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XRP to Skyrocket Next Week? Ethereum (ETH) Not Losing $3,370, Will Solana (SOL) Reach $150 Again?

Mon, 1/07/2024 – 0:30

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Contents

  • Ethereum stays composed
  • Solana struggles on way up

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XRP might 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 not many people are selling it, but almost no one is buying it either.

The chart shows that XRP has had difficulty increasing in value over the previous few months. The lack of movement in the price can be explained by the volume profile, which shows minimal trading activity.

XRPUSDT
XRP/USDT Chart by TradingView

Given the state of the market, it appears that neither buyers nor sellers are willing to take large positions based on the low volume. A spike in volume might be interpreted as a sign of renewed interest and could raise the price.

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With an RSI of approximately 41, XRP is in the lower neutral zone. This implies that there may yet be room for growth before overbought conditions materialize. An increase in buying pressure and the potential beginning of a new uptrend would be indicated by an RSI rise above 50.

Even with the recent decline, XRP still has solid fundamentals. When the legal dispute between Ripple, the company that created XRP, and the SEC is resolved, it may benefit XRP’s price. Further providing a strong basis for future expansion are Ripple’s continuing partnerships and technological developments.

Ethereum stays composed

Ethereum has been actively trading at around the $3,400 price threshold, but it has also been showing some worrying signs, while the 100 EMA is not considered the most reliable technical level for an asset. However, things may turn out better than expected.

Because it closely resembles the 100-day exponential moving average (EMA) (orange line), the chart indicates that Ethereum has been able to maintain above the $3,370 mark. With the recent market turbulence, this level has served as a support zone, stabilizing the price of ETH. Volume analysis shows inconsistent signals.

Even though 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 a spike in volume may indicate a more forceful move in either direction.

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Ethereum is presently in the lower neutral zone, according to the relative strength index, which is circling 43. This points to potential upward movement before overbought conditions materialize. Additional proof of bullish momentum would be provided if the RSI could move closer to the 50-point level.

Indicators of long-term trends, the 26-day and 200-day EMAs, are also displayed on the chart. As of right now, Ethereum is trading above the 200-day moving average, a bullish indication for the long run. It is still below the 50-day EMA, suggesting some short-term pessimism.

Ethereum’s price action is heavily influenced by market sentiment. The overall trend is still positive despite a few negative signs. Potential price increases for Ethereum are well-founded due to its strong fundamentals, which include continuous network upgrades and growing user adoption.

Solana struggles on way up

Solana has been actively fighting for the $150 threshold for the last few weeks. However, despite positive fundamental developments that include 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 price of the asset has not been moving actively.

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In order to verify a bullish reversal and pursue the $150 target, Solana must close above numerous moving averages. Solana has recently found support at the 200-day EMA or roughly $130. Numerous tests of this support level show that there is significant buying interest at this price.

Mixed signals can be seen in the volume profile. Although there has been some trading activity, not much to indicate strong bullish momentum has emerged. The market’s growing confidence in Solana’s price action would be indicated by an increase in volume. For bulls, a move in the RSI above 50 would be positive.

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