TOP 3 Price Predictions: BTC, ETH, XRP — Was Today’s Dump the Sign of a Bearish Revival?

Price Predictions
Sun, 05/10/2020 - 12:36
Denys Serhiichuk
Can Bitcoin (BTC), Ethereum (ETH), and XRP continue their fast rise upwards after today's dump?
Cover image via www.tradingview.com

After days of growth, the expected correction occurred. Bitcoin (BTC), as well as the other top 10 coins, have been on the decline over the last few minutes. The biggest loser has been Bitcoin SV (BSV), whose rate has dropped by 11.57%.

Top 10 coins by Coinstats

Below is the crucial information for Bitcoin (BTC), Ethereum ETH), and XRP and how they are looking today:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$161,190,585,913

$8,773.61

$58,858,967,037

-9.42%

Ethereum

ETH

$21,096,920,834

$190.29

$23,531,870,352

-9.91%

XRP

XRP

$8,777,667,408

$0.198982

$2,848,524,476

-9.95%

BTC/USD 

The flagship cryptocurrency has suffered one of the largest dumps in recent days. Since yesterday, Bitcoin (BTC) has lost 9.35% of its value.

BTC/USD chart by TradingView

According to the daily chart, Bitcoin (BTC) is about to trade sideways between the $8,200-$9,200 range. Since the daily candle is yet closed, it is currently unclear to predict whether the rate will go towards $8,000 or comes back up to $10,000.

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The high probability of a sideways trend is also confirmed by the large amount of liquidity concentrated at the aforementioned range.

At press time, Bitcoin was trading at $8,700.

ETH/USD 

Our previous Ethereum (ETH) price projection was justified as the leading altcoin has almost reached the mentioned $175 level. However, the coin has lost even more than Bitcoin (BTC) as its rate has dropped by 9.75%.

ETH/USD chart by TradingView

Ethereum (ETH) has retested the mirror level during today's dump as it reached the $180 mark. However, the drop is still proceeding, and a further decline is about to continue. This statement is supported by the Moving Average Convergence/Divergence (MACD), which has just entered into the red, as well as the low trading volume. All in all, if buyers cannot get Ethereum (ETH) to $200 shortly, then the bears will keep pushing the rate down towards $160.

At press time, Ethereum was trading at $190.63.

XRP/USD 

XRP lost less than Ethereum (ETH) during the decline. Since yesterday, the rate of the price decrease has made up 9.65%, and 10.13% since last week.

XRPBTC/USD chart by TradingView

XRP is looking similar to Ethereum (ETH) in terms of today's drop, which is just the start of a downtrend. The Relative Strength Index (RSI) has been able to move out of the overbought zone; however, a bearish divergence currently exists. What is more, the trading volume remains on the same level, which means that the buyers do not want to buy XRP at the moment. If the bulls do not become active now, then the nearest support zone is $0.1740.

At press time, XRP was trading at $0.1991.

 

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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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