XRP Underperforms Among Top Cryptos

XRP has been underperforming among the top 10 cryptocurrencies, exhibiting minimal price movement. It remains in a declining range, unable to surpass local resistance. Despite bulls’ efforts, there are concerns about a prolonged decline.

Technical Outlook

XRP's technical outlook appears poor, with the 200 EMA acting as a strong resistance. It has historically obstructed XRP's attempts to break significant levels. A sustained recovery seems unlikely until above this moving average.

Trading Volume and Market Sentiment

A declining volume pattern further emphasizes XRP's lack of performance, indicating decreasing trader interest. While other top assets show signs of recovery, XRP lags behind. Its potential to break through the 200 EMA may spark renewed buying interest and a long-needed reversal. Without this, XRP remains at risk, with support levels at $0.50 and below.

Bitcoin's Comeback

Bitcoin has cleared a crucial resistance level at $67,000, signaling one of its largest breakouts in 2024. This surge may lead to broader market price increases and suggests a significant shift in market sentiment. Breaking out of a long-term downward trend, Bitcoin is now positioned to aim for $70,000 and possibly $75,000 if bullish momentum continues.

Market Reaction

Investors hope Bitcoin can maintain momentum above $65,900, its nearest support. This breakout brings much-needed optimism, with potential for surpassing previous all-time highs if trading volume increases.

Solana Eyes $200

Solana recently surpassed the $165 mark and is eyeing $200 as the next major target, thanks to strong price movement and a favorable market climate. It has broken through several resistance levels, notably $160.

Concerns and Market Response

However, a potential issue looms as $88 million in SOL tokens are set to be unlocked soon, which could increase selling pressure. The market's response to this event will influence SOL's performance.

If Solana can hold momentum and navigate any selling pressure, the $180 psychological threshold becomes critical for continued bullish support. The $150 and $140 levels will offer traders protection against downside risks, confirming strong bullish momentum if maintained.

This article was originally published on U.Today