Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP remain range-bound as breakdown risks rise
- Bitcoin price rebounds after retesting its lower consolidation range, extending its sideways trend over 13 days.
- Ethereum is nearing the lower end of its consolidation range at $1,747 on Friday.
- XRP hovers at $1.42, finding support at the lower trendline boundary, a close below suggests a correction ahead.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading sideways within consolidation ranges on Friday, signaling a lack of directional bias in the broader crypto market. BTC rebounded from key support, and ETH is nearing the lower consolidation boundary, while XRP is holding at its lower trendline boundary. The top three cryptocurrencies by market capitalization suggest that upside momentum remains limited, keeping price action tilted toward the downside.
Bitcoin rebounds after retesting the key support
Bitcoin price has been consolidating within a range between $65,729 and $71,746 since February 7. BTC started the week on a negative note, declined in the first half, and rebounded slightly on Thursday after retesting the lower consolidation boundary at $65,729. As of writing on Friday, BTC is trading at $67,200.
If BTC closes below the lower consolidation level at $65,729 on a daily basis, it could extend the decline toward the key support level at $60,000.
The Relative Strength Index (RSI) on the daily chart reads 35, below the neutral level of 50 and pointing downward toward the oversold levels, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, which remains in place, suggesting that upside bias has not been invalidated yet.
If BTC continues to find support around the lower consolidation range at $65,729, it could extend the advance toward the upper consolidation range at $71,746.
Ethereum could extend its correction if it closes below the lower consolidation range
Ethereum price was rejected near the upper consolidation range at $2,149 on Sunday and declined by 5.75% that day. ETH has corrected slightly so far this week, and as of writing on Friday, it’s heading toward the lower consolidation boundary.
If ETH closes below the lower consolidation range at $1,747 on a daily basis, it could extend the decline toward the daily support at $1,669.
Like Bitcoin, Ethereum’s RSI shows bearish momentum gaining traction. At the same time, the MACD indicator printed a bullish crossover on Saturday that remains intact, suggesting the broader upside bias has not yet been invalidated.
However, if ETH recovers, it could extend the advance toward the upper consolidation range at $2,149.
XRP finds support around the lower trendline boundary
XRP broke above the lower trendline boundary of a falling wedge on Saturday and declined slightly the next day, finding support around it. XRP has stabilized around this trendline so far this week. As of Friday, XRP is trading at $1.42.
If XRP slips and closes below the lower trendline, it could extend the decline toward the weekly support at $1.30.
Like Bitcoin and Ethereum, XRP’s momentum indicators remain conflicted, with RSI pointing to building bearish pressure while the MACD continues to signal underlying bullish momentum.
Conversely, if the lower trendline boundary holds as support, it could extend the recovery toward the 50-day Exponential Moving Average (EMA) at $1.68.
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.
