The crypto market is showing strong signs of further decline. The Bitcoin The price is struggling below the $19,000 mark, while Ethereum It fell below the $1,300 mark. XRPDespite the bullish news from the Ripple vs SEC battle, it was unable to sustain the price above $0.50.
With signs of another downtrend emerging on the cryptocurrency market, major currencies such as Bitcoin, Ethereum and XRP are losing steam. BTC, ETH, and XRP dropping below short-term support levels could trigger another round of selling.
Bitcoin price going down?
The $19,100 mark has acted as a strong support level for the bitcoin price for most of the past two months. At press time, BTC is at $19053, indicating a daily loss of just 0.59% and a weekly loss of 3.5%.
Bitcoin has recently seen a massive rise in coins exiting the exchanges noting its largest daily amount (40,572 BTC) in four months. With the supply of coins on the exchanges dropping to 8.48%, the same chances of massive selling in the future have decreased.
A drop in the bitcoin price below the $19,000 mark could have a ripple effect as there is a significant supply barrier around that level. However, a CryptoQuant analyst believes that there is currently no indication of a 2018-like dump event.
Notably, at the end of the third quarter of 2018, when the price of BTC started to decline volatility And moving sideways, there was a sudden increase in the number of addresses sent to instant exchanges. On the contrary, this cycle has seen currencies move away from the exchanges despite the larger downtrend.
Compared to the current period, with the exception of peaks in this data system that showed sharp price drops, the number of addresses depositing BTC to select exchanges is at its lowest level in years.
Ethereum price action is shaky
Ethereum price dropped below the crucial $1,300 level, indicating a 0.50% drop in the past 24 hours. However, ETH whales continued to accumulate according to data from Santiment. Notably, since 9/11, billionaire Ethereum whale addresses holding 1 million or more ETH combined have added an additional 3.5 million coins.
The latest buildup has seen Ethereum billionaire whale addresses increase by over 14%, with 132 addresses currently in existence.
However, one worrisome trend was active Ethereum addresses dropping to 4-month lows as weak hands continued to fall after the merger. This also introduced a higher level of disinterest on the part of the participants as the price action remains stagnant. October 17 was the first day that there were less than 400,000 active addresses on the network since June 26.
ETH price faced rejection at the psychological $1,300 level on October 20th. Although ETH was trying to hold above the $1,300 level, it was trading at $1,288 at press time. A dip below $1280 could accelerate the decline.
The RSI on the daily chart appears to be flat and in the oversold territory. The moving averages of the RSI reject the indicator in double. More sell-side pressure could pull the price of Ethereum back into the low $1,200 area.
However, in the event of a bearish reversal, ETH could move to the $1,380 mark if the bulls continue buying over the weekend.
XRP Price Drops As Court Case Nears End
At press time, XRP is trading at the $0.4468 mark, down 2.63% on the daily chart and 10.17% on the weekly chart. XRP has been in a long-term downtrend since October 10, despite Ripple coming to an end organizational battle with SEC.
On-chain accretion metrics give XRP a healthy look like rippling whales accumulated Nearly 300 million XRP over the past few months. However, technical indicators could control the momentum of XRP in the short term, with retail volumes continuing to trend lower.
The next liquidity level for XRP, with lower price action trends, could be around the $0.40 mark and possibly $0.38. A break below $0.38 could cause trouble for the coin and extend the bearish price movement to the lower $0.32 level.
If the bearish prediction fails and the bulls capture the price action over the weekend, XRP could rise to the next resistance mark at $0.48.
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