TOP 3 Price Analysis: BTC, ETH, XRP — Has So-Called Alt Season Ended?

Price Predictions
Wed, 05/27/2020 - 14:00
Denys Serhiichuk
Are Bitcoin (BTC), Ethereum (ETH), and XRP ready to set new local peaks?
Cover image via www.tradingview.com

The second part of the day has turned out positive for cryptocurrency holders. All of the top 10 coins have followed the sharp rise of the main crypto. Bitcoin (BTC) has shown the biggest growth so far, rising by almost 4% over the past day.

Top 10 coins by Coinstats

The key information on Bitcoin (BTC), Ethereum ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$168 147 315 368

$9 144.96

$30 947 058 517

3.73%

Ethereum

ETH

$23 080 244 750

$207.74

$10 695 196 345

2.81%

XRP

XRP

$8 754 596 152

$0.198459

$1 514 705 742

2.94%

BTC/USD 

Today, Bitcoin (BTC) managed to overcome the psychologically important mark of $9,000. However, over the past week, the coin has lost 5.38% of its value.

BTC/USD chart by TradingView

Bitcoin (BTC) has bounced off the support zone at $8,700, having risen by 3.79%. Currently, it is too early to consider whether this growth is a correction of the recent fall or continuation of the rise that started after a sharp market dump on March 12.

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Bitcoin (BTC) Price Analysis — Golden Cross to Push it to $10,000 by Mid-June?

At the moment, we need to pay close attention to the $9,400-$9,500 area. If Bitcoin (BTC) breaks this and holds above it, the next stop will be $10,000. However, it is too early to think about that now as the rise is not accompanied by growing trading volume.

Bitcoin is trading at $9,163 at press time.

ETH/USD 

During the ongoing rise of the market Ethereum (ETH) has grown less than Bitcoin (BTC), which happens quite rarely. The price of the main altcoin has gone up by 2.74% over the past 24 hours.

ETH/USD chart by TradingView

Ethereum (ETH) is unlikely to keep growing with Bitcoin (BTC). Even during the current growth, the altcoin could not break the falling channel. From a technical point of view, there are chances of seeing Ethereum (ETH) at $215-$220 within the next few days. However, it will most likely be a false breakout, instead of continued growth as the trading volume is low.

Ethereum is trading at $206.47 at press time.

XRP/USD 

XRP is also showing good price dynamics at its current growth, which is quite unusual as the coin usually starts trading sideways when the market becomes bullish.

XRP/USD chart by TradingView

XRP has neglected the support at $0.19 and continued its slight rise. Applying the Fibonacci retracement on the daily chart, it is crucial to observe how the coin approached the 61.8% level ($0.2127). That is the first obstacle for bulls on their way to retest previous heights. If buyers manage to break this level, there is a good chance that XRP will reach new local peaks.

XRP is trading at $0.1981 at press time.

 

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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