Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos bounce as FTX CEO vows to do right by investors

  • Bitcoin price breach rebounds by 14% after falling into 2020 levels on Wednesday, November 9  
  • Ethereum price surged by 20% after the free-fall decline earlier in the week
  • XRP price shows bears may be in control of the trend in the coming weeks.

The crypto market is showing applaudable retaliation signals after the mudslide decline witnessed earlier in the week. As many in the space attribute, the liquidation to FTX's questionable risk-on policies, CEO of FTX Sam Bankmanfreid has vowed to restore investors' confidence. Still, as nothing in Crypto is ever a guarantee, Investors should consider applying healthy risk management practices in this highly unpredictable market.\

Bitcoin price retaliates 

Bitcoin price currently trades at $17,271. After a 25% decline on the week, the peer-to-peer digital currency produced a 14% countertrend rally. The key thing to note about Bitcoin's recent price performance is the previous decline breached over-sold levels on the Relative Strength Index on nearly all time frames except the monthly. 

Bitcoin's monthly RSI hovers just above the final level of support. Essentially if Bitcoin's monthly close settles any lower on the RSI, the future of Crypto will be in serious jeopardy. The Volume Profile Indicator shows the current decliner as the least amount of transactions since 2021. Despite the devastating selloff, the indicator suggests a market bottom is near. 

The monthly Chart will likely decide if the market has a potential for any long-term bullish trend. For this reason, traders may want to adopt a healthy risk management approach and consider zooming out and reviewing the Macro count.  


BTC/USDT !-Month Chart

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

Ethereum price fights back. 

Ethereum price has rallied 20% since the devastating liquidation occurred during the US midterm elections earlier in the week. Much like Bitcoin, the smaller time frames suggest ETH is in full control by the bears. However, the monthly chart suggests otherwise. According to the technicals, ETH is still fluctuating within a range, and the RSI is still within supportive terrain.

Ethereum price auctions at $1,288 as the price now consolidates just below September's monthly open at $1,350. This week's market sentiment has witnessed an uptick in pessimism as top crypto exchange giant, FTX, witnessed a 90% loss of market value. The exchange was accused of irresponsible risk-on policies, which provoked their main competitor, Binance, to liquidate 2 billion dollars worth of the FTX token. Amidst the controversial selloff, Bankman-Fried recently promised to restore the FTX token and crypto investors to normalcy.

Due to the highly volatile market, a very short-term scalp approach could be applied by traders, while Investors can still use the June 18 swing low at $880 as the invalidation point for all uptrend potential. A countertrend rally toward $1,800 can still be accomplished in the coming weeks based on the considerable amount of low volume during the current selloff. If the $880 level has been breached, a decline to as low as $400 could occur as the first retest of the Elliott Wave trend channel surrounds Wave one and two between the December 2018 and March 2020 lows.



ETH/USDT 1-Month Chart

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team

XRP price shows stregnth

XRP price pulled off a 22% rally on November 10 after enduring a devastating crash similar to ETH and BTC. The bounce was catalyzed by a response to XRP's first retest of the parallel channel's median line since surging through the barrier on September 19. Although the bullish retaliation is an optimistic gesture for the digital remittance token, there is a key piece of evidence suggesting the XRP price may be in jeopardy in the shortterm.

XRP price auctions at $0.386. The recent downtrend spiked through the strongest bullish engulfing candle low at $0.34. Based on Classical Technical Analysis, the bears' ability to breach the low suggests they have full control of the trend. For this reason, Investors may be hesitant to get involved with the XRP price. On the Weekly level, the Relative strength index failed to rally through bull run territory after weeks of climbing out of oversold terrain. The RSI compounds the idea that Ripple might be due for more pain. 

If the market is genuinely bearish, a sweep, the lows event could occur in the coming weeks targeting the summer bottom at $0.2872. Invalidation of the bearish thesis could arise if the bulls tag the weekly high at $0.48. If the breach occurs, the bulls could produce a countertrend rally to challenge the $0.55 swing high established in October. Such a move would result in a 40% increase from the current XRP price. 


XRP/USD 1-Week Chart

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team


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