XRP saw a slight decline on Tuesday as the fundamentals flipped negative. It holds the $1.40 support amid the selling pressure.
However, losses over the last 24 hours were not significant for most assets in the top 10 assets. While XRP shed a fraction, it still maintains its bullish structure on the shorter timeframes.
Investors were concerned about growing tension in the Middle East. Their fears grew even more after Donald Trump’s earlier address. He stated no willingness to extend the ceasefire with Iran and confirmed readiness to resume hostilities.
He also called on the Federal Reserve to raise interest rates to curb inflation. The President’s increasingly bearish statements sparked a notable market panic, sending prices sharply lower.
However, some traders were hopeful and waited until the ceasefire expired before shorting. Their patience paid off as the US announced an indefinite extension.
With the crisis averted, the crypto market has a clear path to a further uptrend this week. The only fundamental to watch is the initial jobless claims report scheduled for Thursday. The chances of the report coming out positive are significantly reduced, as the median forecast points to a rise.
Nonetheless, let’s examine how prices will react in the coming days.
BTC/USD
The moving average convergence divergence had a negative crossover on the 4-hour chart in response to the growing selloff. However, the positive fundamentals dispelled the downturn.
The apex coin will be gearing up for further increases in the coming hours, as the downward momentum. It also means that MACD will revert the recent readings. Prices will also surge in response, with the pivot point standard indicating a breakout above the first resistance at $78k.
One analysis last week noted that BTC was due for a retest of the $80k resistance. If the bulls maintain the uptrend, prices will flip this key barrier on Wednesday.
Nonetheless, previous price movement suggests the biggest obstacle to the attempt at $80,000 will be the selling congestion at $78,400. BTC will have a clear path to flip the highlighted level once it decisively breaks above this critical mark.
ETH/USD
Ethereum was mostly rangebound on Tuesday. Its movement on the 4-hour chart was gearing up for further decline following bearish fundamentals.
However, the shift has now set a clear path for further increases in the altcoin’s price. It traded above the $2,300 pivot point for an extended period as bulls defended the mark.
It may serve as a launchpad for an attempt at the first pivot resistance at $2,430. Based on previous price movements, if the asset fails to surge higher and loses the pivot point, a drop to $2,200 may follow.
On the flip side, Ethereum may edge closer to $2,500 on Wednesday. However, its previous attempt at the mark stalled at $2,465. If it crosses this barrier, it may get a clear path to the highlighted mark.
Interestingly, the moving average convergence/divergence points to a higher likelihood of further increases. While prices ranged, the 12 and 26-EMA were converging. A crossover is soon to follow.
XRP/USD
XRP shed almost 2% in the last eight hours. Meanwhile, it maintained the pivot point at $1.41. Since flipping the mark on Monday, it has tested the pivot point twice, bouncing off it on both occasions.
The same will happen in the coming hours. It may attempt the first pivot resistance at $1.50 on Wednesday. It flipped the mark last week; the next key sell zone is around $1.52. Given the precedent, XRP may surge above the R1, but a flip of the sell zone remains to be seen.
Nonetheless, the chances of flipping the level are reduced given the anticipated bearish report on Thursday. The upward momentum will wane in response, sending prices downward.
BNB/USD
BNB peaked at $640 a few hours ago, but lost momentum and retraced to $630. It responded to the growing bearish sentiment across the market.
However, reversal is imminent following the recent shift in fundamentals. Based on previous price movements, it will attempt the high from the previous week at $648. It may flip it this time, surging above $650.
Nonetheless, MACD currently prints sell signals. The current market state suggests it will resume its uptrend. It also indicates that the bulls remain in control despite the slight decline.
SOL/USD
Like XRP, SOL dropped also 2% following the bearish news. However, it rebounded near a level it bounced off a couple of times.
Previous price movements show that the altcoin saw further uptrend after rebounding at this key level. If the trend repeats, SOL will surge higher in the coming days. Last week, it peaked at $91. The current price setup suggests that the altcoin will retest the previous high.
Aside from previous price action, the bollinger bands are constricting, suggesting a breakout is imminent. Additionally, the relative strength index is trending at a level it once rebounded. It may repeat the trend in the coming hours.
DOGE/USD
Dogecoin was declining like XRP. However, the 4-hour chart shows that the altcoin rebounded at a key level. Since Sunday, it has consistently bounced off $0.093, repeating the trend a few minutes ago.
To complete the pattern, the memecoin will surge even higher in the coming hours. It peaked at $0.102 on Friday, but lost momentum shortly after, plummeting 8%. DOGE will attempt the mark soon if the bulls sustain the recent surge.
However, there is notable selling pressure at $0.099. The altcoin may struggle to break this level.
HYPE/USD
Hyperliquid dropped to a low of $38.9. It has been declining since Sunday but trended toward $40.5 on Monday. The downtrend resumed on Tuesday, retracing 14% in three days.
HYPE is oversold per the relative strength index. It is also due for a rebound per this metric. It will be higher in the coming days, but previous price movements suggest notable selling congestion at $41.5. If it fails to flip this mark, it may retrace even lower on Thursday.
