Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Resumes Parabolic Rise, Aiming For $50,000

Last Updated August 9th 2021
3 Min Read
  • Bitcoin price recaptures $45,000 following a two-day winning streak.
  • Ethereum price lifts above $3,000 again but still struggles with the barrier at $3,200.
  • Ripple price reclaims the ground past $0.8 as bulls shift the focus to $1.

The weekend session allowed bulls across the cryptocurrency market to retake control of most tokens. Bitcoin had sustained the price action above $40,000 but lifted to $45,000 on Sunday before correcting to affirm support at $43,000. The flagship cryptocurrency is trading above $45,000 amid another push by the bulls to close the gap to $50,000.

On the other hand, Ethereum has reclaimed the position above $3,000 while bulls look forward to gaining traction above the barrier at $3,200. In the meantime, Ripple also gained ground past $0.8 and is trading at $0.82. As speculation rises across the market, prices will likely soar in the coming sessions, perhaps days.

Live price data by CoinGecko shows that the crypto market accrued more than 2% in capitalization to stand at $1.9 trillion at the time of writing. Bitcoin accounts for nearly half of the crypto market value with $858 billion.

Bitcoin Price Onto A Parabolic Rise

Bitcoin price currently battles resistance at $46,000 after recoiling from $43,000. Over the weekend, bulls flexed their muscles, proving to the world that their turn had just come. It is worth remembering that Bitcoin had plunged to $38,000 last week, but bulls came in handy to renew the uptrend.

With Bitcoin having reclaimed the position above $45,000, investors are looking forward to the ultimate breakout that would bolster the price above $48,000 and later $50,000. For now, the biggest challenge is to close the day beyond $46,000, a move that will enhance the bulls' influence in the market.

BTC/USD 12-hour chart

 BTC/USD 12-hour chart 080921

According to the Moving Average Convergence Divergence (MACD) indicator, buyers have the upper hand. A recently sent buy signal implies that investors are compelled to increase their stake in BTC while anticipating closing the gap to $50,000.

 Don't Miss: Factors That Could Significantly Influence Bitcoin Price

Ethereum Price Move Hand In Hand With Bitcoin

Last week's network upgrade, the Ethereum London hard fork boosted the cryptocurrency from lower levels around $2,500 to highs above $2,800. However, Ether lost steam which curtailed the missioned to trade above $3,000 and restarting the uptrend to $4,000.

Thanks to the still strong correlation with Bitcoin price, Ether made hast above $3,000 and brushed shoulders with $3,200 over the weekend. A correction on Monday amid the Asian session trimmed the gains to $2,900.

Nonetheless, Ether moved in tandem with Bitcoin price breakout to $46,000 during the European session to trade marginally above $3,000. ETH must be aware that only higher support above $3,100 will stop the frequent pullbacks. Moreover, a daily close above $4,000 may catapult Ethereum above $3,200 and trigger gains to $4,000.

ETH/USD 12-hour chart

 ETH/USD 12-hour chart 080921

The immediate downside has been protected by the ascending channel's middle boundary support. Holding above this critical level is a bullish case for Ether. On the other hand, trading below the same level could open Pandora's box as Ether revisits areas under $3,000.

 Check Out: What Is Ethereum and Is It Worth Investing in Ethereum

Ripple Price On The Verge Of An Upswing To $1

As discussed in the previous analysis, Ripple has lifted above the 200 Simple Moving Average (SMA) resistance. Trading above $0.8 is exceptionally bullish for the cross-border money transfer token. More gains will likely explode to $1 if bulls crack the multi-month trend line capping upward price action.

Realize that the MACD has a bullish impulse that will continue to call more buyers into the market if maintained. With increased bullish pressure, trading above the weekend resistance at $0.85 will be a walk in the park.

XRP/USD Daily Chart

ERP/USD daily chart 080921

On the flip side, securing higher support above $0.8 would ensure market stability. In other words, bulls will have ample time to execute the next mission to $1 without worrying about support.

Read Also: Ripple Trading Predictions

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