BTC and XRP - Corrective Range Likely To Get Broken

FXOpen

BTC/USD

From last Thursday when the price of Bitcoin fell down to around $11200 level which was the lowest price has been since the 12th of August, we have seen an increase of 6.83% as the price came up to $11967 at its highest point today at which its currently being traded. The price is in an upward trajectory and is showing strong bullish momentum.

BTC and XRP

On the hourly chart, you can see that the price broke out from the major horizontal resistance points and isn’t showing any signs of struggle with the last rise from today’s low at $11551 being parabolic. With the price making a higher high compared to the previous B wave of the lower degree ABC correction to the downside we are most likely seeing the beginning of the higher degree upside move after the WXY correction ended last week.

Another possibility could be that this upward move is another corrective second wave X from the prolonged correction count WXYXZ but considering the bullish momentum seen this isn’t as likely. This will shortly be validated by the interaction with the $12000 area with whom the interaction is very close.

If we see a breakout above it, even though a fakeout was seen on the 17th of August it would be a clear indication that another upward move has started that is to lead the price of Bitcoin into the $13500 zone.

XRP/USD

The price of Ripple has increased by 15.7% from last week’s low at $0.25491 as it came up to $0.29485 at its highest point slightly below which its currently being traded. Unlike in the case of Bitcoin we have seen the price making a minor pullback after reaching its first significant horizontal resistance level.

BTC and XRP

Looking at the hourly chart, you can see that after the price made an interaction with the horizontal level at $0.29405 it found resistance there and has started to decrease but not by a significant amount as the bullish momentum is holding the sellers in check. The price is resting on the minor horizontal support which is an early indication that the increase is likely to continue for a breakout to the upside above the significant level.

If we have seen the completion of the ABC correction last Thursday then the currently seen upside move is the 3rd wave of the five-wave move to the upside which is the 1st sub-wave of the higher degree count and is likely to end as a retest of the $0.33 area where the last upside move ended and found resistance there.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Shares

Tesla Shares (TSLA) Drop Nearly 6% Ahead of Quarterly Report

On Monday, Tesla’s share price fell by almost 6%, dipping below $230 and hovering near its yearly low. Since the beginning of 2025, Tesla shares have lost approximately 44% in value, marking their worst quarter since 2022.

Why Is

Forex Analysis

USD/JPY Analysis: Exchange Rate Falls Below 140 Yen per Dollar Today

As shown on the USD/JPY chart today, the exchange rate between the US dollar and Japanese yen has fallen below 140 yen per dollar – marking the first time this has occurred in 2025. Since the beginning of the year,

Shares

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.