We take a look at Bitcoin price, Ethereum price, and XRP price so far this week. Aside from fundamentals, we rely heavily on technical analysis to assess overall sentiment. This is achieved by identifying key support and resistance levels that traders and investors will be watching in the short term. Where do Bitcoin, Ethereum, and XRP look to be heading in the short term?
At the time of this report, Bitcoin is currently trading at $54,727. The largest digital asset by market cap is down ~ 2% over the last week. Despite this small pull-back, Bitcoin is still up ~ 4.5% over the last two weeks. Additionally, on-chain metrics still appear to be bullish for BTC in the short-term.
Bitcoin Technical Analysis
Based on the current TA, Bitcoin is in a prime position for another rally. We believe that $50,400 will be a solid support level moving forward. As long as BTC can maintain this level, we could see the all-time high getting retested in the short-term.
We are also watching ROC levels ( bottom of the chart ). As discussed in previous analysis, ROC levels measure momentum. New rallies tend to form when ROC goes from negative to positive. The last two rallies followed this protocol. Based on the current setup, bullish momentum continues to mount. The next leg up will be targeting all-time high levels.
At the time of this report, Ethereum is currently trading at $1,674. ETH has fallen ~ 6.6% over the last week and ~ 9% over the last 14 days. Despite BTC price action pushing ETH down, rising gas fees are also a turn-off to traders and investors in the market right now. Most recently, Ethereum’s mining difficulty cracked a new all-time high.
Ethereum Technical Analysis
Based on the current price action, we are watching $1,650 support levels. As we can see from the chart below, Ethereum is flirting with strong support. If ETH rejects these levels, it could experience some downward pressure in the short-term. If ETH can maintain this level, we could also see ETH re-test all-time highs in the short-term.
Similar to Bitcoin, Ethereum has a nice ROC ( momentum ) setup formation. We still argue that Bitcoins is more bullish at the moment, but we will definitely be keeping an eye on this to see if it goes positive. Right now the most important metric is $1,650 support. ETH needs to hold this level in the short-term.
At the time of this report, XRP is currently trading at $0.556. XRP has surged ~ 27% over the last week. Despite the digital asset getting pounded with negative media attention over Ripples lawsuits, XRP is still up ~ 270% over the last year. XRP’s recent price action seems to be more fundamental than technical. During the on-going legal battle between Ripple and the SEC, the market got some clarity the last couple of days regarding exchanges liability in listing XRP. In recent hearings, it has been shared that exchanges would not be liable for selling XRP illegally as long as they are not an “affiliate of Ripple.”
Back in December 2020, many exchanges started to delist XRP in wake of the lawsuit between Ripple and the SEC. Now with further clarity, investors are suspecting that exchanges could start to re-list XRP (knowing that liability could be waived). At the time of this report, no large exchanges have publically stated they are deciding to do so. Despite rumors on social media around Coinbase relisting XRP, nothing concrete has surfaced yet.
XRP Technical Analysis
At the moment, the XRP price is flirting with $0.56 resistance. If XRP can crack through this resistance and maintain that level, we believe bullish momentum will continue to pour in. “Hype” is the recent driver for XRP. Not only are investors hoping XRP will be relisted on exchanges, but they are also hoping the SEC steps away from the lawsuit. As Visionary Financial mentioned in previous reports, investors have been deploying high-risk capital here. XRP has a high degree of risk but also has some of the highest potential upsides pending this lawsuit. While digital assets like ETH and BTC have already hit new all-time highs this year, XRP is still +486% away from doing so…
On the contrary, if XRP rejects $0.56 resistance, it could very well re-test $0.48 support in the short-term.
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