Bitcoin (BTC) price remains tightly wound in a range extending from $29,000 to $31,000. Despite the recent uptick in bullishness due to the SEC vs. Ripple lawsuit, the pioneer crypto remains the same. Ripple (XRP) bulls seem to be taking a break as the initial hype dissipates, causing altcoins, including Ethereum (ETH), to shed gains.
Also Read: XRP naysayers miss out on 70% gains after Ripple Labs and SEC share joint victory
Bitcoin (BTC) price is entering the weekend at around $31,200 market value. It continues to move horizontally within a range, making the next two days critical in determining the next direction.
Normally, BTC performance on weekends is characterized by big price changes and lower volume. Therefore, there are more huge individual orders than small ones, as whales take over during weekends. While retail holders take a break from the market, whales amass or offload in big numbers as they cash in weekend price swings.
As such, if whales amass into the weekend, the ensuing buying pressure could see Bitcoin price shatter above the $31,500 level and potentially foray toward $35,260.
BTC/USDT 1-Day Chart
Conversely, if whales dump, Bitcoin price could break below the critical level at $29,872, opening the drains for a possible dropdown toward the $26,171 range. As BTC eyes a highly volatile two days, bulls must defend the $29,872 level at all costs.
The Relative Strength Index (RSI) is tipping south, already indicating falling momentum. Lower volume is expected, therefore, as is characteristic of weekends because traditional BTC markets have closed, exposing the market to volatility.
Also Read: Bitcoin Weekly Forecast: Can XRP's win take BTC to $40,000?
Ethereum (ETH) price continues to hold above an ascending trendline after breaching a crucial barrier at $1,959 during the Thursday rally that saw ETH ascend 10%. An increase in buying pressure could elevate the PoS token above the $2,000 zone to tag the mid-April highs around $2,120. Such a move would denote an 8% climb from the current level.
This is plausible, considering momentum indicators favor the upside. The price strength of the RSI above 50 and the positive histograms of the Awesome Oscillators indicate that bulls are leading. While this adds credence to the bullish thesis, a lot depends on how traders play their hand this weekend.
ETH/USDT 1-Day Chart
On the flipside, a strong rejection from the psychological $2,012 level could extend the current pullback, causing Ethereum price to flip the newly found support at $1,959 back into resistance. The ensuing seller momentum could see ETH waste all the gains made on Thursday to recollect the 50-day Exponential Moving Average (EMA) at $1,863.
This would equally denote an 8% downswing from current levels.
Also Read: Arbitrum unlocks Layer 3 chains as Ethereum Layer 2 wars intensify
Ripple (XRP) price is down 5% over the last 24 hours, cutting down on yesterday's gains. Nevertheless, the remittance token has remained at the highest level since April 2022. As profit-taking continues, XRP could soon confirm Welles Wilder's interpretation of an overbought market when the RSI momentum indicator crosses below 70, signaling holders should sell.
The subsequent selling pressure could see Ripple price drop below the $0.544 support level. A decisive flip of this support back to resistance would invalidate the current bullish outlook.
XRP/USDT 1-Day Chart
On the other hand, if sidelined investors are looking for an entry point after missing the 70% rally, buying XRP now, could see an influx of upside buying pressure which could revitalize the bulls and hopefully inspire a neck up, hopefully targeting the much-anticipated $1.000.
Also Read: Ripple price races to $1.0, records the largest crypto asset hourly volume as chatter to list XRP intensify
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Bitcoin (BTC) price got a respite from sideways trading after the United States Securities and Exchange Commission (SEC) vs. Ripple lawsuit reached a conclusion, for now. The announcement caused Ripple (XRP) price to double in a few hours, causing other altcoins to also rally from the hype.
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