Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) Price Analysis: Will the Top Cryptocurrencies Regain Momentum with the U.S. Elections Only Days Away?

The cryptocurrency market has wiped out ~80 billion from its valuation this week. This highlights a strong selling pressure within the crypto space.

The cryptocurrency market has experienced a downturn this week, with the total market cap decreasing by approximately 80 billion. This indicates a strong selling pressure within the crypto space. As a result, several top tokens, including Bitcoin, Ethereum, and Ripple, have recorded a notable correction in their respective portfolios.

With the U.S. elections only days away, it remains to be seen whether the top cryptocurrencies will be able to regain momentum and continue their upward trend. Additionally, it is unclear whether these tokens will head toward a new high during the most bullish month of the year or if the crypto market will experience a major correction due to numerous external factors.

Bitcoin (BTC)

Despite recording a drop of approximately 1% in the past day and 4.65% in the past 3 days, the BTC price has managed to maintain its value above the $70,000 level. Furthermore, it has jumped 3.11% over the past week and 13.68% during the past 30 days.

Observing the technical indicators, the Simple Moving Average (SMA) and Moving Average Convergence Divergence (MACD) have recorded a significant increase in their respective price chart in the 1D time frame. This indicates increased buying-and-selling pressure for the Bitcoin price in the market.

If the bulls regain power over the bears in the upcoming days, this could result in the BTC price potentially breaching its upper high of $73,750.07 and achieving a new high. On the other hand, a negative action by the bulls could pull the price toward its $66,000 range.

Also, read Bitcoin (BTC) Price Prediction!

Ethereum (ETH)

Following in the footsteps of Bitcoin, the largest altcoin by market capitalization, Ethereum price has also recorded a negative price action this week. However, it has a YTD return of 11.63%, highlighting a long-term bullish action.

From a technical perspective, the RSI indicator has successfully retested its neutral point in the 1D time frame. Moreover, with a bullish crossover in the EMA 50-day, this altcoin hints at a potential bullish reversal in the upcoming time.

Maintaining the price above its support level of $2,530 could set the stage for the ETH coin price to test its resistance level of $2.8k in the upcoming time. On the contrary, if the bears gain momentum, it could retest its low of $2,200.

Ripple (XRP)

Amid rising uncertainty in the market, the Ripple price has added 2.26% to its valuation in the past 24 hours with a trading volume of $1.250 billion. Moreover, it has maintained its value above the $0.52 level for a brief period, indicating a strong buying point at that level.

Observing the Moving Average Convergence Divergence (MACD), it has displayed a neutral price trend in its XRP price chart with its averages showing a similar price action. This suggests a weak price action for the altcoin in the cryptocurrency market.

If the bullish sentiment intensifies, the Ripple token could breach its important resistance zone and head toward its upper high of $0.560. On the negative side, a bearish action could result in it plunging toward its low of $0.480.

Also, read Ripple (XRP) Price Prediction!

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