XRP Charts Signal Caution to Bulls as Bitcoin Awaits Breakout and Ether Goes Bonkers
XRP’s recent 11% surge, breaking a bull flag pattern, hints at renewed upward momentum. However, prices remain below the crucial $3.65 level, a bearish “tweezer top” rejection point from last month. This pattern, showing two identical highs with subsequent selling pressure, indicates stalled upward momentum. Overcoming the $3.65 resistance is key to invalidating the bearish signal, but on-chain data suggests significant unrealized profits among holders, potentially leading to selling pressure and price correction. Alphractal research highlights elevated Net Unrealized Profit/Loss (NUPL) levels, similar to those seen during the 2021 peak and 2018, suggesting potential distribution and correction zones. Key resistance levels for XRP are $3.38, $3.65, and $4.00; support levels are $2.99, $2.72, and $2.65.
Bitcoin’s recent pullback forms a descending channel within its primary uptrend, a “bull breather” suggesting consolidation of recent gains. A bounce from the 50-day Simple Moving Average reinforces this consolidation. A breakout from the descending channel would confirm the uptrend, potentially reaching record highs above $123,000. Conversely, falling below the May high of $111,965 risks a deeper sell-off to $100,000. Resistance levels are $120,000, $122,056, and $123,181; support levels are $111,965, $104,562, and $100,000.
Ether’s rally above $4,200, reaching levels unseen in four years, follows a breakout from a prolonged symmetrical triangle pattern, a significant bullish signal. This decisive breakout suggests a new powerful uptrend, potentially leading to a retest of record highs above $4,800. Resistance levels are $4,400, $4,875, and $5,000; support levels are $4,000, $3,941, and $3,737.
