**Bitcoin, Ethereum, Ripple Weekly Wrap – August 23, 2024**

In the latest weekly review, Bitcoin (BTC) has managed to reclaim its position above the critical support level of $60,000, despite experiencing only modest growth. This resurgence follows the insights gleaned from the Federal Open Market Committee’s (FOMC) minutes from their July meeting, which indicated a likely interest rate cut in September. This announcement has bolstered investor sentiment within the cryptocurrency market, as analyzed by BeInCrypto, particularly concerning the three leading digital assets.

**Bitcoin Regains Momentum**

Over the past week, Bitcoin has registered a positive performance, experiencing an increase of over 5%. Currently trading at $60,800, BTC remains resilient within a bullish descending broadening wedge pattern. Although a breakout may not be imminent, there are signs that Bitcoin could be on a trajectory toward achieving a new all-time high, contingent upon establishing a strong support level at $63,100. Should it succeed in this regard, it could pave the way for a climb towards $65,000. However, given its previous failures to surpass this threshold, consolidation above $60,000 may be the best achievable outcome at this moment.

**Ethereum Struggles to Break Free**

Conversely, Ethereum (ETH), often regarded as the king of altcoins, has experienced a lackluster week, remaining below the resistance level of $2,681. This restriction has persisted for over two weeks, raising concerns among investors about the potential for a recovery. To ignite any upward momentum, ETH must breach this resistance; achieving this would allow for a subsequent challenge of the $2,930 barrier, which stands as the final hurdle before reaching the significant $3,000 mark. However, should it fail to close above $2,930, the price may retrace back to retest the $2,681 support level.

**XRP Shows Promise**

In contrast, XRP has demonstrated a more favorable performance this week, rising by 6.7% to a trading price of $0.59, while successfully closing above the 38.2% Fibonacci Retracement level. The native token of Ripple aims to breach the 50% Fibonacci line located at $0.63. The area between this resistance and the $0.59 level has been a focal point of consolidation. In previous instances, a breakout above $0.63 resulted in significant upward movement; conversely, a breakdown below $0.59 earlier this month led to a sharp decline. Therefore, the outlook for XRP hinges on its ability to surpass this consolidation ceiling and ignite a rally; failing to do so could void the current bullish sentiment completely.

In conclusion, while Bitcoin exhibits signs of reclaiming its bullish advantage, Ethereum faces formidable resistance that must be overcome to inspire renewed investor confidence. XRP, on the other hand, may be on the brink of a bullish rally if it can successfully breach its current consolidation barrier. The evolving dynamics within the cryptocurrency market continue to demand close observation as external economic factors weave into this already intricate landscape.

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