Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC could break … – FXStreet

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Lockridge Okoth Lockridge Okoth
FXStreet

Bitcoin (BTC) price could break down unless conditions change. If not, altcoins will bear the brunt, starting with Ethereum (ETH) due to its correlation with BTC. Meanwhile, Ripple (XRP) price remains in the woods. 
Also Read: If things do not improve, another miner-induced sell-off is likely for Bitcoin.
Bitcoin (BTC) price signals the continuation of a downward trend as prices shifted onto a bearish trajectory after breaking below the ascending trendline. Since the start of the year, price movements have adhered to an ascending channel following a substantial consolidation period. However, by market capitalization, the leading cryptocurrency underwent another consolidation phase in late July.
Notably, last week, Bitcoin price breached this consolidation, descending beneath the lower boundary of the ascending channel, thereby instigating a bearish sentiment.
The pivotal support level of $26,012 holds significance, having previously functioned as a robust resistance threshold. A breach and subsequent close beneath this level would contribute to the existing downward trend, potentially propelling prices toward the critical psychological milestone of $20,000. This equates to a decline of approximately 23% from the current price level.
In conjunction, the Awesome Oscillator (AO) histograms provide clear support for the downward trajectory, evidenced by the prevalence of red and elongated bodies. Similarly, the Williams Percentage R Indicator operates within the oversold range of -80, indicating persistent short-position opportunities.
However, the Exponential Moving Averages (EMA) positioning introduces an exciting facet. With the 50-period EMA situated above the 100-period EMA, there are indications of potential positive movements. This implies the possibility for a minor price retracement before an eventual breach of the critical $26,000 support.
The more prudent approach, therefore, would involve awaiting price confirmation below the $26,000 level before considering entry into a short position.

BTC/USD 1-day chart
Conversely, a resurgence by sidelined investors could restore Bitcoin price into the bullish technical formation, with the potential to breach the $30,699 resistance level.
Also Read: Bitcoin CME gaps at $35,000, $27,000, and $21,000. Which one gets filled first?
Ethereum (ETH) price shows an impending downward trajectory, substantiated by the breach of the ascending trendline. The breach has also led to a dip below the critical support level of $1,687. This development has paved the way for a potential 27% price reduction, potentially reaching the psychological benchmark of $1,200, with intermediate support of $1,366.
Additional technical indicators reinforce these observations. The higher EMA 100 has recently intersected with the lower EMA 50 from a downward perspective, signifying a bearish market trend. Similarly, the histograms of the AO have transitioned to red, with robust bodies positioned beneath the zero line, indicative of heightened selling pressure.
Given this scenario, traders could consider initiating short positions in the market after a confirmed closure below the $1,620 level.

ETH/USD 1-day chat
On the other hand, the position of the RSI within the oversold region points to a forthcoming price reversal. If momentum is nurtured, Ethereum price could steadily restore above the $1,687 support level and elevate above the ascending trendline in a highly bullish case. Such a move would increase the chances of a continued uptrend, with a decisive foray above $2,029 confirming the uptrend.
Also Read: SEC could approve multiple Ether ETFs soon while delaying Bitcoin spot ETFs
Ripple (XRP) price reflects a significant retracement of the recent gains accrued after the favorable resolution of the SEC case. At present, indications of a continued downward trajectory are becoming apparent. The current price movement follows the path delineated by the 200-period Exponential Moving Average (EMA).
The broader context conveyed by various indicators suggests a likelihood of further price depreciation, potentially reaching the $0.411 level. This level holds significance as the second support threshold, coinciding with the lower boundary of the channel (denoted by the blue color) initiated in June. Should this level prove inadequate in upholding the value of XRP, an extended descent toward the $0.287 level becomes probable, signifying a substantial decline of approximately 45% from the current price.
An analysis of the MACD histograms shows the continuation of the southerly trajectory, substantiated by the histograms consistently manifesting in the negative region below the zero line. Furthermore, the Stochastic Oscillator's northward orientation corroborates the prevailing bearish sentiment.
Following this analysis, the recommended course of action involves waiting for confirmation of price closure below the descending grey trendline before considering entry into a short position.

XRP/USDT 1-day chart
Conversely, a descending grey trendline offers preliminary support to the cryptocurrency pair, possibly facilitating a brief retracement. If the Ripple price sustains above this line, the odds of a move north increase. However, invalidation of the current bearish outlook would only occur once XRP surpasses the upper boundary of the chart pattern.
Also Read: XRP price rally to $0.60 likely with recovery fueled by developments in SEC vs. Ripple lawsuit
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

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