Bitcoin and XRP Price Analysis: Key Levels to Watch
Bitcoin's Volatile Range
Bitcoin (BTC) is currently oscillating between $85,000 and $95,000, a range that leaves significant room for price swings. While the cryptocurrency faces limited resistance above $95,000, which could pave the way for a rapid bullish move, it also risks a steep decline below $90,000 if selling pressure intensifies.
XRP's Resilience Against Bitcoin
XRP, the third-largest cryptocurrency by market capitalization, has shown intriguing price action against Bitcoin. Despite a 14% drop in the past three days, XRP has found robust support at the 200-day moving average on the 12-hour chart. This level, currently at 0.000025 BTC or $2.22, is the same price point where bulls initiated a massive 500% rally in November 2023, driving XRP from $0.55 to $3.40.
Bullish Signals for XRP
The Relative Strength Index (RSI) for XRP against Bitcoin has reset to near its lower bound, indicating that the altcoin is now underbought. This setup mirrors the conditions seen before XRP's historic rally, suggesting that the cryptocurrency may be poised for another round of strength against Bitcoin. While it's too early to confirm a new uptrend, the technical indicators hint at potential bullish momentum in the near future.
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