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BTC, ETH and XRP Price Analysis for May 16

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Mon, 16/05/2022 - 16:18
BTC, ETH and XRP Price Analysis for May 16
Cover image via www.tradingview.com

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Bulls have failed to seize the initiative as most of the coins remain in the red zone. Cardano (ADA) is the only exception to the rule, rising by 0.75%.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) could not keep the rise after yesterday's bullish candle, going down by 1% over the last 24 hours.

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

Despite today's drop, Bitcoin (BTC) has also made a false breakout of yesterday's low of $29,440. If buyers can hold the rate above this mark by the end of the day, there is a chance to see a rise to the area around $30,000 within the next few days.

Bitcoin is trading at $29,608 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list today, declining by 2.55%.

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

Ethereum (ETH) is trading similarly to Bitcoin (BTC) as bears have turned out to be more powerful than bulls. In addition, the selling trading volume has increased. In this regard, one can expect a further drop below the important $2,000 kevel soon.

Ethereum is trading at $2,012 at press time.

XRP/USD

XRP has followed the drop of other coins as the rate has declined by 2.16%.

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

Despite the fall, XRP remains trading above the vital $0.40 mark, which means that bulls are not ready to give up so easy. However, if bears' pressure continues, traders may see a sharp price drop to the zone around $0.35-$0.37 shortly.

XRP is trading at $0.41369 at press time.

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