March 28, 2024

Bitcoin, Ethereum, XRP price analysis on 05/22/2020

Bitcoin, Ethereum, XRP price analysis on 05/22/2020

Bitcoin price decline continued, and by the end of the week the pair could reach eight thousand dollars.

BTC / USDBitcoin, Ethereum, XRP price analysis on 05/22/2020

Bitcoin price yesterday could not stay above the support of 38.2% fibo (9441.99 USD) and by the end of the day it tested the POC indicator line (8858.55 USD), setting the daily low at 8800.00 USD. 

At night the price rebounded above nine thousand dollars,during the Asian session, buyers tried to continue the recovery, but in the morning trading volumes decreased, and today the pair may hang in consolidation at the Point Of Control line (8858.55 USD).   

As we can see, bearish pressure intensified yesterday andthe pair continued to decline. We believe that for consolidation on the POC line, support may be a weak level around the 8500.00 USD mark, and by the end of the week the pair may roll back below the psychological level of 8000.00 USD. 

ETH / USDBitcoin, Ethereum, XRP price analysis on 05/22/2020

Yesterday the price of Ethereum continued to fall lowerpsychological level of 200.00 USD and tested the support of 78.6% fib (192.57 USD). At night, the price of ether rebounded to the area of ​​two hundred dollars, but the pair cannot yet gain a foothold in the zone of the overnight maximum. 

In the morning there is no selling pressure, but the priceon small volumes, continues to decline towards the support level found yesterday at 78.6% fib (192.57 USD). We believe that short-term consolidation is possible in this area, but until the end of the week the decline may continue to the descending purple line, around the 175.00 USD mark. 

XRP / USDBitcoin, Ethereum, XRP price analysis on 05/22/2020

Yesterday, bearish pressure intensified and the price of Ripple rolled back below the psychological level of 0.200 USD, and by the end of the day it set the daily low near the POC line (0.188 USD). 

During the day, the price of the asset decreased by almost 6.5% and the capitalization of Ripple fell to $8.5 billion. At the same time, the issue of Tether exceeded $8.8 billion, and according to the information resource CoinMarketCap, this asset surpassed Ripple in capitalization, taking its honorable third place. 

We believe that the decline in the price of Ripple will continue today and by the end of the week will reach the lower border of the descending purple channel, around 0.183 USD.  

* All price values ​​are based on data from the BitStamp exchange