XRP saw its largest gain in days, mirroring a broader market turnaround despite the recent market decline. The token rebounded by 2.77% today, marking its fourth consecutive daily loss as bullish momentum grew.
Despite the improvements, Friday remained bearish as many traders sought to profit from their assets, leading to massive selloffs. Parallels were drawn between the market performance this week and the week before, leaving the crypto industry battling with negative sentiments. Consequently, the fear and greed index fell as a result.
Nonetheless, XRP’s trading volume rose by 12% in the past 24 hours, indicating that investors remain confident in the token’s future performance. Other gainers over the past 24 hours were Cronos and Hyperliquid. CRO’s price, in particular, jumped by 7% from a daily high of $0.099 to $0.109.
Furthermore, the top-ranked assets by market cap saw similar positive inflows as they moved to retest their former highs. Let’s see how they performed in the last five days.
BTC/USD
Bitcoin surged to a daily high of $104,897 from $103,127 as the leading cryptocurrency heaved a sigh of relief with its first green day in five. BTC struggled to maintain a foothold in the crypto market, failing to break above a projected weekly high of 108k and facing intense selling pressure despite repeated buybacks.
Additionally, on-chain data shows that an increasing number of traders are moving their BTC away from exchanges. This signals that more investors are HODLing, as the low liquidity causes the token to benefit from healthy selling pressure.
Furthermore, technical indicators like its Relative Strength Index are also indicative of a bullish rebound. BTC’s RSI rose from 50 to 52, showing upward market accumulation. However, other indicators, like the Moving Average Convergence Divergence and the Average Directional Index, are yet to catch up to speed. Both remain bearish and continue to trend relatively downwards.
ETH/USD
Ethereum ended its three-day run of losses in the last 24 hours. The altcoin king saw its biggest decline on Friday, dropping by 4% from $2,649 to $2,531, despite attempts at a rally.
Weekly charts, however, tell the true story as ETH is poised for a weekly session without any meaningful improvements or changes. Technical indicators are also trending downwards. ETH’s ADX and MACD are both declining, signaling strong bearish sentiments.
However, a slight increase in buying pressure means its RSI has stopped declining as the token battles the longstanding allegations of a “crabwalk.”
On-chain data from previous price movements shows that ETH found its uptrend at a critical time, as a slip below $2,470 may cause the token to fall to $2,300.
XRP/USD
XRP is the biggest performer among the top 10 cryptocurrencies, finally surging following a three-day consecutive decline. The token saw a massive decline during these three days. Its price fell from $2.31 to $2.13, an 8% loss, before rebounding emphatically to a two-week high.
XRP, however, disappointed investors by falling to $2.08 on Saturday despite the uptrend. The altcoin quickly shrugged off the dip, rebounding to $2.19, a 2% increase compared to the previous day.
Even more bullish is that most of the token’s technical indicators are trending towards more accumulation. Its Relative Strength Index has surged from 37 to 42, indicating increased buying pressure. Its Average Directional Index also stopped its long-running downtrend a few days back. However, MACD is the only outlier, still trending downwards despite the rallying efforts.
On-chain analysis shows that XRP has found its key support level at $2. Analysts predict the token to surge past $2.30 if current buying pressure and momentum are sustained.
BNB/USD
A previous analysis predicted that Binance’s BNB token would experience further dips. According to the analysis, the token’s price might fall to as low as $640 if buying pressure from bulls at $660 wanes. The prediction was accurate as the coin’s price fell briefly to $646 over the past 24 hours before rebounding. It is currently trading at $659, a slight increase from its opening day price.
BNB’s positive buying pressure is indicative of an attempted rally, as corroborated by its price for the past 2 days. The Binance coin has also seen two consecutive days of red candles, losing nearly 5% within the same period. The decline erased previous gains, hinting to investors that the token is poised for a bearish close this week.
Nonetheless, the token’s technical indicators suggest a potential positive shift. BNB’s Relative Strength Index increased by 2 points in response to the token’s current price trajectory over the past 24 hours. The analysis aligns with reports from its accumulation and distribution charts, which show that more bulls are opting for HODL to counteract the coin’s supply.
SOL/USD
Solana is experiencing similar price fluctuations to altcoin XRP. The coin is trading slightly above its 24-hour opening price after recovering from a low of $152.
However, the previous significant decline means the token has yet to recover from its losses fully. One such decline occurred on Friday, when the asset, which had been at $166, fell to $160 before quickly dropping further to $155. Solana closed the day with a more than 6% downtrend.
Nonetheless, the asset’s technical indicators show positive signs of recovery. SOL’s Relative Strength Index rose by 2% within the past 24 hours in response to the token’s price trajectory. Its accumulation and distribution charts also tell the same story. They are all indicative of bulls strengthening their positions and acquiring more of the asset.
However, its Average Directional Index and MACD continue to be in a downtrend with no change in their bearish stance. It continues to slip as the 12-day EMA dips even further.
