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📈 Price Predictions
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BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market

  • Denys Serhiichuk
    📈 Price Predictions

    After a few days of stagnation, bears are back again. Our price prediction analyzes how to act on the bearish market

BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market
Cover image via 123rf.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.

Contents

June 4 has started with the general dump on the cryptocurrency market; the total market capitalization has been reduced by $30 bln just overnight.

Cryptocurrency market capitalization by CoinMarketCap

Over the past day, the price of the first cryptocurrency fell by more than 10%, for the first time in the last week, dropping below $8,000.

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The overall negative trend, which could be observed throughout Monday, was continued on Tuesday night when the price of Bitcoin fell from $8,500 to $7,750. Earlier, the cryptocurrency was trading at around $8,700.

Together with Bitcoin, the rest of the cryptocurrency market went into the deep red zone, while among the leading altcoins, EOS suffered the greatest losses in the last 24 hours, the price of which fell by 12% to $6.70.

BTC/USD

Nobody expected that Bitcoin would lose around 10% of its value overnight; however, it happened. On the other hand, the amount of trading volume has not been reduced, meaning that traders are neither leaving the market, nor switching to altcoins.

BTC/USD chart by TradingView

At the moment, our price prediction made yesterday is not coming true, as the quotes moved in the opposite direction. However, nothing critical occurred, and Bitcoin came back to the positions it was located in on May 30. Analyzing the historical background, one can notice that BTC recovered fast after previous declines. Applying the current correction to the recent scenarios, the rate might reach $8,400 in a few days. RSI confirms such course of events, as it is located on the verge of the oversold area.

The price of BTC is trading at $7,975 at the time of writing.

ETH/USD

The leading altcoin also underwent a correction; however, its rate dropped by almost the same percentage as the Bitcoin index. At the time of the writing, Ethereum is losing 7.64%, while BTC is declining by 7.46%.

ETH/USD chart by TradingView

On the 4-hour chart, Ethereum has been trading sideways since May 16, but the technical picture is worse than that of Bitcoin. The trading volume has slightly decreased since mid-May, and the MACD indicator is looking bearish. Taking into account these factors, the price may go down to the support at $230 shortly.

The price of ETH is trading at $245.92 at the time of writing.

XRP/USD

If yesterday Ripple was the only growing coin out of the top 5, today, it is the biggest loser compared to Bitcoin and Ethereum. Currently, its price has dropped by more than 8%.

XRP/USD chart by TradingView

Ripple already suffered a similar dump at the end of May; after that, the quotes came back to the previous level at $0.44 within 4 days. Applying that decline to the current market dump, traders might expect Ripple at $0.44 on June 7. Thus, the RSI indicator is near the oversold area, suggesting that sellers are running out of steam.

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The price of XRP is trading at $0.4040 at the time of writing.

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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 make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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📰 News
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XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange

  • Yuri Molchan
    📰 News

    A major XRP community member shares data that XRP is generating 80% of volume on Bitso exchange that is Ripple’s partner at introducing On-Demand Liquidity in Mexico

 XRP Currently Bringing 80% of Total Trading Volume on Ripple-Funded Bitso Exchange
Cover image via www.123rf.com
Contents

After Ripple had rebranded its xRapid product as On-Demand Liquidity (ODL) and partnered with the largest Mexican exchange Bitso, the introduction of ODL in cooperation with MoneyGram starts bringing its first fruits. As part of the collaboration, Ripple has invested in Bitso and got them to add one of its top executives to the board of directors.

 

On-Demand Liquidity successfully integrated on Bitso

A member of the XRP community @XrpCenter reports that things are looking good for XRP on the largest Mexican exchange Bitso and for Ripple’s ODL product. ODL was introduced there after the crypto giant invested an undisclosed amount in the trading platform.

The chart in the tweet shows that the XRP/MXN pair now accounts for 80 percent of the overall trading volume of Bitso.

Bitso became the key partner of Ripple and MoneyGram at introducing On-Demand Liquidity to the Mexican market. So far, the implementation has been going successfully.

This has not impacted the XRP price much though, since over the last 24 hours it rose merely by 0.54 percent. Unlike it, BTC and its forks – BCH and BSV – have posted much higher gains, as reported by U.Today earlier.

XRP price
Image via Coinmarketcap

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Ripple releases its Q3 report

At the end of last week, Friday, Ripple issued its regular report on the results of Q3. In the document, Ripple covered several major issues, such as movements of XRP from escrow and back to it, recent Ripple’s partnerships with Logos, Algrim and other startups, Coinme crypto ATM network.

Ripple also addressed the issues of FUD (fear, uncertainty, doubt) that has been recently actively spreading around the company and its XRP asset.

Ripple Q3 report
Image via www.ripple.com

What are your thoughts on the Ripple expanding XRP use in Mexico? Share them in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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