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February is coming to an end, and Bitcoin continues to eagerly chase new highs. Naturally, this also reflects on altcoins. The leading cryptocurrency has reached the $55,000 mark today, and a price range that seemed like a dream a few months ago has become more normalized. The resistance at $65,000 had been discussed for weeks, and now there is roughly $10,000 left between this target and the current price.
Ethereum and BTC
CoinShares data indicates that Bitcoin investment products saw an inflow of $570 million last week. According to a report shared by Eric Balchunas and fellow analyst Andre Yapp, there was a $5 billion increase in net assets under management. Considering the days when experts were excited about an annual net growth of even $10 billion, this is quite impressive.
Experts predict that in the not-too-distant future, the total value of Bitcoin ETFs will reach that of gold and even surpass gold ETFs. The fundamental motivation for this quick recovery and rise in BTC price is also supporting altcoins.
For example, Ethereum (ETH) price has surpassed the $3,036 resistance, indicating the next leg of the rally. We had seen similar excitement when the $2,000 level was reclaimed, and now we might see the same at $4,000. Upward sloping moving averages indicate that bulls are in control.
However, the RSI being in the overbought zone suggests we might see a correction before further rises. If there is no significant correction and the price remains above $3,000, the rally could extend towards $4,000 after $3,300 and $3,540.
If we see closures below the 20-day EMA at $2,823, we will witness the rally as a temporary excitement, and the price will face the risk of falling to $2,546.
XRP Coin Predictions
I fear we will wake up one morning to find Bitcoin at $65,000 while XRP Coin is still struggling at $0.58. We have long processed the doubts about its price future due to the lawsuit and circulating supply.
Horizontal moving averages and the RSI just below the neutral zone suggest that the price will continue to fluctuate between $0.48 and $0.58. A breakout below $0.58 or $0.5 is necessary to end this tedious movement. Current targets are $0.63 on the upside and $0.46 on the downside.
