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BTC, ETH and XRP Price Analysis for May 11

Price Analysis
Wed, 05/11/2022 - 16:09
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Denys Serhiichuk
Which coins can withstand the market fall?
BTC, ETH and XRP Price Analysis for May 11
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.

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The decline of the cryptocurrency market has continued today; however, there are some exceptions. Mainly, Bitcoin (BTC) is the only rising coin in the top 10 list.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

While the rates of other coins are going down, Bitcoin (BTC) is going up by 1.39%.

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

Bitcoin (BTC) has made a false breakout of the level at $29,296 formed in July 2021. Until the rate is above it, there is a chance to see a bounceback. Thus, the growth has been supported by high trading volume, which confirms buyers' power. In this case, a short-term rise may continue to the zone around $34,000.

Bitcoin is trading at $31,534 at press time.

ETH/USD

The rate of Ethereum (ETH) is almost unchanged since yesterday. The price has dropped by only 0.63%.

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

Ethereum (ETH) is trading similarly to Bitcoin (BTC) as it has also made a false breakout of the level of $2,160. If bulls can hold the rate above $2,200, the correction may continue to the test of the $2,500 mark. Such a scenario is relevant until the end of the current week.

Ethereum is trading at $2,283 at press time.

XRP/USD

XRP could not withstand the market pressure, facing a sharp drop of 12% since yesterday.

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

XRP has found support at the $0.40 mark today. Even though bulls are not ready to return the rate to the bullish trend, there is a high possbility to see a correction to the zone around $0.50 within the next few days.

XRP is trading at $0.4513 at press time.

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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, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.