BTC, ETH and XRP Price Analysis for May 11


The decline of the cryptocurrency market has continued today; however, there are some exceptions. Mainly, Bitcoin (BTC) is the only rising coin in the top 10 list.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

While the rates of other coins are going down, Bitcoin (BTC) is going up by 1.39%.

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

Bitcoin (BTC) has made a false breakout of the level at $29,296 formed in July 2021. Until the rate is above it, there is a chance to see a bounceback. Thus, the growth has been supported by high trading volume, which confirms buyers’ power. In this case, a short-term rise may continue to the zone around $34,000.

Bitcoin is trading at $31,534 at press time.

ETH/USD

The rate of Ethereum (ETH) is almost unchanged since yesterday. The price has dropped by only 0.63%.

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

Ethereum (ETH) is trading similarly to Bitcoin (BTC) as it has also made a false breakout of the level of $2,160. If bulls can hold the rate above $2,200, the correction may continue to the test of the $2,500 mark. Such a scenario is relevant until the end of the current week.

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Ethereum is trading at $2,283 at press time.

XRP/USD

XRP could not withstand the market pressure, facing a sharp drop of 12% since yesterday.

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

XRP has found support at the $0.40 mark today. Even though bulls are not ready to return the rate to the bullish trend, there is a high possbility to see a correction to the zone around $0.50 within the next few days.

XRP is trading at $0.4513 at press time.


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