Bitcoin and XRP have both made strong attempts to regain the resistance levels in recent days. Bitcoin has broken above the price level of $ 120,000. XRP, on the other hand, has not found it so easy to establish a solid outbreak, although it has been pushed as high as $ 3.10 in the last 24 hours.
Technical analysis points to possible price gains in the short term if the resistance levels are in force, but it also outlines a scenario in which both Bitcoin and XRP can get a new round of falls in the coming week.
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XRP’s fight against the downward trend
Technical analysis of XRP’s daily candlestick time frame -graphic, which, that was posted on The social media platform X by a crypto analyst named Guy On Earth, shows that the price action of XRP in the past 48 hours above a Downtrend -with the top of his consolidation court at $ 3.12 now in Focus.
The analyst noted that the Cryptocurrency missed this goal somewhat during his last wave, persistent at $ 3.10 Before he returned to $ 3. XRP, so far has succeeded in re -testing and finding support on the downward line, which suggests that there is still a chance of continuation higher.
However, the analyst noted that the rally could fade quickly, unless XRP could close the week and stay above $ 3.12. A drop back below $ 3.00 would make the outbreak invalid Try to reopen and reopen the possibility of a breakdown of $ 2.72 support. The pink circle drawn on the graph below shows the risk of XRP falls back to test again The rising trendline from around $ 2.40 to $ 2.50 if $ 2.72 is broken.
XRP Daily price chart: @Guyonthearth
Bitcoin, on the other hand, has been Show a stronger momentum. The outbreak above $ 120,000 has been decided and this can be seen as a healthier technical structure compared to XRP. The Bitcoin Dominance (BTC.D) also points higher, which means that Bitcoin could continue to lead the market, regardless of whether the next step is up or down.
A big weekend ahead for both Bitcoin and XRP
The following days will be important for both XRP and Bitcoin. The three -day candle closes within a few hours and the weekly candle will confirm the wider direction shortly afterwards. For XRP it is important to keep above the retest of $ 3.00 important to retain bullish momentum. On the other hand, Bitcoin maintains Power above $ 120,000 could confirm his outbreak and establish new grounds for further meetings.
Failing for Bitcoin to keep above $ 120,000 would probably herald another bloody phase next week, with XRP running the risk of falling back to $ 2.72 or even lower. The close of the week will determine whether it has rally legs or whether the correction scenario takes place instead.
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At the time of writing, XRP acts at $ 3.03. Bitcoin acts at $ 122,500.
Featured image of Unsplash, graph of TradingView