Bitcoin and altcoins have not been doing well this week. BTC has lost 9% of its value in the last 7 days. Ethereum, the largest altcoin, was down 21.1 percent. However, XRP was the only coin to rise this week among the top 20 by market cap. So, what’s next for these cryptocurrencies?
Santiment signals bearish for Bitcoin
Bitcoin (BTC) is potentially bearish on the charts, according to crypto analysis firm Santiment. Santiment states that approximately 1.69 million Bitcoins were moved to exchanges between September 7 and 13. This figure represents the highest weekly increase in stock market entry since October 2021, according to Santiment. This does not necessarily indicate that there will be a decline. However, a 2021 study published by Santiment showed that large increases in stock market entries led to an average price drop of 5 percent for the coin.
In terms of the overall crypto market, Santiment stated this week that crypto traders are not interested in buying the dip. He noted that this situation indicates fear and uncertainty in the market. On the other hand, analytics firm Glassnode states that the seven-day moving average of Bitcoin’s trading volume hit a one-month low of $2.59 billion on Friday. Glassnode also underlines that the seven-day moving average of BTC’s average trading volume hit a one-month low of $244,630.36.
Prospects for Ethereum
Ethereum price has dropped below $1,400 as of writing. ETH price has been showing fierce competition between bulls and bears since July. On the upside, analysts point to $1749.35 in case of a positive breakout. At this point, a minor rejection is expected, but buyers are expected to push the price up.
What’s next for XRP?
The price of XRP fluctuated greatly throughout September. Prices seem to have surged to the 23.6 percent Fibonacci level, then dropped sharply below $0.32. Prices rose once again, but were rejected. However, there is a break at the 23.6% support level due to intense buying pressure. According to analysts, prices are accumulating between the 38.2% and 23.6% Fib support and resistance levels for a significant period of time.
The price enters a downtrend and bounces back to the support level after breaking the 23.6% support level. If XRP price can clear the 38.2% Fib level at $0.34, the closest targets of the rally will be $0.37 and $0.39. This action can cause the price to increase by as much as 17%. You can read what you wonder about the rise of XRP from this article we prepared as Kriptokoin.com.
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