Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Corrections in bull markets can be seen as temporary setbacks

  • Bitcoin is likely to revisit the 200 SMA support before a significant reversal comes into play.
  • Ethereum’s downside eyes $480 mostly if support at the 100 SMA and $500 tumbles.
  • Ripple fights for support above $0.5 and the 50 SMA after rejection at the critical $0.6 resistance level.

The cryptocurrency market is still painted in red nearly a day after the selloff was triggered by investors taking profits. Withdrawal services for cryptocurrencies and digital assets on OKEx exchange resumed on Thursday. The massive declines, especially for Bitcoin, have been attributed to investors removing funds from the platform.

Bitcoin is struggling with sustaining the price above $17,000, while Ethereum seems poised for losses under $500. On the other hand, Ripple managed to recover above $0.5 and is trading at $0.52 at the time of writing. Significantly few coins are trading in the green on Friday, and they include selected altcoins such as Aave (AAVE), Yearn.Finance (YFI) and Kusama (KSM).

Bitcoin resumes breakdown towards $15,750

Bitcoin recovered from the dip to $16,200 and reclaimed the ground above $17,000. However, the bullish momentum was not strong enough to overcome the seller congestion at the 100 SMA. A rejection came into the picture, forcing the flagship cryptocurrency back into the $16,000s territory.

At the time of writing, BTC/USD is trading at $16,728 amid a bearish moment that has intensified. If Bitcoin does not close the day above $17,000 and perhaps the 100 Simple Moving Average, more losses are likely to come into the picture. The bearish leg might stretch to the 200 SMA at $15,750 before a reversal occurs.

BTC/USD price chart

BTC/USD 4-hour chart

On the contrary, the bearish outlook will be abandoned if the bellwether cryptocurrency settles above the 100 SMA. Here, bulls will have a chance to focus on lifting the price to levels above $18,000 and probably the 50 SMA at $18,300.

Ethereum is on the verge of a breakdown under $500

Ethereum is like an unstable atom as it holds above $500. Recovery from the dip to $480 failed to make progress above $520. Ether suffered another rejection at the resistance level, forcing buyers to seek refuge at the 100 SMA, marginally above $500.

The smart-contract giant must hold above $500 if not the 100 SMA to avoid triggering massive losses. Support is still anticipated at $480, but if supply increases for Ethereum, a significant downtrend might occur.

ETH/USD price chart

ETH/USD 4-hour chart

On the flip side, bulls will avoid the potential breakdown if they Ethereum held above $500 as well as the 100 SMA. This will allow them to shift their focus from playing defends to breaking past the critical hurdle at $520.

Ripple’s declines seem unstoppable

The cross-border token renewed the uptrend but only slightly after the recent sharp drop to $0.45. Defending the 50 SMA support on the 4-hour chart played a critical role in controlling the breakdown. The recovery that ensued stalled under $0.6, leading to the ongoing battle to stay above $0.5.

XRP will likely continue with the downtrend, especially if the support levels at the 50 SMA and $0.5 cave to the selling pressure. For now, the least resistance path is downwards, as reinforced by the Relative Strength Index’s slide under the midline.

Trading below the 50 SMA could call for more sell orders. An increase in supply for XRP might see the cross-border token embark on a massive gain-trimming exercise. Other key support levels to keep in mind include $0.45, the 100 SMA at $0.38, and the 200 SMA at $0.31.

XRP/USD price chart

XRP/USD 4-hour chart

On the upside, defending support at $0.5 or the 50 SMA might invalidate the bearish narrative. If Ripple assumes stability, bulls will have ample time to focus on increasing the demand, which might help elevate the token above the resistance envisaged at $0.6 and $0.7.

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

Recommended content

Recommended Content

Editors’ Picks

Convex Finance extends gains after facing short squeeze

Convex Finance extends gains after facing short squeeze

Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000. 

More Cryptocurrencies News

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC).  

More Ripple News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis