XRP is in a good run at the moment. The price of bitcoin has suffered of late. The cryptocurrency has failed to hold its ground above the $20,000 zone and now hovers around $19,600. Ethereum, on the other hand, hasn’t had things relatively easy either.
Despite the buzz surrounding its merge in the last few weeks, Ethereum has failed to move past the $1,700 zone and has instead come straight down to the $1,300 zone.
If bears manage to break through these current price levels that both cryptocurrencies are struggling to hold, the drop could be catastrophic. Bitcoin might drop to the $17,000 zone, and Ethereum may touch levels close to the $1,200 zone.
Similar to Bitcoin and Ethereum, most other altcoins have also suffered in terms of price. However, despite the crypto storm, a few altcoins have stayed afloat. ADA, for example, after terrible conditions last week, is showing signs of recovery and is now consolidating around the $0.45 zone. However, a more notable example is XRP.
Despite several hurdles like their ongoing rift with the SEC, XRP has remained strong regardless and is holding its ground above the $0.40 level
Bitcoin in Perspective
Bitcoin has struggled around the $19,000 zone throughout this week and the last. Initially, it failed to remain above the $19,600 zone and has since fallen to the $19,300 level below the 50-day moving average. Weak short-term support lies around the $19,100 zone, supporting bitcoin and likely to catch the price in case the bears start to gain the upper hand.
However, if this level fails to hold, bitcoin could drop to the $18,600 zone. And if bearish momentum is strong enough, we may see a retest of the $18,000 zone.
Ethereum in Perspective
Ethereum has tried and failed over the last 7 days to break above the $1380 level, validated as resistance by the 50-period daily moving average.
However, the decline of the cryptocurrency from its $1700 high after the merge is still very much in play.
The next resistance zone Ethereum has to worry about if it will have a chance to move to the upside is the $1345 – $1410 zone. If the price manages to break this level, then it may have a chance to reclaim the $1700 level after all.
XRP and Others
Some altcoins have done very well despite the bear market. Good examples are Ripple coin (XRP), Binance coin (BNB), and Cardano (ADA),
Cardano, for example, is currently consolidating above the $0.45 level and is preparing for its next move to the up or downside.
BNB, on the other hand, experienced an uptrend and managed to test the $272 level. However, it failed to reach the $275 level and is trending lower toward the $265 zone.
DOGE also showed signs of an uptrend but disappointed the bulls afterward. It managed to break the $0.06 resistance but ran out of steam and is now likely to retest the $0.058 levels.
XRP, on the other hand, is up by a jaw-dropping 10%, despite market conditions. The price of XRP managed to break the $0.40 resistance and is now consolidating above its new support.
Despite current market conditions, we may see XRP move up and touch the $0.45 level in the coming weeks.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)