TOP 3 Price Analysis: BTC, ETH, XRP — Are Bulls Ready for Another Wave of Growth?

Price Predictions
Sun, 05/17/2020 - 14:56
Denys Serhiichuk
Do Ethereum (ETH) and XRP have enough strength to keep up with the growth of Bitcoin (BTC)?
Cover image via www.tradingview.com

As the last day of the week ends, the cryptocurrency market is showing indications of growth, which is quite unusual for a weekend. All of the top 10 coins are in the green, with Tezos (XTZ) having the largest gains (+4.7%) since yesterday.

Top 10 coins by Coinstats

Below is the key data for Bitcoin (BTC), Ethereum ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$178,995,040,811

$9,738.90

$37,562,004,785

2.78%

Ethereum

ETH

$22,763,446,766

$205.14

$14,931,422,365

1.97%

XRP

XRP

$8,968,913,939

$0.203317

$1,728,372,819

1.41%

BTC/USD

After Saturday's slight correction, Bitcoin (BTC) bounced off its support zone at $9,200 and has continued to rise. Since last week, the rise in price has constituted 11.50%.

BTC/USD chart by TradingView

Although Bitcoin (BTC) faced a rollback after its failed attempt to fix above $10,000, the bullish scenario remains relevant. Looking at the Relative Strength Index (RSI), one may observe a divergence. This confirms the strength of buyers pushing the rate of BTC higher.

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If the bulls succeed in breaking the $10,000 mark, the next resistance will be around $10,300, and that might be attained next week.

At press time Bitcoin was trading at $9,731.

ETH/USD

Ethereum (ETH) is also keeping up with BTC's growth; however, it is showing less of a rise than the main cryptocurrency. The chief altcoin has added 1.91% to its value since yesterday.

ETH/USD chart by TradingView

The trading patterns of Ethereum (ETH) are similar to Bitcoin (BTC). There is also a bullish divergence on the RSI and buyers' interest at the current levels. Moreover, there is high enough liquidity concentrated around the $220 area. If the market remains positive next week, there are high probability that the aforementioned level will be obtained shortly.

At press time, Ethereum was trading at $9,731.

XRP/USD

XRP is showing the least amount of growth as compared to Bitcoin (BTC) and Ethereum (ETH). Since yesterday, the rate of growth has made up just 1.56% and 2.75% since last week.

XRP/USD chart by TradingView

If Bitcoin (BTC) and Ethereum (ETH) are showing bullish tendencies, XRP is the exception to the rule. Looking at the daily time frame, the bulls are already losing their efforts to push the rate higher. This is confirmed by the declining trading volume. Furthermore, the lines of the Bollinger Bands are moving down. As for the nearest price projection, traders might expect XRP to be located around its nearest resistance level of $0.1950 soon.

At press time, XRP was trading at $0.2030.

 

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

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