Volatile Week Ahead for Bitcoin, Ethereum, and XRP: Key Movements to Watch

This week sees Bitcoin struggling below $95,000, Ethereum faltering at $1,861, while XRP shows strong momentum, targeting $2.50 and possibly $3.00. Key events in May, including FTX repayments and Ethereum upgrades, may lead to increased volatility across these assets. Investors are advised to remain vigilant and agile in the face of potential corrections and market shifts.

The cryptocurrency market is bracing for a tense week ahead. Bitcoin struggles below a significant resistance level while Ethereum appears to be losing steam. On the flip side, XRP is gaining traction. As both volatility and uncertainty increase, all eyes will be on these assets to see how they perform in the coming days. Our forecasts aim to help traders anticipate major price movements in Bitcoin, Ethereum, and XRP.

To summarise, Bitcoin is struggling below its critical resistance of $95,000, risking a drop back to $90,000. Meanwhile, Ethereum’s efforts have plateaued as it attempts to break through the $1,861 mark. There’s a potential catalyst for Ethereum with the upcoming Pectra upgrade in May 2025 that might boost it towards $2,000 or even $2,200. XRP, on the other hand, is looking optimistic, targeting new highs at around $2.50 and possibly $3.00.

Focusing on Bitcoin first, it has crossed its 200-day exponential moving average (EMA), now positioned at $85,000. Its recent surge of 11.14% has it currently sitting around $93,500. However, there’s growing pressure, and if buyers lose steam, it could dip to $90,000. The relative strength index (RSI) is at 65 which shows some weakening momentum—any breach below 50 would heighten the risk of a correction. Yet, if Bitcoin can rise above $95,000, we might see it extend up to $97,000.

Next up, Ethereum seemed to have momentum after reaching a near 15% increase post-breaking that key $1,700 resistance. However, it’s now stabilising at about $1,773 after peaking at $1,861. A decline below $1,700 could see it slide to approximately $1,449. The RSI here is also indicating risk of trouble at 53 and fading away. If Ethereum can surge past $1,861, though, it could hit that psychological $2,000 mark.

Then we have XRP, which is really shining through the week, staying securely above its 200-day EMA at $1.98. It’s jumped over 8% this week and now trades around $2.24. If things keep going its way, XRP could revisit its March 24 peak at $2.50 and possibly even reach $3.00. The RSI here sits comfortably at 57, pointing towards promising momentum. On the downside, if XRP falls from its current support level, a pullback to $1.96 seems plausible.

Looking ahead to May, this month is likely to bring intense volatility for Bitcoin, Ethereum, and Ripple. For Bitcoin, the looming wave of FTX repayments might induce brief selling pressures, preventing a solid hold above $95,000 and threatening a decline to $90,000. Still, easing macroeconomic tensions could help Bitcoin’s performance through early May, according to Ryan Lee, the chief analyst at Bitget Research.

“Despite tariff worries, easing tension from other economic factors could provide a boost until early May,” believes Lee, highlighting Bitcoin’s status as a potential safe haven amid ongoing global uncertainty. The sentiment among Bitcoin investors appears cautiously optimistic, especially as technical indicators pinpoint resistance around that $95,000 threshold.

Then there’s Ethereum’s Pectra upgrade set for May 7, 2025, which could potentially heighten interest in its network and bounce it back up toward $2,000 or even $2,200 if all goes well. As for Ripple’s XRP, the launch of futures contracts at the CME Group starting May 19, 2025, is shaping up as a significant booster: a liquidity influx could push its price further up to $2.50, or even $3.00.

But traders should remain on guard; the imminent events tied to these cryptocurrencies could lead to uncertain swings. May 2025 is brimming with potential for major developments or unexpected corrections. Therefore, investors need to keep an eye on these three assets as either fantastic opportunities or serious upheaval loom. Staying alert and flexible will be essential in navigating this tumultuous landscape.

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The perspectives shared here are entirely my own and do not constitute investment advice. Always conduct thorough research before making any investment decisions.