Crypto Market Update: XRP Faces Hurdles, ETH Breaks Out, BTC Consolidates
XRP: Bulls Show Signs of Caution
XRP experienced an 11% surge on Thursday, fueled by reports of a bull flag breakout. However, the cryptocurrency still faces significant resistance around $3.65, where a bearish 'tweezer top' pattern formed last month.
According to CoinDesk analyst Omkar Godbole, a break above $3.65 is crucial to invalidate the bearish reversal pattern.
On-chain data suggests caution. Research firm Alphractal noted, "The [XRP] Net Unrealized Profit/Loss (NUPL) remains at elevated levels not seen since the 2021 peak... These high values indicate that the market still carries significant unrealized profits, which historically represents zones of potential distribution and price correction."
- Resistance: $3.38, $3.65, $4.00
- Support: $2.99, $2.72, $2.65
Bitcoin: Awaiting a Breakout
Bitcoin's recent pullback is forming a descending channel within its primary uptrend, a pattern often referred to as a 'bull breather'.
The price's recent bounce from the 50-day Simple Moving Average (SMA) strengthens this consolidation. While the short-term trend appears corrective, the overall trend leans toward the upside.
A breakout from the descending channel could signal a continuation of the uptrend, potentially leading to new record highs above $123,000. Conversely, a drop below the May high of $111,965 could trigger a deeper sell-off toward $100,000.
- Resistance: $120,000, $122,056, $123,181
- Support: $111,965, $104,562, $100,000
Ethereum: Major Bullish Breakout
Ether has surged past $4,200, reaching levels not seen in four years. The cryptocurrency has broken out of a long-term symmetrical triangle that has contained its price since late 2021 – a significant bullish signal.
This decisive breakout suggests a new, powerful uptrend has begun, potentially paving the way for a retest of record highs above $4,800.
- Resistance: $4,400, $4,875, $5,000
- Support: $4,000, $3,941, $3,737