BTC, ETH and XRP Prediction for August 5

Most of the coins keep updating new local lows, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has dropped by almost 10% since yesterday.

On the daily chart, the price of BTC has made a false breakout of the support level of $53,550. If the candle closes far from this mark, traders may witness a local bounce back to the $56,000 zone soon.

Bitcoin is trading at $54,291 at press time.

ETH/USD

Ethereum (ETH) is more of a loser than BTC, falling by 15.97%.

From the technical point of view, the price of ETH has bounced off the support level of $2,132.

Even though it is early to think about a reversal, if the bar closes far from that mark, bulls may locally seize the initiative, which may soon lead to a test of the $2,600-$2,800 range.

Ethereum is trading at $2,401 at press time.

XRP/USD

XRP is not an exception to the rule, declining by 8.88%.

On the daily time frame, the rate of XRP has tested the $0.45 zone. At the moment, one should focus on the vital area of $0.50. Until the price is below it, bears remain more powerful than bulls. In this case, the fall might continue to the $0.40 mark.

XRP is trading at $0.4794 at press time.

Source