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Bitcoin price analysis:
Bitcoin once again proved its value to be the strongest among the top three cryptocurrencies in questionable market conditions.
Bitcoin outperformed both Ripple and Ethereum – the second and third tier cryptocurrencies by market capitalization – over the past seven days.
Messari data show that Bitcoin has increased by 2.28% over the last seven days while XRP has increased by 0.20% and Ethereum has lost 1.12%.
Bitcoin has also managed to overcome an important resistance level, despite the fact that etereum and XRP are losing resistance levels.
The price has tested $ 3684 a number of times during the week, but the recent price action of the previous 4 hours brought the price above this level.
The short-term momentum began to shift towards buyers, with an increase in both the RSI and the MACD on the 4-hour chart, both being used as indicators of buyer or seller momentum.
Analysts have a more bullish perspective from this point.
The next resistance level to be monitored is around $ 3840, which has been a drag point in past trades and also the level where the price has ruptured on 6 January.
XRP price analysis:
The XRP fell from a descending triangle pattern last week, which is a bearish trend continuation pattern.
Once the price stopped, it continued to fall below a support level of $ 0.335.
The price action of XRP seemed bullish at the start of the week with a price test of $ 0.335 a number of times with $ 0.335 as a resistance.
Numerous tests of a level make the level weaker with progressively fewer sellers to maintain the level of resistance on each test.
After a series of tests at the beginning of the week, the price action of XRP began to form more bearish schemes. The lower highs were forming with each price increase that seemed weaker.
Recent trade has started to look more bullish. The price of XRP has started to increase along with Bitcoin.
But while Bitcoin managed to overcome its resistance level at $ 3684, XRP failed to exceed $ 0.335 and has since started trading away from this level.
If the bullish movements that many analysts predict that Bitcoin will occur in short-term trading with BTC rising to test $ 3684, it is likely that it will push XRP to increase even with the market.
However, if Bitcoin begins to consolidate above the resistance level of $ 3864 it has just passed, it is highly probable that XRP can start trading further away from the $ 0.335 level and start moving closer to the last few weeks at $ 0.31. .
Key Takeaways:
- Bitcoin outperformed Ethereum and XRP over the past seven days.
- Bitcoin has risen above the resistance level at $ 3684. The next level to monitor is around $ 3840, which was the price break point of 6 January.
- The XRP broke down under a descending triangle pattern last week and fell below the $ 0.335 level.
- The XRP price tested $ 0.335 a number of times at the start of the week, but began to form more bearish schemes with the formation of lower highs.
- Also the XRP rose at the same time as the bitcoin, but failed to exceed $ 0.335 and has since started trading away from it. The price could go to the last few weeks at $ 0.31 if the price of Bitcoin does not continue to rise.
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