Media
Bitcoin price appears to have remained pivotal at $40,000 for a couple of days. The rest of the market is putting up a fierce fight to sustain the gains accrued from the beginning of the week. For instance, Ripple closed the gap to $0.75 again after bouncing off support at $0.7. On the other hand, Solana is among the best-performing crypto assets, following a 15% upswing over the last 24 hours.
Ripple:-
Ripple managed to hold above $0.7, a situation that allowed bulls to focus on pulling above $0.7 for the second time this week. A new monthly high traded at $0.76, leaving the critical $0.8 level untested.
Meanwhile, XRP is teetering around $0.74 following a minor correction. According to the Moving Average Convergence Divergence (MACD), Ripple is still in the bulls’ hands. If the level at $0.75 is defended, the leg up might stretch above $0.8 and trigger the much-awaited gains to $1.
Consequently, a golden cross pattern on the four-hour chart affirms the bullish outlook. This pattern comes into play when a short-term moving average (50 SMA) crossed above a long-term moving average (200 SMA).
XRP/USD four-hour chart
Solana:-
Solana seems to be breaking away from its peers as the week’s trading nears an end. The token is up over 15%, according to data by CoinGecko and currently trades around $32. Following the colossal selloff after mid-July to $22, SOL has sustained an uptrend.
For now, holding above $30 is the bulls’ primary goal because it would ensure stability in the market and give them ample time to plan the next attack mission on the hurdle at $33. Trading above this level may also blast SOL toward $40. It is essential to keep in mind the resistance expected at $37.5.
SOL/USD four-hour chart
The MACD has a bullish impulse, suggesting that the uptrend will continue in the near term. Therefore, support at $30 is crucial for the bullish formation. However, the RSI is in the overbought region, hinting at a possible correction, perhaps to $27.5.
Subscribe to our newsletter for free
