Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP extend recovery as market sentiment improves
- Bitcoin price trades above $105,800 on Monday, holding firm after rebounding from a key support zone in the previous week.
- Ethereum continues its rebound, gaining strength after bouncing off the 50% retracement level at $3,171.
- XRP breaks above resistance at $2.35, with a decisive daily close likely to confirm a bullish continuation.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) traded higher on Monday after rebounding from key support levels the previous week. The top three cryptocurrencies suggest further recovery, as momentum indicators signal a fading bearish trend.
Bitcoin rebounds after retesting support at $100,353
Bitcoin's price found support around the 50% retracement at $100,353 on November 4 and retested it over the next four days. On Sunday, BTC rebounded 2.36%. At the time of writing on Monday, BTC is extending its recovery trade at $105,900.
If BTC closes above the 61.8% Fibonacci retracement at $106,453 on a daily basis, it could extend the recovery toward the 50-day Exponential Moving Average (EMA) at $110,238.
The Relative Strength Index (RSI) reads 45, pointing upward toward the neutral level of 50, indicating fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level. Additionally, the Moving Average Convergence Divergence (MACD) lines are converging, with decreasing red histogram bars below the neutral level, indicating early signs of fading bearish momentum.
On the other hand, if BTC faces a correction, it could extend the decline toward the key support at $100,353.
Ethereum shows signs of further recovery
Ethereum price found support around the 50% retracement level at $3,171 on November 5 and recovered nearly 5% until Sunday. At the time of writing on Monday, ETH is trading above $3,628.
If ETH continues its recovery, it could extend the rally toward the 50-day EMA at $3,907.
Like Bitcoin, Ethereum’s RSI and MACD are showing signs of fading bearish momentum and hinting at further recovery.
However, if ETH faces a correction, it could extend the decline toward the 50% price retracement level at $3,171.
XRP closes above key resistance at $2.35
XRP price closed below the daily level at $2.35 on November 3 and declined by over 4% the next day. However, XRP found support above the daily level at $1.96 and consolidated in the next four days. On Sunday, XRP rose over 3% and closed above the daily resistance level at $2.35. At the time of writing on Monday, it continues to trade higher at $2.46.
If XRP continues its recovery, it could extend the rally toward the next daily resistance at $2.72.
Like Bitcoin and Ethereum, XRP’s RSI and MACD are showing signs of fading bearish momentum and hinting at further recovery.
On the other hand, if XRP faces a correction, it could extend the decline toward the daily support at $1.96.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
