- Bitcoin price could test the $24,000 range, a 10% fall seems likely before upside potential actualizes.
- With Ethereum’s 0.94 correlation with Bitcoin, ETH could follow BTC down 10% to test the $1,500 range.
- Ripple price is due for a big move after bouncing from $0.4600 support and breaking a major trendline.
Bitcoin (BTC) price has reclaimed support above $26,000 and is now eyeing a breakout past $27,000. This could exit a multi-week range. The risk signal's nose-diving into the 60 range indicates there is a change in attitude. As such, it is likely that profit-taking pressure could present around $27,400 and $28,000. However, this climb seems poised as a step before tackling the psychological barrier at $30,000. If it manifests, the Ethereum (ETH) price could follow.
Also Read: Bitcoin open interest outperformed crypto markets amid BTC Spot ETF hype
Bitcoin price could fall before next move north
Bitcoin (BTC) price is trading with a bullish bias, but much remains in the balance considering there is currently no bullish fundamental to fuel a surge. Also, September has proven to be a bad month for BTC, thereby increasing the odds for a slump.
As Bitcoin price confronts the resistance presented by the downtrend line at $26,640, the odds of a pullback continue to increase as momentum fades. The falling Relative Strength Index (RSI) shows this, bolstered by the Stochastic RSI, which is at 94. This momentum indicator often moves very quickly from overbought to oversold or vice versa, and judging by its position, BTC is overbought.
Accordingly, Bitcoin price could drop to the demand zone at around the $26,000 psychological level. In the dire case, the slump could see BTC breach the lower boundary of the demand zone at $24,843. The downtrend would be confirmed by a strong move under the last lower high of September 12 at $25,131.
BTC/USDT 1-day chart
Conversely, increased buying momentum could see Bitcoin price breach the $26,640 resistance level, potentially going as far as the psychological $28,000 or higher, tagging the $29,020 roadblock. A strong move above this supplier congestion zone could clear the path into the $30,000 range.
Also Read: What to expect from Bitcoin price as $3.4 trillion stock options set to expire on Friday
Ethereum price could follow BTC 10% south
Ethereum (ETH) price found support at $1,552, bouncing 5% north to the current price of $1,619, and confronting resistance presented by the downtrend line at $1,624. Momentum is also waning for ETH, visible through the falling RSI. Aslump seems likely, and the Proof-of-Stake (PoS) token could drop 5% to $1,552 or 10% to the $1,500 psychological level.
Notice its Stochastic RSI at 96, with an almost perfect track record of falling once it gets to this level. Every fall of the Stochastic RSI is mirrored by the price, therefore adding credence to the bearish thesis.
ETH/USDT 1-day chart
On the other hand, Ethereum price could shatter the $1,624 barricade and extend into the $1,682 resistance level. A decisive breach of the August 31 high marked by the $1,700 psychological level could clear the path for a possible reclamation of $1,791, a critical multi-month support that flipped into a resistance during the August 17 crash. This would denote a 10% rise up the ladder.
Also Read: Ethereum celebrates first anniversary of ETH Merge with 99.9% drop in energy usage
Ripple price bounces and shatters, what next?
Ripple (XRP) price boasts four successive green bars since September 12 after escaping from the suppression of the descending parallel channel. While the move is solid, confirmation for the uptrend will only happen after XRP breaks through the supply zone at $0.5373.
A sustained uptrend steered by increasing buying pressure could see Ripple extend to the August 16 high at $0.6098 or in a highly bullish case escalate to the $0.6858 roadblock, close to the ambitious $0.7000 psychological level. This would indicate a 30% climb above the confirmation level.
The RSI is pointing north, supporting this outlook as it means momentum continues to rise. Similarly, the Stochastic RSI has some ground to cover before reaching its range high of 100, where it has been rejected multiple times before. ETH could correct once the Stochastic RSI tags this level.
XRP/USDT 1-day chart
Meanwhile, the risk of pullback remains strong considering this RSI is below 50, showing momentum, and therefore, price strength, remains low. A retracement back into the foothold of the descending parallel channel at $0.4600 could see XRP value continue dropping, likely to the range low of $0.4191 marked by the channel’s midline, or in the dire case, the support floor at $0.3562.
Also Read: Ripple (XRP) trading analysis: Bearish sentiment persists, eyes on key support
Ripple FAQs
What is Ripple?
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.
What is XRP?
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.
What is XRPL?
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.
What blockchain technology does XRP use?
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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