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XRP has seen an amazing increase in price recently. It is above the key level of $0.6, which many traders believe is a sign that the price may continue to rise.
Those who invest in XRP may even exceed the 50-day exponential moving average (EMA). If that happens, it could mean that XRP is becoming more stable in the market.
If you look at the price chart of XRP, you can see that it is making strong moves. It was stable for a while, but then, quite unexpectedly, it crossed the $0.6 mark. Previously, prices stopped rising at this level. Now that this level has been surpassed, people seem to be more interested in purchasing XRP.
If XRP sustains above $0.6, it could try to break above the 50-day EMA. If we can close the day higher than this average, the price could rise further and reach $0.65.
However, you also have to think about what will happen if prices start to fall. The chart shows good support near $0.55, the point of the previous price reversal. However, if we break below $0.55, the next major support will be at $0.50. If the price reaches a lower level, people may start buying XRP again to stop the price from falling further.
Shiba Inu hitting the ceiling
The Shiba Inu approaches the resistance provided by the 21-day Exponential Moving Average (EMA). If SHIB is able to break above this resistance level, it would signal the beginning of an upward move and could accelerate price gains.
If you look closely at the SHIB chart, you can see that the price is hovering around $0.00002756, approaching the 21 EMA. This move comes after SHIB's price experienced a significant spike, followed by a period of consolidation. The key to future momentum is whether SHIB can maintain its strength and break through the EMA line.
A decisive break above the 21 EMA could open the door for further recovery, and the next resistance level will likely be around $0.00003. This area could pose new challenges for SHIB, which has been under selling pressure.
Conversely, support levels are clearly defined. The first level of significant support is around $0.00002256, an area where SHIB has found buyers in the past. If price falls below this level, the next major support will be around $0.00001941, which could act as a stronger line of defense for price to rebound.
Ethereum remains strong
Ethereum’s resilience is often discussed, especially during the 2024 bullish period. A closer look at Ethereum's price chart shows that the second-largest cryptocurrency has a strong stance against general market trends.
Ethereum’s current price is $3,378, and the asset is showing signs of holding above key support levels. An important support to note is near $3,011, where the 100-day exponential moving average (EMA) resides. It used to act as a strong support, and it may act like a support again.
On the upside, Ethereum faces immediate resistance near the $3,500 zone, which coincides with the 50-day EMA. A consistent close above this average could signal a resurgence of buying pressure, possibly leading to a test of higher resistance near the $3,600 to $3,700 range.
In a positive scenario, if Ethereum can break through the $3,500 barrier, it could set the stage for a bullish move towards $3,600. This would be an indicator that Ethereum is not only recovering from the decline, but also gaining momentum for a continued upward trajectory.
However, a break below the 100-day EMA could push ETH closer to the $3,011 level, which could act as secondary support. Below this, the next important support could occur near the 200-day EMA at $2,625.
About the author
Armand Sirignan
