TOP 3 Price Analysis: BTC, ETH, XRP — Can Bitcoin Keep Up With Altcoin Growth in Current Bullish Wave?

Price Predictions
Wed, 07/08/2020 - 13:43
Denys Serhiichuk
Will Bitcoin (BTC) and Ethereum (ETH) show the same growth as XRP?
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 first part of the week has turned out to be bullish as the top 10 coins have been in the green zone since Monday. Bitcoin SV (BSV) is the only loser from the list, having declined 0.08% over the past day.

Top 10 coins by Coinstats

The key data for Bitcoin (BTC), Ethereum (ETH), and XRP is as follows.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$171,126,673,809

$9,286.83

$17,396,234,962

0.29%

Ethereum

ETH

$27,037,915,443

$242.12

$8,158,772,320

1.73%

XRP

XRP

$8,763,021,865

$0.197999

$1,586,341,623

6.91%

BTC/USD

The general picture for Bitcoin (BTC) has not significantly changed so far. The leading coin has gained 0.39% over the past day while the change over the past week has amounted to +0.88%.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) is approaching the resistance line of the Bollinger Bands indicator at around $9,500. There are small chances for it to break this line as, based on the declining trading volume, there is not enough power. In this case, we can expect a false break out at $9,500 followed by a continued decline to $8,800, the area of buyer interest. Such a scenario is relevant until the end of the current week.

Bitcoin is trading at $9,302 at press time.

ETH/USD

Yesterday, in the morning, bears tried to push the price of Ethereum (ETH) to $233. However, buyers were able to seize the initiative and, by this morning, they returned the pair to the July maximum zone.

ETH/USD chart by TradingView

Despite the fact that the recovery looks quite dynamic, this morning the price of Ether could not gain a foothold above $243.34 and rolled back to the $240 area. If growth resumes during the day, the pair will test resistance at $247. Otherwise, Ethereum (ETH) may roll back below the two-hour EMA55.

Ethereum is trading at $242.66 at press time.

XRP/USD

Yesterday, buyers were not able to overcome the $0.19 resistance. During the day, XRP fell back to support around $0.183, and in the Asian session, the bulls formed a powerful impulse that tested the psychological level of $0.20.

XRP/USD chart by TradingView

Currently, XRP has already reached its local peak and is unlikely to go higher as trading continues decreasing. Furthermore, the Relative Strength Index indicator has formed a bearish divergence on the daily time frame, which could suggest a drop.

Related
TOP 3 Price Analysis: BTC, ETH, XRP — Buyers Showing Last Efforts to Save Bullish Trend

Traders can expect a correction to the $0.1970 zone soon, before growth continues.

XRP is trading at $0.1992 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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