Bitcoin Holds After $123K Peak as XRP Targets $3 Breakout
Bitcoin trimmed gains after nearly reaching $123,000 and entered a consolidation phase as traders took profits. Despite a 0.6% 24-hour rise, major altcoins like Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA) and Stellar (XLM) fell 2–3%. In contrast, XRP, SUI and Uniswap (UNI) led gains, with XRP climbing 2.5% to $2.91 near its $3 resistance. Analysts at Arca and researcher Will Clemente say the rally is still in its early stages, pointing to moderate altcoin open interest and rising but sub-par volumes. Legislative progress in Washington and growing institutional adoption underpin longer-term bullish momentum. Bitpanda’s Eric Demuth highlights sovereign debt concerns and Bitcoin’s path toward gold’s market cap. A decisive XRP breakout above $3 could spark a move to $4.80. Traders will watch whether XRP flips resistance into support and if Bitcoin’s consolidation sets the stage for another leg higher amid healthy fundamentals.
Bullish
The consolidation of Bitcoin around the $123K peak reflects short-term profit-taking, but underlying drivers remain strong. Institutional adoption and legislative clarity support further Bitcoin upside. Moderate altcoin open interest and rising volumes confirm healthy participation. XRP’s advance to near $3 resistance and growing open interest signal a potential breakout toward $4.80. In the short term, traders may see volatility around key levels, but both Bitcoin and XRP display bullish technical indicators. Over the long term, sovereign debt concerns and Bitcoin’s comparison to gold’s market cap add fundamental support, suggesting that the current pause is likely a setup for renewed bullish momentum.