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Amid increased volatility, the crypto market cap has dropped to $2.31 Trillion from a high of $2.38 Trillion this month. Following this, top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have recorded a significant correction in their respective portfolios.
Will the top 3 cryptocurrencies regain momentum and head toward a new all-time high in the coming month? Or is the crypto market on the threshold of experiencing a major price correction with rising uncertainty in the result of the upcoming U.S. Presidential Election?
Bitcoin (BTC)
Despite recording a neutral price action over the past week, the BTC price has jumped 6.343% this month. With this, October is on the verge of potentially concluding this month on a positive note, making this another successful “Uptober”.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram with its average showing a high possibility of a bearish convergence in the 1D time frame.
Suppose, the bullish sentiment intensifies, this could result in the BTC price heading toward its ATH of $73,750.07 in the coming time. However, if a trend reversal occurs, the star crypto could potentially retest its support level of $60k.
Ethereum (ETH)
The Ethereum price has repeatedly failed to break out of its important resistance zone since August. This indicates a strong liquidation point for the altcoin at that level. Moreover, it has dropped 4.18% during the past month, indicating increased selling pressure.
The Relative Strength Index (RSI) has recorded a sharp plunge in its 1D time frame. Further, with its SMA indicator recording a bearish crossover, the altcoin leader, Ethereum price hints at a negative outlook during the upcoming week.
If the market holds the ETH coin price above its resistance level of $2,500, this could set the stage for it to retest its crucial resistance zone around the $2,800 level in the coming time. On the flip side, if the bears continue gaining momentum, the Ethereum token could retest its low of $2,175.
Ripple (XRP)
Following the SEC appeal in September, the Ripple vs SEC case has registered a new chapter. Notably, Ripple’s native token “XRP” has dropped 22.38% since then. Moreover, it is on the verge of testing its important support, the outcome of which is uncertain.
The EMA 50/200-day is on the verge of recording a Death Cross in the 1D time frame. Further, with its MACD indicator recording a similar trend, the XRP coin price may undergo significant correction during the upcoming time.
Maintaining the price above its support level of $0.52 could potentially set the stage for it to retest its upper resistance level of $0.630. On the contrary, if the bears dominate the crypto space, the Ripple token would retest its low of $0.4880.
For an overview of the long-term price targets of XRP, read our Ripple (XRP) Price Prediction!