XRP is surprisingly stable, here’s why
U.Today – is currently holding above the crucial 200-day EMA, a level that has turned into a dynamic support line. This crucial line, which sits at around $0.55, is now the battleground where XRP’s near-term fate is being contested.
Over the past few days, XRP price action has been characterized by its struggle to break above a series of local resistance levels. Notable rejection was faced around the $0.63 mark, adding to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and growth potential.
XRP/USDT Chart by TradingView The market tightness towards XRP can be attributed to various factors, including the lack of usage of been bullied into strong bullish rallies, often catching many off guard.
In a scenario where XRP’s growth continues, it is essential for the token to maintain its position above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could boost investor confidence, potentially leading to a challenge to the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and could pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.
is back in an uptrend
Solana shows signs of entering an uptrend again. The recent price chart reveals a pattern of resilience, with Solana forming a higher low indicating a potential change in market sentiment.
After falling to a support level around $88 on December 20, 2023, Solana rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downtrend. Local trendline resistance, which Solana is currently testing, is evident at around $97.50.
Two crucial price levels stand out on Solana’s chart. The first resistance level after the trendline lies near the psychological $100 mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.
Conversely, on the support side, the level to watch is around $88, as mentioned above. This price proved to be a solid base, with buyers stepping in to support Solana’s valuation. A minor support level is present near $85, just below the 50-day moving average, which acts as a safety net for any potential retracements.
the dominion of prevails
Ethereum rapidly cuts through resistance levels with a bullish fervor not seen in recent times. After a brisk 8.8% surge, Ethereum confidently surpassed the $2,500 and $2,600 marks, firmly targeting the next major resistance level at $3,000.
The rapid growth seen in recent days has been nothing short of impressive. Ethereum, which hovered around the $2,400 mark in early February, saw a significant influx of buying pressure, leading to a move past key resistance levels. This positive price action presents two potential scenarios for the smart contract giant.
In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with additional fuel from recent high trading volume, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to come to fruition, as it would establish a new support level, boosting investor confidence.
Alternatively, given the volatile nature of cryptocurrency markets, a retracement could occur before Ethereum reaches $3,000. This would likely see asset retest support at the $2,500 level, which, if held, could act as a springboard for a second wave towards and above $3,000.
This article was originally published on U.Today