xrp cryptocurrency price

XRP comes to a standstill while BTC and ETH are getting started

Cryptos hit the breaks while investors make up their mind
Written by publisher team

  • Bitcoin price indicates that a new all-time high is fast approaching.
  • Ethereum is wrapping up in an inverted head and shoulders pattern, looking towards $2,400.
  • Ripple bulls fail to gain momentum before they reach the 49% upside target at $1.5

It seems that the cryptocurrency market has been hit hard, especially digital currencies, whose funding rates are showing a huge rise recently. Such a condition reveals that speculators are betting on an upward movement in asset prices.

The funding rates for BTC and ETH are relatively lower than that of XRP or other cryptocurrencies. This disparity indicates that buying on Ripple is expensive due to the large number of investors hoping to ride the bullish wave.

Bitcoin, Ethereum, XRP Price Chart

Bitcoin’s volatile movement, which we hope to the upside, may cause market participants to migrate towards the leading cryptocurrency. If this happens, a crash in the over-leveraged cryptocurrency sector is likely.

Bitcoin bulls are patiently waiting for their next move

Bitcoin price is approaching the recently created high at $61,781.83 as it consolidates inside an ascending parallel channel.

This pattern forms when BTC’s higher highs and higher lows are connected using trendlines.

Bitcoin is up nearly 22% since clicking the bottom line on March 25th. If the bullish momentum pushes the major cryptocurrency beyond its all-time high, a 10% rally towards the middle line of the channel at $68,127 is likely.

Buyers can gather strength around the $65,184 level before reaching the aforementioned target.

Such a move would lead to all-time highs. Moreover, if FOMO buyers enter the BTC markets, it will create a bullish scenario where Bitcoin could rise another 10% to $75,291, coinciding with the 141.4% Fibonacci extension level.

Supporting this rally is the buy signal for the SuperTrend indicator, which is flashing after nearly a month.

BTC / USD . 12 hour chart

BTC / USD . 12 hour chart

While the outlook appears bullish for Bitcoin, a failure to rise beyond its all-time high could deter investors from taking long positions. If the sellers start to overcome the buying pressure, a retest of the 50 simple moving average on the 12-hour chart is likely at $57,288.

A breakdown of this level could push the bitcoin price to the 78.6% Fib retracement level at $54,798.

Ethereum on its way to $2,546

Ethereum price shows the formation of a symmetrical triangle pattern, which is obtained by connecting a series of lower tops and higher lows created since February 20. This technical formation anticipates a 36% rise on the breakout of the upper trendline of the setup at $1,860. The target at $2,546 is determined by adding the distance between the highest and lowest pivot point of the triangle, to the breakout point at $1,860.

The smart contract symbol broke this trend line on March 31, signaling a breakout and the start of a rally to record highs.

ETH/USD 12-hour chart

ETH/USD 12-hour chart

While the neckline breakout is reliable, a possible rise in selling pressure pushing ETH down there could hamper the bullish outlook.

If Ethereum price drops below the breakout line of the Momentum Reversal indicator at $2,137 for an extended period, the bullish theory may face invalidation. In such a scenario, the leading altcoin will slide towards the next breakout line at $2,078.

Ripple buyers fall short

XRP price has been on a tear since it confirmed the breakout from the inverse head and shoulder pattern on April 5th. Since then, the conversions token has gone up almost 135% in less than a week.

The latest increase was a breakout from the bullish pennant pattern, which contains a sharp rise in price, known as the flag column, followed by a consolidation in the form of a symmetrical triangle pattern, referred to as the pennant.

The breakout from the upper trendline of the setup predicts a 49% rise to $1.56, which is obtained by adding the height of the flag column to the breakout point at $1.04.

Since XRP broke above the flag on April 10, the price has increased nearly 42% to $1.48. While an extension of the rally by another 4.51% would have sealed the deal, the buyers seem to have lost steam as the market capitalization has shown a 7% decline since it reached yearly highs of $1.48.

Continuation of this bearish correction may push the price of the switching symbol to $1.29, which coincides with the 78.6% Fib retracement level. Any potential surge in selling pressure that causes this demand barrier to collapse could trigger a 12% retracement to $1.40.

4 hour chart XRP / USD

4 hour chart XRP / USD

On the flip side, if the buyers return, the price of XRP may press the target at $1.56. If the bullish momentum continues, Ripple could shoot 16% towards the 127.2% Fib extension level at $1.74.

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