Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Here’s what to expect after FTX’s collapse
|- Bitcoin price shows a strong bullish reaction after sweeping the $17,593 hurdle.
- Ethereum price tags a stable support level at $1,280 but awaits the big crypto’s signal to make the next move.
- Ripple price slips back into the $0.336 to $0.466 range and is currently grappling with the range’s midpoint at $0.401.
Bitcoin price, along with Ethereum, Ripple and other altcoins, has undergone a massive sell-off over the last 24 to 48 hours after the recent collapse of Sam Bankman Fried’s exchange FTX.
Before the well-known crypto exchange was acquired by Binance, the native token FTT tanked as a result of the balance sheet rumors.
Read more: Binance acquires FTX to bring an end to FTT-induced FUD
Regardless of the recent acquisition, the market has sold off, but there might be a chance for a comeback, especially if Bitcoin price manages to stabilize.
Bitcoin price attempts a recovery
Bitcoin price slid 15% in the last three days, sweeping the June 18 swing low at $17,593. This development has put BTC at a critical point where recovery is only possible if it can climb above the $19,000 level.
In such a case, a recovery bounce to $20,742 could be underway. For the next few days, if the buyers step up, the range between $18,500 and $20,742 is where BTC will remain. This development is necessary for a build-up of momentum, especially if it is the start of a run-up to $25,000 or $28,000.
BTC/USD 1-day chart
However, things could take a gloomy road if Bitcoin price slips below the $18,500 support. If BTC produces a daily candlestick close below $17,593, it will invalidate the bullish outlook and trigger a correction to the next support level at $15,551.
Ethereum price at an inflection point
Ethereum price faces a brutal rejection by the twelve-hour demand zone, extending from $1,675 to $1,750. ETH shed roughly 26% in under four days and is currently retesting the range high at $1,280.
A breakdown of this level will prove fatal for holders, Bulls have one last chance to defend this area. Depending on Bitcoin’s outlook, a resurgence of buying pressure could see ETH revisit the $1,402.
Only in a highly bullish case could investors expect Ethereum price to tag the $1,500 psychological level.
ETH/USD 12-hour chart
On the other hand, if Ethereum price breaks below $1,280, it will invalidate the bullish thesis and open the path to revisit the range’s midpoint at $1,080.
Ripple price crumbles under pressure
Ripple price created multiple lower highs between late September and early November. This weakness was followed by a breakdown of the $0.466 support level, which led to a 28% crash. As a result, XRP price reentered the $0.336 to $0.466 range.
So far, Ripple price has bounced 16% and is currently hovering below the midpoint at $0.401. A flip of this hurdle into a support floor will be key in recovering the recent losses. In such a case, XRP price could surge 12% to $0.447.
XRP/USD chart
Regardless of the recovery, a failure to push past the $0.401 hurdle will signal a weakness among buyers. This development could see Ripple price revisit $0.336, where buyers can reattempt the run-up.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.