Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Lawsuits and hearings take precedence over CPI and FOMC

Bitcoin (BTC) price keeps traders guessing where the bottom will manifest. The suspense has also influenced Ethereum price action, causing the largest altcoin to consolidate within a similar bind as the flagship crypto. On the other hand, Ripple price has grown tired of small wins indicated by the abysmal reaction to the unsealing of the Hinman documents.

Also Read: Ripple, Binance, and Coinbase score partial wins against US SEC, mark a milestone in crypto history

The lack of volatility comes as lawsuits and hearings take precedence over Consumer Price Index (CPI) and Federal Open Market Committee (FOMC), which have failed to inspire a reaction from the crypto market. Unlike macroeconomic releases, BTC, ETH, and XRP have responded to legal developments and regulatory clampdowns.

Bitcoin price eyes $30,000 – on this one condition

Bitcoin (BTC) price remains in a downtrend since the rejection from the April high of around $30,500. The king of crypto’s price action during this time has been characterized by lower highs and lower lows, molding into a typical falling wedge. However, growing momentum suggests a possible trend reversal with the technical formation bolstering the case.

Notably, a falling wedge is a bullish pattern because buyers tend to enter the market to halt the loss rate as the asset’s price slide loses momentum. If buying momentum grows, Bitcoin price could break above the upper boundary of the governing chart pattern at around $27,338, clearing the way for more gains.

Notably, selling pressure from the aforementioned supplier congestion zone could be the main obstacle to Bitcoin price recording more gains. A decisive flip of this roadblock into support would increase the odds for the upside, akin to what happened at the beginning of March 19.

The northbound move could extrapolate past the $29,482 resistance level to tag $30,667 in a highly bullish case. Such a move would constitute a 20% climb.

The Relative Strength Index (RSI) deflecting from the southbound move supports this bullish narrative, showing a resurgence by the bulls into the market.

BTC/USDT 1-Day Chart

Conversely, if bulls grow weary, Bitcoin price could lose the support confluence indicated by the horizontal line and the lower boundary of the falling wedge at $25,390. This would expose BTC to a cliff-edge drop toward the $24,000 level.  

Also Read: Bitcoin whales quietly accumulate BTC in anticipation of strong rebound in the asset

Ethereum price has a clear uptrend mapped out

Ethereum (ETH) price has a clear path to hit the $1,941 supplier congestion level. However, this depends on how bulls play their cards from here on out to sustain above the uptrend line. With the RSI in the 30 range, ETH is almost oversold, suggesting the possibility of a looming reversal as traders buy the PoS token at discounted prices.

The ensuing buying pressure could see Ethereum price ascend 10% to tag the $1,941 resistance level or, in a highly bullish case, break above the psychological $2,000 to tag $2,128 in the near term.

ETH/USDT 1-Day Chart

On the flip side, if sellers keep leading the ETH market, Ethereum price could shatter below the support offered by the uptrend line at $1,730, clearing the drains for a rally south toward $1,550 – levels last seen in March.

However, a break below $1,730 would not invalidate the bullish narrative altogether. Conservative traders should therefore wait for confirmation as Ethereum price could head slightly lower to collect liquidity under the said level before a clear trend reversal.

Also Read: Top 3 cryptocurrencies seeing an uptick in social volume: Ethereum, XRP, Binance Coin

Ripple price shows XRP bulls are tired of small wins

Ripple (XRP) price continues to stall despite the unsealing of the much-anticipated Hinman documents. Contrary to expectation, the remittance token only rallied 8% post-release, but all the ground covered has been lost. As the countdown to Judge Torres’ summary judgment continues, XRP bulls continue to conserve their energy.

Accordingly, Ripple price is testing crucial support at $0.495. A decisive break below this level could spell doom for XRP, potentially initiating a rally south to $0.447, as seen on April 20. In a dire case, the payments token could descend further to tag the $0.402 support level.

This bearish thesis is supported by the RSI tipping south and the AO drawing toward the midline to show a fall in momentum.

XRP/USDT 1-Day Chart

Conversely, if investors collect liquidity under the critical support at $0.495, the subsequent buyer momentum could facilitate a rally toward $0.542, denoting a 10% ascent.

Also Read: XRP price settles above $0.50, wiping out gains from Hinman documents release