BTC, ETH and XRP Price Analysis for October 16

Buyers have seized the initiative at the beginning of the week, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has risen by 4.74% since yesterday.

On the daily time frame, the rate of Bitcoin (BTC) has made a false breakout of the resistance level of $29,659. If the bar closes far from it, there is a high chance of seeing ongoing sideways trading in the area of $27,000-$28,000.

Bitcoin is trading at $28,143 at press time.

ETH/USD

Ethereum (ETH) is less of a gainer than Bitcoin (BTC), going up by 2.15%.

On the daily chart, the rate of ETH has once again bounced off the area of $1,640. At the moment, one should focus on the vital zone of $1,600.

If the bar closes below it, one can expect a correction to the support of $1,531.

Ethereum is trading at $1,528 at press time.

XRP/USD

XRP is not an exception to the rule, rising by 2.16%.

The rate of XRP has made a false breakout of the $0.51 zone, which means the price is not ready yet for midterm growth. If buyers want to seize the initiative, they need to restore the rate to the $0.54-$0.55 area.

XRP is trading at $0.4946 at press time.

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