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BTC, ETH and XRP Price Analysis for August 9

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Tue, 9/08/2022 - 15:52
BTC, ETH and XRP Price Analysis for August 9
Cover image via www.tradingview.com

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The cryptocurrency market has faced a correction period as most of the coins are in the red.

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Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is falling the least from the list, going down by 4.35%.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) could not keep the rise after yesterday's bullish candle. From another point of view, the price has bounced off the $23,000 mark, which means that bulls keep controlling the situation on the market.

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However, if sellers' pressure continues and the candle closes below $23,000, the fall may lead to the test of $22,400 soon.

Bitcoin is trading at $23,094 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list today, falling by almost 6% over the last 24 hours.

ETH/USD chart by TradingView

Ethereum (ETH) has lost the vital $1,700 mark, which means that sellers are about to seize the initiative. If the situation does not change until the end of the day, there are prerequsites to see a drop to the $1,600 zone within the next few days.

Ethereum is trading at $1,692 at press time.

XRP/USD

XRP could not withstand the overall market pressure, declining by 5.15%.

XRP/USD chart by TradingView

XRP is looking more bearish than BTC and ETH, as the price has broken the local support level at $0.36534 on the daily chart. If bears hold the initiative, one can expect a further downward move to the $0.35 mark until the end of the week.

XRP is trading at $0.36337 at press time.

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