Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin and XRP have both made strong attempts to reclaim resistance levels in recent days. Bitcoin has broken above the $120,000 price level. XRP, on the other hand, hasn’t found it as easy to establish a firm breakout, although it has pushed as high as $3.10 in the past 24 hours.
Technical analysis points to possible short-term price gains if resistance levels holds, but it also outlines a scenario where both Bitcoin and XRP could face another round of declines in the coming week. Related Reading Space Meets Crypto—Spacecoin Executes 1st Blockchain Transaction Beyond Earth 2 days ago XRP’s Struggle Against The Downtrend
Technical analysis of XRP’s daily candlestick timeframe chart, which was posted onthe social media platform X by a crypto analyst called Guy on the Earth, shows that XRP’s price action in the past 48 hours is pushing above a downtrend resistance, with the top of its consolidation rectangle at $3.12 now in focus.
The analyst noted that the cryptocurrency narrowly missed this target during its latest surge, stalling at $3.10 before slipping back to $3. However, XRP has so far managed to retest and find support on the downtrend line, which suggests there is still a chance for continuation higher.
However, the analyst noted that the rally could fade quickly, unless XRP can closes the week and hold above the $3.12. A drop back below $3.00 would invalidate the breakoutattempt and reopen the possibility of a breakdown to the $2.72 support. The pink circle drawn on the chart below shows the risk of XRP falling back to retestthe ascending trendline around $2.40 to $2.50 if $2.72 is broken.
XRP Daily Price Chart: @guyontheearth
Bitcoin, on the other hand, has been displaying stronger momentum.The breakout above $120,000 has been decisive, and this can be seen as a healthier technical structure compared to XRP. The Bitcoin dominance (BTC.D) is also pointing higher, meaning Bitcoin could continue leading the market regardless of whether the next move is up or down. BTCUSD currently trading at $122,462. Chart: TradingView A Big Weekend Ahead For Both Bitcoin And XRP
The next few days will be important for both XRP and Bitcoin. The three-day candle closes within hours, and the weekly candle will confirm the broader direction soon after. For XRP, holding above the $3.00 downtrend retest is important to maintain bullish momentum. On the other hand, Bitcoin maintaining strength above $120,000could confirm its breakout and establish new grounds for further rallies.
Failure for Bitcoin to hold above $120,000, would likely usher in another bloody phase next week, with XRP at risk of dropping back toward $2.72 or even lower. The week’s close will determine whether this rally has legs or whether the correction scenario plays out instead. Related Reading Bitcoin Rockets Past $119K, Analysts Now Eye $130K Target 1 day ago
At the time of writing, XRP is trading at $3.03. Bitcoin is trading at $122,500.
Featured image from Unsplash, chart from TradingView