Bitcoin, XRP Testing Key Resistances And Could Turn Messy Again – Here’s Why

Bitcoin and XRP have both made strong attempts to reclaim resistance levels in recent ￰0￱ 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 ￰1￱ 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 ￰2￱ Reading: Space Meets Crypto—Spacecoin Executes 1st Blockchain Transaction Beyond Earth XRP’s Struggle Against The Downtrend Technical analysis of XRP’s daily candlestick timeframe chart, which was posted on the 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 ￰3￱ 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 breakout attempt and reopen the possibility of a breakdown to the $2.72 ￰4￱ pink circle drawn on the chart below shows the risk of XRP falling back to retest the ascending trendline around $2.40 to $2.50 if $2.72 is ￰5￱ Daily Price Chart: @guyontheearth Bitcoin, on the other hand, has been displaying stronger ￰6￱ breakout above $120,000 has been decisive, and this can be seen as a healthier technical structure compared to ￰7￱ 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. A Big Weekend Ahead For Both Bitcoin And XRP The next few days will be important for both XRP and ￰8￱ three-day candle closes within hours, and the weekly candle will confirm the broader direction soon ￰9￱ XRP, holding above the $3.00 downtrend retest is important to maintain bullish ￰10￱ the other hand, Bitcoin maintaining strength above $120,000 could confirm its breakout and establish new grounds for further ￰11￱ 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 ￰12￱ week’s close will determine whether this rally has legs or whether the correction scenario plays out ￰13￱ Reading: Bitcoin Rockets Past $119K, Analysts Now Eye $130K Target At the time of writing, XRP is trading at $3.03.

Bitcoin is trading at $122,500. Featured image from Unsplash, chart from TradingView