xrp cryptocurrency price

Crypto markets take off without clear goals

Crypto markets look for a floor as risks remain
Written by publisher team

  • Bitcoin price is showing a healthy bounce from the 79% Fibonacci retracement level at $40,727, signaling a temporary relief.
  • Ethereum price rises again above the psychological $3,000 level as it follows in the footsteps of BTC.
  • Ripple price is struggling to flip the $0.964 to $1.01 supply area into the demand barrier.

Bitcoin price suffered two fatal blows, one on September 7 and the other from September 19 to September 21. These two bearish swings have pushed the large cryptocurrency to a critical support floor.

While the rush movement produced green candles across the board, it is uncertain how long the optimism will last.

Bitcoin price bounces again

Bitcoin price closed above the 79% Fib retracement level at $40,727 on September 21 and immediately produced a bullish engulfing candle the following day. The uptrend has continued, yielding a 9% gain so far.

It is likely that the 50% Fibonacci retracement level at $45,210 will be retested if buying pressure continues. Here the bulls may face a problem due to the consolidation witnessed in the second week of September.

However, a successful flip of $46,856 would bring the large cryptocurrency close to making a change. If bitcoin price produces a decisive close above $49,436, it will set a higher top and mark the start of a new bullish trend.

However, as of now, it is not clear whether the big cryptocurrency has made its decision to build a new high just yet. Moreover, it created two lower peaks on September 7 and September 18, and this trend may continue moving forward.

Therefore, investors need to pay close attention to the next swing high.

BTC/USDT 1-Day Chart

BTC/USDT 1-Day Chart

On the other hand, if Bitcoin price fails to establish a swing high above $46,856, it could trigger a pullback that could go down deeper and establish a lower bottom at $37,481, the swing point created on August 4.

Ethereum price needs to remove two major obstacles

Ethereum price was riding the gun when BTC dropped to $40,000. As a result, ETH fell below $3,000, a key psychological level, and formed a swing low at $2,650. Regardless, the price of Ethereum has risen above this barrier and is showing a readiness for a rally.

Moreover, ETH needs to cut the resistance level at $3,202 for a chance to retest the swing high at $3,619.

If buyers can push the price of Ethereum to achieve a decisive close above $3,619, it will signal the start of a new rally. In this case, the smart contract token can go up to $4,180.

ETH/USDT 1-day chart

ETH/USDT 1-day chart

While this optimism appears realistic, it is based on the assumption that the price of Bitcoin continues to rise or consolidate. However, if BTC takes a backwards turn, causing ETH to drop below $2,889, it will invalidate the bullish theory and trigger a potential crash in the $2,442-$2,605 demand zone.

Ripple price faces many obstacles along its journey

Ripple price continues to suffer as it attempts to flip the $0.964 supply zone to $1.01 into the demand barrier, while Bitcoin and Ethereum continue to make progress. Any potential spike in buying pressure that pushes XRP price to produce a daily close above $1.01 would signal a return of buyers.

In such a case, investors can expect a retest of the $1.09 resistance barrier. If the bullish momentum continues, the conversion symbol could extend its rally to $1.26. This move would mark a 25% rise from $1.01.

Interestingly, the price of Ripple could surge at the fair value gap (FVG), which ranges from $1.30 to $1.60 if the overall market structure remains neutral.

XRP/USDT 1-Day Chart

XRP/USDT 1-Day Chart

As simple as it sounds, the upside described above is based on the structure of the large crypto market and the assumption that it will not collapse like it did on September 7. However, if BTC falters and sells, the XRP price could drop below $0.964 and head towards the $0.841 support level.

The breakdown of this barrier will invalidate the bullish theory and lead to further declines.

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