Lately, XRP has been soaring, effortlessly surmounting numerous barriers. The asset’s bullish outlook is reinforced by the recent spike in trading volume. The $1 level is the next significant psychological target for XRP, which is presently trading at $0.61.
Reaching this benchmark would be important for the XRP community and might indicate a robust comeback following an extended phase of consolidation. The bullish momentum of XRP is the result of multiple factors. First off, the general optimism on the cryptocurrency market has created a generative environment for the price movement of XRP.
Altcoins like XRP are profiting from the general market upswing as long as Bitcoin and Ethereum continue to demonstrate strength. Additionally, rumors about XRP can push its value much higher in the future. A positive resolution in this case might serve as a major trigger for XRP, sending it skyrocketing.
Also working in XRP’s favor are technical indicators. The asset has crossed above the 200-day moving average, which is a crucial resistance level and frequently indicates a bullish trend. Furthermore, there appears to be significant buying pressure as the relative strength index is currently in the overbought area.
Above all, the acceptance of the Ethereum ETF has the potential to be revolutionary. Approval of an ETF is expected to bring in a healthy dose of institutional capital, which would give Bitcoin a much-needed boost. A development of this magnitude could easily push Bitcoin over the $70,000 threshold. Additionally, the full Mt. Gox picture is still undetermined. Since the exchange has a sizable holding of Bitcoin, any significant liquidation could put pressure on prices to drop.
Both the price and the trading volume are exhibiting resilience, indicating that investors are keeping a close eye on the next significant move. It is encouraging that Bitcoin has been able to hold its position above the 50 EMA, which has proven to be a significant resistance level.
Solana has demonstrated strong bullish momentum recently, rising steadily and breaking through multiple important resistance levels. The market’s sentiment has improved, as seen by the upward turn in the 50-day moving average. Robust trading volumes also bolster this upward trend, indicating growing investor interest in SOL.
Potentially significant resistance might be found at $173. Price levels around this point have historically seen a lot of trading activity, which has resulted in consolidation or a retracement. In order to potentially reach the next psychological level of $200, Solana may need to overcome this resistance to see additional gains. Nonetheless, a number of variables may affect Solana’s capacity to continue growing.
For example, larger market movements influenced by Ethereum and Bitcoin frequently affect altcoins such as Solana.
Solana appears to be getting closer to overbought territory based on the relative strength index. This can point to a possible consolidation or pullback stage prior to the next leg up. If a retracement takes place, keeping an eye on support levels at $150 may also reveal prospective buying opportunities.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
