The cryptocurrency markets continue to experience a negative trend, and according to experts, BTC could face even greater declines. If BTC sees more selling, it could push altcoins to important support levels. So, what are the possible scenarios for two popular altcoins, ETH and XRP?
Ethereum (ETH) Analysis
The ETH price recovered from a strong support at $1,626, but this rise halted at $1,745 on August 29. The recovery gave way to a decline with the losses in BTC price. The recent move, indicating that sellers are considering their profits at higher levels, fuels concerns of further losses.
Bears will attempt to pull the price below the $1,626 to $1,550 support zone to increase the losses. If successful, this will mark the beginning of a new downtrend, potentially pushing the price down to $1,368. Alternatively, if the price sharply recovers from the current level, it will indicate strong support from the bulls. This could push the price towards the 20-day EMA ($1,702) and $1,745.
Ripple (XRP) Coin Analysis
The long tail on the candlestick of August 31 shows that bulls are trying to defend the $0.50 support. However, the movement on September 1 confirmed the dominance of bears. The current status of the court regarding XRP Coin also had an impact. As we mentioned, approval/rejection for appeal can be given as of September 1. Therefore, September is of critical importance. If approval is granted for appeal, it can lead to an upward movement in the opposite scenario of a decline. As we previously mentioned, there will be no definitive appeal decision on September 1 or 2. This decision may come in mid or late September.
If the price falls below $0.50, it will indicate that bears have regained control. This could initiate a downward movement towards the strong support at $0.41. It is likely that bulls will strongly defend this level. A bounce from the support could keep the XRP/USDT pair between $0.41 and $0.56 for a while. If the price returns from $0.50, it will indicate an attempt to rise towards $0.56. After that, breaking through the levels of $0.63 and $0.73 will be necessary.
