XRP has commenced its market movements earlier than expected, showing a significant departure from recent sideways trading. The chart reveals a departure from the previous pattern as XRP charts a new course. Presently, XRP is testing the crucial psychological support level at $0.50. A sustained move below this point may signal a bearish momentum, possibly leading to a test of the next support zone around $0.47.
In contrast, if XRP stabilizes and rebounds from the current support, it would likely encounter initial resistance near the $0.54 mark, where the 50-day moving average is positioned. Historically, this moving average has served as a dynamic resistance level, and a breakthrough could propel XRP toward the $0.56 level, aligning with the 100-day moving average.
A downward trendline in play further complicates the chart since the local high in November. Breaking above this trendline with significant volume is essential for confirming a true reversal in XRP’s trajectory.
XRP Initiates Early Movement, Solana Leads The Pack
Solana Leads the Pack: Solana showcases its strength as the top performer among the top 10 cryptocurrencies by market capitalization. Despite overall market volatility, SOL’s price action signals a robust recovery compared to its counterparts. Currently trading around $90, Solana has rebounded with momentum from the support level near $78.35.
Supported by the 100-day Exponential Moving Average (EMA), this pivotal point has acted as a springboard for SOL’s recent bullish trend. SOL consistently creates higher lows, indicating strong buying interest. The $100 psychological level poses resistance, and a breakthrough could propel the price toward the next significant hurdle at $110. Solana’s relative strength is further underscored by a resurgence of risk appetite in the market, evidenced by the growing interest in meme coins.
Ethereum Needs Momentum: The Ethereum market faces multiple challenges sustaining its position. Current chart analysis suggests indecision among investors, with Ethereum struggling to establish a clear directional move. Hovering around the $2,200 mark, Ethereum finds temporary support, but the lack of bullish conviction raises concerns about the level’s stability under new selling pressure.
Resistance is observed near the $2,400 range, where previous attempts to break higher have been met with firm rejection. Recent news of Celsius Network liquidating around $1 billion worth of Ethereum adds selling pressure, potentially overwhelming current liquidity and triggering a downturn. The $2,000 psychological level is seen as the next critical support zone, with a breach possibly leading to a decline toward the $1,950 region, where the 200-day moving average provides stronger historical support.
On the positive side, if Ethereum absorbs selling pressure and gains momentum, a push above the $2,400 resistance could pave the way toward the $2,500 area before challenging the more formidable resistance at $2,600, aligned with the 50-day moving average.