On-chain metrics are a topic in our cryptocurrency news today, revealing that the top three cryptocurrencies (Bitcoin, Ethereum and XRP) are all bound for a bullish impulse soon. Despite the ups and downs in 2020, the Ethereum and XRP price is on a good way to increase soon right as Bitcoin moves above the $7,000 mark.
In fact, BTC going above the $7,000 mark is a phase that helps the coin approach the “optimism” zone based on Glassnode’s Net Unrealized Profit/Loss (NUPL) indicator. According to historical data, moving into this area tends to boost investors’ confidence about what the future holds for this dominant coin.
However, what is even more interesting is the Ethereum and XRP price. These two coins have a growing pattern now – ETH is moving above $182 while XRP is above $0.1944 in the latest run.
The last time a similar pattern took place was in the month of April 2019, which helped BTC take a swing towards $14,000 and helped ETH visit levels upwards of $500. At the time, XRP was in the dollar instead of the cent count.
“If this trend repeats itself, we could see BTC overcoming the $7k mark and increasing further in price, especially if investors continue to seek it out as a safe haven during the economic crisis,” a research from Glassnode recently summarized.
Even though investors are optimistic and the volume is falling off this weekend, a rally in the Ethereum and XRP price could come as soon as early next week. A model indicator from IntoTheBlock called “In/Out of the Money Around Price” (IOMAP) predicts that Bitcoin may face strong resistance ahead.
Currently, we can see a significant supply wall between $7,100 and $7,300 where nearly 934,000 addresses bought over 564,000 BTC. The resistance barrier could continue to hold jeopardizing the bullish stock.
The Ethereum and XRP price face strong resistance ahead and over the past 34 hours, the ETH news showed a rise of 18% in the biggest altcoin. Meanwhile, XRP has not seen that big gains but is still recovering from the drop to $0.15 on the “Black Thursday” in March.
Overall, these three cryptocurrencies by market cap remain uncertain for the future. While BTC is the most popular and predicted to go higher the soonest, the ETH price and XRP price are also on the outlook.