Top 3 cryptocurrency price predictions: BTC stabilizes after record highs, ETH and XRP aim to bounce back

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) maintain a stable state around important support levels during Friday’s trading session, after plummeting 4%, 4.26%, and 5.96% respectively in the previous session.

The strong correction of the top three cryptocurrencies occurred right after the U.S. Bureau of Labor Statistics (BLS) released the Producer Price Index data (PPI) on Thursday. This figure far exceeded analysts’ forecasts, reflecting increasing inflationary pressures in the U.S., thereby igniting a widespread “risk-averse” wave in the market.

Bitcoin adjusts after reaching historical peak

Bitcoin set a new historic peak at 124,474 USD on Thursday, but the excitement quickly cooled as the price plummeted 4% in just the same day. By Friday morning, BTC was hovering around 118,900 USD.

If it maintains above the support level of 116,000 USD, Bitcoin is likely to regain momentum and aim to re-establish the record of 124,474 USD.

Daily BTC/USDT Volatility | Source: TradingViewThe Relative Strength Index (RSI) is currently at 54 – above the neutral threshold of 50 – indicating that the bulls still have room to continue pushing the upward trend. At the same time, the MACD indicator has recorded a bullish crossover signal since Monday, further reinforcing the positive outlook.

Conversely, a closing below 116,000 USD on the daily chart could trigger selling pressure, pulling the price back to the next strong support zone at 111,980 USD.

Ethereum approaches historical peak

Ethereum has surged to its highest level of the year, hitting $4,788 on Thursday — a price not seen since December 1, 2021, and just a short step away from the all-time high of $4,868. However, the excitement quickly stalled as ETH turned around to drop 4.26% on the day. On Friday, buying pressure returned, helping the price to recover slightly, hovering around $4,624.

If it maintains above the support level of 4,488 USD and continues to regain momentum, ETH could fully reclaim the historical milestone of 4,868 USD set on November 10, 2021.

Daily ETH/USDT fluctuations | Source: TradingViewOn the daily chart, the RSI is at 72, strongly bouncing from the overbought zone of 70 and still trending upwards, reflecting the strength of the bullish trend. The MACD also crossed upwards on Saturday, while the green histogram bars continue to expand, further reinforcing the upward outlook.

On the contrary, if selling pressure increases, ETH could retreat deep into the important support area of 3,946 USD.

XRP finds support around the key support level

XRP hit a resistance ceiling of 3.40 USD on Thursday but was quickly rejected, plummeting 5.96% on the day and retreating to test the key support level of 2.99 USD. By Friday, buying pressure returned, helping the price to recover slightly, hovering around 3.11 USD.

If it holds above 2.99 USD, XRP has a chance to extend its rally to retake the resistance area of 3.40 USD. On the daily chart, the RSI indicator is at 51 – slightly above the neutral level of 50 – indicating that selling pressure has decreased. For a sustainable recovery trend, the RSI needs to remain above this level.

XRP/USDT Daily Volatility | Source: TradingViewHowever, warning signals remain as the MACD recorded a bearish cross on Thursday, signaling a sell and indicating a potential risk of correction. Conversely, if the closing price falls below 2.99 USD, XRP may plummet further to the next support area at 2.72 USD.

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