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BTC, ETH and XRP Price Analysis for December 31

Can traders expect a deep correction of Bitcoin (BTC), Ethereum (ETH) or XRP in the first days of 2020?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market is about to finish 2020 positively as all coins from the Top 10 list are in the green zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Bitcoin (BTC), Ethereum (ETH) and XRP on the last day of the year:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$540,599,030,598 $28,983.67 $47,658,570,710 4.05%

Ethereum

ETH

$85,481,263,201 $747.51 $17,119,739,343 2.83%

XRP

XRP

$10,040,237,513 $0.220242 $7,070,635,238 5.26%

BTC/USD

Yesterday, bulls continued their race and, by the end of the day, the Bitcoin price was able to test the $29,000 mark. By evening, the pair set an absolute record at the point of $29,300 and, this morning, it rolled back slightly from the maximum zone.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

It looks like the bulls have secured a foothold to break through the $30,000 level by the end of the year. If the pullback does not continue below $28,000 then, this coming year, one may expect to reach a psychological maximum of $30,000.

Bitcoin is trading at $29,086 at press time.

ETH/USD

Yesterday, in the morning, buyers tried to break through the resistance of the upper border of the ascending channel. But until this morning, the Ethereum (ETH) price was unable to gain a foothold above this trend line.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

At night, the pair marked a new annual high at around $758, but sellers returned the Ether price to the upward channel. If buyers cope with the strong resistance of the upper border of the channel, then by the end of 2020 the price of ETH will test the psychological mark of $800.

Ethereum is trading at $749.27 at press time.

XRP/USD

Yesterday, sellers tried to push the XRP price back to the lower border of the channel, but the pair managed to hold on to the $0.213 level.

👉 MUST READ BTC, ETH and XRP Price Analysis for December 30related article image

Nevertheless, the market capitalization of XRP fell below $10 billion, and the asset lost its third place on CoinMarketCap's list of the most capitalized cryptocurrencies, shifting to fourth.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

The price will likely remain in the sideways consolidation until the end of the current year. Buyers may try to restore the price but, most likely, they will not have time to break through the resistance of the two-hour moving average EMA55 and the pair will continue trading sideways.

XRP is trading at $0.2233 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com