Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC Gains 6% As Coinbase Vows To Invest 10% Of Profits In Crypto

Last Updated August 20th 2021
3 Min Read
  • Bitcoin settles above $47,000 after rebounding from weekly support at $44,000.
  • Coinbase gets board approval to add $500 million worth of crypto to its balance sheet.
  • Ethereum makes a valid case toward lifting to $3,600, but a divergent RSI could delay this upswing.
  • Ripple bulls keep their eyes glued on $1.35 after regaining the ground above $1.2.

Most cryptocurrencies will likely close Friday in the green after bulls regained control erasing losses suffered earlier in the week. Bitcoin pulled from $44,000 to trade above $47,000. The uptrend seems intact and with a high chance of BTC hitting $50,000 this weekend.

Cardano extended the bullish leg past $2.5, the all-time high. The smart contract token is up 19% over the last 24 hours and has its market cap rising to $80 billion. The international money transfer token shot up nearly 12% to trade at $1.23 while Ripple and top exchanges moved 125.3 million XRP.

Other altcoins standing out for their impressive price actions include Polkadot (up 16%), Polygon (up 13%), VeChain (up 14%), Avalanche (up 15%), and the Graph (up 18%).

Coinbase To Increase Crypto Holdings

Coinbase, a prominent US-based cryptocurrency exchange and the first publicly listed crypto firm has announced plans to purchase $500 million worth of cryptocurrency to add to the balance sheet. The additional investment will bring up the company’s existing holdings.

Subsequently, Brian Armstrong, the CEO of Coinbase, said that the board has approved “10% of all the profit going forward in crypto.” Armstrong has a strong belief that this percentage will continue growing as the cryptoeconomy matures.

Moreover, in the future, Coinbase will operate most of the business in crypto because currently, business is still a mix.

Bitcoin Steadies Above $47,000 But Investors To Keep Buying Dips Heading Into The Weekend

Bitcoin seems to be struggling to stay above $47,000, following a 6% growth on the day. Further upside movement could be challenging to the bulls; hence pullbacks are expected heading into the weekend.

The Moving Average Convergence Divergence (MACD) has stayed above the mean line on the daily chart, suggesting that buyers have the upper hand. Nonetheless, signs of exhaustion above $47,000 could see the MACD flipping bearish and submitting a sell signal.

Meanwhile, support is anticipated at the 200-day Simple Moving Average (SMA), where more buyers are expected to come in. Consequently, drawbacks will keep investors on their toes, hoping for a leg up past $50,000 in the coming days.

BTC/USD Daily Chart

BTC/USD Daily Chart 082021

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Ethereum Eyes $3,600 In the Near Term

After Ether tested support at $2,950 mid this week, bulls regained control on Friday, erasing the losses. A break above $3,200 seems to have kept buyers engaged as attention shifted to $3,600.

Ethereum bulls will have to defend the support at $3,200 like their lives depended on it. On the upside, a breakout to $3,600 is only possible if ETH closes the day above the 61.8% Fibonacci level.

On the flip side, the Relative Strength Index (RSI) has been in the neutral zone for five days now after retreating from the overbought area. An RSI divergence from the price indicates the presence of selling pressure which cannot be ignored.

Therefore, unless bulls break above the trend line retain the move north, Ethereum will continue to struggle, in turn delaying gains to $3,600.

ETH/USD Daily Chart

ETH/USD Daily Chart 082021

 Check Out: Is It Too Late To Buy Ethereum?

Ripple Determined To Close The Gap To $1.35

Ripple closed the day above $1.1, avoiding calls for a downtrend to $1 and $0.9. Recovery ensued, pulling the price above $1.2, allowing bulls to gaze at $1.35 and $1.4 levels, respectively.

It appears the immediate support at $1.2 will keep the upward bid intact in the coming session and into the weekend. The MACD reinforces the bullish grip; thus, recovery to $1.35 is plausible.

XRP/USD Daily Chart

 XRP/USD Daily Chart 082021

On the downside, keeping support at $1.2 intact is crucial for the ongoing price action. However, if lost, investors can expect another leg to $1.1 and perhaps $1.

Read Also: Ripple Price Prediction

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