|

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pitstop before bullish explosive move

  • Bitcoin price sheds weight, coming closer to its reversal point at $16,545.
  • Ethereum price tags the $1,202 to $1,218 demand zone, providing sidelined investors an opportunity to accumulate ETH.
  • Ripple price is at a make-or-break point, a recovery above $0.382 will kick-start a run-up.

Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up. 

Bitcoin price sheds dead weight

Bitcoin price has slid from a high of $17,430 to a low of $16,655, collecting the sell-stop liquidity resting below the $16,607 swing lows. This development is a clear sign of market manipulation, which if followed by a reversal above $16,881, will confirm the start of the next leg-up.

Such a bullish situation could see Bitcoin price kick-start its recovery rally to $17,593. In some cases, this move could extend to $19,235. 

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Regardless of the bullish outlook, if Bitcoin price produces a four-hour candlestick close below the $15,894 swing low, it will invalidate the optimistic scenario. This move could trigger a sweep of the equal lows at $15,443,

Ethereum price at an opportune level

Ethereum price showed an obvious retracement to the $1,202 to $1,218 demand zone. This move makes it easier for sidelined buyers to step up. The result of which can be witnessed in ETH, which has already appreciated 1.7% so far.

Going forward, a recovery above Monday’s low at $1,246 will indicate a resurgence of buyers. Such a move could indicate that the recovery rally for Ethereum price is underway. In this case, the targets include $1,280 and Monday’s high at $1,305.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

While things are looking up for Ethereum price, a breakdown of the $1,195 support level will invalidate the bullish thesis and potentially crash ETH to $1,073.

Ripple price needs to tread carefully

Ripple price has sliced through the $0.382 support level, indicating a surge in selling pressure. This move needs to recover quickly and prevent sellers from having a field day. However, the big crypto’s recovery is crucial for the remittance token to restart its uptrend.

If BTC backs a bounce in XRP price, allowing Ripple to flip $0.382 into a support level, it will indicate the start of an uptrend. In such a case, the remittance token will eye a retest of the $0.448 and subsequent hurdles at $0.472 and $0.506.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

On the other hand, a breakdown of the $0.360 level will create a lower low and invalidate the bullish thesis for Ripple price. Such development could see XRP price slide lower and retest the $0.316.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.