BTC $47973.55 (0.73%)
ETH $3426.21 (-0.1%)
USDT $1.00 (-0.0%)
BCH $642.55 (2.51%)
BSV $159.10 (-0.4%)
LTC $180.95 (-0.2%)
BNB $410.23 (0.14%)
ADA $2.36 (0.03%)
DOGE $0.24 (-0.3%)
BTC $47973.55 (0.73%)
ETH $3426.21 (-0.1%)
USDT $1.00 (-0.0%)
BCH $642.55 (2.51%)
BSV $159.10 (-0.4%)
LTC $180.95 (-0.2%)
BNB $410.23 (0.14%)
ADA $2.36 (0.03%)
DOGE $0.24 (-0.3%)

Bitcoin, Ethereum, XRP Price Analysis August 2020

Bitcoin, Ethereum, XRP Price Analysis (Aug 30)

1. Bitcoin (BTC)

The cryptocurrency market continues to grow, partly because of the opposite that is happening in the fiat market. Many are being encouraged to invest in gold, silver, and Bitcoin.

While the mining difficulty is already at its all-time high, many expect it to increase it even more in early September. With this, more small-time miners would be out of the competition.

So what is Bitcoin’s price today? Let’s see in the charts and observe how it fared in August.

BTC/USDT daily price (Source:TradingView)
BTC/USDT daily price (Source:TradingView)

At the time of writing, Bitcoin is trading at $11,591.81. It is showing that the bulls are asserting dominance, given that it is continuing to find support at the $11,500 resistance level.

Bitcoin may be undergoing another correction before it tests the $12,000 level again. To do so, bulls will need to hold the $11,500 line. Many are confident that this will happen, since Bitcoin has a healthy relative strength index (RSI) of 53.29.

The opposite may occur as well. If Bitcoin fails to enter the $12,000 territory again, a consolidation may occur, and it could retreat to the $11,300 and $11,100 support levels. Bulls will have to defend this area if they don’t want for Bitcoin to sink below $11,000.

BTC 50-day SMA/20-day EMA (Source: TradingView)
BTC 50-day SMA/20-day EMA (Source: TradingView)

On a macro level, it would be difficult to deny Bitcoin’s continuous dominance. Since the Bitcoin halving in May, BTC has built up its momentum. This is backed up by many industry experts. If the trend continues, BTC will be able to exceed $12,000 soon.

2. Ethereum (ETH)

Ethereum recently encountered a bug that prevented about 13% of the total nodes to sync with the latest block. This can take a considerable amount of time before the bug gets addressed.

On the bright side, ETH is performing well on the charts. It has outperformed Bitcoin in 2020, despite the BTC shilling that is happening nowadays. One factor that is causing this is the Cambrian explosion of decentralized finance (DeFi) projects, which recently recorded a $7 billion total value locked (TVL).

So how do all of these factors affect Ethereum’s price today? Let’s find out.

ETH/USDT daily price (Source: TradingView)
ETH/USDT daily price (Source: TradingView)

Ethereum is priced at $404.53 at the time of writing. After undergoing a price correction, many are hopeful that the top-2 crypto will continue its rally until the end of the year.

Bulls will have to continue gaining support at the $400 resistance level if they want to continue with the rally. At the moment, things are going well; the RSI shows that ETH just had a price correction and nothing more.

The 20-day exponential moving average (EMA) is also well above the 50-day simple moving average (SMA), giving more momentum to the bull run.

ETH Fibonacci retracement levels (Source: TradingView)
ETH Fibonacci retracement levels (Source: TradingView)

Meanwhile, bears will have to double-time for ETH to lose its grip at the $400 territory. They will have to put ETH down to the Fibonacci retracement level of $388.06 before they could hope to lower it more to $370.12.

If they fail to do so, then ETH will be able to explode to up to $430 within the foreseeable future.

3. Ripple (XRP)

Ripple has inadvertently been advertised to The Hill, a US publication read by top politicians. This is due to an opinion article written by Chief Executive and Co-Founder Chris Larsen, claiming that there is a tech cold war happening, and the US is not winning it by any means.

On the other hand, a lawsuit has been filed against Ripple by New Payments Platform Australia (NPPA) over its “PayID” branding.

Would all of these events affect XRP’s price today? Let’s see in the charts.

XRP/USDT daily price (Source: TradingView)
XRP/USDT daily price (Source: TradingView)

The chart indicates that XRP is having a consolidation. Despite the upward spike toward the beginning of August, the EMA shows that the asset is plateauing, which is a bad sign. One could suggest that the asset is having a negative trend.

XRP/USDT Fibonacci retracement levels (Source: TradingView)
XRP/USDT Fibonacci retracement levels (Source: TradingView)

Bulls will have to maintain the $0.27 support level if they want to counteract this negative trend. The first to watch out is if XRP reaches the Fibonacci retracement level of $0.28. If it does, then it will be able to reverse the trend to their advantage.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.