Bitcoin’s impulsive bullish leg has paused upon reaching the critical $123K level, signaling potential profit-taking and distribution.

A corrective move toward the $111K support zone is now expected before the next leg higher.

Technical Analysis

By Shayan

The Daily Chart

After breaking above the previous all-time high at $111K and triggering a notable short squeeze, BTC surged to set a new ATH at $123K, a move underscoring strong market demand and investor confidence.

However, the upward momentum has temporarily paused at this crucial resistance, resulting in a period of sideways consolidation likely driven by increased sell-side pressure.

A corrective pullback toward the significant 0.5–0.618 Fibonacci retracement zone between $107K and $111K is now anticipated before the next impulsive move. Until then, a period of consolidation appears likely.

The 4-Hour Chart

In the lower timeframe, BTC’s consolidation is more pronounced, reflecting ongoing profit realization. What initially resembled a head and shoulders reversal has evolved into a descending wedge, a typically bullish continuation pattern.

The price continues to trade within this wedge, supported by a key ascending trendline currently positioned around $116K. This trendline has acted as a major support throughout the recent rally.

As long as the price remains confined between the wedge’s boundaries and this trendline, a consolidation range is in play.

A break below the line could trigger a deeper correction toward the $111K support. Conversely, a breakout above the wedge’s upper boundary would signal the continuation of the bullish trend, potentially targeting the $123K ATH and beyond.

On-chain Analysis

By Shayan

On-chain data from CryptoQuant indicates a notable increase in Bitcoin reserves on centralized exchanges, reaching their highest level since June 25th. This sustained inflow reflects ongoing profit-taking and distribution by investors, a dynamic that often signals weakening buy-side pressure and hints at a potential corrective phase.

Historically, rising exchange reserves are associated with local market tops, as more BTC becomes available for potential sale. However, this metric alone should not be seen as a definitive trigger for immediate price drops. Broader market liquidity, sentiment, and demand dynamics remain key.

In essence, while elevated exchange reserves may introduce short-term selling pressure, the broader market structure for BTC remains bullish. Any corrective pullbacks should be viewed within the context of a still-intact longer-term uptrend, unless macroeconomic or technical conditions shift significantly.

Ripple’s native token, XRP, is sitting at $3.43 at the time of this writing, up 67% in just three months, and 529% year-over-year.

After briefly tagging a new all-time high (ATH) at $3.65 on July 18, eyes are now focusing on the $3 support zone, a line some say could either launch XRP into the stratosphere or trigger a brutal dump.

The $3 Trench Warfare

According to crypto analyst Lark Davis, the stars are aligning for XRP. He claims that should the world’s third-largest cryptocurrency steady itself around the $3 level, it could reach $4.10 or even $4.50.

“If XRP holds $3, new all-time highs are inevitable. This is the gateway to bonkers territory.”

The market watcher believes the $4.10 target could be reached within weeks based on technical measurement, noting:

“When XRP starts running, man, it makes some big juicy gains. This gargantuan coin moves hard and fast.”

However, his enthusiasm came with a caveat: “Lose $3? That’s a fake-out. We’re back to $2.60 purgatory.”

Davis is not alone in his belief that the Ripple token is due a serious leg up. One of the biggest advocates of the cryptocurrency,  EGRAG CRYPTO, recently pointed out that its dominance is entering what he calls a “Kaboom phase.”

He anticipates that this breakout could spark price increases ranging from 21% to 275%, potentially marking one of the asset’s most significant surges to date. The analyst also unveiled his XRP Fab chart, which lines up the token’s projected market capitalization with the broader crypto market using Fibonacci retracement levels.

According to the model, if global crypto valuation reaches $10 trillion and XRP ascends to the 0.888 Fibonacci marker, its market cap could surpass $2 trillion. Even modest projections suggest a valuation between $800 billion and $1.5 trillion, representing unprecedented territory for the asset.

Could We See $25?

Chartist Ali Martinez also highlighted that XRP’s MVRV ratio just flashed a rare golden cross, a signal that previously preceded a 630% surge. If history repeats, at its current price, the token’s potential upside could reach as high as $25.

The last time the MVRV ratio flashed a golden cross, $XRP soared 630%. That signal just appeared again. pic.twitter.com/hatA0Jfvt2

— Ali (@ali_charts) July 17, 2025

Ripple’s XRP made headlines throughout the past few days, charting massive gains day after day and ultimately achieving a new all-time high earlier in the week (it’s debatable but most market participants agree).

The popular altcoin managed to take over Tether’s USDT stablecoin for the spot of the third-largest cryptocurrency, currently sitting on a market capitalization of around $208 billion.

Now, analysts are racing to predict its next move as social media chatter is peaking.

Can XRP 6x From Here?

John Squire, a well-known XRP proponent and a frequent price commentator, spotted a supposedly similar structure in the cryptocurrency’s trading chart on the bi-weekly time frame.

According to him, some 36 weeks ago, the altcoin followed a similar structure and increased by a factor of 6x.

If history rhymes, we might be in for another rocket. – said Squire.

Is it realistic, though, and what would it take? Well, the first and most obvious requirement would be for XRP to achieve a market cap of around $1.2 trillion (given no new tokens float) – around three times that of Ethereum.

On top of that, there would have to be constant buy-side liquidity to the tune of hundreds of millions, if not billions of dollars at current levels of market liquidity. Just for example, a 2% move in XRP’s price would require unmatched buying worth over $12 million on Binance, which accounts for around 14% of XRP’s total trading volume.

XRP Prepares For Another Move?

In reality, XRP’s volume is down 15% over the past 24 hours and the cryptocurrency is seemingly consolidating for the past couple of days.

As CryptoPotati reported, Thumzup Media Corporation – a Nasdaq-listed firm, has approved a $250 million investment plan to expand its crypto holadings. It will be incorporating altcions such as XRP, ETH, SOL, DOGE, and LTC.

Popular analyst Lark Davis, meanwhile, seems to be of the opinion that if XRP is able to steady its price action above $3, it could surge to $4.1 or $4.5 – or, in other words – “bonkers territory.”