Bitcoin Main Foes: What to Expect with ETH & XRP prices?
Given that cryptocurrency community members focus their attention mainly on the Bitcoin, Ethereum and XRP prospects are looking very foggy in such regard. Even though founders of both cryptocurrency companies are visible on the news background, many investors and traders almost give up on altcoins.
That is why some experts predicted that this year can be a disaster for altcoins, as the leading digital currency – Bitcoin – will erase them or make less popular and attractive for investments.
Jacob Canfield is one of those, who recently commented on altcoins’ performance. Namely, he pointed out the situation around the XRP.
In order to be able to count on an increase in the price of XRP, it must go beyond the upper limit of this figure, Canfield explained. He is sure that otherwise, the altcoin rate will begin to decline, possibly to a new low.
The cryptocurrency analyst and writer, Aayush Jindal, suggested the opposite scenario. According to him, the price of XRP began to recover due to the rise in the price of Bitcoin. Also, an upward channel has formed on the hourly chart, which is a signal to further increase in altcoin price, the expert noted. He believes that all this suggests the possibility of an increase in the price of XRP to a resistance level of $ 0.25. In the case of overcoming it, the altcoin rate will continue to grow and rise to $ 0.3 in the coming days, Jindal is sure.
He added that there might be a slight decrease in the cost of XRP to a level of $ 0.225. Here is a 100-hour moving average that protects altcoin from falling in value.
At the moment, XRP is trading at around $ 0.233. In 24 hours it has risen in price by 2.4%. The token trading volume increased by 11% and reached $ 1.86 billion.
In addition to XRP, Jindal is also confident in the rise in the price of Ethereum. In a separate review, the analyst predicted an increase in the cost of an altcoin to $ 180 in the short term. If this happens, the next goal for the coin’s rate will be a mark of $ 200, in case of overcoming of which it can increase to $ 220, the expert suggested.
Another analyst, who is representing and sharing his thoughts on popular Bitcoin media resource, follows a similar scenario. He believes that Ethereum is able to rise in price to $ 196, then to $ 220, as an uptrend has formed on its 4-hour chart. However, it can be broken if the price of altcoin drops below $ 166, which will lead to its further decline, the analyst explained.
He noted that one of the reasons for the rise in Ethereum’s value is a correction after a six-month fall. An increase in demand from investors, which is confirmed by a steady increase in the number of open long positions, also speaks in favor of higher altcoin prices, the expert said.
The crypto community experts shared different opinions. However, it is still not visible whether XRP and Ethereum can surpass the Bitcoin’s performance as the main cryptocurrency is going through another significant and historical period.