TOP 3 Price Prediction: BTC, ETH, XRP — Market is Bouncing Back. Is Crypto Returning to Previous Levels?

Price Predictions
Mon, 03/02/2020 - 14:01
Denys Serhiichuk

Has the correction ended for Bitcoin (BTC), Ethereum (ETH), and XRP or does another trap await us?

Cover image via www.tradingview.com

The cryptocurrency market is facing consolidation. All of the top 10 coins have returned to their previous levels and are currently sitting in the green zone. The top gainer is Bitcoin SV (BSV), whose rate has rocketed by 6.81%.

Top 10 coins by Coinstats

 

The key data for Bitcoin (BTC), Ethereum ETH), and XRP is below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$159 768 685 668

$8 755,44

$38 555 526 866

0,16%

Ethereum

ETH

$24 772 786 416

$225,36

$18 108 587 676

-1,18%

XRP

XRP

$10 279 689 355

$0,234806

$2 222 488 729

-0,67%

BTC/USD 

The fall of Bitcoin (BTC) has slowed. Over the weekend, quotes fell to $8,500, but there has been no further acceleration.

BTC/USD chart by TradingView

From a technical point of view, movement is now taking place within a downward channel at volumes below their average values.

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In case of a confident breakdown of the upper border of the trading channel, the probability of a trend change will increase significantly; however, for a complete reversal, the price will need to gain a foothold above the $9,000 value per coin. Meanwhile, the BTC hashrate has hit record highs.

Bitcoin is trading at $8,749 at press time.

ETH/USD

Over the weekend, the situation with Ethereum (ETH) didn't significantly change. A technical figure for a descending triangle is forming on the chart, where the price is supported by the $218 level.

ETH/USD chart by TradingView

At the moment, Ethereum (ETH) is trying to break the falling channel. Trading volume remains still low but buyers are pushing the rate higher. The current price movement is considered to be a correction after a decline to around the $210 area. All in all, the rate may reach the next liquidity zone of $240 shortly if trading volume remains high.

Ethereum is trading at $227.54 at press time.

XRP/USD

The situation with XRP, from a technical point of view, is developing according to a scenario similar to Ethereum (ETH). The exit from the emerging figure of the descending triangle may indicate the most likely direction of movement in the near future.

XRP/USD chart by TradingView

The next significant support level is located around $0.20. However, the rate will likely reach $0.24 before a decline starts. The current rise is supported by the rising RSI indicator that has not yet reached the oversold zone. Moreover, the trading volume keeps rising, which confirms the presence of buyers.

XRP is trading at $0.2360 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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