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📈 Price Predictions
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Bitcoin, Ethereum, Ripple, EOS, NEM Stop Growing, But Bullish Look Remains: Price Analysis, July 4

  • Andrew Strogoff
    📈 Price Predictions

    Bitcoin and other cryptos started their downside correction, but still look bullish

Bitcoin, Ethereum, Ripple, EOS, NEM Stop Growing, But Bullish Look Remains: Price Analysis, July 4
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

After two days of growth, the crypto market has seen a downside correction as Bitcoin and other cryptocurrencies suffered insignificant losses on Tuesday-Wednesday. However, the general situation still looks bullish and this correction is unlikely to last for long or be the game changer.

The main driver for the uptrend is news from Facebook relating their U-turn towards cryptocurrency markets and ICOs. Another driver also comes from Facebook as there are rumors that the famous social media is going to launch its own coin.

There is some less important but worth mentioning news. Ripple plans to launch a “drop.” However, this word was used to attract attention as there will be no traditional cryptocurrency drop. This time it means a new Ripple vlog narrating about the technologies crypto markets etc.

Other interesting news worth mentioning is the war of McAfee against HitBTC. The famous coin expert had some provocative comments in his Twitter accusing famous exchange in death of people and urging user to boycott this trading place.

Bitcoin (BTC/USD) price analysis, July 4

btc

Bitcoin started a downside correction as the currency pair loses around two percent in the past 24 hours. However, we think that this correction is nothing more than just a pause of the uptrend as crypto market is still bullish. Investors fixed their positions but they are likely to resume buying in the nearest future.

btc

BTC/USD had a bullish flag pattern on Tuesday but failed to develop its upside progress as the price reached the support area at $6,510 and tested it. Bitcoin jumped over this level, but still has opportunities to return above the resistance (which was the support previously). We can see a clear Hammer candlestick pattern on the hourly chart meaning the currency pair is ready to grow in the nearest future.

The closest targets for Bitcoin growth lie at the resistance area at $6,718. BTC/USD is likely to start growing towards this level on Wednesday. This is the main scenario for the next 24 hours. However, if bulls fail to drive the currency pair higher, we will become witnesses of a deeper downside correction aiming at the next support area at $6,329.

Ethereum (ETH/USD) price analysis, July 4

Ethereum

Ethereum stopped its uptrend on Tuesday as ETH price failed to work another bullish Flag. ETH/USD loses more than four percent in the past 24 hours but still looks bullish as we think this decline is nothing more than a simple downside correction to the previous uptrend.

Ethereum

Ethereum declined on Tuesday-Wednesday and reached the support area at $453.29. The currency pair formed a bullish Hammer candlestick pattern right on its support line with a fake breakout, meaning Ethereum is ready to burst upwards again.

If this works and buyers are successful, Ethereum will be able to reach at least $473.39 resistance area. We think that this target is enough for Wednesday. However, if buyers gain momentum, they will be able to drive the currency pair even higher.

This is the main scenario for today, but we should not forget about the bears. They are also able to develop this downside correction even deeper. ETH price is likely to reach the next support area at $431.42 in this case.

Ripple (XRP/USD) price analysis, July 4

ripple

Ripple follows its rivals and develops a downside correction as the price loses almost four percent in the past 24 hours. However, XRP/USD still looks bullish and able to resume its uptrend in the nearest future.

ripple

XRP/USD worked its bullish flag on Tuesday, unlike other cryptos. However, after reaching the resistance area at $0.5088, Ripple failed to jump over it and retreated from this area. XRP/USD declined towards the support area at $0.4744 and reached it later. We have a Doji candlestick, which means that Ripple is able to resume growth in the nearest future.

What are the targets for today? If bulls are successful close to this support area at $0.4744, they will be able to drive XRP/USD higher targeting the next resistance at $0.5088. Is this the final point for growth for the next 24 hours? We think that no, it is not and buyers will be able to drive XRP/USD even higher.

This is the main scenario for Ripple. However, if sellers gain momentum, they will be able to develop this downside correction towards the next support at $0.4495.

EOS (EOS/USD) price analysis, July 4

eos

EOS developed its downside correction on Tuesday-Wednesday as EOS price failed to resume its growth after formation of a flag pattern. However, bulls are still on guards and we think they will restart the uptrend on the nearest future.

eos

EOS/USD has broken through the support area at $9.03 and mover lower targeting the ascending trend line and the next support at $8.29. However, the currency pair stopped halfway there and we have a bullish Hammer candlestick pattern currently, which is a sign of reverse. Additionally, EOS/USD is close to the ascending trend line which gives support to the currency pair.

We think that EOS/USD will be able to resume its growth in the nearest future. The closest target for it is the resistance area at $9.03. However, we also think that EOS/USD has even more fuel and is able to reach the next resistance at $9.60 in the nearest future. This is the main scenario.

An alternative scenario for EOS/USD is bearish naturally. If sellers regain control, they will be able to push the currency pair lower through the ascending trend line.

NEM (XEM/USD) price analysis, July 4
 

nem
NEM Started its correction on Tuesday and the flag pattern was broken. XEM/USD loses almost nine percent in the past 24 hours. The currency pair tests the ascending trend line menacing further growth.
nem
The currency pair has broken through the support area at $0.2002 and moved lower. XEM/USD reached the next support at $0.1873 later. It is close to the ascending trend line as well. We think that EOS is likely to stop its correction in the nearest future in order to resume the uptrend.


The closest target for the uptrend lies at the resistance area at $0.2002. We think that XEM/USD will be able to reach it in the nearest future. However, we also think that the growth will not be limited by this level.


This is the main scenario. As for the alternative, XEM/USD may develop its downside correction, targeting the next support at $0.1682.
 

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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.

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📰 News
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Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says

  • Yuri Molchan
    📰 News

    A Bitcoin bull and investment guru Tim Draper predicts the calm before the storm for the XRP price, as “to call Ripple developers actions wrong is impossible”

Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says
Cover image via en.wikipedia.org

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

When asking a question about when XRP is going to hit its quickest high profits in the quora.com forum, a user gets a reply from Tim Draper himself, who says that the XRP price is about to experience an ‘explosive growth’.

Tim Draper is pumping XRP

Tim Draper, a prominent venture investor and a Bitcoin bull, seems to be excited by the current Ripple expansion. Judging by his words, he is predicting the XRP to soar in the short term, calling it the calm before the storm or ‘explosive growth’, putting it a different way.

Tim Draper says:

“Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP.”

XRP should have already grown beyond $0.6 or even $0.9 by now, says the crypto investor, when talking about the results of recent Ripple’s expansions and the partnerships the crypto unicorn has initiated lately.

“The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers.”

Finally, he states:

“In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.”

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Ripple Opens New Office in the Heart of Washington, DC, to Educate US Lawmakers

Ripple Opens New Office in the Heart of Washington, DC, to Educate US Lawmakers

Ripple expands to Washington, D.C.

Previously, U.Today reported that the crypto giant has decided to expand its presence to Washington, D.C., to be closer to regulators, as per the CEO Brad Garlinghouse, and educate them on crypto and the blockchain.

He stated to Forbes:

“We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”

Apart from extending its arms to Washington, Ripple has joined the Blockchain Association.

 

What is your bet on the price moves XRP is going to take in the near future? Share your view in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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