The Bitcoin price has continued recording a neutral price action over the past week. This has resulted in the altcoin market experiencing a similar price trend. With the fear of extreme volatility in the crypto space, top altcoins such as ETH price and Ripple price are prepared to witness significant action this month.
With increasing volatility in the crypto market, is this a good time to invest in the top cryptocurrencies? In this article, we have covered the market sentiments and possible price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) crypto tokens for this week.
Bitcoin (BTC)
Bitcoin price today has lost ~1% to its valuation with an intraday trading volume of $25.927 billion, a chnage of +59.12%. Moreover, it has dropped over 5% in the past week and 8% in the past 30 days.
The Relative Strength Index (RSI) records a neutral trend around halfway in the BTC price chart. However, with its SMA indicator displaying a bearish curve, the price of Bitcoin hints at a mixed price sentiment this week.
If the bulls regain momentum, the Bitcoin price could prepare to retest its milestone of $100,000. Contrarily, if the bears outrun the bulls, the price of BTC could drop toward its low of $90,000.
Are you curious to understand the possibilities of the BTC Price achieving $200k? Read CoinPedia’s Bitcoin Price Prediction until 2030!
Ethereum (ETH)
Following the footsteps of the market leader, the Ethereum price has displayed a similar action by losing 1.07% in valuation with a trading volume of $13.781 billion. Despite starting the year positively, the altcoin leader has a YTD of -3.09%.
The Moving Average Convergence Divergence (MACD) has witnessed a constant rise in the red histogram with its averages showing a bearish convergence. Moreover, the EMA 50-day shows a negative crossover, highlighting an increase in the selling pressure.
Maintaining the price above its support/resistance level of $3,272 could set the stage for this altcoin to retest its high of $3,700. Conversely, an intensified bearish sentiment could drag the price down to its low of $3,100 this month.
Wondering if the ETH price will achieve the $5,000 mark this Altseason? Read Ethereum Price Prediction to uncover the long-term mysteries!
Ripple (XRP)
The XRP coin price has plunged 1.47% in the past day with a trading volume of $5.472 billion. However, it has jumped 8.10% this year. Further, it is currently valued above the $2.50 mark. With a market cap of $144.31 billion, it is the 3rd most-valued crypto token.
The Simple Moving Average (SMA) is on the verge of experiencing a bullish crossover in the daily time frame. On the other hand, the RSI indicator shows a negative action. This highlights a mixed price action for the 03rd largest crypto token.
If the bulls hold the price of Ripple above its support level of $2.50, in that case, the bulls will regain momentum and prepare to retest its high of $3. However, bearish price action could pull the price toward its low of $2 this month.
To understand the possibilities of this altcoin reclaiming the $3 mark, Read our XRP Price Prediction!
FAQs
With a potential surge, the BTC price may surpass the $600k mark by 2030.
The sentiments are extremely volatile, meaning there is uncertainty regarding the price action of the ETH crypto token.
The Ripple price may achieve a high of $4.00 during this year.
