TOP 3 Price Analysis: BTC, ETH, XRP — How Far Will Growth Continue?

Price Predictions
Thu, 05/14/2020 - 13:52
Denys Serhiichuk
Has the rise of Bitcoin (BTC), Ethereum (ETH), and XRP been stopped?
Cover image via www.tradingview.com

The cryptocurrency market is correcting before the next wave of decline. After the previous halving, Bitcoin (BTC) did not immediately show aggressive growth but decreased for some time, and only over the following 3-6 months did it break through the previously established peak. At the moment, it is the biggest gainer of the top 10 coins.

Top 10 coins by Coinstats

The key statistics for Bitcoin (BTC), Ethereum ETH), and XRP are as follows.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$175 833 348 888

$9 568.06

$56 055 839 144

5.83%

Ethereum

ETH

$22 366 493 975

$201.64

$20 154 779 754

3.91%

XRP

XRP

$8 940 367 044

$0.202670

$2 161 397 326

1.16%

BTC/USD 

On the daily chart, Bitcoin (BTC) retains the potential to form an inverted Head and Shoulders model. To complete it, its quotes need to fall to the $5,800-$6,200 levels, from where growth can again be expected.

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Bitcoin (BTC) Price Analysis — Enough Power to Retest $10,000?

In favor of the development of downward movement, there is a rebound from the resistance line on the RSI indicator.

BTC/USD chart by TradingView

The other possibility could be a strong increase in the price of Bitcoin (BTC) and a breakdown of the $10,550 level, which would indicate a halt in the development of the model and continued rise to $13,865. If the price falls to $6,000, but the reversal does not take place, the breakdown of $3,720 will prevent this scenario from playing out.

Bitcoin is trading at $9,620 at press time.

ETH/USD 

On the daily chart, Ethereum (ETH) quotes were able to break the middle line of the Bollinger Bands down, which indicates pressure from the bears. There was also a rebound from an important resistance level.

ETH/USD chart by TradingView

We can expect a continuation of the fall in its prices to the first target at $153. A strong signal in favor of this option is a breakdown of the trend line on the RSI indicator. However, a breakdown of the resistance level with the price holding above $230 would indicate the resumption of an upward impulse to continue growth to a potential target at $287.

Ethereum is trading at $201.56 at press time.

XRP/USD 

As it usually happens during big movements, XRP is showing the least growth. The current situation is not an exception to the rule. The coin has risen only 1.5% since yesterday.

XRP/USD chart by TradingView

On the daily chart, neither bulls nor bears are currently controlling the situation. The trading volume remains at a relatively high level. However, neither side is dominating. The most likely scenario is a sideways trend in the range between $0.21-$0.22 where most of the liquidity is focused. 

XRP is trading at $0.2030 at press time.

 

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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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