TOP 3 Price Analysis: BTC, ETH, XRP — Top Coins Preparing for Continued Rise?

Price Predictions
Thu, 07/02/2020 - 14:38
Denys Serhiichuk
Which crypto out of Bitcoin (BTC), Ethereum (ETH), and XRP will come out of the consolidation zone fastest?
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.

By the second half of Thursday, most of the coins have switched to green. Cardano (ADA) remains the top gainer, rising by 9% over the past 24 hours.

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

$170,494,059,623

$9,255.46

$15,930,504,974

0.72%

Ethereum

ETH

$25,678,016,411

$230.11

$6,460,849,389

0.76%

XRP

XRP

$6,460,849,389

$0.176990

$1,078,126,546

0.52%

BTC/USD 

Yesterday morning, trading activity was low, and the pair spent the first half of the day in consolidation at the level of average prices. After lunch, the volume of purchases gradually began to increase, Bitcoin (BTC) came out of the side range and tested the resistance at $9,300 until the end of the day.

BTC/USD chart by TradingView

In the Asian session, the price of Bitcoin (BTC) fell slightly, and in the morning it consolidated near $9,240. If, today, buyers overcome the resistance at $9,300, then a re-test of the level of 38.2% Fibo ($9,441) is possible.

Bitcoin is trading at $9,239 at press time.

ETH/USD 

As it usually happens after a consolidation period, Ethereum (ETH) is rising much faster than Bitcoin (BTC). The rate of the main altcoin has risen 1.03% since yesterday.

ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is rising within an ascending channel. What is more, the current growth is supported by the relatively high trading volume and the liquidity level. Most likely, the rise could continue to the first resistance zone at $233. This could occur within the next few days.

Ethereum is trading at $229.99 at press time.

XRP/USD 

Yesterday, during the day, XRP moved sideways. In the morning, it started from the lower border of $0.175, and in the evening it tested the upper limit of the sideways range, which was the two-hour EMA55.

XRP/USD chart by TradingView

At night, sellers did not allow the pair to gain a foothold above the average price level and by the morning the XRP price had consolidated directly below the moving average EMA55. If buyers can strengthen their onslaught today and exit the side corridor, then the recovery may continue past $0.18. If it fails to break through the level of average prices, then the decline will continue to support at $0.17.

XRP is trading at $0.1767 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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