- XRP struggles at $2.40 resistance, showing signs of short-term consolidation.
- Solana’s price bounce suggests potential short-term bullish trend if key levels hold.
- Both XRP and Solana exhibit neutral-to-bullish RSI, signaling possible gains.
The cryptocurrency market showed mixed movements recently, with both XRP and Solana experiencing minor declines despite an overall rise in market capitalization. XRP’s price dropped slightly by 0.37%, while Solana’s value saw a 0.58% dip in the last 24 hours. This discrepancy indicates active trading and potential shifts in market sentiment.
XRP’s Consolidation Phase and Key Price Levels
XRP’s price saw a modest dip from $2.40 to $2.32 before recovering to $2.39, suggesting market volatility. At present, XRP’s price is hovering near a key resistance level of $2.40. However, it has struggled to sustain above this level, indicating selling pressure at this price point.
Besides, the support level at $2.32 remains significant as the price recovered from this low. If XRP manages to break above $2.40 with solid volume, it could push towards higher resistance levels like $2.45. Conversely, a break below $2.32 may trigger further downside, with the next support level near $2.30.
XRP/USD daily price chart, Source: Trading view
Currently, the RSI for XRP stands at 58.47, indicating a neutral-to-bullish sentiment. This reading shows room for upward movement, with the price likely to gain strength before entering overbought territory.
Additionally, the MACD’s mild bullish momentum is reflected by the histogram’s small green bars, suggesting that buyers are maintaining control, although the bullish trend has not yet gained full momentum.
Solana Shows Recovery from Lower Levels
Solana’s price has experienced a slight decline, dropping from $216 to a low of $214. However, the price quickly rebounded, showing signs of a short-term recovery. At the time of writing, Solana is priced at $215.28, with a 4.31% increase in trading volume, suggesting rising market activity.
The price is testing the $216.50 resistance level, and should it manage to break this, Solana could target the next key resistance at $218.00. On the other hand, failing to hold above the $214.00 support could trigger further downside movement toward the next significant support level at $212.00.
SOL/USD daily price chart, Source: Trading view
The RSI for Solana currently stands at 56.04, indicating neutral-to-bullish conditions. With the RSI above the midline, Solana is showing increasing strength. Moreover, the MACD line remains above the signal line, supporting the bullish momentum. The histogram’s positive bars further enhance the case for continued upward movement.