Top Cryptocurrencies to Consider Acquiring on July 17 – XRP, Arweave, Bittensor

Bitcoin’s recent rise near the $65,000 level has paved the way for a possible ascent towards $71,500, drawing from historical trends. In light of this, we will be exploring the top cryptocurrencies to consider purchasing today.

This price recovery has generated considerable interest among futures traders who are speculating on Bitcoin’s short-term fluctuations.

As of the latest update, Bitcoin is priced at $64,824, marking a 1.49% increase over the last 24 hours.

Additionally, this renewed enthusiasm for Bitcoin has resulted in a capital influx, with BlackRock’s iShares Bitcoin Trust amassing $260 million from investors on July 16, accounting for over half of all net inflows into spot Bitcoin ETFs yesterday.

This represents the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, totaling $422.5 million, the most successful day since June 5, according to Farside Investors.

Bitcoin’s bullish traders are working to elevate the price above the $64,602 resistance level. If they succeed, the BTC/USDT pair could gain traction towards the $72,000 to $73,777 resistance area.

#BTC

The moment Bitcoin surpasses $65,000 (blue) is when it will establish a new red cluster of price activity.

Breaking through $65,000 would indicate that the price is poised to move within the $65,000-$71,500 range. $BTC #Crypto #Bitcoin https://t.co/yxOhRsmVU9 pic.twitter.com/TZMP37ufjx

— Rekt Capital (@rektcapital) July 16, 2024

In the meantime, Ethereum (ETH) has been fluctuating between $2,850 and $4,094 for several months, with traders generally buying near support levels and selling near resistance levels.

The bears’ failure to push the price below $2,850 has triggered a movement towards the $4,094 resistance.

Bears may attempt to impede the recovery at the 50-day SMA ($3,469), but if the bulls maintain their strength, the upward trend is likely to persist.

ETH 50-day SMA / Source: TradingView

Overall, the prevailing market conditions, fueled by Bitcoin’s recovering performance and new ETF inflows, create a conducive atmosphere for altcoins.

Investors seeking opportunities beyond Bitcoin and Ethereum may discover promising options among the altcoins discussed below.

$XRP (Ripple)

$XRP is a prominent cryptocurrency aimed at facilitating cross-border payments with lower fees and quicker transaction times compared to traditional banking systems.

At the time of this report, $XRP is trading at $0.629, reflecting a 12.26% increase over the past 24 hours, supported by a robust trading volume of $3.7 billion during the same timeframe.

Despite its recent gains, $XRP is currently trading 83.9% below its all-time high (ATH) of $3.84, reached in January 2018.

The relative strength index (RSI) for the $XRP token is presently at 73.54, indicating overbought conditions.

$XRP’s relative strength index at an overbought position

Recent market trends and developments, such as Ripple’s transfer of 150 million $XRP to an unidentified wallet amid SEC settlement speculation, may have impacted the token’s price movement.

BREAKING: 150,000,000 #XRP (approximately $87.5 million) has been transferred from Ripple to an unknown wallet!

Could this indicate a potential settlement in the ongoing SEC vs. @Ripple lawsuit? pic.twitter.com/cufYWrAnf9

— JackTheRippler © (@RippleXrpie) July 16, 2024

Arweave ($AR)

Arweave is a decentralized storage network that provides permanent and sustainable data storage. The $AR token is utilized to pay for storage and incentivize miners.

Arweave recently revealed a partnership with Solana to deliver a decentralized, permanent data storage solution for ledger data. This collaboration will ensure that ledger data remains accessible when required.

The $AR token is highlighted as a top cryptocurrency to consider purchasing, having recorded a 14.15% increase over the past 24 hours and currently trading at $31.85, which is 64.98% below its ATH of 90.94.

$AR breakout

Looking bullish. https://t.co/qKMxDJKjfq pic.twitter.com/3FMGY8Cok1

— Rendoshi Research (@Rendoshi1) July 17, 2024

Arweave’s RSI has risen from 73.04 to 80.11, confirming its position in the overbought range.

Arweave’s RSI is in an overbought range/ Source: TradingView

This suggests that investors may need to wait for a price correction before considering further investments for the next upward movement.

Bittensor ($TAO)

Bittensor is a blockchain-based machine-learning (ML) network that rewards participants for developing and maintaining high-quality ML models.

The $TAO token is employed for staking, governance, and transaction fees within the ecosystem.

As of the latest update, $TAO is trading at $309.82, reflecting a 5.52% increase over the past day.

The $TAO token appears to be a valuable addition for investors looking to leverage the AI market in the upcoming market surge and is recognized as a top cryptocurrency to consider purchasing.

$TAO 1W

Finally experiencing some relief as we’re up over 50% from the lows. This is one of several AI tokens I observed down 50%, purchased more spot, & it declined another 50%.

Still holding spot from the $110 range.

RSI indicating a full reset as well. #bitcoin #cryptocurrency pic.twitter.com/cLmnJodOOF

— Roman (@Roman_Trading) July 17, 2024

The token has a market capitalization of $2.3 billion and is trading 59.65% below its all-time high of $767.68 (ATH).

Bittensor’s RSI fluctuating between 63.53 and 70.39 further supports TAO’s optimistic outlook.

Crypto Presales Present the Best Alternatives

While the previously mentioned cryptocurrencies are among the best options to buy currently due to their price movements, investors looking for opportunities with lower entry points may find crypto presales appealing.

Presales, also referred to as initial coin offerings, are launched by teams to generate excitement and attract investment prior to official exchange listings. Many well-known cryptocurrencies began with a presale.

There are several reasons to consider purchasing a presale token. Firstly, presale tokens are typically offered at significantly lower prices compared to their anticipated launch prices.

Secondly, by generating excitement around the product, developers can attract early customers, enhancing its growth potential.

However, these presales come with inherent risks. Therefore, it is crucial to identify projects that are legitimate and possess real use cases.

With this in mind, analysts at CryptoNews have compiled a list of presale tokens with meaningful use cases that have the potential for returns.

14 Best Crypto Presales to Invest In Now

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