XRP Fights for Survival Right Now, Shiba Inu (SHIB) Lost It, Will Solana (SOL) Finally Bounce?
Hovering within a descending triangle pattern on the chart, XRP is clearly struggling. Although XRP experienced a huge spike earlier, it is currently struggling to recover and surpass significant resistance levels.
The digital asset is currently testing the upper limit of the descending triangle, which has served as a significant resistance zone at $2.17. XRP is currently facing the strongest resistance at $2.50 where sellers have consistently rejected upward moves.
Overcoming this level might lead to a push in the direction of $2.80, a crucial area of rejection during the asset's most recent peak.
Bullish momentum may return and allow for additional upside if XRP is able to break out of the current descending triangle. Conversely, the 26 EMA or $2.05 is XRP's nearest support.
If this level is not maintained, it could hasten the decline toward the $1.87-$2.00 range, a crucial demand zone where buyers have previously intervened.
Right now, XRP's on-chain metrics present a significant obstacle. As previously mentioned, the volume of XRP payments fell by an astounding 97%.
This drop indicates a decrease in transaction activity, which erodes market sentiment and the asset's overall network usage.
XRP may not be able to maintain its price recovery if there is no strong on-chain support.
Right now, XRP is in a make-or-break situation. A bullish recovery requires breaking above the descending triangle and taking back $2.5.
Further downside pressure though might be anticipated if on-chain metrics continue to deteriorate and the 26 EMA support is broken.
Shiba Inu breaches it A crucial indicator that was previously the basis of Shiba Inu's most recent price surge, the 26 EMA support level, has been breached.
This breakdown reinforces the bearish outlook by indicating increasing market weakness.
