TOP 3 Price Analysis: BTC, ETH, XRP — Have Bulls Found the Strength to Maintain the Upswing?

Price Predictions
Sun, 05/24/2020 - 15:29
Denys Serhiichuk
Can Bitcoin (BTC) follow the growth of Ethereum (ETH) and XRP?
TOP 3 Price Analysis: BTC, ETH, XRP — Have Bulls Found the Strength to Maintain the Upswing?
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.

On Sunday, May 24, the majority of the top 10 coins were in the green. The only exception was Bitcoin SV (BSV), whose rate has dropped by 0.02% since yesterday.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Below is the vital information for Bitcoin (BTC), Ethereum ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$168,055,763,324

$9,141.12

$27,897,598,476

0.31%

Ethereum

ETH

$23,057,813,059

$207.62

$10,702,729,127

0.52%

XRP

XRP

$8,787,628,152

$0.199208

$1,337,786,314

0.34%

BTC/USD 

Bitcoin (BTC) tried to fix itself above $9,300; however, it failed to make that mark. This confirmed the lack of strength that the bulls have to push the rate back to $10,000. The price of the chief coin declined by 5%.

BTC/USD chart by TradingView
BTC/USD Chart by TradingView

Looking at the daily chart, Bitcoin (BTC) is struggling to trade above $9,000. The current situation could be considered a bounce back before its continued decline.

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The trading volume has also decreased, and based on the Visible Range indicator, there is no interested buyers. All in all, the next stop is the 23.6% ($8,565) level of the Fibonacci retracement. This might be attained next week if buyers cannot fix the price above $9,400.

At press time, Bitcoin was trading at $9,141.

ETH/USD 

While Bitcoin (BTC) is trading sideways, Ethereum (ETH) is delivering profit to its holders. The rate of the main altcoin has increased by 0.5% since yesterday.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Although Ethereum (ETH) is slightly up at the moment, its short-term scenario is bearish. Its growth is not supported by the trading volume. Thus, one might see falling heights, which will show the absence of strength by buyers to retest the previous levels. Moreover, there is a bearish divergence on the Relative Strength Index (RSI) indicator. In this particular case, the more likely scenario will be updating ETH's nearest support zone around the $175 mark.

At press time, Ethereum was trading at $206.84.

XRP/USD 

With Bitcoin (BTC) continuing to trade sideways as most of the other coins, XRP had its chance. The price of the coin has gone up by only 0.19% and has decreased by 1.87% since last week.

XRP/USD chart by TradingView
XRP/USD Chart by TradingView

Looking at the daily time frame, XRP is trading within a Triangle pattern. There is a false breakout as the coin could not fix above the crucial $0.20 mark. What is more, the buying volume remains relatively stagnant, which shows the unwillingness of buyers to retest the level. In this regard, the nearest zone where the bulls may show their strength is at $0.1795.

At press time, XRP was trading at $0.1991.

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.