- Cryptocurrency is on a tear, and experts are projecting further upside based on bullish signals from both technical and fundamental perspectives.
- Bitcoin and Ethereum, two of the largest coins by market capitalization, are leading the rally, with XRP expected to hit $3.
At the start of the week, the crypto market experienced a surge of bullish sentiment, as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all recorded double-digit gains. This came as a reaction to diplomatic discussions between China and the United States, who had met in Geneva to negotiate the reduction of tariffs.
The move caused euphoria on markets globally, and crypto was not an exception, with green candles lighting up the charts. Investor confidence soared, and they are now focusing their top three cryptocurrencies in their sights, providing both conservative and aggressive predictions of what to look out for next.
Bitcoin
Bitcoin started the week strong, reaching a high of $105,747 on Monday. The price could not hold above that level and has pulled back to trade around $103,600, but still a modest 0.41% gain according to current market prices. If BTC can close above $105,000 on the daily chart, according to analysts, a push to its all-time high of $109,000 is possible.
Crypto analyst Ali Martinez noted that Bitcoin whales have been profiting, selling over 30,000 BTC in the past 72 hours. In a follow-up update, he identified a key support level, stating: “The most significant support floor for #Bitcoin is at $95,440.” If Bitcoin fails to break higher, support can be expected in the area around $85,000, which matches previous breakout zones.
Ethereum
Ethereum, the second-largest cryptocurrency by market cap at $316 billion, did well this week, increasing 11% to trade at about $2,613.56. This rise was boosted by a 6.55% rise in trading volume, a sign of increased market activity. Meanwhile, the 14-day Relative Strength Index has climbed to 71.23, an indication that Ethereum is approaching the overbought territory, a symptom of aggressive buying pressure in the short term.
Yet Ethereum is still finding support above its 200-day Exponential Moving Average, a level that, if held, would lay the groundwork for a breakout to the $3,000 level. But a drop below $2,438 would be an alerting bear risk. In the derivatives market, open interest rose 2.29% to $31.82 billion, and Ethereum derivatives volume rose over 20% to $102.24 billion. These jumps indicate that new positions are being taken and that sentiment towards ETH is strengthening.
Ripple
Ripple is currently trading at $2.42, inching closer to a resistance level at $2.72. A breakout above this zone could trigger a rally toward $3.00. On the downside, support is expected near $2.23, a level that previously acted as resistance.
Investor expectations for XRP remain very high in 2025, especially with the looming decision from the U.S. Securities and Exchange Commission (SEC) on the approval of an XRP Exchange-Traded Fund (ETF). Several major asset managers, Franklin Templeton, Bitwise, and Canary Capital, have filed for XRP ETFs, which, if approved, could bring major institutional inflows.
Adding to the bullish narrative, the world’s largest derivatives exchange is set to launch XRP futures on May 19, a development that could significantly influence price direction in the coming months.
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