XRP, Bitcoin, and Pepe: Market Trends and Analysis

XRP's Bullish Momentum

XRP has experienced a significant 20% price increase, reaching $1.166, continuing its impressive rally. According to Elliott Wave Theory, XRP is in its third wave, a crucial stage often associated with strong upward trends. This phase is characterized by increased buyer activity and optimism, with the next resistance level at $1.80. If surpassed, XRP could approach the $2.00 mark, a critical psychological barrier. Long-term projections suggest a potential target range of $2 to $20, provided momentum remains strong. A decline below $1.30 could signal a weakening trend, although strong support is present at this level.

Bitcoin's Resistance Challenges

Bitcoin faces resistance as it struggles to surpass the psychological $100,000 mark, currently trading around $97,500. The immediate resistance level is at $98,000, which Bitcoin must overcome to sustain bullish momentum. Recent patterns indicate a lower high on the daily chart, suggesting waning buyer control and potential correction. Key support levels are at $88,000 and $78,000, with a breakdown below $88,000 likely triggering further retracement. The Relative Strength Index (RSI) remains near overbought levels, indicating a possible need for cooling before another significant move. Declining volume highlights potential short-term weakness.

Pepe's Potential Breakout

Pepe is at a critical juncture, with its price near the 21-day EMA, a pivotal support level. The cryptocurrency is currently in a short-term downtrend, consolidating under a descending trendline. A breakout appears imminent, potentially leading to a bullish reversal if the price stays above the 21 EMA. Conversely, a decline below this level could result in a more severe correction, with support at $0.00001746 and $0.00001350. The recent drop in trading volume suggests a consolidation phase, often preceding significant price movements. For a bullish breakout, Pepe must break the trendline with high volume while maintaining its position above the 21 EMA.