Cryptocurrency
Crypto Price Analysis September-20: ETH, XRP, ADA, BNB, and SOL
This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
The market has had a great week so far, and Ethereum closed with a 9% price increase. On Wednesday, the Fed cut the interest rate by 0.50%, which turned out to be extremely bullish for crypto. Since then, ETH has also managed to break above $2,400.
With buyers back, the momentum is shifting bullish again. The current target for this cryptocurrency is $2,800, which will also act as resistance. The former resistance at $2,400 is now a key support, and as long as it is not lost, buyers have the advantage.
Looking ahead, Ethereum is finally showing signs of recovery after months of difficult price action in which bears dominated.
Ripple (XRP)
XRP increased by 4% this week but appears to lag behind other market leaders such as Ethereum or Solana. This could be because it already broke its resistance at 54 cents last week, and buyers may be distracted by other opportunities at this time.
Nevertheless, momentum remains bullish on this price action, and XRP needs to make a higher high to maintain it. A clean break above 60 cents can restore confidence and see the price attempt a test of the next key target at 68 cents.
Looking ahead, XRP may be preparing for its next major move, especially if the overall market remains bullish.
Cardano (ADA)
So far in September, ADA has been bouncing between the key levels, but this could be its most important opportunity to break the resistance at 37 cents. While the price closes the week with only a 1% increase, optimism is high that Cardano can finally have a breakout.
The past two weeks saw the price find good support around 33 cents, and sellers were unable to push ADA below that. This improved confidence in the price action, and buyers returned.
Looking ahead, the biggest challenge for this cryptocurrency is to break above 37 cents. That would put ADA back on the offensive to recover the losses incurred since March 2024.
Binance Coin (BNB)
Binance Coin remains a great performer and closed the week with a 6% price increase. This allowed buyers to keep the price well above the $500 support and even aim towards $600, which is the current target for this uptrend.
Buyers are dominating right now, which shows promise for a sustained uptrend in the coming weeks. Moreover, on the 3-day timeframe, the MACD made a bullish cross, which is picking up momentum. This favors a continuation of this uptrend.
Looking ahead, BNB is found in a strong position based on its price action, which shows that it is ready to challenge the highs from earlier this year.
Solana (SOL)
Solana is our strongest performer this week, with a 12% price increase. As soon as the resistance at $134 was broken, buyers rushed to this cryptocurrency, and the price shot up.
The current rally is coming on strong buy volume, which could see SOL test the resistance at $164 in the next few days. That would only encourage buyers further.
Looking ahead, Solana is back in the spotlight, and market participants seem to prefer it over other major altcoins. If this market rally continues, Solana may be among the first to benefit.
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Cryptocurrency charts by TradingView.
XRP seems to have found support around 50 cents. Can buyers push the price higher this week?
Key Support levels: $0.50
Key Resistance levels: $0.54, $0.68
1. Price Finds Support
After a sharp fall last week, bulls appear to be back. XRP opened this Monday in green and is keen to return on an uptrend. As long as the key support at 50 cents holds, buyers have a good chance to return on the offensive.
2. Sellers are Retreating
Early October saw a spike in sell volume, but now sentiment across the market is improving, which could see the momentum shift back into the bulls’ favor. If so, buyers can aim to take XRP back above 60 cents. However, once there, sellers could return, as in late September.
3. MACD Momentum Shifting
After a difficult start this month, the momentum on the daily MACD is showing the first signs of a reversal, with a histogram making higher lows. If this trend continues, buyers could soon take over the price action and push XRP to break higher again.
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The price of Bitget’s BGB token unexpectedly dropped by 50% on the morning of October 7 before beginning to recover.
The platform has announced that it will compensate users for any losses resulting from the sudden volatility, which is still under investigation.
Exchange Promises Full Compensation
According to CoinGecko data, the incident saw the token’s value fall from $1.14 to $0.64 before staging a quick recovery. In a post on X, Bitget addressed the situation, saying, “BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.”
The platform reassured its users, promising to fully compensate for any asset losses. It also announced that a detailed compensation plan would be released within 24 hours, with the entire process set to be completed within 72 hours.
Bitget CEO Gracy Chen reiterated this message in a separate X post:
“The incident is still under investigation, but I want to assure everyone affected that we will not let any Bitget users suffer losses.”
Chen emphasized that Bitget’s overall standing remains strong, noting that the platform achieved a global market share of 11% in the third quarter of 2024, making it the fourth-largest exchange globally. Additionally, it boasts an asset reserve exceeding 176% and holds the second-largest protection fund globally, which is designed to compensate users quickly in the event of such incidents.
The Nature of Flash Crashes
Meanwhile, this incident mirrors a past development that occurred earlier this year with OKB, the native cryptocurrency of the OKX exchange. The token faced sudden price collapses, falling from a high of $48 to $25 within hours. The event was reportedly triggered by several large leveraged position liquidations, leading to further sell-offs and price declines.
At the time, OKX responded by reassuring its users that it would compensate them for the losses incurred from the unusual liquidation. While OKB’s crashes were linked to market-wide volatility, Bitget has yet to pinpoint the exact cause behind today’s event.
A cryptocurrency “flash crash” occurs when several holders rapidly sell a specific crypto asset, surpassing buyer demand and causing the price to drop sharply in a short amount of time. Unlike a typical collapse, the price usually recovers quickly, often returning to a level close to where it started.
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[PRESS RELEASE – Dubai, UAE, October 7th, 2024]
On October 22-23, the Blockchain Life 2024 forum will take place in Dubai. Over 10,000 participants from 120 countries will come together for the crypto event to share industry insights on the eve of Bull Run 2025.
Participants will hear from leading voices in the blockchain space, who will share market analysis on market trends and potential future developments.
Confirmed figures include:
- CEO Tether – Paolo Ardoino
- Co-Founder Animoca Brands – Yat Siu
- CEO Ledger – Pascal Gauthier
- CEO Cardano Foundation – Frederik Gregaard
- CEO Dubai Blockchain Center – Dr. Marwan Alzarouni
- Co-Founder Litecoin Foundation – Xinxi Wang
- CEO Vechain – Sunny Lu
- CEO of dYdX Foundation – Charles d’Haussy
- Founder Listing.Help, Jets Capital – Sergei Khitrov
- Founder DWF Labs – Andrei Grachev
- Co-Founder Tezos – Arthur Breitman
- CEO Trust Wallet – Eowyn Chen
- Co-Founder Osmosis Labs – Sunny Aggarwal
- Co-Founder of Sui (Mysten Labs) – Kostas Chalkias
- Head of Investments at Maelstrom Fund – Akshat Vaidya
- Founder Notcoin – Sasha Plotvinov
- Co-Founder, CEO Celestia Labs – Mustafa Al-Bassam
- Google Cloud – Tiago Henriques
- Program Lead MetaMask – Zied Brini
In addition to the lineup of speakers, Blockchain Life 2024 is also set to include behind-the-scenes discussions that will provide an opportunity for networking and exchanging information on the latest advancements in the sector.
The forum is coming soon. Readers can purchase tickets with a 10% discount using promo code chainwire.
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