The crypto market is finally on the rise. However, rookie investors tend to panic every time a slight adjustment occurs in the market. Price breathers are part of any price action in any market. Everything that goes up will go down eventually. However, it is important to zoom out and see the bigger picture. The crypto market is showing great signs of a comeback after the previous crypto crash. In this top 3 price predictions article, we’re going to analyze Bitcoin, Ethereum, and Ripple so you can stop worrying 😉
Is the Crypto Market Up?
Let’s be neutral in our discussion. The crypto market obviously crashed from back in November 2021 till mid-June 2022. The average cryptocurrency lost around 70% in its price. However, since mid-June 2022, prices seem to have retraced and flipped the downtrend. Most cryptocurrencies reached their bottom and started to increase in prices. We can see in figure 1 below how the market cap fell from the high of around $2 trillion and reached the low of $800 billion. Today, the market cap stands at around $1.1 trillion, which is an increase of around 37%. So yes, the market is technically up from the previous bottom reached.
Top 3 Price Predictions for August 2022
Bitcoin Price Prediction
In our previous Bitcoin price prediction article, we laid out a price action that was highly possible to happen. Go ahead and look at figure 2 below 🙂 We can clearly see how Bitcoin prices are following the laid-out path exactly as predicted. Bitcoin reached the strong support price of $18,500, consolidated for a while, then started its uptrend. We believe that if everything remains constant, prices should manage to recover and reach the area between $27,500 and $30,000 towards the end of August 2022.
Ethereum Price Prediction
Ethereum’s price action is very similar to Bitcoin. Usually, most of the top 15 cryptocurrencies are highly correlated to Bitcoin prices. Ethereum also crashed and reached the low of $1,000 despite faking out and reaching $870 for a brief few hours. After that, prices did consolidate, then started their uptrend momentum.
Today, Ethereum price is briefly consolidating around $1,640 and is expected to continue to rise towards the $1,800 area. This price was a very important milestone for Ethereum. For traders who just bought ETH, it is advisable to place a stop-loss around $1,550.
Ripple Price Prediction
Not surprisingly, XRP prices are also doing the same price action as Bitcoin and Ether. Prices are in consolidation between $0.30 and $0.40. After reaching the strong resistance of $0.40, XRP retraced lower to the current price of $0.37. This retracement can be extended to reach $0.35, however, prices are expected to continue higher and breach the resistance of $0.40. Once done, XRP should be able to make good gains, especially since the SEC lawsuit is going in favor of Ripple.