Market
Bitcoin, Ethereum, XRP Weekly Wrap – September 6, 2024

The crypto market has been moving steadily and cautiously ahead of the US Nonfarm Payrolls (NFP) Report. Bitcoin’s (BTC) price, along with Ethereum (ETH), has been observed to be slightly bearish, while XRP is susceptible to further decline.
BeInCrypto’s analysis finds that while the big three cryptocurrencies may not have noted sharp drawdowns, there is a chance that the coming week may not prove to be bullish for them.
Bitcoin Weekly Wrap: Price Action Remains Bearish
Bitcoin’s price has been stuck in a bearish pattern, forming a right-angled descending broadening wedge. This technical formation projects a potential 21% drop, which would send Bitcoin to $42,804 if the pattern breaks down.
However, a major breakdown may not be imminent. Volatility has been declining, with Bitcoin’s price dropping by less than 5% over the past week.
This decrease in market activity suggests that while the bearish trend remains intact, a sharp downturn might be delayed. The lower volatility gives Bitcoin a chance to consolidate before any significant moves take place.
Read more: Bitcoin Halving History: Everything You Need To Know

In the coming week, Bitcoin will test the $55,883 support level, a crucial area for bulls. A rebound from this level could allow BTC to recover, but losing it could push the price toward $54,500. Bitcoin might be poised for a breakdown from the bearish wedge pattern if this support breaks.
Ethereum Could Validate a Multi-Month Trend
Ethereum’s price is currently at $2,372, approaching a crucial support level of $2,344. The altcoin has experienced a 6% decline over the past week, but this drawdown may not continue in the immediate future. The recent price action suggests that Ethereum could stabilize or recover rather than extend its losses further.
Historically, Ethereum has shown resilience at $2,344. For instance, after a significant 30% drop at the end of July, ETH bounced back from this price point.
A similar recovery pattern could see Ethereum’s price rise to $2,546, a key resistance level the altcoin has struggled to surpass this week.
Read more: How to Invest in Ethereum ETFs?

On the other hand, if bearish pressure increases and ETH falls below the $2,344 support, it could confirm a five-month-long downtrend. In such a scenario, Ethereum might test its trend line support above $2,170, which would invalidate any current bullish outlook. This shift could signal further declines and a deeper bearish trend for Ethereum.
XRP Price Is at Risk
XRP’s short-term price outlook appears negative after a recent 5% drop. This decline led the altcoin to lose support at the 38.2% Fibonacci Retracement level of $0.55. The loss of this key support line has raised concerns about further declines, making the short-term forecast challenging for XRP.
The Bollinger Bands are currently showing a squeeze on the 12-hour chart, indicating potential for a short-term decline. With the candlesticks positioned below the basis line, this technical setup suggests that XRP might test the 23.6% Fibonacci line at $0.49. Such a move would further confirm the bearish sentiment in the market.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030

Nevertheless, despite recent losses, XRP has shown the ability to recover from dips below $0.55. If this pattern repeats, the altcoin could stabilize and continue moving sideways above this support. However, the bearish outlook will only be invalidated if XRP manages to reclaim the 50% Fibonacci line at $0.60.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Volume Plunges 20% Amid Market Uncertainty

XRP is currently showing signs of indecision, trading sideways with limited momentum as traders await a clearer signal. Over the past 24 hours, XRP’s trading volume has dropped by 20.37%, now sitting at $2.4 billion—a decline that reflects cooling interest in the short term.
Technical indicators like the RSI and Ichimoku Cloud suggest a neutral trend, with no strong bullish or bearish dominance in play. Price action remains confined between key support and resistance levels, leaving the next breakout direction still uncertain.
Neutral RSI Reading Suggests Caution for XRP Traders
XRP’s Relative Strength Index (RSI) is currently sitting at 46.82, signaling neutral momentum in the market. This neutral zone has persisted since April 7, with no significant shifts into either overbought or oversold territory.
Notably, the RSI was at 57.30 just three days ago, indicating that XRP has experienced a recent decline in buying pressure.
The drop suggests cooling interest or a possible shift in sentiment among traders, as the asset now hovers closer to the midpoint of the RSI scale.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes, typically on a scale from 0 to 100.
Readings above 70 often suggest an asset is overbought and could be due for a pullback, while readings below 30 indicate it may be oversold and potentially poised for a bounce. With XRP now at 46.82, the asset is neither overbought nor oversold, implying indecision in the market.
This level, combined with the recent dip from 57.30, may signal growing caution or weakening bullish momentum. It could potentially point to a consolidation phase or slight downward pressure in the short term unless buyers re-enter with conviction.
Ichimoku Indicators Show Indecision in XRP’s Price Action
XRP is currently trading inside the Ichimoku Cloud, reflecting a state of indecision or consolidation.
The Tenkan-sen (blue line) and Kijun-sen (red line) are flat and closely aligned, suggesting weak momentum and a lack of short-term trend direction.
The Senkou Span A and B (the cloud boundaries) are relatively flat as well, which typically indicates that the market is in equilibrium without strong pressure from either buyers or sellers.

The Ichimoku Cloud, or Kumo, helps visualize support, resistance, and trend direction at a glance. When the price is above the cloud, the trend is considered bullish; below it, bearish.
Inside the cloud, as XRP currently is, the trend is neutral, and volatility often contracts. The flatness of the cloud’s leading edges implies a consolidation phase, and the fact that price is not breaking clearly above or below the cloud reinforces the idea of market uncertainty.
For now, the lack of a decisive breakout suggests XRP could remain range-bound until a stronger trend develops.
$2.03 Support and $2.09 Resistance Hold the Key to XRP’s Next Move
XRP price is currently trading within a narrow consolidation range, with key support at $2.03 and resistance at $2.09.
The price action has been relatively muted, but the EMA lines are starting to show signs of potential weakness, as a death cross—where the short-term EMA crosses below the long-term EMA—appears to be forming.
If this bearish crossover confirms and XRP breaks below the $2.03 support, a move down to $1.96 becomes increasingly likely.

A strong continuation of the downtrend could trigger a steeper drop. It could potentially drive the price as low as $1.61 if selling pressure accelerates.
However, there’s still a bullish scenario on the table. If buyers manage to push XRP above the $2.09 resistance, it could open the door for a retest of the $2.17 and $2.35 levels.
This would indicate renewed strength and a shift in momentum in favor of the bulls. Should the rally gain traction beyond these levels, XRP could make a run toward $2.50, marking a significant recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BONK Symmetrical Triangle Squeeze: Is A Mega Breakout Imminent?

Bonk (BONK), one of the more energetic players in the meme coin space, is showing signs of a potentially explosive move as it coils tighter within a symmetrical triangle pattern. This classic chart formation, characterized by converging trendlines of lower highs and higher lows, often acts as a pressure booster for price action — the longer the squeeze, the more powerful the breakout tends to be.
The symmetrical triangle squeeze is a technical signal that often precedes sharp breakouts, and in BONK’s case, it couldn’t come at a more pivotal moment. With the broader meme coin market showing signs of strength and sentiment slowly shifting, a decisive move from this setup could define the next chapter for BONK. A breakout above the upper trendline might ignite fresh bullish momentum and open the door to new highs, while a break below support could trigger a sell-off toward lower key levels.
Bonk’s Recent Price Action: The Setup For A Big Move
According to a recent post by Whales_Crypto_Trading on X (formerly Twitter), Bonk is currently forming a symmetrical triangle pattern on the 1-hour chart. The price has just rebounded from the lower support trendline of the triangle, suggesting that buyers are stepping in to defend the structure and potentially build momentum for an upward breakout.
What makes this pattern particularly noteworthy is the potential upside. Whales_Crypto_Trading highlighted a profit target range of 70–80%, should BONK successfully break above the upper resistance trendline. With volatility tightening and volume starting to show signs of recovery, such a breakout could offer a substantial short-term trading opportunity.
However, traders are advised to keep a close eye on volume confirmation and key breakout levels to avoid possible fakeouts, as symmetrical triangles can break in either direction.
Will The Meme Coin Explode Or Fizzle Out?
Bonk’s symmetrical triangle pattern has reached a critical stage, raising speculations about whether the meme coin will break free with force or lose steam under pressure. The recent bounce off the support trendline suggests bullish interest is still alive, and if momentum continues to build, BONK could be gearing up for a powerful breakout, potentially delivering gains in the 70–80% range as projected by traders.
However, it’s important to remain cautious. Symmetrical triangles are neutral by nature, meaning a breakdown is still on the table if buyers fail to push through resistance. The next few candles on the 1-hour chart could provide key confirmation of BONK’s direction.
In the end, BONK is approaching a defining moment. Whether it explodes into a bullish run or fizzles out into another rejection will largely depend on volume, sentiment, and the strength of the breakout. Traders should stay alert, as a big move may be closer than it seems.
Market
BANK Token Surges 150% After Binance Futures Listing

Lorenzo Protocol’s native token, BANK, has recorded a 150% price surge within six hours of its official launch.
The token’s rapid climb follows its listing on multiple platforms, including Binance’s Alpha Market and the launch of a BANKUSDT perpetual contract on Binance Futures with up to 50x leverage.
What is the New BANK Token on Binance Futures?
The Token Generation Event (TGE) for BANK took place today, April 18, via Binance Wallet, in partnership with PancakeSwap. Lorenzo Protocol raised $200,000 through the sale of 42 million BANK tokens—2% of the total supply—priced at $0.0048 each.
The token is now trading on PancakeSwap, Bitget, and CoinEx. Following its debut, BANK reached a market cap of approximately $22 million.
BANK is the governance and utility token for Lorenzo Protocol, a DeFi platform focused on enhancing Bitcoin liquidity.
The protocol allows users to earn yield on BTC without giving up custody. It uses financial primitives like Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs).
According to its claims, BANK holders can stake their tokens to receive veBANK, which provides governance rights and a share of future emissions.

Also, Lorenzo Protocol is built on a Cosmos-based Ethermint appchain. It enables BTC restaking and interoperability with Bitcoin’s Layer 1. The design supports on-chain issuance and settlement of BTC-backed assets.
The listing of the BANK/USDT perpetual contract on Binance Futures adds further momentum to the token. Binance Futures is a derivatives platform that allows users to trade perpetual contracts with high leverage.
Binance has historically preferred new tokens on the BNB chain for early futures trading. BANK’s sharp price increase and rapid market integration highlight strong early interest in Lorenzo Protocol’s approach to BTC-based DeFi infrastructure.
Currently, it’s far-fetched to project whether the exchange will list this newly launched token. However, Binance’s new community voting on token listing has offered positive hopes for small market cap projects.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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