BTC and XRP - Still in a decline which is most likely a corrective one



From yesterday’s open at $9095 the price of Bitcoin has depreciated in value by 5.25% as it came to $8617 at its lowest point around which the price is currently being traded today.

BTC and XRP - Still in a decline which is most likely a corrective oneLooking at the hourly chart we can see that the price is retesting the descending triangle's support level. As the price is in a downward trajectory we could see a further decline but considering that we have seen an impulsive wave prior to the formation of the descending triangle it is most likely corrective in nature which is why I would be expecting an uptrend continuation after the decline ends.

We have seen an ABC to the downside followed by a three-wave move to the upside and now a five-wave move the downside again which is considered the third structure out of the higher degree count which is developing in a five-wave manner. This brings this corrective structure to be a higher degree ABC  which is why I would be expecting that the price would hold above the triangle’s support level.

The expected increase could be either the 3rd wave from the five-wave move to the upside or it could be a C wave from another corrective increase in which case after its completion we could see a lower low compared to the Y wave of the higher degree count which ended at around $7378.


From last Thursday when the price of Ripple reached its high at $0.31222 measured to the current level at $0.2703 we have seen a decrease of 13.58. The price is still in a decline and is getting close to the vicinity of the prior low and the horizontal support level at $0.26617 so we could see interaction with the level before an upturn.

BTC and XRP - Still in a decline which is most likely a corrective oneOn the hourly chart, we can see that the price is in a decline after another ABC correction to the upside ended but the wave structure is impinging impulsiveness. From the 26th of October when the price was sitting at its lowest in while we have seen a five-wave increase inside an ascending channel after which two corrective structures developed. This means that the current downfall could be the 3rd structure out of the higher degree correction.

If this is true, then after the decline ends we are to see further uptrend continuation and as the price is approaching the significant horizontal support we are soon going to get the needed validation.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — 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

Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years BTC/USD Price Analysis: RSI Drops to Lowest Since March 2020

Latest articles

Forex Analysis

Market Analysis: The Yen and European Currencies Headed to New Lows

The main currency pairs began the last five-day trading period of September with a new wave of growth for the American currency. Changes in the Fed's point forecast for next year provided powerful support to the dollar, which, in turn,

Forex Analysis

Market Analysis: US Federal Reserve Contemplates Future Interest Rate Hikes Amid Economic Resilience

In an intriguing turn of events, the US Federal Reserve has hinted at the possibility of yet another interest rate hike in the near future, keeping financial markets on their toes. During its September 2023 meeting, the Federal Reserve chose

Forex Analysis

USD/JPY Analysis: For the First Time This Year, the Rate Exceeds 149 Yen Per Dollar

The reason for the stable trend, as we have repeatedly pointed out, is the difference in the monetary policy of the USA and Japan. Inflation in Japan has been above 2% for more than a year, and the media are

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.