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BTC, ETH and XRP Price Analysis for May 24

Price Analysis
Tue, 05/24/2022 - 15:45
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Denys Serhiichuk
Which coins have accumulated enough effort for a continued rise?
BTC, ETH and XRP Price Analysis for May 24
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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After sharp growth, most of the coins have entered the correction phase.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) keeps facing trouble, going down by 4% over the last 24 hours.

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

Despite the fall, Bitcoin (BTC) is located in the middle of the channel with neither bullish nor bearish signals. However, the $30,000 mark remains important in terms of a further possible rise. If buyers can return to this area and fix above it, the growth may continue to $31,000 by the end of the week.

Bitcoin is trading at $28,977 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list today with a drop of 6.53%.

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

Ethereum (ETH) is showing worse price performance than Bitcoin (BTC) as the rate keeps going down after a failed attempt to fix above $2,000. If buyers cannot seize the initiative, one can expect a sharp decline below $1,900 within the next few days.

Ethereum (ETH) is trading at $1,935 at press time.

XRP/USD

XRP is following Ehtereum (ETH) with a decline of 6.34%.

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

XRP has lost the $0.40 mark, which means that until the rate is below it, there are good chances to see a continued decrease. In this case, traders might see the test of the support level at $0.37 shortly.

XRP is trading at $0.3979 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.