- If Bitcoin price breaks below the key support level of $24,995, the chances of a bearish breakdown will increase.
- Ethereum price could fall below $1,621 over the weekend as investor aggression wanes.
- Ripple price could fall back into bearish technical form with a prospect of an 8% decline to $0.4600.
The price of Bitcoin (BTC) is trading without directional bias and is ending the week in a consolidation mode while exerting the same aura on the prices of Ethereum (ETH) and Ripple (XRP). The outlook has investors cautious and the caution could continue into the weekend, which is known for its low trading volume.
Also Read: Bitcoin Weekly Forecast: BTC Could Retrace $21,000 as Sell Signals Multiply Ahead of US CPI.
Bitcoin price lacks directional bias, crucial support is nearby
Bitcoin (BTC) price is moving westward and consolidating within a tight range after falling below a crucial support level during the August 17 crash. Since weekends are known to be quiet, the chances of a move north are slim unless major holders act.
The $24,995 support level is crucial for Bitcoin price. A decisive downward break would send BTC to the psychological level of $24,000 and mark a bearish trend reversal. In a worst-case scenario, seller momentum could see the king of cryptocurrencies reach $21,915, a level last seen around mid-March.
Both the Moving Average Convergence Divergence (MACD) indicator and the RSI recently gave buy signals. The RSI rose out of oversold territory at the end of August and the MACD line simultaneously crossed its signal line in negative territory. Although these signals only reflect a short, dead price rise that quickly declined in early September, there is still a possibility that a recovery could develop.
BTC/USDT 1-day chart
A resurgence of bulls could provide such momentum to Bitcoin price and fuel an upward rally. Such a move could take BTC above the 200-day, 50-day, and finally the 100-day EMA (Exponential Moving Average) at $27,066, $27,414, and $27,763 before finally breaking back above support rising trend line at $29,692.
In a very ambitious case, Bitcoin price could push into the area above the psychological $30,000 before reaching $31,518. While the possibility of a northward move remains bleak in the near term, this would represent a 20% increase above current levels.
Also read: Bitcoin all-time high in 2025? BTC Price Idea Reveals ‘Bull Run Start’
Ethereum price is testing the $1,621 support
Ethereum (ETH) price is testing the $1,621 support level, which is an uncertain floor given the weakening momentum.
A break below this buyer congestion level and a lot of uncollected liquidity below could see ETH test the $1,529 support level.
ETH/USDT 1-day chart
Conversely, revived momentum among bulls could see Ethereum price pivot at $1,621 before pushing north towards the 50-day EMA at $1,734. The increase could continue and potentially reach the area where the 200 and 100-day EMAs appear to converge at $1,762 and $1,773, respectively.
With the right momentum inspired by a strong move from Bitcoin, Ethereum price could reach $1,841, a range last tested on August 15th.
Also Read: Ethereum Whales Accumulate ETH as Researchers Explore Scaling Beyond EIP-4844.
Ripple price breaks out of a downtrend, crucial?
Ripple (XRP) price has broken out of a descending parallel channel after the exhaustion wave slipped lower on August 17. These are both bullish signs that the downtrend has ended. Further confirmation would be provided if the remittance token records a daily candle close above the 200-day EMA at $0.5233.
XRP/USDT 1-day chart
If sidelined investors or late buyers come into the mix, the increased buying momentum could cause Ripple’s price to decline, or in a very bullish case, overcome resistance provided by the confluence resistance area between the 100-day and 50-day EMAs at $0.5547 and $0.5580 arise respectively.
Overcoming these hurdles could pave the way for Ripple price to reach the psychological level of $0.7000. This would represent a 15% decline.
From a bearish perspective, there is still a risk that Ripple price could fall back below the upper boundary of the descending channel and potentially reach the July 13 lows around $0.4600. This would correspond to a decrease of 8%. In an emergency, Ripple price could reach the middle line of the bearish technical formation at $0.4191.
Also Read: XRP price likely to fall as pro-XRP lawyer Deaton analyzes Howey memo and Hinman speech
Frequently asked questions about Ripple
Ripple is a payment company specializing in cross-border transfers. The company achieves this by using blockchain technology. RippleNet is a payment transfer network created by Ripple Labs Inc. and open to financial institutions worldwide. The company also uses the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger and help financial institutions transfer value without borders. XRP therefore enables trusted and instant payments on the XRPLedger chain and helps financial companies save costs on global transactions.
XRPLedger is based on distributed ledger technology and the blockchain that uses XRP to control transactions. The Ledger differs from other blockchains in that it has a built-in inflammation protocol that helps combat spam and distributed denial of service (DDOS) attacks. The XRPL is managed by a peer-to-peer network known as the global XRP ledger community.
XRP uses the Interledger standard. This is a blockchain protocol that supports payments across different networks. For example, XRP’s blockchain can connect the ledgers of two or more banks. This effectively eliminates intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain developed by Jed McCaleb, Arthur Britto and David Schwartz.
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