Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Next 3 days could be interesting for BTC as Nov 17 draws
- Bitcoin price could fall 5% to bounce at the 250-day EMA at $34,483 for the next leap north.
- Ethereum price likely to rise 5% to $2,136 range high if the support provided by the ascending trendline above $2,029 holds.
- Ripple price filling up a symmetrical triangle makes a 10% drop to $0.5981 likely as XRP erases its weekly gains.
Bitcoin (BTC) price along with that of Ethereum (ETH) and Ripple (XRP) are static for the moment. However, following recent comments by James Seyffart, an analyst with Bloomberg Intelligence, the US Securities and Exchanges Commission (SEC) has a narrow window ending November 17 to approve spot BTC exchange-traded funds (ETF). On the back of speculation and investors trying to front-run a possible launch, the next three days could be interesting for the king of cryptocurrency.
Also Read: Week Ahead: Bitcoin ETF approval this week, yay or nay?
Bitcoin price eyes 5% slump unless a spot BTC ETF launches
Bitcoin (BTC) price could fall 5%, or not, depending on what the US SEC decides to do in the next three days. Whether it will be a yay or nay in regard to the spot Bitcoin exchange-traded funds (ETFs) will be the determining factor as the detailed eight-day window closes fast.
Meanwhile, a 5% slump seems likely for Bitcoin price amid falling momentum. It comes amid buyer exhaustion after BTC was massively overbought. With the Relative Strength Index (RSI) and the Awesome Oscillator (AO) supporting the downside, BTC could slide to test the support confluence between the 25-day Exponential Moving Average (EMA) and the horizontal line at $34,483 before a possible bounce.
In a more dire case, the slump could crack past $34,483 to test the 50-day EMA at $32,332. Selling pressure could see Bitcoin price lose critical support at $31,190. A daily candlestick close below this level would invalidate the bullish thesis.
BTC/USDT 1-day chart
On the flipside, increased buying pressure, which would happen if the SEC approves the launch of a spot BTC ETF, could send Bitcoin price north, clearing the range high at $37,972 to bring the $40,000 psychological level into sight.
Also Read: Bitcoin rages on, $40,000 may not be a hopium pipe dream for BTC after all
Ethereum price must hold above ascending trendline to realize upside potential
Ethereum (ETH) price is showing weakness, but the overall trend remains bullish. To realize more gains, the second largest cryptocurrency by market cap must hold above the ascending trendline, which could deliver 5% gains for a test of the $2,136 range high. In a highly bullish case, the gains could stretch to the $2,200 psychological level.
ETH/USDT 1-day chart
On the other hand, increased seller momentum could send Ethereum price below the ascending trendline at $2,029. A break and close below this level could see ETH fall into the supply zone turned bullish breaker. A break and close below its midline at around $1,935 would solidify a continuation south.
Ripple price fills up a triangle
Ripple (XRP) price has filled up a triangle amid reducing volatility in the XRP market. For the next directional bias, investors should wait for a confirmed breakout of this pattern. Meanwhile, all signs point to a downside move, amid falling momentum, indicated by the RSI and the AO histogram bars flashing red.
Increased selling pressure could see Ripple price break the lower trendline of the triangle to test the 25-day EMA at $0.6187. If the 25-EMA fails to hold as support, the slump could extend for XRP to tag the $0.5981 support level, 10% below the current price. A break and close below this level would clear the path for the remittance token to spiral further, slipping past the 50-day and 100-day EMAs at $0.5837 and $0.5619, respectively, to fall into the consolidation range between $0.5392 and $0.4735.
XRP/USDT 1-day chart
On the flipside, a break above the upper trendline could see Ripple price stretch to reclaim the November 13 high of $0.7500. In a highly bullish case, it could break past the Fair Value Gap (FVG) ranging from $0.7519 to $0.7623, restoring balance before tagging the $0.8000 psychological level. Such a move would constitute a 20% climb above current levels.
Also Read: SEC v. Ripple lawsuit still drags on, Judge Torres sets schedule for 2024
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
