Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Coinbase Pro surprises the market by accepting XRP trading


  • The announcement surprised a market that loses momentum quickly.
  • Bitcoin and Ethereum enter a zone of a strong gravitational downward spiral because of moving averages.
  • In the next few days, the battle will take shape of “dogfighting” and will impact the medium term.

 

The news of the day is undoubtedly the announcement made yesterday by the American company Coinbase at the close of the American session. The users of the Coinbase Pro exchange will now be able to transfer and trade XRP.

It was a long-awaited announcement that came as a surprise without much being said in previous days. The XRP/USD pair shot up 10% and dragged part of the market with it.

At the time of writing, XRP has lost half of its gains against the primary assets as profits are reduced. Many secondary Cryptocurrencies continue to rise sharply, such as ENJ (Enjin Coin) with +135% or BAT with 35%.

The asset that seems weakest is Ethereum, seemingly ignoring the launch of the Constantinople layer scheduled for Thursday, February 28th. This market has accustomed us to this type of spikes related to news of the implementation. But in this case, it is possible that markets already discounted this fact in the first launch attempt in January and now cut another possible delay.

In the four-hour chart, the price has gone to look for the zones of the technical confluence of the typical moving averages, reason why it enters in a "gravitational" zone that is going to condition the price in the next days.


Do you want to know more about my technical setup?



BTC/USD 240 Minute Chart

 

The BTC/USD pair is currently trading at the $3.789 price level after failing to break the 50-period exponential moving average by $3.845. The price is now in a compression zone between this exponential average and the simple average of 100 periods at $3.740.

BTC/USD, therefore, enters an area with much capacity to trap the price which complicates enough that the increase in volatility seen during the weekend remains. The most likely scenario for the rest of the week is that of slightly bullish laterality in a range between $3,900 and $3,650.

Above the current price, the BTC/USD pair has a first resistance level of $3.842 (EMA50), then a second resistance level at the price level of $3.890 (congestion resistance) and a critical third resistance level at the price level of $4.050 (congestion resistance).

Below the current price, the first support level is at $3,740 (SMA100), the second support level is at $3,790 (price congestion support), and the third support level is at $3,600 (SMA200 and price congestion support).

 

The MACD on the 4-hour chart shows a profile similar to that seen on the BTC/USD pair, although in this case, does not show a possible bearish development in the short term. In this case, a quick look at the indicator’s daily range shows us that the pair is at a crucial decision point in the medium term.

The DMI in the 4-hour range shows us that bears have little self-confidence, as they respond to downturns with a decrease in activity. On the other hand, the bulls remain in a sustained sideways range and react quickly to any bullish attempt.

 

ETH/USD 240 Minute Chart

 

The ETH/USD pair is currently trading at the $137 price level. Yesterday's rally was halted in the dry as it reached the $142.5 price congestion resistance level.

Ethereum is trapped between the main moving averages, so its movement will be limited.

The critical moment for the Ethereum may come on Thursday, with the release of the Constantinople version on the MainNet. Due to the failure of the first attempt, the market is likely to wait for a confirmation before reacting.

Above the current price, the first resistance level for the pair is at the $142.5 price level, then the second resistance level is at $151 (price congestion resistance), while the third resistance level is at $161.5 (price congestion resistance).

Below the current price, the first support level is at $135 (SMA100), while the second support level for the ETH/USD pair is at $131 (price congestion support). If ETH/USD loses this support level, the drop could accelerate to the third level of support in the $121 zone (price congestion support and SMA200).

 

 

The MACD on the 4-hour chart shows a profile similar to that seen on the BTC/USD pair, although the, in this case, does not show a possible bearish development in the short term. In this case, a quick look at the indicator, but in this case in the daily range, lets us see that the ETH/BTC pair is at a crucial decision point in the medium term.

The DMI in the 4-hour range shows bears with little self-confidence, as they respond to downturns with a decrease in activity. On the other hand, the bulls remain in a sustained lateral range and react quickly to any bullish attempt.



XRP/USD 240 Minute Chart


 

The XRP/USD is currently trading at the $0.32 price level, after reaching the $0.34 level yesterday as Coinbase Pro announced the availability of this token on the trading floor.

At the opening of the European session, XRP has lost momentum and has come down to seek support at the EMA50 at the current $0.32 price level. For now, it is reluctant to enter the moving averages attraction zone.

Above the current price, the first resistance level for the XRP/USD pair is at $0.328 (price congestion resistance), while the second resistance level is at $0.335 (price congestion resistance). Above this second resistance, an abyss opens above XRP to the third resistance at $0.39 (price congestion resistance).

Below the current price, the first support level is at $0.319 (EMA50 and price congestion support), then a second support level at $0.313 (SMA100) and a third support level at $0.309 (SMA200 and price congestion support).

 

 

The MACD on the 4-hour chart shows an inverse profile to that seen in both Bitcoin and Ethereum. The pattern shows a bullish cut in development but weakened by its situation in the negative zone of the indicator.  This situation would change fast if we could cross to the upside area of the MACD.

The DMI on the 4-hour chart shows the bulls in control of the situation and entirely convinced of yesterday's bullish movement. On the other hand, the bears are withdrawing but retaining trend strength that would allow them to take over in case the bulls give up the leadership.


 

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

 


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.

Recommended content


Recommended Content

Editors’ Picks

Ethereum attempts recovery following first rate cut in four years

Ethereum attempts recovery following first rate cut in four years

Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.

More Ethereum News
Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin offers diversity for traditional investors: BlackRock

Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.

More Bitcoin News
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD

Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD. 

More Ripple News
Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin traders keep powder dry ahead of Fed decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP