XRP may have been in a downtrend, but the current state of the asset implies the possibility of a reversal. The current state of XRP is perfectly described by saying that there aren’t many people selling it, but almost no one is buying it either.
XRP may have been in a downtrend, but the current state of the asset implies the possibility of a reversal. The current state of XRP is perfectly described by saying that there aren’t many people selling it, but almost no one is buying it either.
The chart shows that XRP has struggled to increase in value over the past few months. The lack of movement in price can be explained by the volume profile, which shows minimal trading activity.
Given the state of the market, it seems that neither buyers nor sellers are willing to take large positions based on low volume. An increase in volume could be interpreted as a sign of renewed interest and could push the price higher.
With an RSI of around 41, XRP is in the lower neutral zone. This implies that there may still be room for growth before overbought conditions materialize. An increase in buying pressure and the possible start of a new uptrend would be indicated by a rise in the RSI above 50.
Even with the recent drop, XRP still has strong fundamentals. When the legal dispute between Ripple, the company that created XRP, and the SEC is resolved, it may prove beneficial for the price of XRP. Moreover, Ripple’s ongoing partnerships and technological developments provide a solid foundation for future expansion.
Ethereum remains calm
Ethereum has been actively trading around the $3,400 price threshold, but it has also shown some worrying signs, while the 100-day EMA is not considered the most reliable technical level for an asset. However, things may turn out better than expected.
As it closely resembles the 100-day exponential moving average (EMA) (orange line), the chart indicates that Ethereum has been able to hold above the $3,370 mark. With the recent market turbulence, this level has served as a support zone, stabilizing the ETH price. Volume analysis shows inconsistent signals.
Although trading volume has not increased significantly, the consistency shows that interest in Ethereum at these prices is stable. It is important to monitor this metric, because an increase in volume can indicate a more forceful move in either direction.
Alex DovbnyaAccording to the Relative Strength Index, which is hovering around 43 points, Ethereum is currently in the lower neutral zone. This indicates a possible bullish move before overbought conditions materialize. A further test of bullish momentum would be provided if the RSI could approach the 50-point level.
Long-term trend indicators, the 26-day and 200-day EMAs, are also shown on the chart. At the moment, Ethereum is trading above the 200-day moving average, a long-term bullish indication. It is still below the 50-day EMA, suggesting some short-term bearishness.
Ethereum price action is heavily influenced by market sentiment. The overall trend remains positive despite some negative signals. Potential price increases for Ethereum are well-founded due to its strong fundamentals, which include continuous network upgrades and increasing user adoption.
Solana fights for promotion
Solana has been actively struggling to reach the $150 threshold over the past few weeks. However, despite positive fundamental developments including the introduction of blockchain links (or blinks), which are a specification that allows a user to complete an on-chain transaction on any website capable of displaying a URL, the asset’s price has not been actively moving.
Gamza KhanzadaevTo verify a bullish reversal and reach the $150 target, Solana must close above numerous moving averages. Recently, Solana has found support at the 200-day EMA or around $130. Numerous tests of this support level show that there is significant buying interest at this price.
Mixed signals can be seen on the volume profile. Although there has been some trading activity, there is not much to indicate that a strong bullish momentum has emerged. The growing market confidence in Solana’s price action would be indicated by an increase in volume. For the bulls, a move in the RSI above 50 would be positive.
