TOP 3 Price Predictions for BTC, ETH, XRP: Should We View the Current Pump as a Reversal Sign?

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    Was the today's sharp rise the start of the bull market?

TOP 3 Price Predictions for BTC, ETH, XRP: Should We View the Current Pump as a Reversal Sign?
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.

The cryptocurrency market rocketed up as Bitcoin (BTC) rose from $7,300 to $7,800 in just a few minutes. Respectively, the general mood has switched from a bearish tone to a bullish one as all of the top 10 coins are in the green.

Top 10 coins by Coinstats

Here are how the positions for Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) are looking today:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$135,562,629,098

$7,496.78

$18,870,981,937

1.77%

Ethereum

ETH

$16,318,600,089

$149.99

$7,306,406,754

1.94%

XRP

XRP

$9,519,379,066

$0.219920

$1,312,180,687

0.59%

BTC/USD 

The prediction that was made a few days ago is justifiable as BTC could rise the above $7,600 mark.

BTC/USD chart by TradingView

Looking at the 1H chart, BTC showed abnormal growth. However, this was a pump rather than the start of a bullish trend. The candle's wick is almost the same size as the "body", meaning that a fast decline may occur.

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In this particular instance, the nearest support level for BTC is around the $7,400 mark.

At press time, BTC is trading at $7,471.

ETH/USD

ETH followed the same path as BTC as the rate for the largest altcoin shot up by almost 6% over the course of a few minutes.

ETH/USD chart by TradingView

While ETH has copied BTC's price movement, it is unlikely to fix growth. With regards to the nearest price scenario, ETH may go below the $150 mark as the relative strength index (RSI) indicator shows that it is oversold. In short, the growth was just a pump as the trend remains bearish.

At press time, ETH is trading at $150.22.

XRP/USD

XRP reacted the least on the sharp rise in price for BTC.

XRP/USD chart by TradingView

Significant trading volume occurred during the sharp increase; however, XRP is currently trending downwards. As for the nearest price forecast, one should expect an update of the $0.22 level. Moreover, the Bollinger Bands confirm a continuation of bearish sentiments.

At press time, XRP is trading at $0.2212.

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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 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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