Top 3 Cryptocurrency Price Prediction: Bitcoin, Ethereum, Ripple, 17th Nov 2023

The current prices of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain stable at the moment. However, recent statements by James Seyffart, an analyst at Bloomberg Intelligence, suggest that the US Securities and Exchange Commission (SEC) has a limited timeframe until November 17 to potentially approve spot Bitcoin exchange-traded funds (ETF). With speculation and investors attempting to anticipate a potential launch, the upcoming three days could prove to be significant for the leading cryptocurrency.

Bitcoin Price Prediction:

The future movement of Bitcoin (BTC) prices hinges on the upcoming decision by the US SEC regarding spot Bitcoin exchange-traded funds (ETFs), with a potential 5% decline looming if the outcome is unfavorable.

This projection is fueled by waning momentum, attributed to buyer exhaustion following a period of significant overbuying. Technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are aligning to support a downward trend, indicating a possible dip towards the support confluence between the 25-day Exponential Moving Average (EMA) and the $34,483 horizontal line, where a rebound might occur.

In a more concerning scenario, if selling pressure intensifies, there’s a risk of Bitcoin’s price breaking below $34,483 and testing the 50-day EMA at $32,332. Further downward movement could see the cryptocurrency challenging critical support at $31,190, and a daily candlestick closure below this level would negate the previously optimistic outlook.

Conversely, a surge in purchasing activity, likely triggered by the SEC’s endorsement of a spot Bitcoin ETF, has the potential to drive the price of Bitcoin upwards. This momentum could surpass the current range high of $37,972 and set the stage for reaching the psychologically significant level of $40,000.

Ethereum Price Prediction:

While Ethereum (ETH) is exhibiting signs of weakness in its price, the overall trend continues to be bullish. To maximize further gains, the second-largest cryptocurrency by market cap needs to maintain its position above the ascending trendline.

This could potentially result in a 5% increase, testing the $2,136 range high. In an extremely bullish scenario, there’s potential for gains to extend to the psychological level of $2,200.

Alternatively, a surge in seller activity may push the price of Ethereum below the upward-sloping trendline marked at $2,029. If this level is breached and confirmed with a closing below it, there is a potential for ETH to descend into the supply zone, which has now transformed into a supportive breaker.

Further downside pressure would be confirmed with a break and close below the midline, situated at approximately $1,935, signaling a clear continuation of the bearish trend.

Ripple Price Prediction:

The Ripple (XRP) price has formed a triangle pattern, indicating reduced volatility in the market. Investors are advised to await a confirmed breakout for the next directional bias.

However, current indicators suggest a potential downside move, as both the RSI and the AO histogram bars show falling momentum with red signals.

If selling pressure increases, there’s a possibility of Ripple breaking the lower trendline of the triangle and testing the 25-day EMA at $0.6187. Should the 25-EMA fail to provide support, a further decline could lead XRP to the $0.5981 support level, representing a 10% decrease from the current price.

A decisive break and close below this level might pave the way for a more significant decline, pushing XRP below the 50-day and 100-day EMAs at $0.5837 and $0.5619, respectively. This could lead to a consolidation range between $0.5392 and $0.4735.

Conversely, if Ripple’s price surpasses the upper trendline, there is potential for it to extend its rally and recapture the November 13 peak at $0.7500.

In an extremely bullish scenario, it may even breach the Fair Value Gap (FVG) between $0.7519 and $0.7623, reinstating equilibrium before targeting the psychological level of $0.8000. This upward movement would represent a substantial 20% increase from its current levels.