BTC, ETH, XRP Price Prediction — Correction or a Bull Run: What Will Happen Next?


BTC, ETH, XRP Price Prediction — Correction or a Bull Run: What Will Happen Next?

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.

Contents

May 21 has started with a slight correction on the crypto market; all top coins are in the red zone. The biggest loser is Cardano, whose rate has dropped by more than 3% overnight.

The United States Securities and Exchange Commission’s approval for VanEck’s Bitcoin ETFs was again postponed, which served as the main cause of the decline.


However, the popularity of cryptocurrency keeps increasing, which is confirmed by the growing trading volume on centralized exchanges. The increasing volume has grown by 85% on the leading platforms trading fiat against cryptocurrencies.

Bitcoin trading volume chart

BTC/USD

The rate of the main digital asset has slightly decreased over the last 24 hours. As we have mentioned above, the possible reason for it is the refusal of Bitcoin ETFs.

The coin has been trading sideways for the last few days, which might mean the possibility of the close correction, taking into account the historical snapshots.

BTC/USD 1-hour chart

On the hourly chart, Bitcoin is located between the support zone at $7,500 and resistance one at $8,300. The trading volume has declined sharply over the last days, which is backed by the decrease in BTC’s domination rate.

In this regard, the nearest scenario is touching the $7,575 mark.

👉MUST READ

BTC/USD Price Prediction — Why Bulls Have Stopped at $8,000: Can We Expect New ATH This Week?

BTC/USD Price Prediction — Why Bulls Have Stopped at $8,000: Can We Expect New ATH This Week?

The price of BTC is trading at $7,942 at the time of writing.

ETH/USD

Ethereum is almost copying BTC’s pattern, as its trading volume has also significantly declined over the last 24 hours. Although there was no negative news regarding Ethereum, the current rollback was just an action following the example of the leading crypto.

ETH/USD 1-hour chart

Analyzing Ethereum on the hourly chart, one can see that nothing shows the potential uptrend. Currently, the coin is struggling to remain at the psychological level of $250. However, there is a high probability of going down to the green corridor of $235-$245.

👉MUST READ

Ethereum’s False Sense of Decentralisation: 30% of All Ether Held by 376 People

Ethereum’s False Sense of Decentralisation: 30% of All Ether Held by 376 People

The price of ETH is trading at $250.31 at the time of writing.

XRP/USD

Unfortunately, our XRP price prediction was not justified, as the expected breakthrough of $0.4100 did not happen. Currently, it is the biggest loser among the top 3 coins, as its rate has declined by around 2% over the last day.

XRP/USD 30-min chart

On the 30 minute chart, the situation does not look promising, as XRP has been trading sideways for 3 days already. Moreover, the MACD indicator shows bearish tendencies and can push the rate down to $0.38.

The price of XRP is trading at $0.3920 at the time of writing.

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

👓 Recommended articles