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TOP 3 Price Prediction: BTC, ETH, XRP — Has the Correction Passed Before $10,500?

Price Predictions
Tue, 02/11/2020 - 21:12
Denys Serhiichuk
Has the local correction passed for Bitcoin (BTC), Ethereum (ETH), and XRP?
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The cryptocurrency market is facing a fast revival after Bitcoin (BTC) fell below the $10,000 mark. At the moment, most of the altcoins are in the green zone. The only exception to the rule is Tezos (XTZ), whose rate has declined by 0.55% over the last day.

Top 10 coins

Top 10 coins by coinstats

Below is the key data for Bitcoin (BTC), Ethereum (ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$179 575 392 038

$9 860,50

$34 070 555 858

0,19%

Ethereum

ETH

$24 514 750 757

$223,56

$14 380 624 004

1,56%

XRP

XRP

$11 911 001 960

$0,272509

$2 094 231 370

0,30%

BTC/USD 

Above the $10,000 psychological level, Bitcoin (BTC) soared on the massive Marubozu candle, which is characterized by either small shadows or the complete absence of shadows. This pattern indicates a clear predominance of buyers in the market. 

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However, the bullish candle was followed by a bearish takeover. Such a sharp change in mood after a rather long rally indicates a high probability of a continuation of the downward correction.

BTC/USD 1-day chart

BTC/USD chart by TradingView

The fall is likely to continue to the $9,586 level, corresponding to a maximum on November 4. If this level does not stand under the pressure of the bears, the next stop will be the
$9,075-$9,188 range, covering a minimum of February 4 and a maximum of January 19, respectively.

Bitcoin is trading at $8,866 at press time.

ETH/USD

Ethereum (ETH) has been one of the main losers in the ongoing correction. However, its rate has already surpassed the growth of Bitcoin (BTC) and makes up 1.56%

ETH/USD 4-hour chart

ETH/USD chart by TradingView

The short-term scenario is bearish for the chief altcoin. However, before a correction starts, Ethereum (ETH) might retest the $230 level. Then, a more profound decline to around $220 will begin.

Ethereum is trading at $224.20 at press time.

XRP/USD

XRP is the main loser compared to Bitcoin (BTC) and Ethereum (ETH). The rate of the third most popular crypto has dropped by 0.06%

XRP/USD 4-hour chart

XRP/USD chart by TradingView

In terms of the short-term price forecast, XRP is already facing a correction before one more bullish wave starts. In this case, the bottom of the local decline might be the support level at $0.2650. What is more, the lines of the MACD indicator are moving downward, confirming the price decrease.

XRP is trading at $0.2727 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 make 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.

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