BTC, ETH and XRP Price Analysis for May 6

Read U.TODAY on

Google News

The market is trading sideways at the beginning of the weekend, according to CoinMarketCap’s ranking.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.54% over the last 24 hours.

Image by TradingView

Despite the slight rise today, buyers have not seized the initiative yet as Bitcoin (BTC) is still trading below the vital zone of $30,000. While the price fails to fix above that mark, consolidation in the range of $28,500-$29,500 is the more likely scenario.

Bitcoin is trading at $29,264 at press time.

ETH/USD

Ethereum (ETH) has gained the most value today, rising by 1.35%.

Image by TradingView

On the daily time frame, the price of Ethereum (ETH) has made a false breakout of yesterday’s peak at $2,005. At the moment, traders should pay attention to another level at $1,900. If closure happens near it or below, the ongoing drop may continue to the $1,800 zone.

Ethereum is trading at $1,933 at press time.

XRP/USD

XRP has gained the least today, as its price has only risen by 0.30%.

Image by TradingView

Today’s slight rise of XRP has not affected its technical position on the daily chart. The price keeps trading sideways between the support at $0.44 and the resistance at $0.4854. As neither side has seized the initiative yet, ongoing consolidation in the range of $0.45-$0.47 remains the more likely scenario for the upcoming week.

XRP is trading at $0.4617 at press time.