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Crypto Price Predictions: BTC Hits $41K, ETH , XRP, and BNB Navigate ETF Turbulence and SEC-Ripple Saga

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 28, 2024 | 3 min
Updated on Jan 29, 2024
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  • Bitcoin rallies to $42,521, marking a 2.31% increase this week, amid ETF volatility and SEC-Ripple legal complexities, as highlighted in this crypto weekly forecast.
  • Ethereum dips to $2,289.8, facing a key pivot at $2,486; resistance and support levels are critical for trend direction.
  • XRP’s subtle decline to $0.53200, with the pivot at $0.5512, indicates cautious market sentiment amid regulatory developments.
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In this week’s Daily Crypto update, the market has witnessed substantial fluctuations, shaped by several key events. The introduction of spot Bitcoin ETFs significantly impacted Bitcoin’s trajectory, creating notable market shifts. These ETFs have stirred the waters, triggering outflows and competitive fee reductions by CoinShares in Europe, intensifying the rivalry among major players like Invesco and WisdomTree. In the U.S., industry giants such as BlackRock, Fidelity, and Bitwise are leading the ETF race, while Grayscale’s outflows demonstrate a decreasing trend.

 

Bitcoin’s price has experienced dramatic fluctuations, dipping to $38K before recovering to around $41K. This volatility highlights the market’s reactivity to major developments.

 

The ongoing legal battles with the U.S. SEC, especially in the Ripple case, introduce further complexity. The SEC’s recent actions, including pursuing penalties against Ripple and referencing past legal cases, signal an escalation in regulatory scrutiny. Ripple’s response to these allegations underscores the intricate and often contentious nature of regulatory issues in the crypto sphere.

 

These developments are crucial in shaping price forecasts for leading cryptocurrencies and the broader market sentiment, as investors and traders adapt to the rapidly evolving crypto landscape.

Bitcoin Price Prediction: Technical Outlook

On January 28, the BTC analysis revealed Bitcoin trading at $42,521, marking an increase of 2.31% in this week so far. The weekly chart timeframe shows critical price points shaping BTC’s trajectory. The pivot point is at $43,409, with Bitcoin encountering immediate resistance at $48,180. Further resistance levels are anticipated at $52,081 and $54,928. On the flip side, support levels are found at $39,794, $36,902, and $34,249.

BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

The Relative Strength Index (RSI) is at 67, indicating a strong bullish sentiment, but not yet in the overbought zone. The 50-Day Exponential Moving Average (EMA) is significantly lower at $32,812, providing a long-term support level.

 

Chart analysis on the weekly timeframe shows Bitcoin confronting a double top resistance near the $48,150 mark. The formation of candles with long shadows and small bodies suggest a potential bearish signal, particularly if Bitcoin remains below the $48,150 level.

 

The overall trend for Bitcoin is bearish below the pivotal $43,409. If it fails to breach this point, the bearish outlook is likely to persist. 

Ethereum Price Prediction: Technical Outlook

As of January 28, Ethereum (ETH) weekly analysis reveals a slight downturn, with the price at $2,289.8, down by 6.76%. On the weekly chart, Ethereum faces a pivotal moment at a pivot point of $2,486. If it overcomes this, immediate resistance lies at $2,711, followed by higher levels at $2,982 and $3,231. However, if it falters, support levels at $2,129, $1,876, and $1,525 await.

ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

The Relative Strength Index (RSI) is at 59, indicating a moderate bullish sentiment, yet still shy of overbought conditions. The 50-Day Exponential Moving Average (EMA) is significantly lower at $1,944, suggesting long-term support.

 

Ethereum’s current chart pattern indicates an uptrend, but it faces resistance around the $2,485 mark. To sustain its bullish momentum, Ethereum must breach the $2,711 mark. However, failure to surpass the $2,486 resistance could trigger a bearish correction. In conclusion, Ethereum’s trend remains bearish below the crucial $2,486 level.

Ripple (XRP) Price Prediction: Technical Outlook

As of January 28, XRP’s analysis this week paints a nuanced picture, with the price at $0.53200, reflecting a decline of 2.53%. The weekly chart sheds light on crucial price points for XRP. At the moment, the pivot point stands at $0.5512. Overcoming this, XRP faces immediate resistance at $0.6003, with further hurdles at $0.6633 and $0.7477. Conversely, the support levels are set at $0.4794, $0.4113, and $0.3370.

XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

The Relative Strength Index (RSI) is at 45, hovering near the neutral territory, indicating a balance between buying and selling pressures. The 50-Day Exponential Moving Average (EMA) is slightly above the current price at $0.5471. 

 

The chart pattern suggests an upward trendline, signaling a buying trend above the $0.5310 level. However, a break below this threshold could initiate a selling trend. The overall trend for XRP is currently bearish below the $0.5310 mark. 

Binance Coin (BNB) Price Prediction: Technical Outlook

As of January 28, BNB weekly and ETH Weekly showcase contrasting market movements. BNB currently price stands at $307.4, marking a 3.51% decline. ETH, on the other hand, is trading at $2,289.8, down by 6.76%. For BNB, the pivot point is at $319.30, with resistance levels at $338.70, $361.30, and $398.60. Support is found at $286.40, $261.20, and $225.70. ETH’s pivot point is set at $2,486.0, encountering resistance at $2,710.9, $2,981.9, and $3,231.0, and support at $2,128.9, $1,875.8, and $1,525.2.

BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

BNB’s Relative Strength Index (RSI) is at 64, indicating moderate bullish sentiment, while its 50-day Exponential Moving Average (EMA) is at $266.60. BNB trades in a symmetrical triangle pattern, suggesting a potential breakout above $319.30 could lead to testing higher resistances.

 

ETH’s RSI is at 59, and its 50-day EMA stands at $1,944.3. ETH displays a Three White Soldiers pattern, indicating a strong bullish trend.

In conclusion, BNB’s trend is bearish below $319.30, but a breakout above could change this to bullish. ETH shows a bullish trend above $2,486.0, suggesting potential for further price increases. Both assets require close monitoring for signs of a breakout or continuation of the current trend.

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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