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XRP to skyrocket next week? Ethereum (ETH) won’t drop $3,370, Solana (SOL) will hit $150 again?
Arman Shirinyan
The market could head towards the recovery zone if trading volume reappears
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Exchange rate risk it 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 not many people are selling it, but almost no one is buying it either.
The graph shows it XRP has had difficulty increasing in value in recent 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 appears that neither buyers nor sellers are willing to take large positions based on low volume. A spike 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 potential start of a new uptrend would be indicated by a rise in the RSI above 50.
Even with the recent decline, Exchange rate risk still has solid fundamentals. Once the legal dispute between Ripple, the company that created XRP, and the SEC is resolved, XRP’s price could benefit. Ripple’s ongoing partnerships and technological developments also provide a solid foundation for future expansion.
Ethereum remains composed
Ethereum has been actively trading around the $3,400 price mark, but has also shown some worrying signs, while the 100 EMA is not considered the most reliable technical level for an asset. However, things could go 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 acted as a support zone, stabilizing the price of ETH. Volume analysis is showing mixed signals.
While 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, as a spike in volume could indicate a stronger move in either direction.
Ethereum is currently in the lower neutral zone, according to the relative strength index, which is hovering around 43. This indicates a potential move higher before overbought conditions materialize. Further evidence of bullish momentum would be provided if the RSI could approach the 50 level.
Long-term trend indicators, the 26-day and 200-day EMAs, are also displayed on the chart. Right now, Ethereum is trading above the 200-day moving average, a bullish indication for the long term. It is still trading below the 50-day EMA, suggesting some short-term pessimism.
Ethereum price action is heavily influenced by market sentiment. The overall trend is still positive despite some negative signals. Potential price increases for Ethereum are well-founded due to its strong fundamentals, including continuous network upgrades and growing user adoption.
Solana struggles to get on
Solana in recent weeks it has actively fought for the $150 threshold. However, despite positive fundamental developments that include the introduction of Blockchain links, which are a specification that allows a user to complete an on-chain transaction on any website capable of displaying a URL, the Asset price has not been moving actively.
To verify a bullish reversal and pursue the $150 target, Solana must close above numerous moving averages. Solana recently found support at the 200 day EMA or around $130. Multiple tests of this support level show that there is significant buying interest at this price.
Mixed signals can be seen in the volume profile. While there has been some trading activity, not much has emerged that indicates strong bullish momentum. Growing market 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.
About the author
Armani Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be in constant use in the future. He currently focuses on news, in-depth analysis articles of crypto projects and technical analysis of cryptocurrency trading pairs.