Bitcoin, Ethereum and Ripple Price Prediction – Top 3 Crypto Coins
The exponential growth of cryptocurrencies in the last few years has led to their massive popularity. This is evident from cryptocurrency market capitalization surpassing $800 billion in Jan 2018. And to date, there is no stopping. Crypto assets are grabbing the attention of the audience on a large scale. Currently, there are more cryptocurrencies than the ones being actively traded.
In this post, we will be reviewing some techniques and stipulations that will help you forge an opinion on price prediction for three significant cryptocurrencies, namely, Bitcoin, Ethereum, and Ripple. Checkout this link for cryptohack solutions.
The Background Study
Several studies on traditional approaches have been used to analyze and predict cryptocurrency price fluctuations. However, the use of machine learning algorithms is proposed to yield better results regarding cryptocurrency performance analysis. The favorable results acquired for stock market predictions through machine learning techniques enhance assertiveness for cryptocurrency price predictions too.
So far, the application of machine learning algorithms to the cryptocurrency market has been limited to the following techniques.
- Random forests
- Bayesian neural network
- long short-term memory neural network
These techniques can study cryptocurrency performance and price fluctuations to varying extents. However, the neural network technique is said to reveal the best outcomes. Using the historical data and price input data, the price of crypto coins for various periods of the future can be predicted. These predictions can also acquaint you with expected current and upcoming eth to INR or xrp to INR exchange rates.
Fortunately, using these techniques, you can check BTC, ETH, and XRP price forecasts for the next day, week, month, 1year, or for five years.
Given below are some predictions for the Bitcoin, Ripple, and Ethereum.
Short term predictions:
Bitcoin
Bitcoin supports instantaneous and private transactions with advanced security features.
Currently, bitcoin is in a neutral position. However, if it goes below the support line and falls below $6,600, the market would become bearish for the short term. Further, if sellers push it below $6,650, there are support levels, first is at $6,612 (.236 Fib Retracement). And below this there is support at $6,400, $6,200, and $6,085 (.382 Fib Retracement).
Alternatively, if the buyer pushes it higher, the first resistance level is at $7,000. And beyond it there are resistance levels at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400.
Ethereum
Ethereum is an open-source, blockchain-based distributed computing platform featuring smart contract functionality.
Currently, Ethereum is bullish. Nevertheless, if it continues to drop and falls below $160, it would become neutral beyond $150, and the market would grow bearish.
The first support level for ETH is at $167 (.236 Fib Retracement). Below this, support is at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).
Alternatively, the first resistance level is at $176 (1.414 Fib Extension). Beyond this, resistance is at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
Ripple
Ripple is a distributed open-source real-time gross settlement system (RTGS), currency exchange, and remittance network.
Right now, XRP is neutral. Although for a break below $0.18, the market would be considered as bearish.
For XRP, the below $0.18, the first support level is at $0.17 (.382 Fib Retracement). Below this, support levels are at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.
Contrary to this, resistance lies at $0.19, $0.196, and $0.20. Beyond $0.20, resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).
