BTC and XRP – Correction possibly over

BTC and XRP – Correction possibly over

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Last Updated on March 23, 2021

BTC/USD

The price of Bitcoin has been moving sideways from the 17th of March when it came up to $59,600 until the 20th when it paid another revisit to those levels. However, after a failure to break the $60,000 mark to the upside we have seen a rejection that caused a breakout from the symmetrical triangles and a low to $52,924. 

BTC and XRP

Now we are seeing a minor recovery with the price currently being traded at $54,528 and has bounced nicely forming a V shape. The descending move was a five-wave impulse which is why we could have seen the completion of the WXY correction. 

In that case, the price is now making its first attempts to establish an uptrend as the 1st wave from the next impulsive wave to the upside started. However, there could still be a possibility of another lower low to the significant $51,940 level. 

If we have seen the completion of the 4th wave correction, then the price of Bitcoin is now headed towards the new all-time high, potentially in the zone between $72,000 and $68,000.

XRP/USD

The price of Ripple has been on the rise from the 18th of March when it was sitting at around $0.464 at its lowest point. From there we have seen a breakout from the symmetrical triangle in which it was forming from the 1st of February. We have seen the price reaching $0.6 before falling back to the $0.54 area and is currently sitting at $0.56612.

BTC and XRP

This sideways movement from yesterday’s high is the 4th wave out of the next impulse wave to the upside which is why after its completion another rise to the $0.66 level would be likely. We have seen the formation of the symmetrical triangle so the breakout is equally possible but considering the bullish momentum, it is more likely that it would continue moving forward. If this is the 3r wave of the higher degree impulse wave then the price of Ripple is set to move much higher and surpass its February’s high of $0.75. This would be re-evaluated after the completion of the currently expected rise and the pullback that is supposed to follow afterward.

If we see the price staying above the $0.62 level it cold be an early indication that the price is headed further up.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Cryptocurrency CFDs are not available to trade in all jurisdictions.

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