Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Will the crypto market recover above $1 trillion?


Share:
  • Bitcoin price is struggling to stabilize above $17,500, slipping to $16,730.
  • Ethereum price recovered to test its critical support, grazing $1,250.
  • Ripple is still hovering above its 19-month-long downtrend, trading at $0.34.

Bitcoin price, along with Ethereum and Ripple price, is struggling to maintain a bullish outlook. The crypto market is currently hovering around $800 billion, still substantially below the $1 trillion mark. 

But the last five times the total market capitalization slipped below to the aforementioned levels, it took roughly two weeks or so to recover the $200 billion deficit. Considering the uncertain nature of the crypto space due to the FTX exchange’s collapse, a recovery rally seems less likely.

Bitcoin price hovers aimlessly

Bitcoin price tagged the $17,592 resistance level after recovering from the crash witnessed three days ago. The king coin failed to move higher and is attempting another bounce from $16,762.

A flip of the $17,592 hurdle into a support floor will indicate that the buyers are back. In such a case, market participants can expect BTC to trigger a recovery rally to $18,620.

BTCUSD 1-day chart

BTCUSD 1-day chart

However, if bears take control and the Bitcoin price slips below the immediate support level at $16,455, it will invalidate the bullish outlook. This development could trigger a panic sell from holders, catalyzing a crash to the $15,000 psychological level, tagged roughly two years ago.

Ethereum price continues to remain safe

Ethereum price declined and closed just below the short-term critical support level at $1,240 on November 13. The ensuing 3.1% rise brought the market value of the altcoin to $1,257.

Maintaining recovery from here on will be difficult as the smart contract token will need the momentum to push through the $14,26 critical resistance. Only then will ETH receive enough strength to flip the resistance area, extending from $1,641 to $1,761 into support block.

ETHUSD 1-day chart

ETHUSD 1-day chart

But if the broader market notes bullish cues and prices descend, ETH could be looking at a test of $1,000 or lower. Its June swing low stands at $919, which would be the last support before Ethereum breaks down.

Ripple price fails to make any ripples

Ripple price followed in the footsteps of Ethereum, shedding roughly 14% in three days after testing the resistance level at $0.38. Currently trading at $0.35, XRP is in the same consolidation zone as it was between June and September. 

If XRP was to reinitiate this movement, it is looking at sideways momentum building up until the investors create enough buying pressure to flip $0.38 into support. That would bring it back to the zone Ripple price stood at in October and November.

XRPUSD 1-day chart

XRPUSD 1-day chart

On the other hand, if the prices decline, the cryptocurrency could be testing the $0.29 support level. Invalidation of this level could bring XRP back to test its 19-month-old downtrend line at $0.26, which is its last support before the altcoin continues its downtrend.

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

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.

More Bitcoin News

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.

More Ethereum News

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.

More Cryptocurrencies News

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.

More Cryptocurrencies News

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.

Read full analysis

BTC

ETH

XRP