Will the crypto market rise above $1 trillion?

• Bitcoin price struggles to stabilize above $17,500, falling to $16,730.
• Ethereum price bounced back to test the critical support, hitting $1,250.
• Ripple is still hovering above its 19-month downtrend, trading at $0.34.

Bitcoin price, along with Ethereum and Ripple price, are struggling to maintain a bullish outlook. The crypto market currently hovers around $800 billion, still well below $1 trillion.

But the last five times the total market capitalization fell below the aforementioned levels, it took about two weeks to recoup the $200 billion shortfall. Considering the uncertain nature of the crypto space due to the collapse of the FTX exchange, a mining rally seems less likely.

The Bitcoin price is floating aimlessly

Bitcoin price marked the $17,592 resistance level after recovering from the crash three days ago. The king coin failed to move higher and is attempting another bounce from $16,762.

A reversal of the $17,592 barrier into a support floor would indicate that the buyers are back. In such a case, market participants can expect BTC to trigger a recovery rally to $18,620.

BTCUSD 1-Day Chart

However, if bears take control and the Bitcoin price falls below the immediate support level of $16,455, it will invalidate the bullish outlook. These developments could trigger panic selling by holders, catalyzing a crash to the psychological level of $15,000, marked about two years ago.

Ethereum price continues to be safe

Ethereum price fell and closed just below the short-term critical support level of $1,240 on November 13. The subsequent 3.1% rise brought the market cap of the altcoin to $1,257.

It will be difficult to sustain recovery from here, as the smart contract token will need momentum to push through the critical resistance at $14.26. Only then will ETH receive enough strength to turn the resistance area, which extends from $1,641 to $1,761 into a support block.

ETHUSD 1-Day Chart

However, if the broader market notes bullish signals and prices decline, ETH could be looking at a test of $1,000 or lower. The swing low in June is $919, which will be the last support before Ethereum breaks down.

Ripple price fails to make any ripples

The Ripple price followed in the footsteps of Ethereum, reducing about 14% in three days after testing the $0.38 resistance level. Currently trading at $0.35, XRP is in the same consolidation zone as it was between June and September.

If XRP were to resume this move, it is looking at sideways momentum building until investors create enough buying pressure to turn $0.38 into support. That would bring it back to the zone the Ripple price was in in October and November.

XRPUSD 1-Day Chart

On the other hand, if prices decline, the cryptocurrency may test the $0.29 support level. Invalidation of this level could bring XRP back to test its 19-month-old downtrend line at $0.26, which is the last support before the altcoin continues its downtrend.