Amid the rising bullish sentiment in the crypto market, the price of Bitcoin has successfully maintained its value above the $100,000 mark. However, top altcoins such as Ethereum and XRP have recorded a bearish action during this period, highlighting a mixed action in the crypto space.
Considering the present market sentiments, is this the right time to invest in these crypto tokens? CoinPedia’s expert panel has uncovered the possible price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) in this article.
Bitcoin (BTC)
The price of Bitcoin today has held its value above the $100,000 mark with a jump of ~1.5% in its valuation. Moreover, with a market cap of $2.043 Trillion, this digital asset has a market dominance of 57.09%, indicating a strong bullish sentiment.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram in the Bitcoin price chart. Moreover, with its averages experiencing a bullish convergence, the largest crypto token by market cap could continue gaining momentum.
Suppose, the bulls maintain the price of Bitcoin above the $100,000 level, this could result in it heading toward its upper high of $108,000 this month. On the flip side, a bearish reversal could pull the price below its $98,000 this month.
Wondering about the long-term price action of BTC crypto token? Read our Bitcoin Price Prediction to unfold possible mysteries!
Ethereum (ETH)
Despite increased bullish price action in the market, the Ethereum price has recorded a correction of 1.58% in valuation with an intraday trading volume of $29.655 billion. Moreover, it has erased all its gains from the recent price pump, indicating rising uncertainty.
The Relative Strength Index (RSI) continues hovering close to the neutral point. Furthermore, the average trendline is on the path of experiencing a bearish crossover. With its EMA 50-day acting as a strong resistance, the Ethereum price hints at a mixed price sentiment.
Maintaining the price above its important support level could result in the price of ETH retesting its upper high of $3,700. Conversely, if the bearish sentiment intensifies, this could result in it plunging toward its crucial low of $3,000 this month.
To know if the ETH price will reach $5000 this altcoin season, Read CoinPedia’s Ethereum Price Prediction!
Ripple (XRP)
The Ripple price has dropped 5.57% in 24 hours with a trading volume of $13.991 billion. On the other hand, it has jumped 51.57% this year. With this, the altcoin has reclaimed the $3 mark for the first time in 7 years, highlighting increased long-term bullish action.
The Simple Moving Average (SMA) has constantly supported the Ripple price chart in the daily time frame. This suggests a strong bullish influence for the altcoin in the cryptocurrency space. Further, the MACD indicator shows a positive action, highlighting that the altcoin may continue gaining value.
If the bullish momentum sustains, the XRP coin price could head toward its resistance level of $3.50 this month. However, if the bears outrun the bulls, this could result in the Ripple price plunging toward its lower support trendline of $2.50.
Are you curious to know if the Ripple price will reach $5? Read XRP Price Prediction to understand the long-term possibilities!
FAQs
Amid increased bullish action, the cryptocurrency market has experienced a significant uptrend over the past few hours.
With increased Web3 & cryptocurrency adoption, the price of Bitcoin could surpass the $600,000 mark by 2030. On the optimistic outlook, the price could surpass the $1 million mark.
Despite increasing bullish action, the Ethereum price has experienced a bearish setback, resulting in its price hovering around the $3.3k level.
For Ripple Price to achieve the target price of $1000, it will require a surge of 31,783.3% in its valuation.
Credit: Source link