UPDATE: XRP price is still trading almost muted, staying within a very tight range in between the key $0.30 support and the now immediate $0.35 resistance. The price of Ripple has somewhat decoupled in the past few days from the price action of most cryptocurrencies, which have been on a rollercoaster. The judicial battle between Ripple Labs and the US SEC is what keeps XRP community on the sideways, as they await further developments on the availability of former SEC official William Hinman's emails and the relevancy on court of Exhibit 0 documents. In the meantime, pessimistic Bitcoin price predictions are again turning the crypto ecosystem to the downside. BTC price was unable to close above $21,000 on Tuesday and has tested the psychological $20,000 support on Wednesday ahead of a highly awaited testimony of Fed chief Jerome Powell in front of the US congress, which should present some hints of next monetary policy steps from the US central bank.
The crypto market is showing signs of a decent recovery. It may be too early to call a bottom, but multiple signals point to that possibility.
Bitcoin price is currently up 20% since the fear-invoking sell-off that brought the peer-to-peer digital currency back into the mid-17,000 zone, a level unseen since 2020. On Tuesday, Bitcoin trades at $21,000 as optimism is subtly encouraging more transactions on the Volume Profile indicator. Investors looking to partake in the discounted BTC price should consider reading last week’s outlook for an in-depth analysis and precise invalidation level.
Bitcoin price now targets a $25,700 area but is still submerged under the 200-week moving average at $22,500. Thus investors should expect turbulence amidst the optimistic recovery rally. A break and retest above $22,500 could produce enough fuel to propel the BTC price back to $25,000.
Invalidation for the recovery rally is a breach of $17,592. If this were to occur, $16,000 would be the next target resulting in a 24% decrease from the current Bitcoin price.
BTC/USDT 1-Day Chart
Ethereum price has a higher risk tolerance
Ethereum price currently trades at $1,170 as the bulls continue gaining traction following the ground-shaking sell-off that occurred over the weekend when ETH price briefly struck $881. The Relative Strength Index shows double bottom signals on a historical indicator low, which warrants the idea that a strong counter-trend rally will occur.
Ethereum price hovers just $30 below the 200-week moving average. A breach above this resistance, followed by a retest, could be the catalyst to induce the highly anticipated recovery rally. Conventional targets lie in the $1,700 level, with FOMO targets at $2,700 for up to a 200% increase from the current price.
Ethereum is a riskier digital asset because it has not breached the parallel channel and hovers nearly 70% above the bullish macro invalidation level at $388. If the bullish macro level were to get breached, the ETH price could fall as low as $100 for a 90% decline from the current Ethereum price.
ETH/USDT 4-Hour Chart
Ripple price could be setting up for the final move south as the mid-$0.30 zone is providing resistance once again. The choppy price action comes as no surprise as the XRP community continues the ongoing feud against the US Securities and Exchange Commission (SEC).
Ripple price currently trades at $0.33 amidst the legal dispute. This week the SEC drew the first sword, filing a request to prevent Ripple from sealing essential documents pertaining to “exhibit 0”. The objection filed justifies the current market behavior as bulls are unsure how their portfolio will perform in such a volatile new correlated market. If market conditions persist, a $0.25 target still has a high probability of getting breached.
Ripple price must hurdle the $0.38 level to confidently call a local bottom. If $0.38 were to get breached, the bulls could aim for $0.64, resulting in a 100% increase from the current XRP price. 
XRP/USDT 9-Hour Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Billy Markus, the founder of Dogecoin, believes the memecoin price may never return to its all-time high as 2021 was a “weird year.” Still, DOGE holders are bullish amidst Elon Musk’s support and believe the Shiba-Inu-themed cryptocurrency could continue its uptrend.
Shiba Inu price tagged along with other altcoins that were bouncing and witnessed decent gains. However, the rally seems to have ended around a resistance barrier, which could lead to retracement for SHIB.
TRON price is coiling up between two significant trend lines since February 2021. This massive consolidation almost resolved to the downside but a quick recovery has provided the bulls with another chance at a bullish breakout.
Arthur Hayes, the former CEO of BitMEX, believes forced Bitcoin liquidations have increased the selling pressure on the asset and explained the impact on BTC price. The bloodbath in crypto triggered a slew of liquidations by crypto lenders, forcing Bitcoin selling to push BTC lower.
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
