TOP 3 Price Analysis: BTC, ETH, XRP — Will Market Keep Growing After Such a Pump?

Price Predictions
Tue, 06/02/2020 - 14:40
Denys Serhiichuk
Can we expect a slight correction from Bitcoin (BTC), Ethereum (ETH), and XRP before one more wave of growth?
Cover image via www.tradingview.com

Even after the sharp growth of Bitcoin (BTC) and other coins yesterday, the cryptocurrency market is neglecting a possible correction as all of the top 10 coins remain in the green zone. 

Top 10 coins by Coinstats

The key statistics on Bitcoin (BTC), Ethereum ETH), and XRP are below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$186 088 306 299

$10,117.84

$39 498 279 636

5.77%

Ethereum

ETH

$27 936 282 288

$251.27

$13 965 780 927

5.07%

XRP

XRP

$9 431 382 672

$0.213801

$1 856 834 392

4.54%

BTC/USD

Our last Bitcoin (BTC) price prediction has come true as the chief crypto reached the $10,500 mark this week. A five-day flat of about $9,500 ended with a powerful impulse above $10,400. After that, a wave of sales from $10,400 - $10,500 sent the price down. Bitcoin (BTC) has found support around $10,100 and has been trading in a narrow range of $10,130 - $10,080 for several hours.

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For the third time since the beginning of the year, the first top crypto has been above $10,000. In February, the five-digit price of the main cryptocurrency was pleasing to the eye for 11 days. In May, it was possible to stay above the psychological mark of $10,000 for no more than a few hours.

BTC/USD chart by TradingView

The price after the completion of the accumulation broke through resistance at $9,800 and went up to the target of $10,380. The upward movement is probably not over yet. If in the near future buyers will be able to gain a foothold above $10,000, the following aims for continued growth are located at $10,803 and $11,142.

Bitcoin is trading at $10,136 at press time.

ETH/USD

Ethereum (ETH) is showing almost the same growth as Bitcoin (BTC). The rise over the past day has amounted to 5.47%.

ETH/USD chart by TradingView

Ethereum (ETH) has come back to the $250 zone where the decline in March started from. However, there is no seller reaction on that level, suggesting that buyers have efforts to get the leading altcoin to $277. It will not be so easy to do so at first, which means that Ethereum (ETH) needs to face a sort of consolidation. In this case, the growth will possibly be followed by a decline to $240.

Ethereum is trading at $252.11 at press time.

XRP/USD

Even though XRP is showing the smallest price dynamics compared to Bitcoin (BTC) and Ethereum (ETH), the third most popular crypto has managed to rise by 4.77% since yesterday.

XRP/USD chart by TradingView

On the daily chart, XRP might have started its long-term bullish cycle, which is confirmed by the MACD indicator. The coin is approaching the $0.219 mark on relatively high buying trading volume. The only thing that might be an obstacle is low liquidity. However, if the overall market mood remains positive, the said resistance will be attained in the first part of June.

XRP is trading at $0.2139 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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