TOP 3 Price Analysis: BTC, ETH, XRP — Has the Run to New Peaks Started?

Price Predictions
Sat, 05/30/2020 - 15:35
Denys Serhiichuk
Should we expect a price blast for Bitcoin (BTC), Ethereum (ETH), and XRP during the first days of June?
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 market has continued its bullish trend on the weekend. All of the top 10 coins have remained in the green since yesterday. Ethereum (ETH) is leading the charge, rising almost 7% from the previous day.

Top 10 coins by Coinstats

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

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$175,935,409,080

$9,567.18

$30,880,377,622

1.06%

Ethereum

ETH

$26,012,035,525

$234.05

$12,930,974,667

7.21%

XRP

XRP

$8,965,753,751

$0.203246

$1,539,327,292

2.78%

BTC/USD 

After correcting itself to the $9,300 zone, Bitcoin (BTC) has gained traction to maintain its growth. The coin has added around 1% to its value in the last 24 hours.

BTC/USD Chart by TradingView

Looking at the daily time frame, the triangle pattern is about to end for Bitcoin (BTC). The asset has accumulated enough power to blast upwards or downwards. From a technical perspective, there are more chances of a resistance breakout as the current figure usually shows a trend continuation. If this happens, the next stop is $10,300. However, in order for this to happen, the trading volume needs to increase as the current volume is low.

At press time, Bitcoin was trading at $9,542.

ETH/USD 

Ethereum (ETH) is today's leader. The altcoin has blasted upwards by 6.88% since yesterday. It has had the largest gains of the top 10 coins.

ETH/USD Chart by TradingView

Having accumulated enough strength, Ethereum (ETH) has moved out of its sideways trend. Regarding the nearest price forecast, the coin might show a slight decline to its nearest level of $227.67 in order to gain 'fuel' that will allow it to maintain the ongoing growth.

Related
Ethereum (ETH) Price Analysis — Will Main Altcoin Keep up With BTC’s Growth and Reach $250?

The most important factor is that the rise is accompanied by a relatively high buying trading volume, which is a good sign for the bulls. As for the next resistance level, traders should consider the $252 level, which might be achieved by mid-June.

At press time, Ethereum was trading at $236.33.

XRP/USD 

XRP is also showing prospective signs of growth, even surpassing Bitcoin (BTC) in some cases. This might have helped the coin power back to 3rd place in the global cryptocurrency rankings.

XRP/USD Chart by TradingView

Having broken out its support zone, XRP has neglected the possible start of a bearish trend. The rise has been supported by two important components: high liquidity (Visible Range indicator) and trading volume. One might see the coin slowly approach the $0.2050 level. To sum it up, the bulls are ready to move towards the next resistance mark at $0.2082 next week.

At press time, XRP was trading at $0.2037.

 

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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