How long will XRP, BTC and ETH prices last?


Bitcoin (BTC) price broke out of an ascending parallel channel. Ethereum (ETH) price formed a double bottom pattern. XRP (XRP) price is still trading inside a symmetrical triangle.

Bitcoin Price Forms Bullish Engulfing Candlestick

Bitcoin price has been rising within an ascending parallel channel since November 21. The upward movement reached a high of $18,387 on December 14. At that point, it reached the resistance line of the channel and the $18,200 resistance area. Later, the ensuing decline formed a long upper wick (red icon) and a breakdown from the channel two days later.

On December 19, bitcoin price dropped to a low of $16,256 and bounced back, validating the 0.618 Fibonacci retracement level with support at $16,575. On the same day, it formed a bullish engulfing candlestick. This caused the RSI to move out of its oversold zone. The price of bitcoin has increased in the last 24 hours.

As a result, there is most likely an upward movement towards the support line of the BTC price prediction channel. A decline is expected later.

A close below the 0.618 Fibonacci retracement support at $16,850 will invalidate this bullish view.

bitcoin (btc) price channel
BTC/USDT six hour chart. Source: TradingView

ETH price forms bullish pattern

ETH is the native token of the Ethereum blockchain. Ethereum price formed a double bottom pattern inside the $1,160 horizontal support area from December 16 to 20 (green icon). A double bottom is considered a bullish pattern, which means that it has an uptrend most of the time. Furthermore, the pattern was coupled with a bullish divergence in the RSI, increasing its validity (green line).

If the upward move continues, the nearest resistance area will be at $1,275, which is formed by the 0.618 Fibonacci retracement resistance level. On the other hand, a close below the $1,160 support area would mean that the trend is bearish.

Additionally, it is interesting to note that since the release of Ethereum 2.0, the Ethereum network has seen a decrease in its circulating supply and annual emissions.

ethereum price double bottom
ETH/USDT four hour chart. Source: TradingView

XRP price bounced off the support line

XRP is the native token of Ripple Labs, created by Jed McCaleb. It is mostly used as a global payment network. XRP price has been rising since the beginning of June with rising support levels. The line has been validated several times, most recently on December 19 (green icon). However, this has not yet bounced after verification.

If one occurs, the nearest resistance area will be at $0.385. Conversely, a break of the ascending support line would likely trigger a downside move towards the yearly low of $0.30.

As the daily RSI is below 50, there is a slight upside potential for a breakdown, although there are no strong signals in either direction.

xrp price triangle
XRP/USDT Daily Chart. Source: TradingView

To conclude, BTC, ETH, and XRP prices have started a bullish run with varying degrees of strength. However, the direction of the long-term trend is still not decided for all of them.

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disclaimer

BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.



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