XRP Hit Multi-Month Low, Solana (SOL) Has Strongest Support, Bitcoin (BTC) Price Drop Better Than You Think

XRP Hit Multi-Month Low, Solana (SOL) Has Strongest Support, Bitcoin (BTC) Price Drop Better Than You Think

XRP has once again lost touch with the market and fell below the fundamental mark of $0.5. It’s not the first time that XRP has disappointed people, but its continued inability to rise raises some serious questions.

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XRP has once again lost touch with the market and fell below the fundamental mark of $0.5. It’s not the first time that XRP has disappointed people, but its continued inability to rise raises some serious questions.

The cryptocurrency has struggled to stay afloat in the face of major market changes. If investors were hoping for a recovery, the recent drop to a multi-month low is a worrying indicator. Bearish sentiment still rules the XRP market, as evidenced by the inability to sustain gains above $0.5.

XRPUSDT Chart
XRP/USDT chart by TradingView

Analysis of technical indicators reveals that XRP has been struggling with a series of important moving averages. The current price action below the 200-day moving average (black line), which acts as a crucial long-term support level, is a bearish signal. The difficulty XRP is having in regaining bullish momentum is further highlighted by the 50-day, 100-day, and 26-day (green) moving averages. As a result of continued selling pressure, price has continually failed to break above these moving averages.

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The convergence of these moving averages points to a lack of significant directional movement, which frequently occurs before major price changes. Unfortunately, XRP’s recent movement has been negative.

Volume trends also point to a lack of significant buying interest, as recent declines have been accompanied by higher than normal trading volumes. This suggests that an increasing number of traders are dumping their XRP holdings, which is driving the price down.

Solana is not finished

Solana has fallen towards the 50 EMA for the first time since surpassing it in May. This is not a good sign for the asset, but at the same time, it doesn’t really create problems that SOL investors should panic about.

The 50-day exponential moving average (EMA) is crucial for Solana. If Solana continues to trade above this line, it may indicate that the current downtrend is short-lived and a recovery is likely. At $159.00, Solana price is currently trading near the 50 EMA (blue line).

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Although there is some bearish sentiment, the price action suggests that SOL’s overall structure is still in place. A sustained move below this level could indicate more significant downside potential, so investors should monitor it closely. Other moving averages show that the 200-day EMA is much lower, hovering around $130, while the 100-day EMA sits around $151.

In the event that the price declines further, these levels serve as additional support and buffer. The proximity of the 100 day EMA provides a secondary support zone that may be essential to avoid a more significant sell-off. Solana has maintained an upward trend, despite the current crisis.

The asset’s strong ecosystem and increasing utilization have contributed to its significant growth. Perhaps the market is correcting, and this recent pullback is giving it time to stabilize before a possible rebound.

Additionally, volume trends point to a stable market with no notable spikes suggesting panic selling. Indicating that Solana is neither overbought nor oversold, the Relative Strength Index (RSI) is positioned near neutral. If market conditions improve, this balanced RSI reading suggests there may be room for an upward move.

Bitcoin remains bullish

Bitcoin lost $70,000 again, but at the same time, if we look deeper, we can see that digital gold has no problems while staying above $68,000, as it is the first threshold guarded by a major resistance level.

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The overall structure of the Bitcoin market has not changed even with the recent drop below $70,000. As a safety net, the key support level of $68,000 is present. Bitcoin still has a solid foundation. This price is important because it is in line with important technical indicators and market sentiment.

There have been no notable spikes in selling pressure, based on volume trends, suggesting that the recent drop may have been a healthy correction rather than the beginning of a downtrend. Since Bitcoin is neither overbought nor oversold, the RSI is in neutral territory, providing opportunities for future upward moves should market conditions improve.

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