Despite this price drop, Bitcoin institutional demand started the week on a positive note. Japanese investment firm Metaplanet announced on Monday that it has purchased an additional 5,419 BTC, bringing the total holding to 25,555 BTC. However, traders should still be cautious as the BTC daily chart below shows that it hovers around key support at $114,009, its 50-day Exponential Moving Average (EMA). A firm close below this support zone could extend further losses on BTC and the broader crypto market.
Ripple’s XRP price failed to maintain its upward momentum and declined by nearly 2% in the previous week. At the start of this week, on Monday, it continued its pullback, closing below the 50-day EMA and trading around $2.90. If XRP continues its correction, it could extend the decline toward its next daily support at $2.72.
Ethereum (ETH) dropped 3% on Friday amid plans from developers to launch the Fusaka upgrade by year’s end. Ethereum developers have set the year-end as the tentative date for its next major upgrade, Fusaka. Fusaka is Ethereum’s next major protocol upgrade, consisting of 12 Ethereum Improvement Proposals (EIPs). The upgrade features improvements that enhance data verification, optimize storage, increase the block gas limit, and improve smart contract execution.