Main navigation

BTC, ETH and XRP Price Analysis for February 5

Price Predictions
Fri, 02/05/2021 - 15:32
article image
Denys Serhiichuk
Can Bitcoin (BTC) and XRP keep up with the growth of Ethereum (ETH)?
BTC, ETH and XRP Price Analysis for February 5
Cover image via www.tradingview.com

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.

Read U.TODAY on
Google News
Contents

The rally has continued on the cryptocurrency market as almost all top 10 coins are in the green zone. Cardano (ADA) and Binance Coin (BNB) are the only exceptions to the rule, falling by 3.37% and 2.10%, respectively.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key statistics for Bitcoin (BTC), Ethereum (ETH) and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$681,634,963,306 $36,810.30 $64,569,297,184 5.64%

Ethereum

ETH

$177,909,045,726 $1,617.44 $44,533,335,233 9.88%

XRP

XRP

$17,188,847,893 $0.3849 $8,690,516,157 3.18%

BTC/USD

Sellers seized the initiative yesterday and, during the day, tried to roll back the Bitcoin (BTC) price to the support of $36,000. In the second half of the day, the pair tested the level of $36,200, sales volumes decreased and the price stopped its decline.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Weak recovery of declining volumes brought the BTC price back to the $37,300 mark. If the recovery continues today, the pair may return to the resistance of $40,000 by the end of this week.

Bitcoin is trading at $38,116 at press time.

ETH/USD

Yesterday morning, buyers were unable to break above the $1,700 mark and a pullback in the Ethereum (ETH) price led to a retest of the $1,555 level. In this area, the decline has stalled and the bulls tried to return Ether to the zone of the recent high.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the daily chart, Ethereum (ETH) is trading within the rising channel, having updated the all-time high today. Ongoing growth is the outcome of the accumulation phase between $1,100 and $1,300, which means that the current level may not be the peak. In this case, there are chances of seeing the leading altcoins at around $2,000 shortly.

Ethereum is trading at $1,744 at press time.

XRP/USD

Yesterday, the XRP price was able to overcome the resistance of $0.40 and eventually marked a local maximum at $0.482.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

Over the past night, the pair retraced slightly but, in the near future, the recovery may continue to the psychological level of $0.50.

XRP is trading at $0.4465 at press time.

 
article image
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.