Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC bulls take advantage of recent dip with $40,000 in sight


Share:
  • Bitcoin price could climb 7%, recouping the ground covered since the November 9 rejection from the $37,972 range high.
  • Ethereum price defends the $1,935 support level at all costs, with success likely to initiate a 10% rally to $2,200.
  • Ripple price shows weakness, breaks the triangle to the south as the 25-day EMA provides support at $0.6183.

Bitcoin (BTC) price is showing strength again after a stark correction on Tuesday that bruised the market. Ethereum (ETH) is following the trend set by the largest cryptocurrency by market capitalization. However, the same cannot be said for Ripple (XRP), at least not yet, as the remittance token's price is showing weakness. 

Also Read: Bitcoin price drops, $90 million in open interest wiped out amid jitter over spot BTC ETF window closing

Bitcoin price pulls north as momentum restores

Bitcoin (BTC) price is pulling north, trying to recover all the ground lost in the recent crash that saw up to $90 million in open interest wiped out of the market. With the 25-day Exponential Moving Average (EMA) coming into play at $34,572, BTC is trying to reclaim territory above the critical resistance at $36,788.

For a confirmed move north, investors should watch for Bitcoin price to break and close above the $36,788 level. This will set the tone for BTC to target the $37,972 range high before reaching the $38,000 psychological level.

In a highly bullish case, Bitcoin price could extend its reach to tag the $40,000 psychological level, with such a move constituting a 10% climb above current levels.

The Relative Strength Index (RSI) is tipping north, suggesting momentum is rising, while the Awesome Oscillator (AO) holds in positive territory. This adds credence to the bullish thesis.

BTC/USDT 1-day chart

Conversely, another rejection from the $36,788 resistance level could see Bitcoin price losing support due to the 25-day and 50-day EMAs at $34,572 and $32,456, respectively, before dipping into the supply zone turned bullish breaker where it could test the 100-day EMA at $30,528.

Also Read:  Over $1 billion worth of BTC susceptible to be sold as Bitcoin price hints at short-term correction

Ethereum price holds above $1,935

Ethereum (ETH) price maintains above the $1,935 level, a crucial support that could spell doom for ETH if lost. With the RSI tipping north and the AO holding in the positive zone, ETH could scale north, restoring itself above the $2,029 support in order to ride the ascending trendline. This could ship the second-largest cryptocurrency by market capitalization to the $2,136 range high.  

ETH/USDT 1-day chart

However, if selling pressure increases, Ethereum price could slip below the $1,935 support. A decisive move below this level would confirm the downtrend, with ETH likely to test the 25-day or 50-day EMA at $1,892 and $1,806, respectively.

In a worse case, Ethereum price could tag the 100-day EMA at $1,763, with a break and close below it invalidating the bullish thesis under the $1,753 support level.

Also Read: Ethereum Price Prediction: Eighteen-months ascending triangle pattern appraises $4,000 target for ETH

Ripple price breaks the triangle

Ripple (XRP) price has shown weakness, breaking out of the triangle to the downside amid reducing volatility. Increased selling pressure could send XRP below the 25-day EMA at $0.6181. A break and close below the $0.5981 would lower optimism for a move north.

XRP/USDT 1-day chart

However, if buyer momentum increases, Ripple price could restore back above the lower trendline of the triangle above $0.6584, which would set the tone for a move to $0.7000.

In a highly bullish case, the gains could extend toward the Fair Value Gap (FVG) between $0.7519 to $0.7623, with Ripple price filling the inefficiency and restoring balance.  

Also Read: XRP price could extend gains with Ripple’s likely win through $20 million settlement with SEC

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.

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP