XRP: Critical Pattern Emerging, Ethereum (ETH) Not Giving Up, Solana (SOL) Key Support Is Here
XRP price action is pointing to a higher low, a crucial reversal signal that could pave the way for fresh bullish momentum. When XRP failed to break above the $2.80 resistance level, a critical area that signaled the end of its recent rally, it entered a correction mode on December 3.
The distinct higher-low pattern could restore market optimism, but the current pullback is testing traders’ patience. As can be seen from the chart, XRP has been consolidating within a descending channel formed after the sharp rally in November. The price dropped to $2.20-2.30 during this correction phase, a crucial range that could act as support.
XRP/USDT chart by TradingView
The asset is further supported by the 26 EMA, which is at $2.10 and is in line with a potential higher bottom formation. When the price makes a new low higher than the previous one, it indicates that selling pressure is waning and is known as a higher bottom. This could suggest that the $2.10 to $2.20 range for Ripple could be a good starting point for a subsequent rally.
XRP: Critical Pattern Emerging, Ethereum (ETH) Not Giving Up, Solana (SOL) Key Support Is Here
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However, the low trading volume during this consolidation period suggests that traders are still cautious. A retest of the $2.50 to $2.80 resistance area is likely if XRP can hold the $2.10 support level and break out of the descending channel.
A move towards $3.00 or higher could be possible if there is a successful break above $2.80, which could ignite the bullish momentum. The next important support levels are $1.90 and $2.10, and if the levels are not held, it could result in additional losses. If this level is broken, the higher bottom and extended correction pattern could be considered invalid.
Ethereum is holding up🚨💪
Despite the cryptocurrency’s overall correction over the past week, Ethereum has shown market resilience. After its recent decline from its peak at $4,100, Ethereum has found a potential support area near the 26-period exponential moving average, which is located at around $3,550. This level has historically served as a pivotal point for trend reversals, and given the state of the market, it remains relevant.
After an impressive rally earlier in November, Ethereum faced selling pressure at $4,100, a level the chart shows it falling to. Since the correction, Ethereum has returned to the 26 EMA, a level that traders frequently use to assess medium-term trends. The low volume during the pullback suggests that selling pressure may be waning, which could pave the way for a future rally.#BTCReclaims101K #MajorAirdropWatch #2024withBinance
