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BTC, ETH and XRP Price Analysis for May 7

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Sat, 7/05/2022 - 17:30
BTC, ETH and XRP Price Analysis for May 7
Cover image via www.tradingview.com

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Most of the coins have continued their fall as they keep trading in the red zone.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Even though the rates of most of the coins are going down, the price of Bitcoin (BTC) is rising by 0.36%.

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

Bitcoin (BTC) keeps going down after the breakout of the $37,700 level. At the moment, there is a high possibility to see a further price drop as there are no prerequisites for a reversal. In this case, one can expect the test of the zone around $33,000 next week.

Bitcoin is trading at $35,918 at press time.

ETH/USD

Ethereum (ETH) is looking worse than Bitcoin (BTC) with a decline of 0.36%.

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

Ethereum (ETH) is also going down after the breakout of the $2,774 level. If bulls cannot seize the initiative, the fall may continue to the area of $2,300-$2,400 soon.

Ethereum is trading at $2,674 at press time.

XRP/USD

XRP is the biggest loser from the list today, falling by 0.61%.

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

XRP is trading below the vital level at $0.60 against the increased trading volume. Currently, there is a good possibility of seeing the test of the support level at $0.5461 soon if buyers cannot get back in the game.

XRP is trading at $0.5949 at press time.

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