the past 24 hours, according to CoinMarketCap.
• Huobi Token failed to get a lift on the news that Huobi’s HUSD stablecoin had recovered its peg.
• XRP was last consolidating around $0.34, having also come under heavy selling pressure recently.

Ethereum (ETH) Probes Key $1,600 Area

ETH, the token that power’s the Ethereum blockchain, is the worst performing cryptocurrency in the top 20 by market capitalization on Saturday, having dropped over 4.0% in the last 24 hours according to CoinMarketCap. Ethereum dumped nearly 13% on Friday, its worst one-day loss since 13 June. The cryptocurrency is now probing a significant area of resistance-turned-support around $1,600, and is eyeing a retest of its 50-Day Moving Average around $1,530.

The cryptocurrency is for now holding above earlier monthly lows, but has unwound of a substantial of its recent “merge” optimism upside and is now around 20% below last week’s highs above $2,000, having seemingly snapped out of its near-term uptrend. The near-term technical picture for Ethereum isn’t very clear. To the upside, bulls will target a retest of resistance just above $2,000, while to the downside, bears will target support in the $1,300 area.

Huobi Token (HT) Bears Eye Test of Record Lows

HT, the utility token for Huobi Global’s cryptocurrency exchange, has stabilized on Saturday in the $4.40s per token, having dumped around 25% lower from last week’s highs in the $5.80s. HT has been battered in tandem with broader cryptocurrency markets in the last few days and bears are eyeing a breakout below annual lows in the $4.30 area.

News that Huobi’s stablecoin HUSD has managed to recover its 1:1 peg to the US dollar hasn’t given HT any meaningful boost.

Recently, we had made the decision to close several accounts in specific regions to comply with legal requirements, which included some market maker accounts. Due to the time difference in banking hours, this resulted in a short-term liquidity problem but has since been resolved.

— HUSD (@Stablecoin_HUSD) August 19, 2022

If the cryptocurrency does break out to fresh annual lows, a test of late 2020 lows under $4.0 is possible.

XRP Stabilizes in $0.34s as Bears Eye Test of Annual Lows Under $0.30

XRP, the token that powers Ripple’s blockchain global payments network, is stabilizing in the $0.34 area in tandem with consolidation in broader cryptocurrency markets on Saturday. XRP came under heavy selling pressure amid a broader cryptocurrency sell-off on Friday, dumping from around $0.37, with technical selling exacerbating things after the cryptocurrency broke to the south of an uptrend from the mid-July lows around $0.30. Traders will now target a retest of annual lows just below $0.30.

According to FX Empire’s head of cryptocurrency analysis Bob Mason, there have been no fireworks to deliver XRP volatility in the ongoing Ripple vs SEC lawsuit.