The crypto market is currently having its ups and downs. However, the general medium-term trend is still upwards. Most crypto investors make the wrong moves when trading cryptos. They buy when they should sell, and sell when they should buy. Sometimes, the best strategy is to not do anything. In this crypto price prediction, we’re going to analyze Bitcoin, Ethereum, and XRP. Those are the most looked at tokens, so let’s analyze 😉
The Crypto Market is still on an Uptrend
Despite the short-term adjustment, the crypto market is still considered on an uptrend. If we look at figure 1 below, we can see how the total cryptocurrency market capitalization is increasing since 2 months. The current crypto market cap sits around $1.1 trillion, whereas in mid-June 2022, it was sitting around $850 Billion.
Price adjustments occur on a regular basis in a healthy market. Part of why crypto crashes previously happened is because prices did not adjust lower, creating a short-term bubble that had to pop. This is not to say that cryptocurrencies are bubbles, but the price action that does not account for breathers often leads to severe price adjustments. The current trend, on the other hand, is a healthy one.
What’s Happening To Cryptos?
#1 Bitcoin Price Prediction
Ever since reaching its bottom price of around $18,500, Bitcoin started a nice uptrend. In figure 2 below, we can clearly see the uptrend. Every time Bitcoin prices went away from that trend line, they retraced back soon after. Today, prices are coming closer to that uptrend line as part of a correction. Only if prices breach this uptrend line and the $22,500 price mark should we start to worry. For now, BTC should bounce back soon and test the $26,000 price.
#2 Ethereum Price Prediction
Ethereum’s price action looks similar to Bitcoin’s. After a brief consolidation between $1,000 and $1,200, Ethereum started its uptrend. However, we can clearly notice how steep this uptrend is. This is due to Ethereum’s highly anticipated merge that should occur in mid-September.
ETH gained around 80% since the announcement of the merge. We advise however to keep a close eye on the crypto market in September as it might get highly volatile. No one knows what the outcome of the merge would turn out. For now, prices are adjusting as part of the uptrend.
#3 XRP Price Prediction
Ripple is one of those cryptocurrencies that still never managed to reach its all-time high price. In fact, its lawsuit with the SEC is still pending. However, there are talks that the lawsuit is going in a positive direction. Another property of XRP is that it is known to be a lagging cryptocurrency. This means that it takes time for its pries to move with the crypto market as a whole.
The current price action of XRP still shows a consolidation in prices. This consolidation is delimited between $0.30 and $0.40. This consolidation zone is pretty wide, but since cryptos are highly volatile, it is normal to see such a wide area. If XRP managed to break the upper $0.40 resistance, its prices would be expected to boom soon after. Of course, this theory takes into account a booming crypto market as well.