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Top 3 Price Predictions: Bitcoin, Ethereum, Ripple - Rising prices of Bitcoin, Ethereum, Ripple as Trump moves to allow cryptocurrencies in 401(k) plans
Cryptocurrencies | 08/08/2025 04:00:45 GMT
The price of Bitcoin closes above the resistance level of $116,000, with bulls targeting the $120,000 level.
Ethereum is approaching the critical resistance level of $4,000, where a breakout may lead to further gains.
XRP from Ripple is approaching the daily resistance at $3.40, where closing above this level may stimulate a rise towards record high levels.
The prices of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are approaching key resistance levels on Friday, after rising by 2%, 6%, and 11% respectively the day before. This rise in the prices of the three major cryptocurrencies comes after reports on Thursday that U.S. President Donald Trump intends to sign an executive order paving the way for including alternative assets, including cryptocurrencies, in U.S. retirement accounts 401(k).
Bitcoin is heading towards a level of $120,000
The price of Bitcoin closed above the resistance level of $116,000 on Thursday, after finding support around its 50-day exponential moving average (EMA) at around $113,000 earlier this week. At the time of writing this report on Friday, its price is hovering around $116,700.
If the support level at $116,000 holds, the price of Bitcoin may extend its rise towards its key psychological level at $120,000.
The Relative Strength Index (RSI) surpassed the neutral level of 50 on Thursday, currently recording 53, indicating that bearish momentum is fading. To maintain this bullish momentum, the RSI must continue to move upward. The MACD lines are close to each other on the daily chart. The red histogram bar below the neutral level is also decreasing, indicating that bearish momentum is fading.
However, if BTC fails to find support around the $116,000 level and closes below it, the decline may extend towards its 50-day exponential moving average at $113,414.
Ethereum bulls are targeting levels above $4,000
Ethereum's price found support at the 78.60% Fibonacci retracement level at $3,397 on Sunday, and rose by more than 16%, closing above the daily resistance level at $3,730 on Thursday. At the time of writing this report on Friday, the price is approaching its key psychological level at $4,000.
If ETH breaks and closes above the $4,000 level, the rise may extend towards its highest level on December 9, 2021, at $4,488.
The Relative Strength Index (RSI) on the daily chart indicates 65, above its neutral level of 50, suggesting bullish momentum. As with Bitcoin, Ethereum's MACD lines are moving closer together on the daily chart. The red histogram bar below the neutral level is also decreasing, indicating that bearish momentum is fading.
On the other hand, if ETH faces a correction, it may expand its decline to find support around its daily level at $3,730.
XRP may rise towards a record high if it closes above the resistance level of $3.40
XRP's price found support at $2.84 on Sunday, and rose by nearly 11% by Monday. This 50-day exponential moving average roughly coincides with the daily level at $2.72 and the 50% Fibonacci level at $2.78, making it a key support area. XRP continued its rise mid-week, reaching its highest level at $3.33 on Thursday. At the time of writing this report on Friday, it continues to rise, approaching its main resistance level at $3.40.
If XRP closes above the resistance level of $3.40, it could support a rise towards record levels at $3.66.
The Relative Strength Index (RSI) on the daily chart shows 62, which is above its neutral level of 50, indicating an upward trend, suggesting strong bullish momentum. As with Bitcoin and Ethereum, the MACD indicator for Ripple also indicates a decrease in bearish momentum.
Conversely, if XRP fails to close above the resistance level of $3.40 and faces a correction, the retreat may extend towards its 50-day exponential moving average at $2.84
