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The price of XRP has been circling $1.10 for the last four days, indicating that it has entered an apparent stagnation phase. There are concerns about whether the bullish momentum has run its course or if this is a brief consolidation before another move, given the lack of movement that followed a notable rally earlier in the month.
The volume has sharply decreased following a spike in buying pressure during the most recent rally. This drop could indicate a lack of demand since it implies that buyers are leaving the market. XRP may have trouble holding onto its current level if fewer players push the price higher.
XRP could return to lower support levels if this keeps up with $0.95 and $0.85 emerging as crucial areas for buyers to keep an eye on. Caution is also advised by the RSI (Relative Strength Index).
Although it is still in the overbought zone, which suggests that there was previously significant buying momentum, the lack of follow-through may cause a retracement as profit-taking increases.
Resuming the psychological level of $1.00 is one possible scenario that might serve as support if put to the test. But a decline below this mark could increase selling pressure and drive XRP lower.
Traders should now closely monitor market sentiment and volume profiles. The likelihood of a price drop rises if volume does not increase and buyers do not return to the market.
On the other hand, an abrupt increase in volume might rekindle bullish sentiment and indicate that XRP’s sleep could be a sign of an impending breakout.
Dogecoin’s pivotal moment
A possible double top pattern is forming on Dogecoin’s daily chart, suggesting that the cryptocurrency may be approaching a historic turning point.
Two separate peaks at comparable price levels indicate a bearish reversal pattern that may portend problems for the meme-based cryptocurrency in the future.
DOGE’s price is currently trading close to the $0.40 mark, seemingly unable to sustain its upward momentum.
Given the second peak of the double top formation, this hesitancy raises the possibility that the asset is encountering strong resistance. The probability of a reversal rises if the price is unable to rise above this resistance level.
