TOP 3 Price Analysis: BTC, ETH, XRP — Correction or Accumulation Before Dump?

Price Predictions
Sat, 05/16/2020 - 14:58
Denys Serhiichuk
Can the new week finish with strong growth for Bitcoin (BTC), Ethereum (ETH), and XRP?
Cover image via www.tradingview.com

With the weekend, the crypto market is not as active as it is during the working days. This is reflected by the positions in the top 10 list. Neither the sellers nor the buyers are dominating the marketplace at the moment.

Top 10 coins by Coinstats

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

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$173,920,460,998

$9,463.16

$41,270,457,042

-1.06%

Ethereum

ETH

$22,409,138,128

$201.97

$16,607,625,216

1.24%

XRP

XRP

$8,866,052,752

$0.200986

$1,965,067,655

-0.54%

BTC/USD 

After two days of sitting between the $8,500- $9,200 range, Bitcoin (BTC) began to grow, reaching not only $9,500 but also $9,900. Afterwards, Bitcoin (BTC) started to decline. Over the past week, the price of the main crypto was approaching the psychological mark of $10,000 for the second time. For the first time, BTC ended in a sharp drop to $8,100, followed by a systematic return above $9,000.

BTC/USD Chart by TradingView

After failing to fix above $10,000 for the second time, traders saw a sharp correction to the $9,256 level as the previous resistance level became a support level. At the moment, the main support areas are the following: $8,924 and $9,200. In order for BTC to continue its growth, buyers need to pass the $9,713 level.

Related
Bitcoin (BTC) Price Targets $14,000, Similar to Last Summer Price Action

In this particular case, one can count on updating the highs ($10,500 and above). While the price is trading between the $9,200- $9,700 range, there remains uncertainty and risks of decline in case of a breakdown of support at $8,924. In this particular situation, a return between the $8,100- $8,400 range is possible.

At press time, Bitcoin was trading at $9,414.82.

ETH/USD 

Ethereum (ETH) is the only winner from our list. While Bitcoin (BTC) and XRP have been in the red yesterday, the price of the main altcoin has gone up by 1.52% since yesterday.

ETH/USD Chart by TradingView

Looking the 4H chart, Ethereum (ETH) is showing bullish potential even in the face of an upcoming correction. The Relative Strength Index (RSI) keeps moving higher; however, it has not reached the oversold zone yet. Moreover, there is high liquidity focused in the $210 area. As the main scenario, traders may expect Ethereum (ETH) to rise to the first resistance level of $207 within the next few days.

At press time, Ethereum was trading at $202.28.

XRP/USD 

XRP is looking a little bit better than Bitcoin (BTC) as it has lost just 0.44% in value since yesterday. In terms of market capitalization, XRP might soon lose its third-place position due to the rising potential of Tether (USDT).

XRP/USD Chart by TradingView

XRP is showing similar growth potential to Ethereum (ETH). The Moving Average Convergence/Divergence (MACD) is about to enter a green area, confirming the power of the bulls. What is more, the coin has not left the rising channel yet, giving it space to grow. If the crypto market remains in a relatively positive trend, there are high probability for XRP to move shortly to its closest resistance level at $0.2050.

At press time, XRP was trading at $0.20.

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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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