Price Analysis

Top Predictions for Bitcoin(BTC), Ethereum (ETH) & Ripple (XRP) Price for the Week!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 1, 2022

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Article Highlights
  • Bitcoin slows down a bit as it faced a notable rejection after reaching levels above $24,000

  • Ethereum price undergoes a trend reversal after it failed to surpass the obstacle above $1700

  • Ripple price amid the recent price action has cleared the barrier at $0.38 but failed to hold above these levels and ended up in a correction

Bitcoin (BTC) Price Analysis

Bitcoin price after surpassing a significant hurdle appears to have exhausted a bit and hence may consolidate igniting a correction phase. The asset has been fluctuating heavily since the beginning of the month. Moreover, each ascending trajectory has been nullified every time due to the negative events within the space. 

As the volume shows the existence of POC at above $21K, the market participants may expect a minor pullback as the selling pressure is expected to rise soon. A breakdown from these levels may result in a breakdown below $20,000 that may extend to $19,000 too. If in case, these areas are also not held, then an asset may plunge hard to $13,000 to $12,000 in the coming days. 

On the contrary, the bearish thesis may be squashed, if the BTC price bounces off and achieve levels above $24,500 very soon. 

Ethereum (ETH) Price Analysis

Ethereum price also faced a major rejection above $1700 for the second consecutive time, mainly due to a lack of buying pressure which was required to nullify the selling pressure. Therefore, the asset is expected to undergo a slight pullback and retest the support below $1600 in the coming days. 

If the asset fails to hold at this level, the lower support at $1300 may be closely watched and rejection from here may eventually lead to a steep drop towards $1000. On the other hand, the market sentiments for the assets have been on a rise in recent times due to the upcoming merger. 

Therefore, if the asset manages to record a close beyond $1730, then a clear path towards $2000 may be expected. 

Ripple(XRP) Price Analysis

Ripple price surged more than 10% just before marking the monthly close and tested the levels beyond $0.387. Woefully, the upswing failed to sustain as the bears quickly dragged the price close to its initial levels. Moreover, the recent price action has dragged the price below the $0.381 support level which suggests the extension of the bearish narrative until the asset hits the $0.34 level. 

On the contrary, if the Ripple(XRP) price comfortably sustains above the $0.381 barrier, then a possibility of a strong rebound emerges. Further, the bearish narrative could be invalidated as the XRP price may range high to test $0.4 initially and later climb close to $0.5 in the coming g days. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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