XRP Surges 20%, ETH Faces Heavy Sell-Off Near $2K, SHIB Eyes Sixth Recovery Attempt Amid Crypto Market Turmoil
After scraping recent lows, XRP has staged an impressive rebound, skyrocketing by nearly 20% and reigniting bullish hopes among traders. The altcoin broke through key resistance levels on its climb, signaling a notable shift in market sentiment. This move suggests that, after weeks of bearish dominance, buyers are regaining control.
Currently hovering near $2.38, XRP shows growing buying pressure as it approaches the critical 100-day Exponential Moving Average (EMA), a technical barrier that has historically acted as tough resistance. A decisive breakout above this EMA could set the stage for a prolonged bullish run, with potential targets near the upper limit of the descending channel at $2.60.
Supporting this rally, volume dynamics indicate rising trading activity, confirming that this surge isn’t just a short-term reaction but a possible shift in market positioning. Additionally, the Relative Strength Index (RSI) is pulling out of oversold territory, signaling a healthier market structure. However, XRP bulls aren’t entirely out of the woods — failure to break above the 100 EMA could result in a pullback toward the $2.20 support level.
Ethereum (ETH) Stuck in Selling Pressure Below $2,000
Ethereum is grappling with intense selling pressure as the $2,000 psychological mark becomes increasingly difficult to reclaim. Despite brief rebounds, bears remain firmly in control, fueled by rising sell volumes that have kept ETH pinned below key moving averages.
The spike in trading volume amid a downtrend often reflects heightened seller conviction, and Ethereum’s current price action exemplifies this scenario. With both the 50-day and 100-day EMAs acting as formidable resistance, Ethereum’s momentum continues to stall.
If Ethereum fails to mount a sustainable recovery above these levels soon, the asset risks sliding toward critical support zones near $1,800, and possibly even lower. Many buyers are likely waiting on the sidelines for a clearer bottom formation before re-entering the market.
Shiba Inu (SHIB) Eyes Sixth Recovery Attempt
Meanwhile, Shiba Inu (SHIB) is making yet another bid for a comeback, marking its sixth attempt to rebound from persistent bearish pressure. SHIB is currently trading near $0.000012, a crucial support-resistance flip zone that has served as a battleground for bulls and bears alike.
However, upward momentum remains fragile. Despite this recovery effort, SHIB continues to trade below key technical indicators such as the 100-day and 200-day moving averages, highlighting the ongoing bearish narrative.
The $0.0000135 level looms as the next major resistance point, where previous rallies have been rejected. A clear breakout above could pave the way toward the $0.000015 psychological threshold, but failure to maintain momentum risks another downside move.
Should SHIB falter below $0.000012, a retest of the $0.000011 support zone is likely. A further breakdown could see prices accelerating toward the critical $0.00001 level, intensifying bearish concerns.
Market Outlook: Volatility Remains Elevated
The broader crypto market remains gripped by volatility, influenced by macroeconomic uncertainties, regulatory developments, and liquidity shifts. For XRP, Ethereum, and Shiba Inu, the path forward hinges on whether bulls can reclaim key technical levels amid a cautious trading environment.
