XRP has been making an attempt at a reversal since June 24th, but it has struggled to gain momentum in the market. The asset has been unable to surpass the 26 EMA, signaling a lack of buying pressure. The failure to break above the 26 EMA suggests that the bulls are not in control and highlights the significant resistance level that the 26 EMA represents.
In a market characterized by volatility, major cryptocurrencies like Ethereum and Bitcoin have seen declines, making it challenging for altcoins like XRP to gain traction. The overall bearish sentiment has had a notable impact on XRP’s price action. With the RSI currently in the 40–50 range, XRP appears to be in a neutral position, neither overbought nor oversold. For XRP to make a comeback, it needs to see the RSI move above 50, accompanied by rising volume and positive market sentiment.
If XRP continues to struggle below the 26 EMA, a retest of lower support levels may be imminent. The $0.46 mark has historically served as a strong support level for the asset. However, a break below this support could lead to a more significant decline. Conversely, a strong break above the 26 EMA accompanied by increased volume might indicate a possible reversal, but this would require more buyers to enter the market.
Moving on to Bitcoin, the digital asset is currently trading above $60,000, a key psychological level. However, increased selling pressure is putting the price under scrutiny. Bitcoin must hold above the $60,000 threshold, which has historically been a strong support level. Technical indicators suggest that Bitcoin may face challenges ahead, with the RSI nearing oversold levels.
If Bitcoin manages to maintain support above $60,000, there is potential for a rebound towards $65,000 and beyond. A breach of the $65,000 resistance level could trigger a rally towards $70,000, but this would require a significant increase in buying volume and positive market sentiment. Conversely, a failure to hold above $60,000 could lead to a drop towards $57,000, potentially invalidating key support levels.
Finally, Cardano is currently experiencing a stalemate, with investors showing little interest despite its potential. The asset’s price has been stagnant around $0.41, struggling to break through critical resistance levels represented by the 50-day and 200-day EMAs. While Cardano may be in oversold territory according to technical indicators, the low trading volume suggests a lack of market interest and uncertain investor sentiment towards the asset.
