Bitcoin (BTC), Ethereum (ETH), and XRP have been responding positively to recent market conditions. Let’s take a closer look at how these major cryptocurrencies are doing and where they might be headed.

Bitcoin Continues Its Ascent

Bitcoin's price has jumped by 8.89% in the last week. It’s forming a right-angled descending broadening wedge pattern. This pattern often signals that a breakout is on the way. If it holds, Bitcoin could surge by 27.6%, potentially hitting $91,410. That would be a big milestone, reinforcing long-term bullish predictions for the cryptocurrency.

However, a more conservative target is set at the upper trend line of $71,600. This is considered a realistic short-term goal. Recently, Bitcoin bounced off the lower trend line. It’s crucial to turn $60,000 into a solid support level to keep this upward trend going.

If Bitcoin can’t secure a safety net at $58,986, the price might drop further, making $55,883 a key support level. This scenario would invalidate the bullish outlook and suggest a potential downturn.

Ethereum Is Taking a Bullish Shape as Well

Ethereum is currently trading at $2,418, having bounced off the support at $2,344. This important support level, when last tested in August, led to a rise to $2,681. A similar move is expected for ETH in the coming days.

The next barrier for Ethereum is at $2,546. If it breaks through, it could rise to $2,681. While breaking this resistance may be tough given the current momentum, it would help prevent ETH from testing the downtrend line as support again.

If Ethereum fails to break $2,546, a drop back to $2,344 is likely. This would push ETH into a short-term consolidation phase and could invalidate the bullish thesis.

XRP Takes the Lead

Among the big three, XRP has been the standout performer, rising by 12% over the past week. This increase has pushed the altcoin above the 38.2% Fibonacci Retracement level at $0.55.

XRP is now close to breaking the resistance at $0.60, which aligns with the 50% Fibonacci line. If it flips this level into support, it would mark a three-week high for XRP, allowing for further gains.

However, if XRP fails to breach this resistance, the bullish momentum could fade. Increased selling pressure might worsen the situation, potentially bringing XRP back down to $0.55 and invalidating the bullish outlook.