BTC and XRP: Has the expected downtrend started?



From yesterday’s high at $8742, the price of Bitcoin has decreased by around 10% today as it came down to $7856 at its lowest point. Over the weekend we have seen the price reaching $8970 and has expected to continue potentially increasing for another minor higher high and interact with the 0.382 Fibonacci level at around $9400 after the higher degree downturn starts.

BTC and XRP: Has the expected downtrend started?The price has fallen below the significant horizontal support at $8500 and broke the ascending support trendline made by the previous upside move. This could be an early indication that the expected downturn has started as the price fell outside the territory of the ascending structure in a three-wave manner. The interaction with the 0.382 Fibonacci level might still occur but it looks less likely at the moment as the five-wave impulse looks like it ended.

If we have seen the completion of the five-wave impulse which is the sub-wave of the 5th wave from the Minor degree the decrease seen from last Thursday could be the starting downtrend with the first three-wave structure developing to the downside. As the price bearly made a higher high last Thursday coming up spiking it looked like another increase would occur. This could still happen if the ascending structure is still the 4th wave’s correctional movement developing but as the price fell to the 2nd wave’s ending point it will more likely not happen.

The price is now expected to go down to some of the broken resistance levels on the way up, out of which the first significant zone would be around $6250.


The price of Ripple has decreased by 12.36% from yesterday’s high at $0.46 as it came down to $0.4035 at its lowest point today. The price is currently being traded at around $0.412 slightly above today’s low. As the shart decrease has been made it could be an early indication of the starting downtrend which was expected but the price hasn’t exceeded the previous high last Thursday which makes this possibility still in play.

BTC and XRP: Has the expected downtrend started?

Looking at the hourly chart, we can see that the price of Ripple fell below 0.786 Fibonacci level which served as support but hasn’t come down to the 0.618 Fibonacci level. This means that unlike in the case of Bitcoin, the price of Ripple hasn’t entered the territory of the 2nd wave out of the last impulse to the upside and we could potently see another increase from here if this movement is the 4th wave’s correctional structure.

Interaction with the 1.272 was expected before the starting downtrend and as the price hasn’t gone above the May 16th high it could still do so. The other possibility would be that the 5th wave ended as truncation with the last Thursday’s high being its end in which case the three-wave movement seen from there would be the first structure out of the starting downtrend. If this is true we are now likely to see a higher degree move to the downside to some of the significant support level.

The most significant support level would be around $0.348 at 0.382 Fibonacci level which served as significant resistance on the way up, so if the price is to pullback for an establishment of support interaction with the mentioned level would be awaited.

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.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

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.

Latest from Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: CAC 40, AUD, OIL, AMAZON

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. European Stock Markets on


Price of Gold Briefly Exceeded $2,050 per Ounce

In addition to new records in the stock markets, the reaction to yesterday's news about inflation in the US was also a decrease in government bond yields and a rapid rise in the price of gold — the cost of XAU/


Nasdaq-100 Price Hits All-time High after 4 Straight Months of Gains

The Nasdaq-100 index is holding above 18,000 today following yesterday's bullish momentum, fueled by inflation news. The PCE consumer spending index amounted to 0.4% on a monthly basis, which was in line with analysts' expectations. A year ago,

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. 65.68% 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.