Like college basketball picks today, a lot goes on in the crypto market.When it comes to the price predictions for Ripple, Ethereum, and Bitcoin, experts can’t only help but wonder if those that continue to hold investments with these cryptocurrencies are only doing so because they remain misinformed on the reality of events taking place on the market.
After last week’s unexpected selloff, Bitcoin’s price prediction is showing a lackluster retaliation. This is despite what on-chain metrics are suggesting in claiming that a bottom may be near. When it comes to Ethereum, its price and bullish narrative that’s surfacing from the upcoming merge take on a new direction as bears are threatening to push prices to a lower value.
And then with XRP, its price is witnessing a turn after undergoing a very steep decline into the weekly trend. At this point, if a rally was to take place, this would leave investors and the market coming to a point of believing that it’s now or never.
With August now coming to an end, retail traders are spending the week trying to understand what the crypto market has in store for them. After last week’s sharp decline, the crypto market has confirmed that it’s currently within a congestive space.
The tedious price action is most likely to solve itself in a sharp move that many analysts and experts are hoping to be bullish. But despite all this, a possible additional decline shouldn’t be completely removed from the table, because like the results that you’d find with college basketball picks, anything is possible.
The Bitcoin Price Is Approaching A Bottom
When it comes to the Bitcoin price, the coin has been trading all week after last Friday’s liquidation of 16%. By the looks of things, it seems that the peer-to-peer digital currency has only managed to cover roughly 3% of its losses and this lack of effort that’s being displayed right after this decline is what’s making many analysts question whether or not it could gain any bullish strength.
However, despite these speculations, on-chain analysis tools continue suggesting further optimism below the cryptocurrency hood because like college basketball predictions things could take a turn for the better regardless of what’s taking place at the moment.
The Ethereum Price Is Proving To Suggest Otherwise
The Ethereum price is currently trading at just $1,606. After assessing the markets, it’s clear that Ethereum is now dominating the crypto sphere when it comes to performance. This comes after providing several opportunities for traders looking for profitable means to latch on to.
But despite all this, on-chain analysis suggests a highly concerning occurrence to have recently taken place behind the scenes. When combined, the price of ETH could end up taking a rather catastrophic selloff that could go unspotted for traders only relying on technical analysis.
There Seems To Be No Hope For The Price Of XRP
For most of the summer, the price of XRP has seen the digital asset underperforming to concerning degrees. After seeing a 30% price increase throughout the summer, the digital remittance token has already lost 50% of the accrued profit. Now, the price hovers over an ascending trend line.
This is what analysts believe is what’s been supporting the crypto throughout most of the season. Should the Ripple price experience a closing candle below the ascending trend line that’s currently supporting it, this could wreak complete havoc on its price as a whole.
Currently, the XRP price is auctioning at just $0.34. Unfortunately, there isn’t any on-chain data from credible platforms as yet; therefore, traders can only make use of classical technical analysis to make decisions on the next move. According to Bitstamp, the market is seeing an influx of volume close to the ascending boundary and this could prove to be the first warning sign of an emergency.
When combined, the price of XRP suggests a further decline in days to come. Therefore, those looking to buy early are highly advised not to.