Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bulls aiming for $100K BTC, $3,500 ETH and $2.35 XRP
- Bitcoin price steadies around $90,800 on Friday after recovering nearly 5% so far this week.
- Ethereum price hovers around $3,000 after rebounding from the key support level.
- XRP trades above $2.17, with bulls aiming for the level above $2.35 mark.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) steadies around key levels on Friday after recovering nearly 5%, 7% and 6%, respectively, so far this week. These top three cryptocurrencies are aiming for a further rally, with the bull targeting $100,000 BTC, $3,500 ETH and $2.35 XRP.
Bitcoin extends recovery, aiming for $100,000 mark
Bitcoin price found support around the key psychological level of $80,000 last week, recovered slightly over the weekend, and has rebounded nearly 5% so far this week. At the time of writing on Friday, BTC hovers around $91,000.
If BTC continues its recovery, it could extend the rally toward the next key psychological level at $100,000.
The Relative Strength Index (RSI) on the daily chart is 40, pointing upward toward the neutral 50 level, indicating fading bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Thursday, providing a buy signal and further supporting the potential continuation of the recovery.
On the other hand, if BTC faces a correction, it could extend the decline toward the key support at $85,000.
Ethereum could extend gains if it closes above key resistance
Ethereum price found support near the 61.8% Fibonacci retracement level at $2,749 on November 22 and recovered more than 8% in the next four days. At the time of writing on Friday, ETH approaches its key resistance level at $3,017.
If ETH closes above the daily resistance at $3,017, it could extend the rally toward the next psychological level at $3,500.
The RSI on the daily chart is 40, pointing upward toward the neutral 50 level, indicating fading bearish momentum. Additionally, the MACD showed a bullish crossover on Monday, which still holds and supports the potential continuation of the recovery.
On the other hand, if ETH declines, it could extend the drop toward the 61.8% Fibonacci retracement level at $2,749.
XRP bulls setting sights on the $2.35 mark
XRP price retested and found support around the lower trendline of the descending channel (drawn by connecting multiple highs and lows with two trendlines) on Saturday and recovered 14.19% by Monday. However, XRP has been consolidating around $2.20 mark for the last three days. At the time of writing on Friday, it hovers around the same level.
If XRP recovers, it could extend the rally toward the next daily resistance level at $2.35, which coincides with the 50-day EMA at $2.36.
Like Bitcoin and Ethereum, XRP’s RSI and MACD also support the recovery thesis.
On the other hand, if XRP corrects, it could extend the decline toward the daily support at $1.96.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
