FX.co ★ ETH stuck in a narrow range, XRP and LTC storms psychological marks: analysis and forecasts

After several major crashes in a row, the total market capitalization dropped to $1.5 trillion and showed how important a role bitcoin plays in the mood of coins. Due to the collapse of BTC, the institutionalization of crypto assets has slowed down, but the market is starting to recover its indicators. Over the past day, the growth of all crypto assets amounted to 7%, and the total capitalization came close to $1.7 trillion. At the same time, it is too early to talk about the beginning of the growth cycle due to the instability of the indicators of the leading cryptocurrencies.

ETH/USD quotes continue to show fluctuations. The cryptocurrency manages to reach a certain level, but without the support of the market, the ether drops again to $2,400, where the maximum help from buyers is concentrated. Thanks to these fluctuations, the dynamics of the asset price change quite often, and as of 13:00 UTC, ETH completely won back the growth to the $2,700 mark. However, given the daily trading volume, which is in the area of $80 billion, as well as the positive dynamics of the growth of quotes over the past few hours, we can say that Ethereum has sufficient chances to approach the $3,000 mark at the end of this week. A decisive role here is played by the upcoming update to version ETH 2.0, which is scheduled for early June and will significantly increase the interest of institutions in the asset. A similar scenario is indicated by the conclusions of Goldman Sachs CEO David Solomon, where he stated that the interest of large companies in ETH has recently continued to grow, despite the volatility of the market.

There was optimism in the change in the quotes of the XRP/USD pair. The cryptocurrency continues to grow, but it is difficult to overcome the $1 mark, where the support of buyers is leveled due to market pressure. Over the past two days, the crypto asset has tested the round indicator twice, but failed both times. As of 13:00 UTC, the coin has risen in price by 4% over the past day with average daily trading volumes. Judging by the horizontal charts, the Ripple token is expected to make another retest of the $1 mark, and quite likely, this is the final attempt of the cryptocurrency to justify the current market interest. In the next few days, ETH will begin to capture the audience even more actively from the token and will not leave it a chance to gain a foothold above the round position. In addition, in the event of another failure, the coin can aggravate the correction and tip over to $0.850, where it will test the strength of the market loyalty.

The quotes of the LTC/USD pair managed to make a real breakthrough from $120 to $187, where the cryptocurrency did not receive the necessary market support. As a result, the indicators of the coin dropped to $170, from where the asset began the next stage of growth. Over the past day, LTC has risen in price by 5% with mediocre daily trading volumes, however, the cryptocurrency showed persistence and growth prospects, leaving the pressure zone around $170. Soon, the altcoin may again try to approach the $200 mark and gain a foothold above it, but for this, the coin needs a positive impulse.

New details of the future update of Polkadot have emerged, thanks to which it became clear that the asset has little chances to compete with ETH at the current stage of development. The developers admitted that improving the system towards conducting parallel transactions does not guarantee stable operation of the blockchain and leveling the main problem of ether - sharply increasing transactions. With this news and the upcoming ETH update, there is no doubt that the decentralized DOT project is still far from real competition with the main altcoin. The asset is quoted at $20,226 and the daily trading volumes indicate dying market interest.

The news background around the cryptocurrency market began to change. The main reason for optimism was the statement by representatives of Goldman Sachs bank regarding the expansion of the cryptosystem. According to the company's experts, shares of the cryptocurrency exchange Coinbase are the best way to invest in crypto assets at the current stage. Thanks to this news, the main coins have activated and are trying to overcome psychological marks in order to gradually approach local highs.