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Bitcoin Price Nears $9,000 as XRP Looks to Post Record Climb

Bitcoin Price Nears $9,000 as XRP Looks to Post Record Climb

2019-05-28 20:00:00
Peter Hanks, Analyst
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Bitcoin, XRP Price Outlook:

  • Bitcoin (BTC) bulls pushed the coin to fresh yearly highs over the long weekend
  • Not to be left out, XRP has rallied for six consecutive sessions – tying its longest streak ever
  • Retail traders are overwhelmingly long both BTC and XRP, find out how to use IG Client Sentiment Data with one of our Live Sentiment Data Walkthroughs

Bitcoin Price Nears $9,000 as XRP Looks to Post Record Climb

Bitcoin extended its recent rally during Memorial Day weekend in the United States, touching fresh yearly highs and grasping at $9,000. The largest cryptocurrency by market capitalization has traded below $9,000 since May 11, 2018 and a topside breakout over the weekend spurred the coin near the psychological level.

While $10,000 commands more respect in this regard, bears may still give pause before they allow the coin over $9,000. Should the level be surpassed, secondary resistance will be offered around $9,545 – the 38.2% Fib retracement from December 2017 highs to December 2018 lows. In the year-to-date, Bitcoin is 128% higher. A run to the 38.2% level would mark a climb of 150%.

Bitcoin Price Chart: 4 - Hour Time Frame (May 2019) (Chart 1)

bitcoin price chart

For support, BTC will look to the swing-high from July 2018 – around $8,496. The level should provide a modicum of support, marking the first level to watch before the upper-bound of the recent wedge comes into play between $8,200 and $8,000.

Bitcoin Price Chart: Daily Time Frame (February 2018 – May 2019) (Chart 2)

btcusd price chart

XRP Price Outlook

Conversely, XRP is just 21% higher in the year-to-date after enjoying a surge of more than 40% in the last two weeks. Continuing recent strength, XRP has climbed for six consecutive trading sessions which ties the coin’s longest streak ever. That said, another daily close higher on Wednesday would post a new record for the third-largest cryptocurrency by market cap.

XRP Price Chart: Daily Time Frame (May 2017 – May 2019) (Chart 3)

xrpusd price chart

Price data from Bitfinex and TradingView

Standing in its way is the 61.8% Fib level, around $0.4560, marked by August 2018 lows to September 2018 highs. The technical level has rebuked the last five attempted moves higher – with XRP unable to sustain a daily close above each time. Another failed run drive XRP back down to the 78.6% level at $0.3643 which has provided notable buoyancy for the coin over the last two weeks.

XRP Price Chart: Daily Time Frame (October 2018 – May 2019) (Chart 4)

xrp price chart

Should recent trends persist, the cryptocurrency market may continue to enjoy a tailwind from weakening emerging market currencies. The correlation between the two has strengthened in recent weeks as crypto becomes an attractive alternative for citizens in countries where the currency has shed value. As price action unfolds, follow @PeterHanksFX on Twitter for updates and technical levels on BTC and XRP.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Dow Jones, S&P 500, Nasdaq 100 Price Outlooks for the Week Ahead

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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