- 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.
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.
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.
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.
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.
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