TOP 3 Price Analysis: BTC, ETH, XRP—Are Bears Going to Push Major Cryptocurrencies Deeper?

Price Predictions
Tue, 07/14/2020 - 14:01
Denys Serhiichuk
Can Ethereum (ETH) and XRP recover faster than Bitcoin (BTC) after the correction wave?
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.

The cryptocurrency market is facing a correction after a few days of growth. At the moment, all of the top 10 coins are in the red zone. Cardano (ADA) continues to be the main loser on the list with a loss of almost 6% since yesterday.

Top 10 coins by Coinstats

Key Bitcoin (BTC) and Ethereum (ETH) statistics right now:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$169 600 695 364

$9 201,13

$19 039 331 399

-0.95%

Ethereum

ETH

$26 772 313 404

$239,56

$7 895 207 161

-1.73%

XRP

XRP

$8 767 497 915

$0,198101

$1 259 027 164

-3.38%

BTC/USD

Yesterday morning, buyers tried to increase volume and continue to grow above the resistance of $9,300. During the day, a local maximum was recorded near the $9,350 mark, and in the evening, a bearish impulse returned the pair below the two-hour EMA55 level to the lower border of the side range of $9,200.

BTC/USD chart by TradingView

During the day, bears increased the onslaught and pushed Bitcoin (BTC) to the zone around $9,000. After that, buyers consolidated their efforts and started a more dynamic recovery in the area of average prices. If the rise continues, the main crypto may achieve $9,300 shortly.

Bitcoin is trading at $9,203 at press time.

ETH/USD

Yesterday morning, buyers slightly exceeded the average volume of purchases and were able to continue the growth of the pair to the daily maximum around $245. However, they could not gain a foothold over the upper limit of the narrow side range ($242), where Ethereum (ETH) was at the end of last week.

ETH/USD chart by TradingView

By the end of the day, sellers returned the price below the two-hour EMA55 level and until morning did not allow the pair to recover to the level of average prices. If the bearish pressure intensifies today, the pair will continue to decline to the support of $233.

Ethereum is trading at $329.58 at press time.

XRP/USD

Yesterday, at the beginning of the day, buyers took advantage of the support of the two-hour EMA55 and made their way above the POC indicator line ($0.203). The daily maximum is set at $0.206.

XRP/USD chart by TradingView

In the afternoon, trading volumes declined, and the pair returned to the area of ​​average prices. Late in the evening, a strong bearish impulse drove the XRP price below the psychological mark of $0.20, setting a local minimum at $0.192. Today, the decline may continue to support $0.190. In this zone, buyers can resume purchases, and it is likely that the pair will return to the medium price range.

XRP is trading at $0.1985 at press time.

 

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.


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