Bitcoin, Ethereum, XRP price analysis on 05/23/2020

Yesterday, the market recovered a little, but will buyers be able to return prices to weekly highs??

BTC / USD

Yesterday trading volumes were below average andpassed quite calmly. There was no pressure from the bears. Buyers were able to gain a foothold above nine thousand and, on small volumes, continued to recover to the two-hour EMA55. 

If the pair overcomes this moving average today, the price of Bitcoin will testresistance 38.2% Fibo (9441.99 USD). To gain a foothold above this resistance, buyers should increase volumes. 

If the growth is not supported by volumes, then it will not be possible to overcome this resistance level and by the end of the week the pair will return below the POC line (8858.55 USD). 

ETH / USD

Yesterday's recovery of the ETH/USD pair was slightly more dynamic than BTC/USD. The growth was supported by large volumes and the price was able to consolidate above the two-hour moving average EMA55. 

The recovery could continue today, andthen the Ethereum price may return to the resistance area of ​​216.00 USD. Buyers have been trying to overcome this milestone from the very beginning of this week. We believe that before the end of the week the pair will not be able to break through this price level and will roll back to the POC line area (208.18 USD).  

XRP / USD

Ripple price recovery brought the pair back highertwo-hour EMA55, but did not allow it to break above the upper border of the descending purple channel. At the level of 0.200 USD, buyers were able to find support and tested the strength of the purple trend line all night. 

It seems that in the morning they managed to break out of the downward corridor, and if today buyers are able to continue their recovery, the pair will return to the area of ​​weekly highs of 0.207 USD. 

If growth fails to continue, then on small volumes sellers will return the Ripple price to the limits of the descending purple channel, and at the end of the week they will achieve a retest of the POC line (0.188 USD).  

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