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Bulls Lose Control, Why XRP Might Surge Over $0.4

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Key Insights:

  • Bitcoin started a fresh decline below the $23,500 support.
  • Ether (ETH) declined over 5% and traded below $1,600.
  • XRP is facing a key barrier near $0.400 on the daily chart.

Bitcoin

After clearing the $24,000 support, bitcoin price started a steady decline. The price traded below the $23,500 and $23,200 support levels. The price even settled below the $23,000 level and the 21 simple moving average (H1).

It tested the $22,700 zone and remains at a risk of more losses. The next major support is near the $21,800 level, below which there is a risk of a drop towards the $21,200 level.

BTC Hourly Chart by FXEmpire

On the upside, there is a major resistance forming at $23,150 and a bearish trend line on the hourly chart. A close above the trend line and the 21 simple moving average (H1) might push the price to $24,000.

Ethereum (ETH)

ETH also followed a similar path after it failed to clear the $1,750 resistance. There was a bearish reaction below the $1,650 support and the 21 simple moving average (H1).

The price declined over 5% and traded below the $1,600 support zone. It is now showing a few bearish signs near the $1,575 level. An immediate support is near the $1,555 level. The next major support is near the $1,500 level.

ETH Hourly Chart by FXEmpire

Any more losses might send ether price towards the $1,420 level. On the upside, the bears might remain active near the $1,600 and a connecting bearish trend line on the hourly chart.

XRP

XRP found support near the $0.300 zone after a strong decline. A base was formed near $0.300 and the price started a minor upside correction.

There was a recovery wave above the $0.332 and $0.350 resistance levels. There was also a break above a crucial bearish trend line with resistance near $0.365 on the daily chart. However, the price faced a strong resistance near the $0.400 zone.

XRP Price Daily Chart by FXEmpire

XRP is slowly moving lower and approaching the broken trend line support at $0.362. If there is a downside break below the $0.365 support and $0.350, the price could nosedive to $0.312 or even $0.30.

On the upside, the price could face a strong resistance near the $0.40 level. The main resistance sits near the $0.411 zone, above which the price could rally 15%-20%.

ADA, BNB, and DOT price

Cardano (ADA) is struggling below the $0.50 support zone. The next major support is near $0.475, where the bulls might take a stand.

Binance Coin (BNB) is trading below the $285 level. If the bulls fail to protect the $275 support, the price could decline towards the $260 level.

Polkadot (DOT) is down over 8% and trading below the $8.0 level. The next major support is near the $7.62 level, below which there is a risk of a move towards the $7.45 level.

A few trending coins are CRO, BTT, and NEXO. Out of these, NEXO is gaining pace above the $0.745 resistance zone.



Read More: Bulls Lose Control, Why XRP Might Surge Over $0.4

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