Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Volatility surges during midterm Elections


  • Bitcoin plummets during the US midterm elections. 
  • Ethereum price loses ground from the $1,500 level.
  • XRP price declines by 20% on the month.

The crypto market's erratic price behavior persists throughout the fall. Adopting a responsive trading style to the markets’ unpredictability may be necessary for weeks to come. Still, key levels have been defined to gauge crypto’s next potential move. 

Bitcoin price declines violently

Bitcoin price is currently down 11% on the day after the bears have reversed nearly all of a recent 7% upswing. On Tuesday, November 8, during US midterm elections, the peer-to-peer digital currency shows a surge of volatility on smaller time frames.

Bitcoin price auctions at $18,900. The bears have rejected the bulls' first attempt to hurdle the 21-day simple moving average (SMA) after losing support during the overnight selloff. The Relative Strength Index (RSI) reached extremely oversold conditions during the last decline, hinting that the bearish force is genuine.

Due to the highly volatile market, this thesis will remain neutral. More evidence will be needed to forecast a move in the coming days. Traders may want to adopt a sidelined approach until volatility subsides.

tm/vtc/11/8/22

BTCUSDT 1-hour 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 shakes up the market

Ethereum price rose by 10% during the US midterm election after suffering an overnight selloff similar to Bitcoin. The bulls produced strong bullish signals going into the election but have recently lost momentum.

Ethereum price currently auctions at $1,493. A subtle bullish divergence between lows catalyzed the 10% rally on the Relative Strength Index. Currently, the ETH price is retesting the recently breached 21-day simple moving average. If the indicator holds support, an additional rally toward $1,600 in the coming hours could take place. If it does not hold, then a plummet targeting $1,200 liquidity levels stands a fair chance of occurring.

tm/eth/11/8/22'

 ETHUSDT 1-Hour chart

Still, despite the erratic behavior, Coinglass' Total Liquidations Indicator suggests the decentralized smart-contract token has yet to see the move to catalyze the next genuine trend. According to the indicator, just $29 million of longs and $19 million retail shorts have been liquidated. Based on previous behavior, the ETH price has yet to forge a true capitulation to either side of the market.

tm/eth/11/8/22

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

Ripple price falls flat

Ripple price has lost 20% during November as the digital remittance token is falling penny-from-Eiffel style during the US midterms elections. If market conditions persist, XRP could lose grounds for the psychological $0.40 level.

Ripple price currently trades at $0.42. The Relative Strength Index has breached extremely oversold conditions suggesting that buying the dip could be problematic. The Volume Profile indicator shows a classic ramping pattern, hinting that more liquidations could occur.

Ripple's next targets lie at $0.39 and potentially $0.37. Invalidation of the bearish thesis is a breach above the recent swing high at $0.45. If the bulls tag the level, a retest of the $0.50 area could occur. Such a move would result in a 25% increase from the current XRP price.
tm/xrp/11/8/22

XRPUSDT 1-hour 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



 


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

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP