Bitcoin, Ethereum & XRP Price Analysis: Can Bulls Maintain Momentum After Healthy Correction?
Sentiment in the cryptocurrency market shifted negatively and quickly on Thursday following a spectacular performance in Bitcoin, Ethereum, and XRP price analysis. Other altcoin majors recoiled from last week’s dips—and for a moment, this gestured to the beginning of a long-term bullish trend.
Market Overview
After tagging $65,000 on Wednesday, Bitcoin price corrected 1.25% on Thursday to trade at $63,680. Subsequently, a 20% decline in the trading volume suggests interest is falling. The downturn in price was reflected in the market cap, which had fallen to $1.255 trillion based on CoinMarketCap data.
Ethereum price faced the same challenges with resistance at $3,500 rejecting the uptrend. ETH exchanged at $3,397 during US business hours, down a modest 0.25% on the day.
XRP price recorded the biggest drop of 6% among the three coins following a majestic weekly surge. The cross-border money remittance token must seek higher support preferably above $0.55 to assist in rebuilding the uptrend.
Bitcoin Price Analysis As BTC Flips STHs Average Cost Basis
Several factors backed Bitcoin’s move to $65,000 ranging from softer US inflation data and the German government running out of BTC holdings to sell. Although Mt. GOX exchange started paying off its creditors this month, data has shown that most receivers are choosing to hold BTC, possibly betting on a higher price.
The ongoing correction could be a healthy retracement allowing for fresh accumulation before resuming the uptrend to $70,000. As long as BTC holds above $60,000 support this week, the chances of resuming the uptrend will increase significantly.
According to a CryptoQuant chart referencing short-term holders (STHs) data, Bitcoin price prediction reveals the largest coin is in a prime position to maintain momentum. With BTC price reclaiming the STH Realised price, short-term holders will be inclined to add to their positions, thus creating strong support.
Bitcoin price has managed to reclaim the STH Realised price twice only since 2023. In turn, Bitcoin returned approximately 30% in profits.
Ethereum Price Stalls After Bottoming Out
Ethereum price prediction backs bulls making drastic attempts to hold onto support at $3,400. On the bright side, sentiment and technical indicators appear to align positively with the net positive outlook, suggesting the uptrend will carry on to achieve highs above $4,000.
The MACD dons a bullish outlook with a buy signal while the 20-day EMA and the 50-day hint at forming a golden cross.
Traders are unlikely to focus on selling ETH ahead of the approval of 10 spot Ethereum ETFs by the SEC next week. The ETF products are expected to ramp up demand for ETH and in turn this will trigger a major run toward the $5,000 mark.
XRP Price Analysis: Can Bulls Secure Support?
All eyes are on the bulls to keep the downtrend in check as XRP price seeks support toward $0.5. Sliding below this key level could trigger increased selling pressure as investors rush to protect their wallets.
However, XRP price analysis backs the weekly uptrend with a MACD buy signal and a golden cross formed when the 20-day EMA crossed above the 50-day EMA.
An immediate rebound reclaiming $0.6 will further the rally by affirming the return of the bulls. Traders consulting the current XRP price analysis would know that resistance is anticipated at $0.65 and $0.7 before setting the stage for the run-up to $1.
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