xrp cryptocurrency price

ETH takes the front stage, while BTC and XRP lag

ETH takes the front stage, while BTC and XRP lag
Written by publisher team

  • Bitcoin price is bouncing off the support level at $45,678, indicating the possibility of a higher rally.

  • It appears that Ethereum price is poised to break through the $4,133 resistance level to accumulate liquidity above it.

  • Ripple price may head lower to retest the 3-day demand area, which ranges from $0.704 to $0.778 before starting to rise.

Bitcoin price has been stuck, hovering between two crucial levels since the sudden crash on December 3. This consolidation is preparing the base for a choppy long-term move, but for now, BTC is likely to retest the high range of this sideways movement. Ethereum and Ripple will immediately follow the big cryptocurrencies and see gains in the short term.

Bitcoin price trending higher

Bitcoin price bounced off the $45,678 support floor for the fourth time and is currently swinging at $46,921, just below the 200-day simple moving average (SMA). The bullish momentum that overcame this hurdle is likely to push the leading cryptocurrency to mark the $51,993 resistance barrier, coinciding with the 50-day simple moving average. A sweep of this level will accumulate buy stop liquidity located above it.

This 13% rally is likely to encounter profit taking at this level, leading to a reversal. However, in some cases, buyers could flip this level to a support floor, which indicates that the bitcoin price may head higher and retest $57,030.

4 hour chart BTC/USD

As things look for the bitcoin price, a breakdown of the $45,678 support floor will reveal weakness among buyers. This move would cause BTC to crash 9% to retest the December 3, 2021 swing low at $41,672.

Here, the bitcoin price has another opportunity to come back and is likely to re-upside movement.

Ethereum price to revisit critical barriers

Ethereum price revisited the $3,640 support floor for the third time on December 31, 2021, which led to a 5% rally to where it is currently trading – $3,800. Unlike the big cryptocurrency, ETH is comfortably trading above the 200-day simple moving average.

A potential rally in buying pressure is likely to push Ethereum price to retest the $4,113 resistance barrier, coinciding with the 50-day SMA. This will account for an 8.4% rally and is likely to cap a short-term rally.

If buyers continue to accumulate bid requests, ETH may cross the mentioned hurdles and reach the maximum of $4,435, which represents a 16% profit.

ETH/USD 6-hour chart

ETH/USD 6-hour chart

In some cases, Ethereum price may revisit the $3,640 barrier before heading to the immediate resistance line. However, a breakdown of this level will lead to a retest of the December 3, 2021 swing low at $3,456, where buyers have another chance to resume the upward trend.

Ripple price may drop

Ripple price is hovering above the 3-day demand area, ranging from $0.704 to $0.778 and is likely to retest it before deciding to go higher.

A decline in this area will renew the bullish momentum, allowing the price of XRP to move higher. The resistance barrier at $0.892 will be the first hurdle that the transfer symbol will place, after which it is likely to collect liquidity above the $0.939 ceiling.

In some cases, the price of Ripple can extend to $1, as it will face massive selling pressure.

4 hour chart XRP / USD

4 hour chart XRP / USD

Regardless of the recent rally, if the Ripple price breaks through the 3-day demand zone, extending from $0.704 to $0.778, and produces a decisive close below it, the bullish theory will face invalidation. In this case, the price of XRP could decline to revisit the $0.656 support floor.

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