BTC, ETH, XRP Price Update: Analysis And Forecasts
Key figures in the cryptocurrency market continue to show steady price increases. Bullish impulses are largely supported by current conditions in the global financial market. Let’s look at how the price of Bitcoin, Ethereum (ETH), Ripple (XRP) has changed over the past 7 days.
Bitcoin has risen in price
Bitcoin was able to bounce off the $6,840 mark and is now held at $7,600. The flagship cryptocurrency managed to overcome the resistance level of $7,200 and $7,400. Now Bitcoin is going up and testing the support level of $7,676. Thus, over the past week, the Bitcoin price increase amounted to 6%.
Crypto analysts predict Bull Run Bitcoin in the short term. If the uptrend is maintained in the future, the price of Bitcoin can overcome the resistance level of $7,877. For optimistic forecasts after this, the price of Bitcoin can jump above $8,000. If this trend continues, some analysts say that Bitcoin can reach the upper resistance level of $8,600.
Analysts also suggest another scenario, when Bitcoin can go back in a bearish trend. But even in such conditions, the price of Bitcoin will remain above the March fall. It is estimated that Bitcoin may drop below $7,400 and steadily hold in the range above $7,000.
Ethereum has strengthened its position
Bullish impulses are also characteristic of Ethereum. He managed to bounce off the mark of $170 and reach the level of 191 dollars. Not today, the resistance level is $198. Thus, the price of ETH has risen by 8% in the last 7 days.
Crypto analysts predict an increase in the rate of ETH in the near future. If this cryptocurrency can overcome the milestone of $200, the next step will be a barrier of $208. For the most optimistic forecasts, the price of ETH can reach a maximum resistance level of $235 and $250.
If Ethereum turns back, a lower support level of $190 can be expected. While maintaining a downtrend, the price of ETH may drop to the level of 160 dollars.
XRP continues to fight
Over the past week, XRP, after bouncing off the $0.18 mark, has been trying to overcome the resistance level of $0.20. Traders now view the XRP price movement as neutral. To embark on the path of an uptrend, XRP must be a barrier of $0.20. In an optimistic forecast, bulls can stimulate an increase in the XRP price and keep it at the resistance level of $0, 229 and $0.257. If bearish sentiment plays, the price of XRP may drop to the lower resistance level of 0.17 dollars.