BTC, ETH, XRP Price Analysis — Bulls Are Back Again, But How Long Can They Dominate the Market?

Libra Coin News
Wed, 09/04/2019 - 10:28
Denys Serhiichuk
Buyers have taken control of the market. Should we consider it as a false alarm or not?
Cover image via 123rf.com
Contents

The sharp increase of Bitcoin and most coins were supported by the same rapid increase in the index of the dominance of the first cryptocurrency. Against the background of an impressive price increase, the Bitcoin dominance index reached a 30-month high, rising above 70%.

Bitcoin dominance rate by CoinMarketCap

Although the leading crypto is showing the biggest growth compared to other top coins, Ethereum and XRP are also in the green zone.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$188 984 298 058

$10 549,06

$18 916 578 914

1,82%

Ethereum

ETH

$19 163 628 193

$178,10

$6 796 368 169

0,33%

Ripple

XRP

$11 167 163 635

$0,259794

$1 141 787 578

0,04%

BTC/USD - A drop bellow $10,000 can still happen

Our recent Bitcoin price forecast did not come true, as bulls pushed the price above $10,000. On the 1D chart, the Sunday green bar of the indicator is much smaller than those observed in July-August.

BTC/USD chart by TradingView

Thus, the current upward correction is not supported by a convincing increase in trading volumes and soon the price of Bitcoin may be in the region of $9,750. On the other hand, breaking the $10,956 mark will open the door to $12,000.

The price of BTC is trading at $10,529 at the time of writing.

ETH/USD - Unlikely to follow the growth of Bitcoin

Ethereum keeps trading according to our September 2019 price analysis. Its rate has increased by 0.61% over the last 24 hours.

ETH/USD chart by TradingView

The leading altcoin is located within the Triangle pattern with an upcoming slight decrease. The blue line of the MACD indicator is about to change the trend from bullish to bearish, confirming the possible decline. Respectively, ETH is about to reach the local bottom at $170 in a few days.

The price of ETH is trading at $177.31 at the time of writing.

XRP/USD

XRP remains on the least volatile coins, as its price has increased by only 0.35% over the last 24 hours.

XRP/USD chart by TradingView

On the 4H chart, XRP is going down to the previous support zone at $0.2550. Thus, the trading volume index is declining, confirming the ongoing decrease. In this regard, XRP remains bearish in a short-term scenario and there are no reasons for growth. 

Related
XRP Price Prediction for September 2019: Can $0.30 Be Finally Conquered?

The price of XRP is trading at $0.26 at the time of writing.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.


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