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BTC, ETH, XRP Price Prediction — Did Bulls Need a Break or Is the $250 Bln Market Cap Back?

Thu, 06/06/2019 - 07:18
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Denys Serhiichuk
? ?The initiative has changed from bulls to bears and vice versa. Our price analysis explains what that means for the cryptocurrency market?
BTC, ETH, XRP Price Prediction — Did Bulls Need a Break or Is the $250 Bln Market Cap Back?
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The situation on the cryptocurrency market is being changed very fast; if yesterday most of the coins were in the red zone, today, only Bitcoin SV and Stellar Lumens are losing their value out of the top 10 coins. Such a slight bounce back pushed the market capitalization to the crucial $250 bln level.

Top 10 cryptocurrency
Top 10 coins by CoinMarketCap

Analyzing the reasons of the recent 2-day correction, it was mainly caused due to the pressure from big market players and the influence of the US and Chinese trade wars, prompting investors to get rid of high-risk assets.

However, from a technical point of view, the market has adjusted before the upward movement. Moreover, round values are often considered as severe psychological levels. Therefore, the recent Bitcoin rebound from $9,000 is not unusual.


Even though the price of Bitcoin has increased by only 0.4% over the previous day, its quotes are trading according to our recent forecast, moving to the critical resistance at $8,000.

BTC/USD 1-hour chart
BTC/USD chart by TradingView

Buyers' dominance is observed on the hourly time frame: RSI shows a bullish divergence, signaling the likelihood of short-term recovery of BTC to $8,000.

Bitcoin Price Floats around $7,900 as Crypto Market Nosedives into the ‘Red Sea’

However, taking into account the situation on the previous charts, after the upward correction, the price decline is likely to continue to the area of $7,800.

The price of BTC is trading at $7,800 at the time of writing.


The second crypto by capitalization has adjusted as we predicted earlier, and at the moment there is a rebound from the lower border of the Bollinger Bands indicator. This can be a good signal for continued growth. As one can see, earlier, this test provoked an increase from $145 to $280. The current situation looks similar, so we should expect an attempt of a sharp rise in the cryptocurrency’s quotes.

ETH/USD daily chart
ETH/USD chart by TradingView

An additional positive signal is the fixing of quotes above the upper boundary of the ascending channel. The growth target will be at a distance equal to the width of this corridor.

The price of ETH is trading at $245.54 at the time of writing.


On the hourly chart, XRP quotes are trapped within the Triangle pattern; there is a decrease in volatility in front of a strong movement.

XRP/USD 1-hour chart
XRP/USD chart by TradingView

As the main trading idea, we can expect Ripple to test the lower boundary of the triangle model and then rise to its upper boundary. In the case of its breakdown and consolidation above the level of $0.4790, one should expect continued growth to the target at $0.5875. The basis for determining the end point of the movement of quotes is the height of the geometric pattern.

XRP Price Fighting for $0.40 Against the Trading Volume Drop

The price of XRP is trading at $0.4015 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 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