Bitcoin, Ethereum, XRP Weekly Roundup – September 14, 2024

Bitcoin (BTC), Ethereum (ETH) and XRP have responded well to the overall market situation over the past few days.

BeInCrypto analyzes the current position of the three biggest crypto assets and where they might be headed from here.

Bitcoin continues to rise.

Bitcoin price rose 8.89% last week, forming a right-angled downward expanding wedge pattern, a technical indicator that usually indicates a breakout is imminent. If this pattern holds, Bitcoin could rally by 27.6%, potentially reaching $91,410. Achieving this level would be a milestone and could confirm long-term bullish predictions for the cryptocurrency.

However, a more conservative target is on the upper line of $71,600, which is a more realistic short-term goal. Bitcoin has recently broken out of its lower trend line, and a break above $60,000 into a strong support level is critical to sustaining this advance.

Read more: Half a story of Bitcoin: Everything you need to know

If Bitcoin fails to establish a safety net at $58,986, the price may fall further, bringing $55,883 as a critical support level. This situation destroys the bullish outlook and indicates that Bitcoin's current price action is likely to fall.

Ethereum is taking bullish form.

Ethereum is trading at $2,418, it has broken the support at $2,344. This rather crucial support floor was tested in late August, causing the altcoin king to jump to $2,681. Similar action is expected from ETH in the coming days.

The cryptocurrency's next barrier is at $2,546 and a breach of that would allow it to rise to $2,681. Breaking this resistance level is unlikely given the current momentum, but at least it prevents ETH from retesting the lower line as support.

Read more: How to invest in Ethereum ETFs?

But if the price of Ethereum fails to breach $2,546, it is likely to drop back to $2,344. This leads ETH to a short-term consolidation and also undermines the bullish thesis.

XRP is leading the way.

Among the big three, XRP's price rose 12% last week to stand out as the best performer. This altcoin retraces the 38.2% Fibonacci Retracement line at $0.55.

Ripple's native token is now close to breaking the resistance at $0.60, which is in line with the 50% Fib line. Flipping it to support is a three-week high for XRP price, allowing further upside.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

But the failure of this resistance will destroy the bully movement that has been created in the last few days. An increase in selling pressure could further worsen the situation, bringing the price of XRP to $0.55 and spoiling the outlook for a crash.